More than 10,000 mortgages were refinanced through the Home Affordable Refinancing Program in May, the Federal Housing Finance Agency reported.
The month's performance brings the
Borrowers with loan-to-value ratios of at least 105% comprised 24% of HARP loans. Borrowers with loan-to-value ratios of at least 125% made up 8% of HARP loans.
HARP refinancings made up at least 13% of all refinancings in both Florida and Georgia. That's more than twice the national rate of 6%.
Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
