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Loan Modification
: Mortgage Lender Implode-o-MeterBank of America halts refi operation, says move is temporary
By Implode-Explode Heavy Industries
Bank of America has stopped originating cash-out home-refinance loans. The new policy went into effect last week. And the Charlotte, N.C.-based bank has suspended all mortgage refinancing activity that allows homeowners to convert equity in their homes to cash.
...
BofA spokesman Terry Francisco confirmed the policy when contacted by the Charlotte Business Journal, a sister publication of The Business Review. However, he says the change is only temporary. He says the bank has seen a "tremendous surge" in refi applications since a new federal policy took effect Jan. 17. That policy allows banks to refinance homes more than 125 percent underwater and still receive a government guarantee on the loan.
Francisco says the increased volume of applications stemming from that issue forced BofA to temporarily suspend cash-out refis so closing times for other loan types didn't suffer.
"We hope to reinstate them as soon as possible," he says.
Full post as published by Mortgage Lender Implode-o-Meter on January 27, 2012 (boomark / email).
The Real FHA Short Refi: The FHA Streamline Refinance with No Appraisal
With all the talk recently about the FHA short refi, (not) coming to a bank near you, the short refi that can actually be done has gotten short shrift. It’s a little gem called an FHA streamline refinance with no appraisal...
Judge Halts Bank of America Foreclosures in Utah
Some good news if you happen to have a Bank of America owned mortgage and live in the state of Utah. A St. George judge has temporarily put a stop to all foreclosure sales in the state after an attorney claimed the bank and its affiliates weren’t properly registered to do business in the state, according [...
Judge Halts All BofA Mortgage Foreclosures In Utah; Says Bank Failed To Register To Do Business & Lacks Offices Within State As Required By Law
In St. George, Utah, KCSG-TV reports:A court order issued by Fifth District Court Judge James L. Shumate May 22, 2010 in St. George, Utah has stopped all foreclosure proceedings in the State of Utah by Bank of America Corporation, ; Recontrust Company, N...
FHA short refi program on the rocks
As we have long predicted, the FHA’s short refi program continues to be dead in the water. Despite a big announcement introducing the program last August, the marketplace reaction has been ho-hum...
Refi Pickups Likely to Be Limited, Deutsche Bank Says
For all the hullabaloo now being directed towards a nascent refinancing boom among the mortgage origination community, evidence seems to be mounting to suggest that much of that refi demand won’t likely translate into funded loans...
Foreclosure Update: BofA Halts Certain Foreclosures, Connecticut orders 60 day moratorium
From the WaPo: Connecticut halts all foreclosures for all banks From Business Insider: Bank Of America Joins JPMorgan In Suspending Foreclosures From MarketWatch: Title insurers dented by ?robo-signer? concern
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