Despite a plethora of bad news that has been plaguing the mortgage industry, there are still positive developments in the sector to report.
Among the latest positive activity was a Mortgage Bankers Association report Thursday that servicers prevented more than 130,000 foreclosures during the third quarter. Modifications were made on an estimated 54,000 loans during the third quarter while formal repayment plans were established on another 183,000 mortgages.
Countrywide Financial Corp. announced it helped 81,266 borrowers retain their homes in 2007, with substantial growth occurring in the fourth quarter due to increased staffing, outreach and investor support.
Mortgage rates have recently tumbled, pushing refinance activity way up.
At 5.69% this week, the 30-year fixed-rate mortgage spiraled down 18 basis points from a week ago, leaving it 54 BPS below its level a year ago to the lowest its been since July 2005, according to Freddie Mac's latest weekly survey. As a result, refinance activity has recently shot up -- pushing overall applications to the highest level they've been at since April 2004, data from the Mortgage Bankers Association indicate.Originators can capitalize on the spike in applications by reading about how to make the most of a refinance wave and reading articles about how to improve sales. - - - - - - - - OFF - - - - - - - - - -