October 2007 - Blown Mortgage

October 2007

More Halloween Fun at Our Expense

Thank you Frank!

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Wells Fargo Whacks Brokers Again on Jumbo Loans

Wells Fargo continues to show its disdain for jumbo loans originated by brokers by putting in another excessive fee hike for all jumbo loans originated by brokers. The interesting thing about the fee hike is the LTV range is between 80-90% which show an increased sensitivity to the declining home prices seen around the country. [...]

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Mortgage Lender Implode-O-Meter reported that Citi Home Equity is confirming a business change which withdraws them from the California purchase market - eliminating all purchase money second mortgages offered by the division of Citi.  They have taken that business decision one step further by eliminating the Citi Home Equity Correspondent 2nd Mortgages altogether. This is [...]

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Another .25% Cut by the Fed

The Fed didn't surprise anyone today, bowing to the market's wishes for another .25% cut to the fed funds rate; bringing the benchmark lending rate to 4.5%. From Market Watch: While growth has been solid, "the pace of economic expansion will likely slow in the near-term, partly reflecting the intensification of the housing correction," the [...]

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Zillow announced a while back that they are launching a new mortgage service for the users of their site. They must be getting close, because they are currently recruiting for an industry relations director for their new mortgage opportunity. Todd Carpenter over at Lenderama started a discussion about what possibilities this new venture holds for [...]

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