GMAC Mortgage Corp., Horsham, Pa., has announced an agreement with NetBank, an online bank, under which GMAC Mortgage will service NetBank's option ARMs before their sale into the secondary market.NetBank's option ARM is an adjustable-rate mortgage that offers the option of making one of three mortgage payments: a minimum payment, an interest-only payment, or a fully amortizing payment, based on a 15-, 30-, or 40-year term, depending on the product. The company said NetBank also intends to sell option ARM loans to other GMAC Mortgage clients, "significantly reducing transfer-related expenses for both parties and reducing the borrower confusion associated with loan servicing transfers." The companies can be found online at http://www.gmacmortgage.com and http://www.netbank.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18