Current Mortgage Rates for Monday April 27, 2015

Mortgage rates at the nation's top lenders this Monday morning are mostly the same as Friday, with some lenders dropping rates on select loan programs which are noted below. The current national average for the 30-year fixed rate mortgage and 15-year rates are near still their lowest levels.

The national average for the 30 year fixed mortgage is 3.65%, and the 15-year fixed mortgage is averaging at 2.92%. The average for the 5-year ARM is at 2.84%, and the 1 year ARM is 2.44%. (more…)

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HUD Announces Changes to its Distressed Asset Stabilization Program (DASP)

The U.S. Housing and Urban Development (HUD) announced this past significant changes and new homeowner safeguards to its Distressed Asset Stabilization Program (DASP).

The biggest move is that mortgage servicers will now be required to stall foreclosure for one year in order to properly evaluate homeowners who are seeking to avoid foreclosure with the Home Affordable Modification Program (HAMP) or a similar loss mitigation program. This is great news for struggling homeowners who are desperately  seeking assistance with their mortgages such as with a loan modification. (more…)

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Deutsche Bank’s London Subsidiary Agrees to Plead Guilty in Connection with Long-Running Manipulation of LIBOR

Deutsche Bank AG and DB Group Services (UK) Limited Will Pay $775 Million in Criminal Penalties

(Source: FBI) WASHINGTON—DB Group Services (UK) Limited, a wholly owned subsidiary of Deutsche Bank AG (Deutsche Bank), has agreed to plead guilty to wire fraud for its role in manipulating the London Interbank Offered Rate (LIBOR), a leading benchmark interest rate used in financial products and transactions around the world. In addition, Deutsche Bank entered into a deferred prosecution agreement to resolve wire fraud and antitrust charges in connection with its role in both manipulating U.S. Dollar LIBOR and engaging in a price-fixing conspiracy to rig Yen LIBOR. Together, Deutsche Bank and its subsidiary will pay $775 million in criminal penalties to the Justice Department. (more…)

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FICO Announces Credit Scores Will be Available to Consumers Through Financial Counselors

(Source: FICO) - Earlier this week, FICO announced that it had reached an agreement with the three main credit reporting agencies (TransUnion, Equifax, and Experian) that will allow housing and financial counselors to share with their clients their credit scores.  This initiative, entitled the FICO® Score Open Access for Credit & Financial Counseling, will allow qualified and enrolled credit, housing, and financial counselors to provide their clients with their FICO scores along with other educational material about credit.  FICO also announced that Experian has agreed to allow these qualified counselors to share Experian credit reports with their clients. (more…)

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USDOJ Lawsuit Alleging that Quicken Loans Improperly Originated and Underwrote FHA-Insured Mortgages

(Source: USDOJ) - The United States has filed a complaint in the U.S. District Court for the District of Columbia against Quicken Loans Inc. under the False Claims Act for improperly originating and underwriting mortgages insured by the Federal Housing Administration (FHA), the Justice Department announced today.  Quicken is a mortgage lender headquartered in Detroit. (more…)

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NAHB: Housing Recovery Slow and Steady in 2015, Will Pick Up Pace Next Year

(Source: NAHB) WASHINGTON - Solid employment gains, attractive mortgage rates, a growing economy and pent-up demand will help keep the housing market moving forward throughout 2015 and into next year, according to economists who participated in yesterday's National Association of Home Builders (NAHB) 2015 Spring Construction Forecast Webinar. (more…)

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Mortgage Rates Go Lower As Loan Applications Rise

The Mortgage Bankers Association (MBA) released its report on mortgage applications and rates this morning indicating some good signs that rates decreased this past week on the four major types of loan programs and increased on a fifth. Loan applications for purchase mortgages had increased which is a great signal that we are heading into a good home buying spring season like has been predicted. (more…)

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Lawyer Wins $2 Million Verdict in RESPA Case Against Mortgage Servicer

(Source: Sulaiman Law Group) OAK BROOK, Ill. - Alena Hammer secured a jury verdict against Residential Credit Solutions, Inc. (RCS), a national mortgage loan servicer headquartered in Fort Worth, Texas, for its breach of contract, violations of the Real Estate Settlement Procedures Act (RESPA), and violations of the unfairness and deception provisions of the Illinois Consumer Fraud and Deceptive Business Practices Act. All of Hammer’s claims dealt with RCS’s misconduct in handling and servicing the mortgage loan on Hammer’s home in DuPage County, Illinois, where Hammer has resided for the last 27 years. (more…)

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Freddie Mac: Over 60 Percent of Top 100 U.S. Housing Markets Improving

(Source: Freddie Mac) MCLEAN, VA -  Freddie Mac today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize and getting back on track heading into the spring homebuying season after a slight stumble last month. The latest release of MiMi now tracks the top 100 metro housing markets across the country. Of the top 100 metro areas, 60 percent are showing an improving three-month trend. (more…)

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