Welcome to Pacific Funding Mortgage Division

Pacific Funding Mortgage Division is a full service Direct Lender offering the best products and loan programs available!

We understand you’re making a commitment in buying a new home, refinancing a mortgage or cashing out your home equity; therefore, our superior in-house team of mortgage professionals is committed to delivering you the best quality service.

Clear communication, integrity, and professionalism are the foundation in building and maintaining long term relationships with our clients.

You can depend on us for the best possible loans, with an array of loan programs to fit your needs!

 

Pacific Funding Mortgage Division is Licensed by the Bureau of Real Estate . BRE #1122665. Licensed by the Department of Business Oversight under the California Finance Lenders Law, NMLS #243082. DBO #603E309

Mortgage Delinquency Rate in U.S. Fall to 2008 Levels

The U.S. mortgage delinquency rate declined in the first quarter to the lowest level since 2008 as an improving job market helped more borrowers pay their bills and tighter lending standards resulted in fewer defaults.

The share of home loans at least 30 days late dropped to 7.4 percent from 7.58 percent in the previous three months, according to a report today from the Mortgage Bankers Association. The rate peaked at 10.1 percent in the first quarter of 2010 and was last lower in the third quarter of 2008, when it was 6.99 percent.

Read more on Bloomberg.com

Fewer U.S. Homeowners Late On Mortgage Payments

The percentage of U.S. homeowners behind on their mortgage payments dropped in the first three months of this year to the lowest level since 2009, according to a new report.

Some 5.78 percent of the nation’s mortgage holders were behind on their payments by 60 days or more in the January-to-March quarter, credit reporting agency TransUnion said Wednesday.

That’s down from 6.19 percent in the same period last year, and below the 6.01 percent delinquency rate for the last three months of 2011.

Read more at NPR.org.

Fannie, Freddie are set to reduce mortgage balances in California

As California pushes to get more homeowners into a $2-billion foreclosure prevention program, some Fannie Mae and Freddie Mac borrowers may see their mortgages shrunk through principal reduction.

State officials are making a significant change to the Keep Your Home California program. They are dropping a requirement that banks match taxpayers funds when homeowners receive mortgage reductions through the program.

The initiative, which uses federal funds from the 2008 Wall Street bailout to help borrowers at risk of foreclosure, has faced lackluster participation and lender resistance since it was rolled out last year. By eliminating the requirement that banks provide matching funds, state officials hope to make it easier for homeowners to get principal reductions.

Read the full article on the Los Angeles Times website.

3 Trends in Mortgage Finance

The housing and mortgage markets have seen their fair share of ups  and downs this year, making it difficult to predict what the next month  holds in store much less the rest of the year.

Still there  are a few themes experts say are likely to surface as the year goes on.  Here’s what to look out for in mortgage financing this spring…

Read more at USNews.com