{"id":6535,"date":"2008-01-15T18:36:01","date_gmt":"2008-01-15T23:36:01","guid":{"rendered":"https:\/\/www.ewmrealestate.com\/blog\/2008\/01\/15\/the-new-reality-of-the-mortgage-industry\/"},"modified":"2019-04-23T20:57:40","modified_gmt":"2019-04-23T20:57:40","slug":"the-new-reality-of-the-mortgage-industry","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/the-new-reality-of-the-mortgage-industry\/","title":{"rendered":"The New Reality of the Mortgage Industry"},"content":{"rendered":"

<\/a><\/a><\/a>\"Origination<\/a> Consolidation of some of the larger lenders is a sign that we are approaching the bottom and an indication of the pending recovery for the mortgage industry. Look for additional announcements regarding the sale of<\/strong> Washington Mutual<\/strong>, IndyMac Bank<\/strong> and possibly even Suntrust.<\/strong> Wells Fargo continues to be the least effected by the mortgage meltdown and is positioned not only to pick up market share but will in all likelihood return to profitability most quickly. On Wednesday January 16th Wells Fargo <\/a>reported 4th quarter earnings and while showing a loss it’s earnings were far more positive than that of most other major lenders around the country.<\/p>\n

For all that’s been said about the bailout of Countrywide by Bank Of America<\/a>, what’s not <\/em>getting talked about is how the merger will impact existing Countrywide customers. The short answer is that it won’t. A mortgage<\/a> (and its corresponding note) is a legal contract between the lender and the lendee, signed on the date of closing. It is binding and cannot be altered by either party, even if the mortgage is transferred between lenders. As a homeowner, the only way to “end” the contract is to satisfy the home loan with a full repayment. That can happen one of three ways:<\/p>\n

    \n
  1. The home is sold and the mortgage is repaid<\/li>\n
  2. The home is refinanced and the mortgage is repaid<\/li>\n
  3. The home loan is paid down to $0 balance by the homeowners<\/li>\n<\/ol>\n

    Mortgage payment servicers commonly transfer home loans between each other. This happens on an everyday-basis — not just when there’s a merger, or a closure. When mortgages are transferred, HUD<\/a> requires the former lender to send a 15-day advance notice to its lendee; the new lender is required to send a similar notice. So, for homeowners that write their mortgage checks to Countrywide every month, it’s possible that the address to which you mail your payment may change, but the terms of your mortgage cannot. (Image courtesy: The Wall Street Journal Online<\/a>) <\/p>\n","protected":false},"excerpt":{"rendered":"

    Consolidation of some of the larger lenders is a sign that we are approaching the bottom and an indication of the pending recovery for the mortgage industry. Look for additional announcements regarding the sale of Washington Mutual, IndyMac Bank and possibly even Suntrust. Wells Fargo continues to be the least effected by the mortgage meltdown<\/p>\n

    Read More<\/a><\/p>\n","protected":false},"author":5395,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nThe New Reality of the Mortgage Industry - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/the-new-reality-of-the-mortgage-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The New Reality of the Mortgage Industry - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"Consolidation of some of the larger lenders is a sign that we are approaching the bottom and an indication of the pending recovery for the mortgage industry. Look for additional announcements regarding the sale of Washington Mutual, IndyMac Bank and possibly even Suntrust. 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