Mortgages

Who says a consumer with a low FICO score can't get a mortgage? A recent survey conducted by National Mortgage News found five lenders that are willing to extend credit to borrowers with FICOs of 600 or less. The three lenders with the lowest FICO scores include TD Banknorth Mortgage, Embrace Home Loans, and Compass Bank.

Moody's Investors Service is warning that it may downgrade Assured Guaranty Corp., Assured Guaranty Municipal Corp., and all affiliated insurance operating companies, an action that might make it difficult for the bond insurer to attract new business.

Bankrupt bond insurer Ambac Financial Group Inc. had a net loss of $963 million in the fourth quarter of 2011.

Phoenix-based Arizona State Credit Union said it has accepted 167 applications for the Home Affordable Refinance Program in its efforts to help underwater homeowners obtain more affordable mortgages.

The loss of revenue from the naming rights of the Kodak Theatre is negatively impacting the commercial mortgage-backed security that includes a mortgage for the renamed Hollywood and Highland Center, according to a report last week by analysts at Deutsche Bank Securities.

HSBC's residential lending and servicing business continues to be under what the bank calls a "strategic review," leaving its mortgage workers in limbo.

Despite being ranked by LendingTree as two of the worst housing markets in the nation, recent data show that Florida and Illinois are on a positive track towards a recovery.

Is the 'flow' servicing market poised for a revival? Well, not exactly, but there are signs of life in the sector, where an originator pledges to sell mortgage servicing rights to a buyer on a regular basis.

Residential lenders originated $16.5 billion of FHA-backed single-family mortgages in February, a nearly 10% decline from the prior month as the home purchase market slowed.

Few companies recognize the need to train their staff in the discipline of trade show participation (for purposes of this discussion "participation" is synonymous with "exhibiting") and selling. The first step toward the solution of any problem is the recognition that a problem exists. Too often the decision to exhibit at some, or all, trade shows in a given profession is decided for the wrong reasons.

There are any number of ways mortgage originators today can be more proactive and take control of their own lead generation process.

The alarm over regulation continues to paralyze the mortgage business. That's what attendees of the Regional Conference of Mortgage Bankers in Atlantic City, N.J., heard from David Stevens, president and CEO of the Mortgage Bankers Association.

Al Siapno, a Border Patrol agent from San Diego and his wife Leila have pleaded guilty in a mortgage-fraud scam that involved at least 24 other people and several home loans throughout the county. The alleged perpetrators listed in a federal indictment overstated incomes, over-appraised home values and used other fraudulent means to obtain millions of dollars in mortgages.

If you're looking for the missing piece to the mortgage "deconsolidation" equation, its name is Wells Fargo. Never before in the annals of residential finance has one company amassed such an enormous market share in lending (27%) and servicing (20%).

Wells Fargo's origination business has been operating at full steam, keeping the company’s mortgage servicing assets well above a cap proposed under Basel III. A new servicer compensation system could resolve the issue, but something has to give.

The Securities and Exchange Commission has accused Wells Fargo & Co. (WFC) of failing to produce documents relating to an investigation of the bank's mortgage-backed securities. Wells called the SEC's subpoena enforcement action "inappropriate and unwarranted."

The Federal Housing Finance Agency has a "healthy skepticism" about whether its REO bulk sale initiative will work, according to Meg Burns who's in charge of the sale.

Whether it is due to the weaker U.S. dollar, the large foreclosure inventory for sale, more favorable economic expectations going forward, or all of the above, Canadians are emerging as the largest group of foreigners purchasing residential property in U.S. Sun Belt states. And they do not mind buying foreclosures.

The government-owned Ally Financial sold $250 million of legacy mortgages last year, using the whole loan securitization market, according to a recent filing with the Securities and Exchange Commission.

New single-family home sales fell 1.6% in February to a seasonally adjusted annualized rate of 313,000 units, but prices jumped to their highest level in eight months, according to government figures released Friday morning.