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Loan mods tracking Treasury target Premium Content

By Matt Carter, Wednesday, September 9, 2009.

More than 85 percent of mortgage loans are now covered by the Obama administration's Home Affordable Modification Program, meaning loan servicers must determine whether foreclosing on a home might prove more costly than offering a loan modification to a troubled borrower.

A total of 47 loan servicers were participating in the HAMP program at the end of August, up from 38 in July, and the program is on track to meet a goal of 500,000 loan modifications by November, the Treasury Department said in releasing its latest report on the performance of participating loan servicers.  more...

Sharp increase in demand for mortgages

By Inman News, Wednesday, September 9, 2009.

Applications for mortgages surged 17 percent last week as lower interest rates spurred demand for both refinance and purchase loans, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.

Applications for refinancings were up 22.5 percent for the week ending Sept. 4, the largest increase since March, while an index measuring applications for purchase loans was up 9.5 percent from a week earliers. Both indexes are seasonally adjusted.  more...

California eyes REO escrow selection

By Inman News, Wednesday, September 9, 2009.

A bill aimed at preventing banks from dictating the escrow service to be used in transactions involving real estate-owned (REO) properties is expected to reach California Gov. Arnold Schwarzenegger's desk following its approval by the state Senate.

Assembly Bill 957, which passed the Assembly in a unanimous 77-0 vote in May, was approved by the Senate on Sept. 1 in a 29-to-4 vote. Because the bill was amended, it must now go back to the Assembly for concurrence before going to the governor's desk. As an urgency measure, the bill can take effect immediately if the governor signs it into law.  more...