Did you know …. The average time it takes to get a home loan processes is about eight weeks now – two weeks more than it used to be, according to the National Association of Realtors.

The local mortgage industry implosion has hundreds of Massachusetts mortgage brokers fleeing the industry. In late 2007, Massachusetts Division of Banks reported 1,511 licensed mortgage brokers on the books. In December 2008, it was down to 1,006. As of December 1, 2009, the numbers were down to 600 licensed brokers in our local area.
So are [...]

Today’s real estate quote of the day is from the CEO of the Mortgage Banker Association:
“You can’t modify someone if they don’t have income or a job. We have to be realistic going forward. If we are going to play a numbers game, we are going to see a smaller percentage of borrowers in default [...]

Earlier this week, one of the largest mortgage brokers in the US shut its doors – not all that uncommon in today’s marketplace. But what was unusual was the candor of the CEO when addressing the challenges of the mortgage broker business model.
“With everything that is going on in the industry, I feel the broker [...]

The 10 biggest loan originators during the first quarter 2009 were:
Wells Fargo
Bank of America
JPMorgan Chase
Citigroup Inc.
SunTrust Bank Inc.
U.S. Bank Home Mortgage
Residential Capital LLC
MetLife
Flagstar Bank
PHH Mortgage

Are you confused about how mortgage rates work? Do you often see mortgage rates advertised real low but when you apply the rate is higher?
A Boston Real Estate Blog reader forwarded me this great Q&A about mortgage interest rates from The AP’s Adrian Sainz.
Highlights: Why can’t I get rates as low as those advertised every [...]

BOA hired 5,000 new positions to help with their mortgages
BOA closed 400,000 new loans in the 1st Q of 2009.
Source: Realtytimes.com

The U.S. Senate has rejected a proposal for mortgage cramdowns near to the hearts of many consumer groups that would have allowed bankruptcy judges to arbitrarily rewrite mortgages.
The idea, a key part of the Obama Administration’s foreclosure-fighting efforts, was always an uphill struggle against powerful bank lobbies which opposed it. Only Citibank came on board [...]

Much has been written in recent months about perspective buyers who’ve had trouble qualifying for mortgage loans despite solid credit scores. Strict underwriting standards have essentially reduced the buying pool.
But borrowers are managing to get loans. Which institutions are doing the most lending in Massachusetts?
If you guessed biggies like Bank of America, Citizens and [...]

Today, Wells Fargo turned down a mortgage applicant with a very, very high credit score. The reason the applicant was turned down, because she put in an offer on a condo at Tremont-On-The-Common (151-Tremont Street). So what?
I spoke with the Mortgage Broker from Wells Fargo and he informed me that my agent’s client has: “A [...]