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Tag Archives: Mortgage Applications

Wells Fargo Issues Refunds to Customers Who Overpaid

Wells Fargo has issued thousands of refund checks to home loan customers who paid unnecessary mortgage fees, according to a report from the Los Angeles Times. According to the newspaper, Wells Fargo sent out refunds to as many as 10,000 customers along with letters explaining that they had paid too much.

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Consumers in No Rush to Borrow in Extended Low Rate Environment

The Federal Reserve's recently-announced commitment to keep interest rates low until 2015 isn't doing much to persuade consumers to borrow, according to Bankrate's Financial Security Index for October. Seventy-four percent of consumers said they are not interested in taking on debt, while 23 percent said they are more inclined to borrow. Three percent said they did not know. While the Fed's announcement was intended to stimulate economic activity, it may have had the opposite effect, one expert told Bankrate.

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JPMorgan and Wells Fargo Post Profits in Q3, Originations Improve

Increased mortgage-related revenue pushed both Wells Fargo and JPMorgan Chase to record quarterly profits in 3Q 2012, the banks reported. JPMorgan posted a record net income of $5.7 billion, with net revenue at $24.9 billion. Wells Fargo reported record net income of $4.9 billion for the quarter, up approximately $800 million from 3Q 2011.

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Survey: 32% of Americans Justify Strategic Default

The housing crises seems to have led Americans to take a less critical view of strategic default. According to a recent survey that polled 1,026 U.S. adults, 32 percent stated they believe homeowners should be able to strategically default without facing consequences. The online survey was conducted by JZ Analytics on behalf of ID Analytics.

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Refinance Activity Surges Following Dip in Mortgage Rates

Mortgage applications saw increased activity in the last week of September, the Mortgage Bankers Association (MBA) reported. Mortgage application volume increased 16.6 percent in the week ending September 28, according to MBA's Mortgage Composite Index. Meanwhile, the Refinance Index increased 20 percent from a week before to its highest recorded level since April 2009.

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Mortgage Financing Increases While Distressed Sales Fall: Survey

The popularity of FHA mortgages is slowing down, while the use of mortgage financing is growing overall, according to the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. FHA-backed transactions accounted for 25.9 percent of home purchase transactions in August, a decrease from 27.3 percent in January. Overall, mortgages were used to finance 68.9 percent of home purchase transactions in August, an increase from 67.5 percent in July.

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2011 Lending Data Reveals Declining Conventional, FHA Activity

The data showed that the total number of originated loans of all types and purposes fell by about 780,000 - 10 percent - from 2010 to 2011, partly because of a 13 percent decline in refinancings. The overall drop in refinancings was the result of declines in conventional and FHA activity, as data revealed that VA-related refinancing activity actually rose 41 percent.

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NAR: Tight Lending Standards Stunting Home Sales and Employment

If Realtors have anything to say about tight lending standards, the observation would be such standards are preventing more home sales and holding back job creation. The Washington, D.C.-based National Association of Realtors recently reached their conclusions in a survey conducted with real estate agents. The findings? Lenders take too long with approving applications, requiring excessive information and preferring only interested homebuyers with high credit scores.

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BofA Reaches Settlement to Resolve Disability Discrimination Suit

The Justice Department announced Thursday that it has reached a settlement with Bank of America over allegations of loan discrimination against disability income recipients. The bank was accused of violating the Fair Housing Act and the Equal Credit Opportunity Act by asking disabled mortgage loan applicants to provide letters from their doctors to document the income they received from Social Security Disability Insurance (SSDI).

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