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News about Mortgages:
US manufacturing index drops to 26-year low - Daily TimesWASHINGTON: A gauge of US manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn. The Institute for Supply Management's index of manufacturing ...
Ohio wins court settlement against mortgage lender - Zanesville Times RecorderCOLUMBUS (AP) - A bankrupt subprime lender accused of shoddy practices has been barred from accepting mortgage applications in Ohio, state Attorney General Nancy Rogers announced Wednesday. The agreement with New Century Financial Corp. of Irvine ...
Subprime lender barred from taking mortgage applications in Ohio - Canton RepositoryCOLUMBUS A bankrupt subprime lender has been barred from accepting mortgage applications in Ohio. Ohio Attorney General Nancy Rogers announced the agreement Wednesday with New Century Financial Corporation of Irvine, Calif. The state had sued the ...
Beazer Homes loss balloons as sales plunge in Columbus, other markets - Fox 19A struggling homebuilder that's pulling out of Columbus reports that losses in its latest quarter more than tripled from a year ago. Beazer Homes USA also says its home closings in the July through September quarter were down 38% compared to last ...
Mortgage officer guilty of fraud - The Columbus DispatchA loan officer was convicted yesterday for his role in a scheme that defrauded more than 200 people and 20 banks, but an appraiser who worked with him was acquitted of all charges in the case. After about eight hours of deliberations, a federal jury ...
Shopping malls, hotels near mortgage default; more looming - The Columbus DispatchWASHINGTON -- Black Friday's retail shoppers hunting for holiday bargains won't be enough to stave off what's likely to become the next economic crisis. Malls from Michigan to Georgia are entering foreclosure, commercial victims of the same events ...
Oil and retail gas prices in United States slip to new three-year lows - Edmonton SunCOLUMBUS, Ohio - Oil and U.S. retail gasoline prices dipped to new three-year lows Tuesday with the United States officially in a recession. Analysts believe prices at the pump may finally be bottoming out after a precipitous decline from record ...
The Blogosphere Comes Of Age ... - Andrewsullivan.theatlantic.comThe blogger Tanta, an influential voice on the mortgage collapse, died Sunday morning in Columbus, Ohio. Ms Dungey, RIP, had the right tude: Tanta liked to chew on the follies of regulators, the idiocies of lenders and — a particular favorite ...
We Are All Subprime Now, R.I.P. - The Washington Independent.comFinancial bloggers are in mourning today for Tanta, at Calculated Risk, who died on Sunday in Columbus, Ohio. As the tributes to her throughout the blogosphere make clear, her analysis of the mortgage crisis was closely followed and influential. She ...
Lender barred from applications - Canton RepositoryCOLUMBUS, Ohio A bankrupt subprime lender has been barred from accepting mortgage applications in Ohio. Ohio Attorney General Nancy Rogers announced the agreement Wednesday with New Century Financial Corporation of Irvine, Calif. The state had sued ...
Today's Mortgage Terms starting with M
Margin: The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.
Market Value: The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.
Mortgage Banker: A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.
Mortgage Broker: A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.
Mortgage Insurance: It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).
Mortgage Loan: A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.
Mortgage Refinance: A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.
Mortgagee: The lender in a mortgage loan relationship. Property is used as collateral to make payment.
Mortgagor: The borrower in a mortgage loan relationship. Property is used as collateral to make payment.
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