Mortgage News
Mortgage Originations Jump in 2009; Wells is Biggest
Residential mortgage productionlast year increased 40 percent from 2008, according to MortgageDaily.com's Fourth Quarter 2009 Mortgage Lender Ranking.
The findings were based on data obtained from quarterly earnings reports, public filings and directly from the companies as well as from government data.
Last year's biggest residential lender was Wells Fargo, which saw business improve by 83 percent from a year earlier.
No More Approval Letters Without Properties
Under the new Real Estate Settlement Procedures Act, rule, a lender cannot perform income, asset and credit verifications until the prospective borrower has received a Good Faith Estimate, Patton Boggs LLP Partner Rich Andreano told MortgageDaily.com in a telephone interview.
But if a loan commitment is issued without a property and costs vary significantly on the poperty selected -- the lender cannot revise the GFE.
In such a situation, the lender would be obligated to pay the difference in the taxes and fees.
2 NY Banks Fail
New York's Banking Department closed LibertyPointe Bank last week.
In addition, the state seized The Park Avenue Bank.
Valley National Bank took over the deposits and assets of both failed institutions from the receiver, the Federal Deposit Insurance Corporation.
FHA Delinquency Down, Purchase Apps Up
During February, FHA delinquency of at least 90 days fell 20 basis points from January.
The housing agency began publishing monthly delinquency around September 2009, and this was the first time since then that delinquency declined.
Purchase applications jumped to 37 percent in February from a month earlier.
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Real Estate News
Learn About the 2009 First-Time Home Buyer Tax Credit
Attention potential home buyers! Take advantage of an $8,000 tax credit toward the purchase of a principal residence for first-time buyers on or after January 1, 2009 and before December 1, 2009. And to make the deal even better, the credit does not require repayment. It's all part of the American Recovery and Reinvestment Act.
New Tax Credit for First-time Homebuyers Available
A $7,500 tax credit is now available for any qualified purchase between April 8, 2008 and June 30, 2009, as part of the Housing and Economic Recovery Act of 2008.
Learn about the tax credit >
Understand the Housing and Economic Recovery Act >
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