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The Mortgage Blog of Mount Olympus Mortgage Co.

Government Scorecard Finds Progress In Recent Housing Data

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s monthly Housing Scorecard collects key market data and tracks the administration’s recovery efforts. The April report cites progress made in home sales and mortgage delinquencies but says there is continued fragility in the housing market. Mortgage delinquencies have declined for four straight months and existing-home sales are up more than five percent from last year’s level. Home prices, while still fragile, are beginning to show signs of stabilization and, in some markets, improvement. Also, inventory is at its lowest level in years, having fallen to levels typically associated with a healthy, balanced market. More here and here.

Gov’t Scorecard Finds 2012 Off To A Strong Start

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their March housing scorecard,which compiles key housing market data and the results of the government’s recovery efforts. And though the report still finds fragility in the market, it also shows that home sales are off to their strongest start since 2007, after upwardly revised January numbers and a solid February for existing-home sales. Also, mortgage delinquency rates continue to fall and are substantially below last year’s levels. And, according to the scorecard, the administration’s recovery efforts have started more than 5.8 million mortgage modification arrangements since April 2009, including 1.8 million HAMP trial modifications. More here.

Housing Inventory At Lowest Level Since 2006

The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their February 2012 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts through the end of January. According to the report, the supply of existing homes currently for sale would take 6.1 months to sell and the number of new homes on the market represents a 5.6 month supply, the lowest level since 2006. In addition to falling inventory levels, existing-home sales rose to their highest pace since May 2010 and home prices dipped during the month. Also, recent enhancements to the Home Affordable Refinance Program resulted in another 300,000 families beginning the process of refinancing their homes. More here and here.

November Scorecard Collects Key Housing Data

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s November Housing Scorecard collects key data on the housing market and the government’s foreclosure-prevention programs through October. According to the report, new home sales and house prices remain stable while mortgage rates at record lows have led to high affordability conditions. But despite encouraging data and evidence that the overall economy is growing, the scorecard offers continued mixed signals as there are still signs of weakness in the market, including a rise in foreclosure completions after months of declines. Still, the Home Affordable Modification Program has led to more than 880,000 permanent mortgage modifications with a median payment reduction of 37 percent. Since April 1, 2009, 12.5 million homeowners have refinanced their mortgage. More here and here.

October Housing Scorecard Compiles Key Recovery Data

The U.S. Department of Housing and Urban Development and U.S. Department of the Treasury released their October 2011 Housing Scorecard, which compiles key market data and the results of the administration’s recovery efforts though the end of September. Among the highlights, new home sales were up from August, though still down slightly from the year before, and existing home sales were 10 percent above year ago levels. Also, mortgage defaults and foreclosure sales continued to fall. Raphael Bostic, HUD’s assistant secretary, said falling mortgage defaults are due, in part, to the administration’s foreclosure prevention programs. According to Bostic, a million more homeowners refinanced their loans under historically low interest rates during the last quarter. More here and here.

August Scorecard Rates Administration’s Housing Efforts

The U.S. Department of Housing and Urban Development and the U.S Department of the Treasury’s August Housing Scorecard paints a mixed picture of the housing market and the administration’s recovery and mortgage modification efforts. The report says the housing market remains fragile, though home prices were up for the third consecutive month according to indexes from S&P/Case-Shiller and FHFA. Foreclosure starts and completions also continued to trend downward. Still, a slight rise in mortgage delinquencies underscores the continued uncertainty in the housing market, according to the scorecard. Also, more than 28,000 additional homeowners received permanent mortgage modifications in July through the administration’s Home Affordable Modification Program. More here and here.

July Housing Scorecard Finds Prices Up, Defaults Down

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s July Housing Scorecard collects key data on the housing market and the administration’s foreclosure prevention programs. The report shows home prices improving, though under continued strain from foreclosures and distressed property sales. But, according to the scorecard, fewer homeowners fell behind on their mortgages during the month of June. Just 4.4 percent of prime mortgages were at least 30 days late, which is down from a peak of 5.9 percent in 2010. Seriously delinquent mortgages are down 22 percent from last year. Raphael Bostic, HUD’s assistant secretary, said home prices continue to improve while mortgage defaults decline as foreclosure prevention programs reach more borrowers. More here and here.

Gov’t Scorecard Finds Prices Up, Delinquencies Down

The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury’s June Housing Scorecard finds positive signs among mixed housing data. The housing scorecard offers key data on the health of the housing market and the administration’s foreclosure prevention programs. Home prices turned upward and the number of homeowners falling into foreclosure continued to fall. Seriously delinquent mortgages, which are those at least 90 days late, have dropped 22 percent since last year. The percentage of mortgages 30-days late fell from 5.9 percent last year to 4.3 percent. More here and here.

Government Scorecard Details Housing Recovery Data

The U.S. Department of Housing and Urban Development and the U.S. Department of Treasury released their May Housing Scorecard, which highlights key market indicators and the Administration’s housing recovery efforts. According to the report, the housing market remains fragile, despite growing evidence of progress in the broader economy. After several months of decline, home prices remain weak, though CoreLogic reported a minor monthly increase in April. Mortgage delinquencies continue to trend downward and foreclosure starts and completions remain below their peak. Also in the report, more than 4.8 million mortgage modification arrangements have been started since April 2009, doubling the number of foreclosure completions in the same amount of time. More here and here.

Government Scorecard Details Housing Recovery Data

The U.S. Department of Housing and Urban Development and the U.S. Department of Treasury’s April Housing Scorecard details the Administration’s housing recovery efforts and key indicators of market health. According to the report, housing data through March paints a mixed picture. Though prices remain under pressure from foreclosures and distressed home sales, mortgage delinquencies and foreclosure starts have continued a downward trend and nearly 10 million homeowners have refinanced their homes, saving a total of $18.8 billion due to record low mortgage rates. HUD Assistant Secretary Raphael Bostic said housing data continues to show signs of weakness despite growing evidence of progress in the broader economy. More here and here.

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About Mount Olympus Mortgage Company:

The Mount Olympus leadership team has a combined lending experience of over 130 years. Our goal is to deliver accurate information, competitive rates, and a transparent process for our clients. Along with full compliance of new, stricter Federal regulations, we’ve implemented our own internal quality control policies as an extra layer of consumer protection.
*All of our mortgage bankers are SAFE Act licensed
In 2008 the Federal government enacted a new federal licensing requirement known as the SAFE Act. It establishes minimum standards for licensing which include background checks, credit checks, testing, ongoing education requirements and registration of loan originators in order to enhance consumer protection. All of our mortgage bankers are SAFE Act licensed and registered. We comply with all federal licensing, state licensing and lending policies. Click Here for the National Mortgage License System & Registry Consumer Access.
*We comply with a strict “no-steering policy”
None of our employees are incentivized to put you in one loan program over another. Our loan process is always looking out for your best interest.
*We provide an upfront and honest Good Faith Estimate (GFE)
New federal regulations require lenders to provide customers a standardized Good Faith Estimate or GFE when disclosing rate and fees. The new and improved GFE is designed to make all lenders conform to a standardized document. This guarantees that upfront third party fee quotes are within 10% of the actual fees charged at closing. At MOMco, transparency is key to earning the trust of our clients.

About MOMco

Mount Olympus Mortgage Company ("MOMco") maintains its headquarters in Irvine, California. With extensive knowledge in both conventional and government financing, MOMco has been driving the change toward responsible lending and increased efficiency.
The home loan industry has changed dramatically in recent months and we at MOMco are here to help you navigate through it. Whether it is higher loan limits or the changing landscape of the mortgage market as a whole, MOMco is here to help you wrap your arms around the changes and select the best loan program to fit you and your family's financial situation.

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2600 Michelson Drive, 6th Floor
Irvine, CA 92612
Office: 949-453-8700
Toll-Free: 888-453-4659
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