Chino Hills Real Estate Blog : Industry

More homeowners can get mortgage reduced

Gail Griffin, GRI, e-PRO — Fri, 17 May 2013 20:48:00 GMT

Source: San Diego Union Tribune Chase and Wells Fargo are the latest two banks that have agreed to slash mortgage balances as much as up to $100,000 for certain clients through the state program Keep Your Home California. Read the full story...(read more)

Lenders venturing back into subprime market

Gail Griffin, GRI, e-PRO — Fri, 17 May 2013 20:36:00 GMT

In its most-recent foreclosure report, CoreLogic reported 55,000 homes were lost to foreclosure in March, up 6 percent from 52,000 completed foreclosures in February. Read the full story...(read more)

Are mortgage modification terms worth continuing payments?

Gail Griffin, GRI, e-PRO — Fri, 17 May 2013 20:21:00 GMT

Source: Los Angeles Times A high percentage of homeowners who take part in the Home Affordable Modification Program are unable to maintain their loan mods, data from the Treasury Dept.’s Trouble Asset Relief Program shows. Read the full story...(read more)

Fed: Some borrowers shortchanged in foreclosure settlement

Gail Griffin, GRI, e-PRO — Fri, 17 May 2013 20:20:00 GMT

Source: Los Angeles Times Nearly 100,000 troubled borrowers were shortchanged on payments from Goldman Sachs Group Inc. and Morgan Stanley & Co., the Federal Reserve said – money intended to compensate for possible errors and abuses during foreclosure...(read more)

Lender Fees - Watch Them Carefully

Gail Griffin, GRI, e-PRO — Sun, 28 Apr 2013 16:15:00 GMT

Talking Points … In addition to a down payment, borrowers also have to set aside money for closing costs, which can run into the hundreds or sometimes thousands of dollars. Lenders charge all manner of fees, some of which are negotiable, while...(read more)

Fee-laden FHA mortgages cost more than privately insured loans

Gail Griffin, GRI, e-PRO — Sun, 28 Apr 2013 16:13:00 GMT

LA Times: On April 1, fees for low-down-payment mortgages insured by the Federal Housing Administration (FHA) rose for the third time in two years. The hike in fees serves a two-fold purpose: to help shore up the FHA’s sagging mortgage insurance...(read more)

Regulators roll out streamlined mortgage modification program

Gail Griffin, GRI, e-PRO — Mon, 22 Apr 2013 14:19:00 GMT

Los Angeles Times The streamlined mortgage modification program doesn't require troubled borrowers to prove a hardship, but it won't include principal reductions. Read the full story...(read more)

Bank of America tops list of mortgage complaints by borrowers

Gail Griffin, GRI, e-PRO — Mon, 22 Apr 2013 14:17:00 GMT

Los Angeles Times The lender has accounted for 30 percent of complaints to the Consumer Financial Protection Bureau, with two-thirds of them involving modifications. Read the full story...(read more)

California Market Stats - March

Gail Griffin, GRI, e-PRO — Mon, 22 Apr 2013 14:11:00 GMT

Calif. median home price : March 2013: $378,960 (Source: C.A.R.) Calif. highest median home price by region/county March 2013: Marin, $888,890 (Source: C.A.R.) Calif. lowest median home price by region/county March 2013: Siskiyou County, $123,330 (Source:...(read more)

Lenders in settlement to make payouts to foreclosed borrowers

Gail Griffin, GRI, e-PRO — Mon, 22 Apr 2013 13:58:00 GMT

Los Angeles Times The settlement replaces a failed process in which bank regulators required large mortgage servicers to hire consultants to audit foreclosures for wrongdoing. Read the full story...(read more)

Bigger loans mean tougher requirements

Gail Griffin, GRI, e-PRO — Mon, 22 Apr 2013 13:56:00 GMT

Wall Street Journal Jumbo loans often come in three sizes: small, medium, and large. The bigger the loan size, the tougher the lending requirements. Read the full story...(read more)

Audit faults Freddie Mac's oversight of mortgage servicers

Gail Griffin, GRI, e-PRO — Mon, 22 Apr 2013 13:55:00 GMT

Los Angeles Times At least eight big providers of mortgage customer service have failed to properly track and resolve serious complaints about servicing fraud. Read the full story...(read more)

Refinance volume remains strong through January

Gail Griffin, GRI, e-PRO — Tue, 16 Apr 2013 14:56:00 GMT

The FHFA recently released its January 2013 Refinance Report, which shows that refinance volume remained high through the first month of this year. There were nearly 470,000 refinances in January, with roughly 97,600 completed through HARP. This brings...(read more)

Banks are not complying with mortgage settlement, survey finds

Gail Griffin, GRI, e-PRO — Tue, 16 Apr 2013 14:48:00 GMT

Los Angeles Times Five major banks continue to pursue foreclosures against borrowers seeking loan modifications and fail to provide a single point of contact, according to a survey by the California Reinvestment Coalition. Read the full story...(read more)

Opting for in-house loan service

Gail Griffin, GRI, e-PRO — Tue, 16 Apr 2013 14:43:00 GMT

The New York Times Many major real estate companies offer their own mortgage affiliate, but buyers should not feel pressured to use these in-house loan services. Making sense of the story In-house loan services are not new, but they have gained importance...(read more)