A new bill introduced earlier this week aims to change long lender delays with short sales.

Freddie Mac and Fannie Mae, the two government-controlled mortgage entities, have announced that they will freeze all foreclosure evictions on mortgage loans they own or back from Dec. 20, 2010 through Jan.3, 2011.
“If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays,” says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.
Bank of America is also freezing evictions for the holiday season, and other lenders may end up following suit.
Tell us what …

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey for the week ending November 19, 2010.  The Market Composite Index, a measure of mortgage loan application volume, increased 2.1 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 1.1 percent compared with the previous week.
The Refinance Index decreased 1.0 percent from the previous week and is the lowest Refinance Index observed since the end of June.  The seasonally adjusted Purchase Index increased 14.4 percent from one week earlier, which included …

The Consumer Mortgage Bureau has developed two new designation programs to define the Mortgage Industry in the wake of the S.A.F.E. Mortgage Licensing Act of 2008: the Registered Mortgage Professional (RMP) and the Licensed Mortgage Professional (LMP).
On July 30th, 2008, the President signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law to stabilize the housing market and help alleviate the financial crisis. Title V of the Act, the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act of 2008, is specific to the registration and education …

Veterans Day is an annual U.S. holiday for honoring our military veterans. The federal holiday is observed on Nov. 11 every year, and is also known as Armistice Day or Remembrance day throughout the world. The date is significant, as Nov. 11 is the anniversary of the signing of the Armistice that ended World War I.
In Chicago, a Veterans Day ceremony was held at 11AM at Soldier Field. Mayor Daley was on hand to speak to honor this city’s vets, and there was music provided by the U.S. Navy Band …

Financially challenged homeowners who are at risk of losing their homes can now rely on The Foreclosure Defense Group (FDG), a Rosemont, Ill.-based firm that matches clients to attorneys who can fight lenders in court and work to completely restructure mortgage loans in favor of the borrower.
It is estimated that over 80 percent of all residential loans since 2003 contain fraud and predatory lending violations. Adam Ackerman, who co-founded FDG with business partner Mark Laskowski, said this is an increasing fear among lenders, as evidenced by the fact that some …

The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending October 15, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 10.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index also decreased 10.5 percent compared with the previous week. This week’s results do not include an adjustment for the Columbus Day holiday.
The Refinance Index decreased 11.2 percent from the previous week. The seasonally adjusted Purchase Index decreased 6.7 …

For this issue’s Ask a Lender, Jeff Baker, a vice president of mortgage lending with Guaranteed Rate, answers questions posed by Chicagoland Realtors.
In today’s world, rules and regulations have proliferated through the mortgage lending industry. The last couple of years have seen unprecedented change, as the business recovers from the hangover of easy money and lenient underwriting standards. For Realtors, it has become more important than ever to make sure buyers know and understand the new rules of residential lending.

Where can I turn for reliable information about buyer qualifications? …

The Federal Housing Administration (FHA) today announced a new modified version of its Home Equity Conversion Mortgage (HECM) product. The HECM loan is a reverse mortgage insured by the federal government. It allows older home owners to tap into their equity to cover living expenses and health care costs while continuing to live in their home without having to make the mortgage payments that are required with a traditional mortgage or equity loan.
FHA designed HECM Saver as a second reverse mortgage option for the purpose of lowering upfront loan closing …

An Opportunity For Everyone
By Rob Weber
We have all seen properties that aren’t in the greatest of shape, but there is a way to sell prospects on potential. With renovation financing, you can show your buyers how to turn a property they’re thinking of buying – or the one they already own – into the home they have always wanted.