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REO News

Lenders Begin Closing in on Reverse Mortgage for Purchase Texas Potential
Since the reverse mortgage for purchase was approved by Texas voters in November and lenders began originating it earlier this year, the first lenders are reporting that they are beginning to close the newest reverse mortgage loan type available in the Lone Star State.  Others have loans in the pipeline they expect to close shortly, […]

Mortgage Rates Fall to 6-Week Low
Mortgage rates for a 30-year fixed-rate mortgage fell to their lowest levels in six weeks, according to the latest quotes from Freddie Mac. The average rate for a 30-year fixed-rate mortgage was 4.27% as of April 17, 2014, down from 4.34% from the previous week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). The […]

Wells Fargo Lays Off 323 as Mortgage Demand Drops
Wells Fargo is downsizing its mortgage division and laying off more than 300 people, the bank announced Wednesday citing a slowdown in demand for mortgages. “While interest rates for homebuyers and lenders remain very favorable by historical standards, the demand for mortgage financing we experienced in recent years has continued to decrease,” said Wells Fargo […]

Number of Underwater Homes Drops to Lowest Level in 2 Years
The number of underwater properties in the U.S. dropped to its lowest level in two years in the first quarter of 2014, according to housing data source RealtyTrac. Negative equity numbers fell to 17% of all properties with a mortgage, or 9.1 million residential properties, says the most recent U.S. Home Equity & Underwater Report. […]

Reverse Mortgage Jobs Available Nationwide—Apply Today
This week’s jobs list abounds with opportunities for reverse mortgage professionals as lenders nationwide continue to look for fresh talents to fill a variety of available positions. Loan officers and originators remain in high demand for a number of lenders, including firms like Access Reverse Mortgages, Proficio Mortgage, Live Well Financial, All Reverse Mortgage, Omni-Fund […]

Lenders Adapt Following Ginnie Mae Ruling on New Products
Following a notice published by Ginnie Mae earlier this month indicating the organization would no longer allow securitization of variant fixed-rate reverse mortgage loans, lenders are adapting to the news. On April 1, the Government National Mortgage Association (Ginnie Mae) notified the lending community that due to risk factors, it will prohibit the inclusion of […]

Home Equity Loan Demand to Rise Along with Rates
Tapping home equity is expected to become more popular as homeowners continue regaining equity lost in the recession and interest rates start to rise, according to CoreLogic’s latest The MarketPulse. “As house prices recover and interest rates rise, existing homeowners are gaining back equity in their homes that they can borrow against, and so are […]

New York Passes First-Ever Licensing Requirement for Title Agents
For the first time, New York will join 47 other states in requiring its title insurance agents to obtain licensing and undergo minimum qualification standards. Included as part of Governor Andrew Cuomo’s (D-NY) budget for 2014-2015, the licensing requirement was passed on April 1 and takes effect October 1, 2014.  Formerly one of only three […]