The Lead Planet announced another incentive offering free mortgage leads to mortgage brokers and home loan lenders nationally.  The mortgage lead company rolled out a new lead special for new accounts buying mortgage leads online.  The Lead Planet Company said they will are offering 25 free leads with a new order committed to buying at least 100 internet mortgage leads.  For lending companies looking for a smaller investment, the company is also providing 10 free leads for new accounts that purchase 50 mortgage leads.  Read the original > Free Mortgage Lead Press Release.

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According to Southern California mortgage brokers, the average interest rate on a thirty-year mortgage loan with a fixed rate dropped last week back down to the 5% range.  Mortgage rates declined down from the 5.25% to 5.5% range last month as the U.S. unemployment rate hit 9.5%.  Lead Executive, Dan Ambrose of the Lead Planet, a direct mortgage lead provider that specializes in high quality internet leads, said that, ”The demand for mortgage and loan modification leads increases every time the rates decline in the marketplace for consumers.” 

A soft economy means investors buy U.S. Treasuries for their safety, which drags down their yields and indirectly leads to lower fixed mortgage rates. California borrowers with good credit today can get a 30-year conforming, VA, or FHA mortgage as low as 4.875% with 0.625-point fee, said Jeff Lazerson, head of online brokerage Mortgage Grader in Laguna Niguel. That’s for “conventional” loans up to $417,000 that can be sold to Fannie Mae or Freddie Mac.  In most cases, these mortgage loans carry the lowest rates on the mortgage market. “Interest rates are lower because putting lipstick on a pig only works until you take a closer look…it’s still a pig,” Lazerson said. “In other words, the government and the Wall Street gatekeepers have been hyping that the economy is getting better. It’s not getting better. Some say, California consumers aren’t spending because they are worried about their jobs, if they haven’t already lost their jobs.” 

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Local Lenders from Wells Fargo and Bank of America have reported a surge in FHA refinance applications and new home purchase inquiries for short sale and bank owner REO properties.

Focus on FHA Mortgages and Foreclosure Prevention

According to Bryan Dornan, founder of the Lead Planet, a mortgage lead generation company that provides real time internet loan modification, refinance and FHA leads said, “Mortgage lead volumes are up again, with interest rates hitting record low’s and borrowers becoming more comfortable taking out home loans as the real estate market is getting near the bottom.”

Here is an overview on loan modification, FHA mortgage lending and foreclosure prevention legislation: Lender loan workouts have helped hundreds of thousands of homeowners renegotiate a lower rate in an effort to make their home loan more affordable.  The banks are overloaded with foreclosures and the uncertainty in the housing market has made the lenders debate on loan modifications, a no brainer.

California Mortgage and Loan Modification Law Updates

In November 2007, Gov. Arnold Schwarzenegger and several lenders announced a voluntary agreement meant to encourage loan modifications for borrowers facing foreclosure.

SB 1137: Created a 30-day waiting period before lenders could file a notice of default; required lenders to maintain foreclosed properties; notification for renters in foreclosed properties.

AB/SB 7 (Second Extraordinary Session): Enacts a 90-day foreclosure moratorium, except for mortgage lenders and loan servicers that have entered into a loan modification program.

Government level

FHA Secure looked good on paper but failed miserably because mortgage lenders refused to adapt to the FHA refinance program that was designed to bail out distressed homeowners who could not afford their adjustable rate mortgage.

Hope NOW: Program created in 2007 to encourage lenders to work with struggling borrowers. A mortgage industry group said the program has helped 2.3 million people avoid foreclosure.

President Obama’s plan: The $75 billion program aims to help 9 million struggling buyers refinance or obtain loan modifications. But many Inland homeowners may not qualify.

Pending state bills

AB 34 (Nava, D-Santa Barbara): Contains new licensing and regulation requirements for mortgage originators.

AB 260 (Lieu, D-Torrance): Imposes restrictions on subprime loans and new rules for mortgage brokers and real-estate lenders.

AB 329 (Feuer, D-Los Angeles): Creates new disclosure rules for reverse mortgages.

AB 603 (Price, D-Inglewood): Prevents for one year the eviction of renters living in a foreclosed property.

SB 94 (Calderon, D-Montebello): Prohibits advance fees for loan modifications.

SB 120 (Lowenthal, D-Long Beach): Creates protections for renters living in foreclosed homes, such as return of security deposits.

SB 239 (Pavley, D-Agoura Hills): Creates a new crime of mortgage fraud.

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Robert Black has a growing loss mitigation company that has seen some positive results from live transfer mortgage leads that were generated from voice broadcasting technology.  The mortgage modification organization also reported good results from no equity and poor credit internet mortgage leads and direct mail marketing.

Voice broadcasting leads are available from companies like the Experian and the Lead Planet.  The former mortgage broker runs a growing loan modification company and recently tested “Press 1” leads for foreclosure prevention. They advertise using the Voice Broadcasting method and it is a communication technique to reach more number of customers in a simple way. This is a fast and cost effective method and many of the lead generation companies have reported conversion rates in double digits. Black says that this lead generation system enables easy management for the loan modification leads. The voice broadcasting leads are available from companies like the Experian and the Lead Planet.  Read more at Live Transfer Leads Offer High Conversions When Voice Broadcasting.

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The Federal Reserve continues to lead the charge my taking measures to reverse the worst U.S. downturn since the Great Depression, announcing new plans to pump nearly $1.2 trillion into the home financing system.

Watch Federal Reserve Video on Mortgage Debt

The Fed has agreed to purchase up to $300 billion in Treasury securities over the next 6 months. The move, which follows similar efforts in Britain and Japan, is designed to bring down longer-term mortgage interest rates that influence mortgage lending and home financing.  The Federal Reserve also committed to purchasing another $750 billion in bad credit mortgage securities issued by mortgage giants Freddie Mac and Fannie Mae which became government properties during the 2007 mortgage bail-out.

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Yes the Obama administration and the local governments are making every effort to lower the mortgage rates to stimulate the housing sectors nationally, but the higher home loan amounts and refinancing fees do not make it attractive for consumers on the sidelines waiting for the mortgage rates to slide even more. FHA mortgage rates have dipped back to 5% on fixed thirty year mortgages, but jumbo mortgage loans remain a full 1-2 percentage points behind the government refinancing options.

Bloomberg reported in a recent article that mortgage fees may become making it harder for people to seek refinancing. However, it is expected that the mortgage refinancing will hit a two year high. I am kind of contradicting myself, am I not? “David Rapaport, a professor at the University of California San Diego Medical School, is paying an upfront fee of $3,500 to refinance his mortgage at 5.13%. A year ago, his rate was 6.25% and there were no fees. “I’m happy just to be able to get a refinance and lower my mortgage payment,” said Rapaport, 57, who owns a 2-bedroom townhome in San Diego, where home prices have dropped 32% since June 2006. He is saving $264 a month with the new mortgage from CMG Mortgage, meaning it will take about a year to recoup the fees he paid.”  The Chicago Sun warned that homeowners need to be careful when getting a refinance loan.

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Mortgage Lead Vault (MLV) sat down with Mr. Dornan to discuss which types of loan modification leads are achieving the best results.

Loan Modification Leads Transferred Live

Loan Modification leads are critical for mortgage brokers and loan modification companies to succeed.  The foreclosure prevention marketplace has become saturated so the need for quality loan modification leads is stronger than ever. 

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Watch ABC News Nightline Video on Loan Modifications

ABC news sits down with the Harper family about their struggles to fight off foreclosure.  Mrs. Harper discusses the emotional anguish trying to modify their home mortgage with Indy Mac.  Congresswoman Maxine Waters gets involved to help this family attempt to negotiate a mortgage loan modification.

Maxine Waters talks about a two hour debacle with Bank ofAmerica.

Please contact us for mortgage leads, FHA leads at   loan modification leads.  Mortgage lead Vault is a direct lead provider who generates leads exclusively with internet leads, Live Transfers, voice broadcasting

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Democratic Sen. Christopher Dodd said on Monday he will refinance two mortgages that he took out in 2003 under Countrywide Financial Corp’s VIP program and later triggered a Senate ethics investigation.  The mortgage refinancing of his Washington townhouse and Connecticut home will end the Senate Banking Committee chairman’s transactions with Countrywide.  Dodd, a Connecticut Democrat, said he regretted doing business with Countrywide, which was once the nation’s largest home lender, and that he was publicly releasing all records in his possession related to the home loans.”I regret I did not do this sooner and I apologize to the people of Connecticut for the delay,” he said in a statement.  As chairman of the Senate’s banking panel, Dodd plays an influential role in overseeing mortgage finance laws that affect U.S. lenders, investment firms, international trade finance and housing.

Bank of America acquired Countrywide last year, which many blame for helping to inflate the massive housing bubble that burst last year and sent the global financial system and the U.S. economy into a tailspin.  Dodd said he and his wife “acted properly in our mortgage refinancing negotiations. We did not seek or expect any special rates or terms on our loans and we never received any.”  Dodd was offered the home loans as part of Countrywide’s VIP program. On Monday, Dodd said he was told that the VIP program was “nothing more than enhanced customer service” and his home refinancing reflected the overall market interest rate at the time.

The senator said he decided to refinance his homes in Connecticut and in Washington in the spring of 2003, when mortgage rates declined nationally to nearly a fifty-year low.  Documents released by Dodd showed he refinanced his Washington townhouse for $506,000 in a thirty-year adjustable mortgage with the first five years at fixed interest rate of 4.25%. At the time, the home had an appraised value of $792,000.  The mortgage refinancing of Dodd’s single-family home in Connecticut was for $275,042 in a thirty-year adjustable note with the first 10 years at a fixed interest rate of 4.5%, according to the documents. The home had an appraised value of $500,000. 

Watch Fox Video Exposing Chris Dodd’s Sweat–Heart Loan Deal from Countrywide

Mortgage leads continue to rise with low rate demands as loan application volumes continue to rise.  Many insiders point out though that very few applicants qualify to refinance their home, because guidelines have tightened and property values have plummeted. FHA mortgage leads are still hot! Choose from FHA streamline, cash out refinancing or Hope for Homeowners.

No points were charged on either refinanced loan, which the documents said was standard procedure for many homeowners in 2003.  Dodd also released a report from an independent firm, Cross Check Compliance, which analyzed market data on mortgage rates and fees from 2003 and concluded that the senator’s loans were in line with the overall market at that time. Dodd said that he and his wife would hire a third-party to negotiate the new loan terms on their behalf.  Article written by Kevin Drawbaugh. 

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Kelly Media Group President, Jason Cardiff remains optimistic of a possible rebound for the housing sector in 2009 because of the significant efforts from the mortgage powerhouses to lower mortgage rates and make credit more available for refinancing and new home financing.  

In a recent Real Estate Related News article Jason Cardiff said, “2009 may see the housing sectors and mortgage markets rebound after all.”  He continued, “The Federal Reserve showed their commitment with record low rate cuts to fight deflation and many financial insiders believe the President Elect, Barrack Obama will be aggressive in an effort to stem the foreclosure mess.” 

HUD continues to release new FHA loan products that offer solutions for mortgage refinancing with Hope for Homeowners.  Read the complete story > Will Credit and Mortgage Markets Rebound in 2009?

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Furthermore, Bernanke said that the interest rates borrowers pay under the program could be reduced from the current level of about 8%, which remains so high because it is hard to find buyers for FHA loan backed securities. Bernanke also announced that would support putting borrowers into home mortgages they could afford now and down the road.  Industry sources said Wednesday that the U.S. Treasury is contemplating a plan to purchase mortgage-backed securities to reduce 30-year fixed mortgage rates down to 4.5% from their current 5.5% level, but it appears this plan might be aimed at helping new homeowners, not distressed borrowers seeking mortgage relief from FHA refinancing.  It becomes more and more evident that the government wants homeowners to be able keep their primary residence homes and avoid foreclosure with reasonable loan modifications.  Read complete article > Bernanke Cuts Rates and FHA Mortgage Rates Drop

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