2007 April · Mortgage News Review

More Than 430,000 Foreclosure Filings Reported in Q1 2007

11:35 am - April 25th, 2007

RealtyTrac(TM) (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released first-quarter data from its 2007 U.S. Foreclosure Market Report, showing more than 430,000 foreclosure filings — default notices, auction sale notices and bank repossessions — reported nationwide during the first three months of the year, up 27 percent from the previous quarter and up 35 percent from the first quarter of 2006. (more…)

Wells Fargo Goes Beyond Funding With New Home Equity Program

7:45 am - April 23rd, 2007

Why would a homeowner look to a financial institution for guidance on their home improvement project? In an industry-changing move, Wells Fargo is introducing a first-of-its-kind offering that combines home equity financing with tools and services for consumers’ home remodeling needs. (more…)

PA Acting Banking Secretary Reider Urges Lawmakers to Act Swiftly on Mortgage Reform

10:53 am - April 20th, 2007

To improve accountability in the mortgage industry and keep hard-working families from losing their homes, acting Banking Secretary Victoria A. Reider today urged swift action on legislation to stop abusive lending practices blamed for many foreclosures. (more…)

Mortgage Guaranty Insurance Corporation Now Accepts PRBC Reports Through Credit Plus

5:02 pm - April 19th, 2007

PRBC (Pay Rent Build Credit) Reports, which are available through Credit Plus, Inc., a leader in the credit information industry since 1928, will be accepted by Mortgage Guaranty Insurance Corporation (MGIC), the primary subsidiary of MGIC Investment Corp. (NYSE:MTG) to automate approval and pricing decisions. MGIC is the first private mortgage insurance provider to make approvals based upon the PRBC Bill Payment Score (BPS). (more…)

NCRC Calls For a Stay To Slow Down Foreclosure Mills Operated By Law Firms

6:47 am - April 17th, 2007

The National Community Reinvestment Coalition urged lawmakers to pass legislation immediately to shut down the “foreclosure mills” being operated by law firms, racing to kick out financially-troubled subprime borrowers from their homes. The law firms represent mortgage servicers, Wall Street investment firms and lenders. (more…)

Loan Tracker is New Mortgage Tool at GetLoans.com

4:53 pm - April 16th, 2007

There is a new mortgage tool called Loan Tracker offered by GetLoans.com, that allows users to track the status of home loans, as well as learn about each phase of the loan process. Mortgage brokers usually do not provide a way for the consumer to track the status of the loan application. There is a fun, graphic, web enabled way to track the loan application, as well as learn about important things like the appraisal process, homeowners insurance, title insurance and more. (more…)

Freddie Mac Announces Reference REMIC Security Issue

4:31 pm - April 16th, 2007

Freddie Mac (NYSE:FRE) has announced its intention to issue its next Reference REMIC(R) security. The company expects to offer $1.24 billion of Reference REMIC Series R011, a Guaranteed Maturity Class (GMC) with a final maturity date of December 15, 2020. It is expected to price on April 19, 2007, and settle on April 24, 2007. (more…)

Bridge Mortgages Offers Fixed Home Equity Loans with Low Intro Rates

7:26 am - April 6th, 2007

Bridge Mortgages began offering their new fixed rate home equity loan that provides a low introductory interest rate. The second mortgage lending team at Bridge has just released a new home equity product that offers a reduced intro rate for 6 months. The intro mortgage interest rates start as low as 6.25%. These home equity loans are 2nd lien installment mortgages with fixed interest rates with simple interest amortization. (more…)

Quadra Realty Trust to Present at the Credit Suisse 2007 Real Estate Conference

7:23 am - April 6th, 2007

Quadra Realty Trust, Inc. (NYSE:QRR) has recently announced that Evan Denner, President and Chief Executive Officer, and Steven Sherwyn, Chief Financial Officer and Treasurer, will present at the Credit Suisse 2007 Real Estate Conference Thursday, April 12, 2007 at 1:45 pm EDT in New York. (more…)

CapitalSource Prices $800 Million Term Debt Securitization

7:22 am - April 6th, 2007

CapitalSource Inc. (NYSE:CSE), has priced an $800 million term debt securitization. The offering of CapitalSource Commercial Loan Trust 2007-1 is CapitalSource’s 11th balance sheet securitization since inception and consists of senior and subordinated commercial loans from the company’s portfolio. (more…)