As mortgage lenders accumulate losses from foreclosure listings and as they implement stricter processes and more requirements for loan applicants, incidents of loan fraud have started to increase.
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From the category archives:
Mortgage
According to the Mortgage Banker’s Association, their mortgage applications index has plunged by 23 percent, from 591.4 to 455.4 during the week that ended September 26.
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With the housing industry still trying to recover from the losses suffered because of the mess in the subprime market, it is indeed surprising that the government-sponsored enterprise Fannie Mae has announced that it is making an effort to boost finances. Unfortunately, this effort comes with a high price for consumers.
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Another option that troubled homeowners should explore if they can no longer meet their mortgage obligations is refinancing. But before you heave a sigh of relief, you should know that this option is not for everyone.
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It is not at al surprising that many homeowners are struggling to make their mortgage payments considering the unbelievably-high prices of fuel and increased cost of living. Therefore, it is not remotely impossible to find yourself with no money left to cover your mortgage payment for the month.
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For the week ending April 11, the volume of mortgage applications increased by 2.5 percent. This is according to the survey conducted by the Mortgage Bankers Association each week. During the previous week, the mortgage application index was pegged at 725.6.
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Last year, there was a 42 percent increase in mortgage frauds reported by banks. The said frauds were discovered when banks decided to become cautious in approving mortgage applications. In 2006, there was a recorded 37,313 mortgage fraud reports.
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For the week ending on March 28, the volume of mortgage applications dropped by 28.7 percent. This significant tumble was observed in a weekly survey conducted by the Mortgage Bankers Association. The previous week saw a jump in mortgage application volume by 41.1 percent.
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According to the National Association of Realtors, pending home sales might have dipped last November but it can be expected to pick up in the last six months of 2008.
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Reforming the mortgage industry is being considered as one of the most potentially effective ways to address the present foreclosure crisis. A House Bill, authored by Massachusetts Representative Barney Frank, is currently being debated in the House Financial Services Committee. The mortgage reform bill will be instrumental in preventing another foreclosure crisis in the future. Last October, consumer advocates voiced their concern that the changes in the lending guidelines do not fully address the problems in the industry.
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