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National mortgage applications drop to lowest level in eight years - Houston Business Journal
Even as housing prices drop across the country, fewer people appear close to buying a home. The Mortgage Bankers Association reports that the volume of mortgage applications fell last week to the lowest level in nearly eight years. Additionally, the ...

4 convicted in $15 million loan scheme in Houston - CNBC
HOUSTON - Four people have pleaded guilty to an elaborate mortgage fraud scheme that involved millions of dollars in illegally obtained loan proceeds, federal prosecutors said Tuesday. The loans totaling more than $15 million were for residential ...

"Liar loans" threaten to prolong mortgage crisis - Newsday
In the mortgage industry they are called "liar loans" - mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job and [no] assets." The nation's ...

Oil and Energy Boost Houston Real Estate Market - Nuwireinvestor.com
While other cities may be cursing high gas prices, at least one city may be cheering: Houston, Texas. With its strong oil and gas industry, Houston’s economy continues to expand, supporting the real estate market. While other parts of the country ...

LendingTree, LLC and IMX, Inc. Announce Settlement of Patent ... - Forbes
IMX, Inc., based in Houston, Texas, is a leading provider of software solutions for the mortgage industry. IMX offers a comprehensive suite of workflow tools that enable mortgage lenders and originators to communicate and conduct business quickly and ...

'Liar loans' may prolong mortgage mess - Reading Eagle
In the mortgage industry, they are called "liar loans" - mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for no income, no job and no assets. The nation's ...

Royce Builders is cutting back on staff and projects - Houston Chronicle
Sources: 2008 Chronicle 100 Private Company Survey; Royce Builders. The slowing starter home market in Houston has forced one of the city's big home builders to wind down. Royce Builders has laid off a substantial number of employees and is cutting ...

Wall St drops on credit fears and higher oil - Reuters
NEW YORK (Reuters) - Stocks fell on Thursday as fears of more credit losses in the financial sector jolted investors, while resurgent oil prices rekindled fears of a consumer spending slowdown. Shares of mortgage finance companies Fannie Mae (FNM.N ...

'Ninja' lending fuels crisis - Madera Tribune
In the mortgage industry, they are called "liar loans" - mortgages approved without requiring proof of the borrower's income or assets. The worst of them earn the nickname "ninja loans," short for "no income, no job, and (no) assets." The nation's ...

US STOCKS-Wall St drops on credit fears, higher oil - Forbes
NEW YORK (Reuters) - U.S. stocks fell Thursday as fears of more credit losses in the financial sector jolted investors, while resurgent oil prices rekindled fears of a consumer spending slowdown. Shares of mortgage finance companies Fannie Maeand ...

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Today's Mortgage Terms starting with P

  • Payment Cap: A limit on the size of the monthly payment of an adjustable-rate mortgage or other variable rate loan.
  • Point: A point is equivalent to 1 percent of a mortgage loan. Lenders might charge "origination points" to cover expenses of processing a loan. Some borrowers might pay "discount points" to reduce the loan's interest rate.
  • Pre-Approval: The process of calculating how much money a potential homebuyer could borrow.
  • Prepayment Penalty: A lender's charge to the borrower for paying down the loan before the end of its term.
  • Pre-Qualification: A non-binding process of calculating how much money a potential homebuyer can borrow before applying for a loan. Information submitted during pre-qualification is subject to verification at application.
  • Principal: It is the amount of money borrowed or owed, excluding interest.
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