HSH.com Weekly Mortgage Rate Radar: Mortgage Rates Hold Steady at Record Lows
Foster City, CA (PRWEB) September 21, 2011
Rates on the most popular types of mortgages were basically unchanged from the previous weeks record lows, according to HSH.com’s Weekly Mortgage Rate Radar. The average rate for conforming 30-year fixed-rate mortgages held steady at 4.21 percent. Conforming 5/1 hybrid ARM rates decreased by a single basis point (0.01 percent), closing the Wednesday-to-Tuesday wraparound weekly survey at an average rate of 3.01 percent.
Mortgage markets are waiting to see what the Fed has in store for them, said Keith Gumbinger, vice president of HSH.com. It’s not clear which new ideas for helping economic growth they will use next, but the market is priced in for something to come when the Fed meeting ends today.
Gumbinger underscored the uncertainty facing mortgage markets: Whether the Fed will be changing the mix of their investment holdings, reducing the interest rate they pay banks for parking funds or something completely unexpected is the open question at the moment.
Average mortgage rates and points for conforming residential mortgages for the week ending September 20 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.21 percent
Average points: 0.31
Conforming 5/1 ARM
Average rate: 3.01 percent
Average points: 0.24
Average mortgage rates and points for conforming residential mortgages for the previous week ending September 13 were, according to HSH.com:
Conforming 30-year fixed-rate mortgage
Average rate: 4.21 percent
Average points: 0.27
Conforming 5/1 ARM
Average rate: 3.02 percent
Average points: 0.21
Methodology
The Weekly Mortgage Rate Radar reports the average rates and points offered on conforming 30-year fixed-rate mortgages and conforming 5/1 ARMs. The weekly mortgage rate survey covers a large sample of mortgage lenders and is conducted over a Wednesday-to-Tuesday cycle, with data released every Wednesday. HSH.coms survey helps consumers find the best rates onhome loansin changing market conditions. Unlike mortgage rate surveys that report average rates only, the Weekly Mortgage Rate Radars inclusion of both average rates and average points provides a more accurate view of mortgage terms currently offered by lenders.
Every week, HSH.com conducts a survey of mortgage rate data for a wide range of consumer mortgage products including ARMs, FHA-backed and jumbo mortgages, as well as home equity loans and lines of credit from hundreds of direct lenders in the U.S. For information on additional loan products, visitHSH.com.
About HSH.com
HSH.com is a trusted source of mortgage data, trends, news and analysis. Since 1979, HSHs market research and commentary has helped homeowners, buyers and sellers make smart financial choices and save money on mortgage and home equity products. HSH.com, of Pompton Plains, N.J., is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that meet their needs. The company is a leader in visitor-friendly marketing practices. For more information, please visitQuinStreet.com.
Press Contact
Andrew Heilman
775-784-3842
pr(at)hsh(dot)com
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Joint Effort to Investigate Mortgage Fraud Brought by State Attorneys General
Roseville, CA (PRWEB) September 22, 2011
By: Kristin Crone, Esq., UFAN Legal Group, PC dba United Foreclosure Attorney Network (UFAN)
In a statement released by her office, California Attorney General Kamala Harris announced recently the creation of a mortgage fraud task force. The task force is comprised of 17 lawyers and eight special agents from the state Department of Justice, and will investigate everything from small scale fraud targeting borrowers to large scale corporate practices, according to the Attorney General’s Office.
The task force created by Harris signals that California is now taking an aggressive approach to the fraud underlying the mortgage crisis seriously affecting the state, and coincides with a nationwide effort among all 50 state attorneys general to investigate the causes and effects of the mortgage crisis, as reported by the L.A. Times. Harris told the Times California was disproportionately harmed by the mortgage crisis, and our homeowners badly need relief. We will critically evaluate every possible avenue of relief for Californians. If it will result in real accountability and real results, no option will be off the table.
According to the Attorney General’s Office, Last year alone, there were foreclosure filings against 546,669 California homes. It is projected that between 2009 and 2012, a total of 2 million California homes will enter the foreclosure process. In the last year, the California Department of Justice has received thousands of complaints related to foreclosure scams, mortgage fraud, and mortgage servicing practices. These figures are distressing to say the least.
In conjunction with the announcement of the task force, the Attorney General announced the subpoena of Lender Processing Services, Inc. (LPS) in May for its role in robo-signing of mortgage documents. Robo-signing refers to bank employees signing documents required in the foreclosure process without verifying their content or accuracy. LPS is alleged to have prepared and recorded these false foreclosure documents on behalf of some of the major mortgage lenders and servicers in the country. The company is based in Florida but has several offices in California and, according to its website, services more than 50% of the mortgages in the US. In its press release, the Attorney General’s Office warned that the risks of robo-signing are particularly serious in California where foreclosures are mostly unsupervised by the courts.
UFAN has recently filed suit against Bank of America (case # 34-2011-00109314) and Wells Fargo (case # 34-2011-00110146) in Sacramento County Superior Court, alleging multiple causes of action related to mortgage lending practices. It is UFANs hope that the investigation will uncover facts that will bolster the cases filed.
ABOUT THE UNITED FORECLOSURE ATTORNEY NETWORK
UFAN Legal Group, PC dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm providing mortgage litigation and other debt related legal services. The dedicated attorneys and staff at UFAN work tirelessly to seek justice and fight for the rights of its clients. For more information call toll free 1-866-400-4242.
This release may constitute attorney advertisement. The information in this release and on the UFAN website (ufanlaw.com) is for general information purposes only. Nothing in this release or on the UFAN website should be taken as legal advice. Prior successes are no guarantee of future performance. Litigation is inherently uncertain and results in litigation are never assured.
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Four Tips to Avoid Loan Modification Scams Offered by Loan Relief Services
Lake Forest, CA (PRWEB) May 4, 2009
Today, loan modifications are growing increasingly popular as more homeowners fall behind on their monthly mortgage payments. This increased popularity brings a growing number of scams by companies offering their loan modification assistance for a sizeable fee. Jason Lines, spokesman for Loan Relief Services, publisher of the do it yourself Loan Modification Guide and DYOLoanModification.com, today offered advice to help homeowners avoid loan modification frauds.
A loan modification is the process by which a lender agrees to modify the existing terms of a mortgage to more favorable terms, such as a loan term extension, a modification of the monthly payment amounts, or a revised interest rate. It is not a refinance, but rather, a modification of an existing loan.
According to recent news reports*, the FBI is currently investigating roughly 2,100 mortgage fraud cases, up 400 percent from five years ago. To help you avoid becoming a victim of mortgage fraud, Lines offers the following tips.
Tip #1: There are no loan modification guarantees.
Each borrower's financial situation is unique and each lender has its own loan modification criteria, making it impossible for any company to guarantee a loan modification, says Lines. Successful loan modifications include knowing what paperwork to prepare and how to prepare it, understanding your credit and how to improve it, and presenting your case in terms that resonate with your lender. Even then, there is a chance – not a guarantee – that your loan will be modified.
Tip #2: Never pay a large amount of money up front.
Some loan modification companies ask anywhere from $2,000 to $5,000 in upfront fees – fees that may not obtain a successful loan modification. According to Lines, if you have $2,000 to $5,000, you're probably better off paying your mortgage. Instead, he suggests using a loan modification package to help you do your own loan modification, for a fraction of the price.
Tip #3: Never sign over your title.
Legitimate loan advisors would never ask you to sign over the title to your home or ask you for power of attorney. Signing over your home deed or granting this type of decision making power to a third party is rarely a good idea. You could end up losing your home to a scam artist.
Tip #4: Do not put money in an escrow account.
Lines says never put money into an escrow account on the advice of a third party, even if they tell you they'll make house payments on your behalf. If you have money for an escrow account, send it directly to your lender as a good faith payment. You'll be in better standing with your lender while avoiding the risk of fraud in the process.
For more loan modification tips and advice, or to purchase a Loan Modification Guide so you can modify your own home loan, visit http://www.DYOLoanModification.com/.
About Loan Relief Services
Loan Relief Services, publisher of the Do It Yourself Loan Modification Guide and DYOLoanModification.com, specializes in do-it-yourself loan modification tips and advice, to help homeowners modify their mortgages, on their own. The DYO Loan Modification Package is a do-it-yourself (DIY) loan modification kit consisting of a detailed guidebook, a DVD and a CD audio series with step-by-step instructions and dos and don'ts advice designed to increase your chances of a home loan modification.
This news release is for informational purposes only and is not a solicitation for loan modification services nor is it to be considered financial advice or recommendation. HughesNet
*Government cracks down on mortgage scams, April 6, 2009, from the Associated Press as reported by MSNBC, http://www.msnbc.msn.com/id/30070197/.
Live Chat Allows Borrowers to Anonymously Compare Mortgage Quotes Online
Los Angeles, CA (PRWEB) June 19, 2008
A new website allows borrowers to anonymously chat with mortgage companies on their site and compare mortgage quotes instantly. The site http://www.LoanAgentsLive.com has taken traditional mortgage shopping to the next level by integrating live chat technology with leading mortgage companies nationwide, giving consumers the ability to compare mortgage offers in the privacy of their own home.
LoanAgentsLive appears to be the only site that allows mortgage seeking consumers to remain 100% anonymous while chatting online with different mortgage brokers in their area. The site does not require users to register prior to being able to chat live with the lenders on their site. Borrowers simply do a search for mortgage companies in their area, choose a lender they would like to chat with, and instantly they are connected to a live loan agent from that mortgage company.
When it comes to shopping for a mortgage loan it is always best to weigh out your options prior to choosing a loan. The best way to do this is to speak with a few different mortgage companies upfront, compare offers and see which mortgage loan is the right loan for you.
Calling several companies to get a quote over the phone is one way to do this but can be very time consuming. Not to mention the headache of being high pressured by a loan officer into doing a loan with their company.
Applying on mortgage websites that offer multiple quotes will often lead to your personal information being sold to hundreds of mortgage companies. And with the rise in online identity theft, mortgage fraud, and spam, consumers are much more reluctant to give out personal information online.
Aaron Quick, President of LoanAgentsLive.com, stated, The beauty of our website is that we protect the homeowner's privacy. We don't even require an email address before connecting borrowers directly to our live loan agents. This allows the borrower to test the waters before deciding which mortgage company they would like to use to do their mortgage loan.
Online chat has already proven to be very effective for mortgage brokers and national lending companies such as Ditech and Quickenloans. According to The Washington Times, live chat helped increase Bank of America's online mortgage sales by 800 percent in the first quarter of last year.
Quick also stated, We are not the first mortgage company to offer live chat on their website however we are the only company that allows borrowers to chat online with multiple mortgage companies in minutes all from one website, ultimately saving consumers time and money.
Let's face it.This is the information age of technology and in a world where people want answers now LoanAgentsLive seems to be a glimpse into the future of online mortgage lending offering a simple, fast, and most importantly safe way to compare mortgage quotes in minutes. In an ever changing industry LoanAgentsLive sets the stage for a new and innovative way for consumers to get the help they need while at the same time allowing mortgage lenders to reach out to new customers in a way that makes them feel comfortable making one of the most important decisions in their lifetime.
About LoanAgentsLive.com:
LoanAgentsLive.com offers mortgage-seeking consumers a simple and secure way to chat directly and anonymously with a Loan Consultant from the Lender of their choice. For assistance in evaluating mortgage situations, or to receive answers about mortgage, home loan, refinance, home equity, debt consolidation, reverse mortgage, foreclosure, fixed, adjustable rate, zero down, 15, 30, or 40 year mortgage loans visit LoanAgentsLive.com.
Contact:
Aaron Quick, President/CEO
LoanAgentsLive.com
818-783-2306
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TMS Funding Launches New Jumbo Mortgage Product Into Wholesale Market
Milford, CT (PRWEB) August 23, 2011
(August 23, 2011), TMS Funding, the wholesale residential lending channel of Total Mortgage Services, LLC, announced today it has launched a new flexible Jumbo Mortgage Product into the wholesale marketplace to provide Mortgage Brokers with an important solution for their clients in need of a jumbo mortgage for either a purchase or refinancing transaction.
New Jumbo Mortgage Product Highlights
5/1, 7/1 and 10/1 LIBOR ARMs
Up to $2 million loan amount
45% Debt to Income
80% Loan to Value to $1 million
90% Loan to Value to $625,000
Second Home to 80% Loan to Value to $650,000 and 75% Loan to Value to $1 million
This new jumbo mortgage product is further proof of TMS Fundings commitment to the wholesale channel and the mortgage broker community, commented John Walsh, President of Total Mortgage Services, the parent of TMS Funding. This product offers mortgage brokers the opportunity to provide borrowers access to a competitively priced jumbo program that can help them purchase some of the excess housing inventory that is available at significantly reduced costs or refinance a higher-cost loan freeing up much needed household cash flow.
This jumbo product is currently eligible in all areas of Colorado, Connecticut, Washington, DC, Delaware, Florida, Georgia Illinois, Massachusetts, Maryland, Maine, Michigan, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, and Vermont.
For more on TMS Funding or to speak with one of the wholesale lenders Account Executives, please call 1-888-371-2989 or visit http://www.tmsfunding.com.
About TMS Funding
TMS Funding, a wholesale lender, is an emerging leader in the wholesale mortgage industry with a focus on developing long-term relationships with quality mortgage brokers and is committed to offering industry leading customer service, technology, and competitively-priced products. The objective of TMS Funding is to enable its mortgage broker partners to better serve their customers and respond to individual client needs. For more information on TMS Funding, please visit http://www.tmsfunding.com.
Media Contact:
John Lovallo
Lovallo Communications Group
Telephone: 203-526-6371
Email: john.lovallo(at)lovallocommunications(dot)com
or email at info(at)tmsfunding(dot)com
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