Cornerstone Mortgage

BofA Goes National With Short Sale Payouts

5/16/2012 1:03 PM

After testing a program that pays delinquent borrowers to help unload their properties through a short sale, Bank of America Corp. is now expanding the program.....The pilot program tested last year by BofA in Florida offered borrowers up to $20,000 to sell their home in a short sale. Nearly 11,000 borrowers took the bank up on its offer, and...Read More

Subprime Foreclosures Improve Despite Rise in Overall Rate

5/16/2012 1:03 PM

Past-due payments on home loans have fallen for three consecutive quarters, though performance on mortgages to veterans deteriorated. But the rate of foreclosures was higher despite an improvement in subprime foreclosures.....Residential delinquency of at least 30 days was 11.79 percent as of the first quarter.....The rate fell from 11....Read More

Residential Issuance Drives Up Ginnie Activity

5/16/2012 1:03 PM

Thanks to strong residential activity, securitizations at the Government National Mortgage Association soared last month. Even multifamily issuance was stronger. But reverse mortgage volume was lower.....Mortgage-backed securities guaranteed by Ginnie Mae during April leapt 25 percent from March, according to monthly data......Read More

Small Wholesaler Seeing Big Results from HARP 2.0

5/16/2012 1:03 PM

New business at a small Texas-based wholesale lender that operates in more than two dozen states has exploded since it began accepting applications for mortgages processed under the Home Affordable Refinance Program. Originations are so strong that the company is recruiting more employees to help it keep up with demand.....The program ...Read More

Lenders Take More Risk on New Originations

5/16/2012 1:03 PM

Credit scores decreased on mortgages closed last month, while loan-to-value ratios increased. Even debt-to-income ratios rose despite that the share of 15-year loans was lower and the share of adjustable-rate mortgages was higher.....It took 45 days to close a residential loan during April, longer than the 42-day turnaround during the previou...Read More