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Home Purchases Being Delayed by Mortgage Backlog
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
READY TO SPEAK TO A PROFESSIONAL?
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Home Purchases Being Delayed by Mortgage Backlog
HOW LOANRATEUPDATE WORKS
READ OUR DISCLOSURE
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
LOANRATEUPDATE IS NOT A LENDER OR A BROKER BUT WE HAVE LOTS OF FRIENDS WHO ARE
Pick the service you desire below
Home Purchases Being Delayed by Mortgage Backlog

October 25, 2011 (Jeff Alan)

Significant delays in mortgage approvals are causing a backlog in home purchase closings with approval times that are normally around 30 days being stretched to 45 to 60 days according to the latest Campbell/Inside Mortgage Finance HousingPulse survey.

Real estate agents report that in some areas, up to half of the home purchase closings have been affected. Lenders have incurred heavier workloads due to a surge in refinance applications and complications from appraisals on distressed properties which has led to the longer closing timelines.

Damage to foreclosed properties often prevents uncontested or simple appraisals and mortgage origination pre-approvals on short sale properties sometimes lapse before all parties have agreed to the transaction.

A real estate agent in Mississippi commented, “Per other agents in the office, approximately 45-50% of transactions are delayed due to mortgage application timelines. And the issue seems to be getting worse.”

Another agent in California complained that almost 70 percent of the distressed property closings in their area had been delayed because of loan conditions.

In California, real estate agents now have to contend with a new law prohibiting forced deficiency notes on short sales which has made second lien holders slow to negotiate on short sale transactions leading one agent to say the problems are getting worse.

“With the new California law 458, seconds are not willing to settle. Mortgage application timelines run out for the buyers waiting to receive acceptance, counter or declination.”

The Distressed Property Index (DPI), the total proportion of distressed properties on the housing market, declined to 44.4 percent in September, down from 45.9 percent in August.

Tags: Campbell/Inside, Mortgage Finance HousingPulse, mortgage approvals, home purchase backlog, real estate agents, distressed properties, foreclosures, short sales

Source:
Campbell/Inside Mortgage Finance

INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
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Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

October 25, 2011 (Jeff Alan)

Significant delays in mortgage approvals are causing a backlog in home purchase closings with approval times that are normally around 30 days being stretched to 45 to 60 days according to the latest Campbell/Inside Mortgage Finance HousingPulse survey.

Real estate agents report that in some areas, up to half of the home purchase closings have been affected. Lenders have incurred heavier workloads due to a surge in refinance applications and complications from appraisals on distressed properties which has led to the longer closing timelines.

Damage to foreclosed properties often prevents uncontested or simple appraisals and mortgage origination pre-approvals on short sale properties sometimes lapse before all parties have agreed to the transaction.

A real estate agent in Mississippi commented, “Per other agents in the office, approximately 45-50% of transactions are delayed due to mortgage application timelines. And the issue seems to be getting worse.”

Another agent in California complained that almost 70 percent of the distressed property closings in their area had been delayed because of loan conditions.

In California, real estate agents now have to contend with a new law prohibiting forced deficiency notes on short sales which has made second lien holders slow to negotiate on short sale transactions leading one agent to say the problems are getting worse.

“With the new California law 458, seconds are not willing to settle. Mortgage application timelines run out for the buyers waiting to receive acceptance, counter or declination.”

The Distressed Property Index (DPI), the total proportion of distressed properties on the housing market, declined to 44.4 percent in September, down from 45.9 percent in August.

Tags: Campbell/Inside, Mortgage Finance HousingPulse, mortgage approvals, home purchase backlog, real estate agents, distressed properties, foreclosures, short sales

Source:
Campbell/Inside Mortgage Finance

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME
IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
HOME SELLING TIPS
If you are thinking of selling your home, chances are you’re caught up in a mass of emotions. Needs change and although you may be looking forward to this new adventure, you'll probably find yourself reluctant to leave your memories behind and face the overwhelming task of selling your home and moving.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makles it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

October 25, 2011 (Jeff Alan)

Significant delays in mortgage approvals are causing a backlog in home purchase closings with approval times that are normally around 30 days being stretched to 45 to 60 days according to the latest Campbell/Inside Mortgage Finance HousingPulse survey.

Real estate agents report that in some areas, up to half of the home purchase closings have been affected. Lenders have incurred heavier workloads due to a surge in refinance applications and complications from appraisals on distressed properties which has led to the longer closing timelines.

Damage to foreclosed properties often prevents uncontested or simple appraisals and mortgage origination pre-approvals on short sale properties sometimes lapse before all parties have agreed to the transaction.

A real estate agent in Mississippi commented, “Per other agents in the office, approximately 45-50% of transactions are delayed due to mortgage application timelines. And the issue seems to be getting worse.”

Another agent in California complained that almost 70 percent of the distressed property closings in their area had been delayed because of loan conditions.

In California, real estate agents now have to contend with a new law prohibiting forced deficiency notes on short sales which has made second lien holders slow to negotiate on short sale transactions leading one agent to say the problems are getting worse.

“With the new California law 458, seconds are not willing to settle. Mortgage application timelines run out for the buyers waiting to receive acceptance, counter or declination.”

The Distressed Property Index (DPI), the total proportion of distressed properties on the housing market, declined to 44.4 percent in September, down from 45.9 percent in August.

Tags: Campbell/Inside, Mortgage Finance HousingPulse, mortgage approvals, home purchase backlog, real estate agents, distressed properties, foreclosures, short sales

Source:
Campbell/Inside Mortgage Finance

HOME LOANS CAN BE CONFUSING
YOU'VE GOT QUESTIONS
WHAT TYPE OF MORTGAGE LOANS ARE AVAILABLE?
DO I QUALIFY FOR A GOVERNMENT INSURED LOAN?
WHAT CAN I EXPECT FOR A MORTGAGE INTEREST RATE?
WE MAKE IT SIMPLE
WE'VE GOT ANSWERS
CALCULATE YOUR MORTGAGE PAYMENT
BENEFITS OF REFINANCING YOUR MORTGAGE
ADVANTAGES OF GETTING PRE-APPROVED FOR A LOAN
THINKING OF BUYING
A NEW CAR?

WE GIVE YOU THE INSIDE TIPS THAT
COULD SAVE YOU THOUSANDS.
INSIDER CAR BUYING TIPS
What's the four square system? How much is your trade-in really worth and why those payments really do seem a little higher than you thought.
BUYING VS LEASING
There's both advantages and disadvantages to leasing and buying depending on what you're planning to use your car for and how long you plan on keeping it.
DEALER OR BANK FINANCING
Sure that low interest dealer financing sounds really attractive but there's a price to be paid for that. We spill the beans as to why getting your own financing may save you money.
BUYING ON THE INTERNET
Buying a car at a dealership hasn't changed much through the years but doing your research on the internet can you save you a lot of time and most importantly, a lot of money.
AUTO LOAN CALCULATOR
Calculate how much you can afford
BUYING OR SELLING A HOME IS A BIG DECISION
WE MAKE IT EASIER
HOME BUYING TIPS
Buying a home is a big decision. If you are not prepared, the decisions you make, the questions you don’t ask, and the details you miss could cost you thousands – in price, fees, financing, property issues, and home repairs.
SEARCH FOR A HOME
Home loans can be confusing. There's a lot of options and we provide the information that makes it simple. Don't sign on that dotted line until you know. It could cost you.
FIND THE CREDIT CARD THAT'S RIGHT FOR YOU
THERE'S A CREDIT CARD FOR VIRTUALLY ANY SITUATION. FIND YOURS.
YOU'VE WORKED HARD TO BUILD YOUR DREAM

LEARN ABOUT THE LOAN OPTIONS AVAILABLE TO EXPAND YOUR BUSINESS

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