Senators Want Answers on Bonuses

Lawmakers Want Answers on Bonuses to GSE Execs Lawmakers on Capitol Hill are up in arms over the news that the Federal Housing Finance Agency (FHFA) approved $12.79 million in bonus pay for 10 executives at Fannie Mae and Freddie Mac. Sixty senators put their partisan differences aside and presented a united front in a …

Continue reading ‘Senators Want Answers on Bonuses’ »

Avoid credit dings when mortgage shopping

Borrowers in distress often contact many lenders hoping to find one who will approve them. For this reason, multiple inquiries can have a negative impact on a consumer’s credit score. But multiple inquiries can also result from loan applicants shopping for the best deal. The challenge to the scoring system is to distinguish borrowers in …

Continue reading ‘Avoid credit dings when mortgage shopping’ »

Length of Time to Close

For four years in a row, the time it took to go from contract to close was 30 days for a normal transaction between 2005 and 2008 according to C.A.R.’s Annual Housing Market Survey. In the last two years, with the current tough underwriting standards for mortgage loans, escrow is taking a bit longer—about 40 …

Continue reading ‘Length of Time to Close’ »

HOPE NOW Celebrates 4 Years, Releases November Data

HOPE NOW, the industry alliance of mortgage servicers and other professionals, investors, and counselors, completed its fourth year in existence in 2010. The alliance includes companies such as Bank of America, GMAC Mortgage, and Wells Fargo. The organization’s latest market report estimates 1.65 million homeowners received permanent loan modifications from January to November 2010. In …

Continue reading ‘HOPE NOW Celebrates 4 Years, Releases November Data’ »