Federal Reserve rate cuts have prompted a surge in refinancing applications but many mortgage lenders are waiting to see the appraisal reports in two or three weeks before counting their chickens. "Business is booming on refis but they are all wondering what the values are going to be. That is the wildcard," said mortgage banking consultant Brian Chappelle. Lenders also are concerned the American consumers are tapped out, he said, and don't have the savings to pay down the mortgage if the appraisal comes in a little low or even cover the closing costs. But researchers at Friedman Billings Ramsey Investment Management insist there are plenty of qualified borrowers that will be able to refinance. And they expect the 2008 refinancing wave will match the wave of 2001. "We expect the current surge in refinancing to persist as long as agency and non-agency mortgage rates remain below the critical thresholds of 6% and 7% respectfully," FBRIM managing director Michael Youngblood said.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
31m ago -
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.
2h ago -
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.
3h ago -
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.
5h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24