Mortgage News
- - Third-quarter commercial mortgage originations were 11 percent lower than the second quarter, according to the Mortgage Bankers Association. Conduit originations for commercial mortgage-backed securities were up 67 percent, helping to offest a big decline by commercial banks. Compared to a year earlier, however, conduit originations were down 93 percent.
- - The six-month London Interbank Offered Rate fell 42 basis points from last week, Bankrate.com reported. The 30-year fixed-rate mortgage average dropped 6 BPS from last week, Freddie Mac reported. Total mortgage applications rose 12 percent on a seasonally adjusted basis from the prior week in the Mortgage Bankers Association's latest survey.
- - Real estate owned filings were 20,631 in California during October, RealtyTrac reported. REO filings dropped from 6,742 from September. Still, California saw the highest level of REO filings of any state last month.
- - Treasury Secretary Paulson commended the chairman of the Federal Deposit Insurance Corporation for her streamlined modification strategy at failed IndyMac Federal Bank FSB. California's governor has proposed a 90-day hiatus on some foreclosure proceedings, a notice from the state said. Maryland's governor announced agreements with six servicers to improve the loss mitigation process. A preliminary injunction against Option One Mortgage Corp. and H&R Block Mortgage Corp. was granted to Massachusetts' attorney general by a superior court, a press release said.
- - The U.S. Department of Housing and Urban Development released revisions to the Real Estate Settlement Procedures Act. The RESPA revisions include a new standardized Good Faith Estimate that spells out the loan term, how the interest rate will change and closing costs. The revisions help align the GFE better with the HUD-1 closing statement so borrowers can more easily compare HUD-1 charges to the original GFE.
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