The big year to watch for refinancings of interest-only mortgage loans will be 2007, according to Doug Duncan, chief economist of the Mortgage Bankers Association.Speaking at a news briefing at the group's annual convention in Orlando, he said 2007 is when $15 billion of 3/1 IO loans will reset. Consumers have become good at optimizing the benefits and the timing when they switch mortgage products, he said. In the past, 15% was the traditional baseline for the ratio of refinancings to total production, but now it is around 20%-25% because the cost to restructure a mortgage is much lower, he said. Jay Brinkmann, the MBA's vice president of research and economics, said he has heard of loan officers who go back to their IO clients and solicit them to refinance, but he said consumers are more likely not to act until the trigger date.
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Elevated delinquency levels have not affected expected losses, however, due to home price appreciation, Fitch Ratings said.
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Retail lenders, including Beeline, Tomo Mortgage and Rocket Mortgage, settled with the department over infractions like submitting a false certification to not having the proper liquidity to be in the program.
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A pair of bills, one with bipartisan support, look to address the issues around heirs' property so these families can have clear title on their homes.
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The agreement, in which the real estate giant admits no wrongdoing, will cover around 70,000 agents.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
April 25