FHFA decides to scrap new debt-to-income ratio fees
Real Estate News
MAY 10, 2023
1, were opposed by industry groups including NAR and the Mortgage Bankers Association. The fees, which were scheduled to go into effect on Aug.
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products
Housing Wire
APRIL 24, 2024
Mortgage lenders should get used to the concept of ”higher for longer” interest rates and work to bring profitability to their businesses, according to Stan Middleman, founder, president and CEO at Freedom Mortgage. In September 2023, to support its operations, Freedom Mortgage raised $1.3 compared to the previous year.
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3 unique mortgage products to get today’s homebuyer qualified
Housing Wire
FEBRUARY 28, 2024
Tom Davis, chief sales officer, Deephaven Mortgage Today’s market means that more borrowers have higher debt-to-income ratios, limited access to credit and are looking for alternative ways to get qualified for a mortgage. Often, traditional mortgage products don’t meet their needs.
What’s a good debt-to-income ratio for a mortgage? What lenders want to see
The Mortgage Report
MARCH 22, 2021
What's a good debt-to-income ratio for a mortgage? Most lenders want to see 43% or lower. But a higher DTI can be ok, too. Here's what you should know.
How to get a loan with a high debt-to-income ratio
The Mortgage Report
NOVEMBER 3, 2021
High debt payments make it harder to get approved for your mortgage. But you can learn how to get a loan with a high debt-to-income ratio.
Debt-to-income ratio, taxes, and insurance: How your DTI is calculated
The Mortgage Report
JANUARY 12, 2021
DTI, your 'debt-to-income ratio,' includes taxes and insurance as part of your mortgage payment. Here's how to find your DTI with taxes and insurance.
5 tips for finding the right mortgage lender for you
Housing Wire
JANUARY 20, 2021
And not just research on the best down payment or neighborhood to live in – you should also search the right mortgage lender. . The type of mortgage loan you qualify for is just as important as the mortgage lender you work with. The good news, it’s easy to find a mortgage lender. Buying a home?
The mortgage industry is nervous about LLPA fee changes
Housing Wire
JANUARY 20, 2023
The Federal Housing Finance Agency this week made a series of significant changes to loan level pricing adjustment (LLPA) fees charged by Fannie Mae and Freddie Mac on conventional/conforming mortgages. The changes include updates to pricing for second homes, high-balance loans and cash-out refinances that were first announced in 2022.
Debt-to-income ratio for mortgage explained
The Mortgage Report
JANUARY 13, 2022
Learn how to calculate your Debt-to-Income (DTI). See which mortgage programs and mortgage rates may be available to you.
First-time homebuyers made up a record share of agency purchase loans in 2023
Housing Wire
MARCH 3, 2024
First-time homebuyers made up 55% of agency purchase mortgages in 2023, according to Intercontinental Exchange (ICE) eMBS data, the highest such share in the 10 years ICE has been tracking the metric. In January, ICE’s conforming 30-year fixed mortgage rate lock index showed rates averaging 6.6%.
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Mortgage industry provides commentary on CFPB’s proposed changes to QM loan definition
Housing Wire
SEPTEMBER 9, 2020
Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021. Under § 1026.43(c)(2)(vii), Section 1026.43(c)
CFPB proposes a new category of qualified mortgages: Seasoned QM
Housing Wire
AUGUST 18, 2020
The Consumer Financial Protection Bureau is proposing a new category of qualified mortgages called Seasoned QM, which would require loans to meet certain performance requirements over a 36-month seasoning period. The post CFPB proposes a new category of qualified mortgages: Seasoned QM appeared first on HousingWire.
Lenders: Looking to simplify closings? Work with an insurance agency
Housing Wire
MARCH 22, 2023
An affordable home insurance policy not only means lower monthly payments, but also improved debt-to-income ratio and more money to put towards home improvements, property taxes or closing costs. We’ve seen savings of up to 30% in difficult markets like Texas and Florida. You can also request a policy and easily print EOI.
Positive signs abound for 2024 housing market: ICE
Housing Wire
FEBRUARY 5, 2024
Recent market trends — including an improvement in mortgage rates, housing affordability and potential refinance opportunities — suggest positive signs for the real estate market this year, according to February’s Mortgage Monitor report from Intercontinental Exchange (ICE). Mortgage rates held at 6.71% as of Jan. million to 3.8
Incoming data will dictate future mortgage rate shifts, experts say
Housing Wire
MAY 3, 2023
In turn, economists and housing industry experts have now turned their attention toward the June meeting, as that decision will dictate the future movement of mortgage rates. The Fed’s move on Wednesday was well anticipated and should not cause a major shift in mortgage and other interest rates, experts noted.
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Should You Focus on Saving for a Down Payment or Lowering Your Debt-to-Income Ratio?
RIS Media
JANUARY 29, 2021
When you apply for a mortgage, the lender will look at your income and debt, as well as the amount of money you can put down. Lenders also have guidelines related to debt-to-income ratio, as well as the percentage of gross monthly income that goes toward making minimum credit card and loan payments.
Ballard Spahr’s Andreano: CFPB is open to “other approaches” to QM
Housing Wire
SEPTEMBER 10, 2020
and co-leader of the law firm’s mortgage practice group, to talk about regulatory proposals being considered by the Consumer Financial Protection Bureau. Q: What developments at the CFPB should the mortgage industry be watching? A: Probably among them is the Ability to Repay, Qualified Mortgage proposals.
NewRez now offers Freddie Mac’s revamped downpayment assistance program
Housing Wire
MAY 8, 2023
Mortgage lender and servicer NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers. Rocket Mortgage began offering the recently revamped BorrowSmart Access program in March.
Flyhomes acquires Home Sale Assured
Housing Wire
SEPTEMBER 11, 2023
Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” Tushar Garg , the co-founder and CEO of Flyhomes, said in a statement Monday. Meadow has 25 years of mortgage industry experience. The consumer has 90 days to then close of the sale of their prior home.
Should I pay off student loans before buying my first home?
Housing Wire
MARCH 25, 2021
What it really comes down to is whether or not you feel comfortable paying a mortgage (and all the other fun expenses that come with having a home), while also paying off student loans. Here’s what to expect in the mortgage application process. 3 underrated mortgage products to consider. Your Debt-To-Income Ratio Is High.
Builders rediscover a tool from the 1980s that keeps new home prices from falling
Housing Wire
DECEMBER 12, 2023
While sellers of existing homes have struggled with rising rates and softening demand, homebuilders have not only survived, but thrived in this market thanks to the use of mortgage rate buydowns , a tool more widely used by builders since their business is selling homes and clearing inventory.
loanDepot accuses ex-COO Tammy Richards of stealing customers’ information
Housing Wire
NOVEMBER 2, 2023
If true, that would violate federal laws, including the Dodd-Frank Act , which requires minimum standards for all mortgage products. loanDepot claims that Richards stole confidential information, including individual loan numbers, FICO scores and debt-to-income ratios.
Tired of renting? 6 signs you’re ready to buy your first home
Housing Wire
APRIL 7, 2021
In fact, depending on where you live, your monthly rent could be more expensive than your monthly mortgage. 3 underrated mortgage products to consider. A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Not to mention, expensive. Yes, seriously.).
FHFA delays implementation of LLPA DTI fees
Housing Wire
MARCH 15, 2023
Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios.
Think these credit problems are stopping you from buying a house? Think again
Housing Wire
OCTOBER 27, 2020
Your credit plays a huge part in your ability to get a mortgage. According to the most recent data from mortgage technology provider Ellie Mae, the average FICO score on a purchase loan was 752 in August 2020. Myth 2: You can’t buy a house if you have lots of student loan debt. Fortunately, that’s just not true.
FHFA Director Thompson speaks out to correct LLPA misinformation
Housing Wire
APRIL 26, 2023
Federal Housing Finance Agency (FHFA) Director Sandra Thompson issued a statement Tuesday to correct the misinformation that’s spread about the agency’s loan-level pricing adjustments to conventional mortgages. No change is more controversial than the LLPA tied to a borrower’s debt-to-income ratio.
How to Increase Your Mortgage Pre-Approval
RIS Media
FEBRUARY 21, 2024
If you got preapproved for a home loan that’s smaller than what you think you can afford, you might be able to get a larger mortgage. Reduce your debt-to-income ratio by paying down debts and/or increasing your income. Here’s how… Improve your credit.
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FinLocker releases updated web experience for consumers
Housing Wire
APRIL 27, 2022
Amid a challenging time for would-be homebuyers, FinLocker released an updated web experience that aims to make it easier for consumers to see their progress in qualifying for a mortgage loan. The upgraded product experience improves the transparency of mortgage eligibility guidelines, the firm said. The web v3.0 The web v3.0
Stepping up the fight against fraud in mortgage lending
Housing Wire
MARCH 23, 2021
Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. The full extent of fraud in the mortgage industry may be impossible to fully quantify, but the 2020 True Cost of Fraud study by LexisNexis Risk Solutions estimated that the cost of fraud has risen 7.3% across U.S.
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UWM rolls out bank statement loans for self-employed borrowers
Housing Wire
MARCH 16, 2022
United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. No mortgage insurance will be required. The product is available for loans up to $3 million and up to 90% loan to value. 1, 2022.
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How Long is a Pre-approval For a Mortgage Good For?
Maximum Exposure Real Estate
AUGUST 16, 2023
A mortgage pre-approval is a crucial step in the home-buying process. During the pre-approval, lenders review financial information, such as credit score, income, and debt-to-income ratio, to determine the loan amount they are willing to lend. appeared first on Maximum Real Estate Exposure.
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Regulator rescinds new Fannie, Freddie fee for riskier borrowers
Inman
MAY 10, 2023
Lending industry groups like the Mortgage Bankers Association called a fee based on borrower's debt-to-income ratio "unworkable."
The Do’s and Don’ts after Applying for a Mortgage
Keeping Current Matters
DECEMBER 21, 2020
Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. Below is a list of things you shouldn’t do after applying for a mortgage. New debt comes with new monthly obligations. People with new debt have higher debt-to-income ratios.
Vishal Garg unveils Better’s new strategy as a publicly traded company
Housing Wire
AUGUST 23, 2023
According to Garg, the company has developed a one-day mortgage product that provides a commitment letter within 24 hours. Better wants to sell this platform to other companies, becoming a “mortgage-as-a-service” company or a white-label provider of mortgage tech, Garg said. ” And what is Better.com best at?
Here’s the salary you need to buy a home in five of the largest U.S. cities
Housing Wire
JANUARY 13, 2021
One being, how much do you need to earn in a year to afford a mortgage in the U.S.? . Since home prices vary state-by-state, the salary you need to qualify for a mortgage in the U.S. And it looks the surge will continue into 2021 due to a tight supply of homes and low mortgage rates. . depends a great deal on where you live.
Preparing to Get Pre-Approved For a Mortgage
Realty Biz
AUGUST 20, 2023
Mortgage pre-approval is an essential step when buying a house. During pre-approval, lenders carefully evaluate your financial information, including income, assets, credit history, and other relevant details. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week.
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Is the FHFA about to delay the refi fee?
Housing Wire
AUGUST 22, 2020
According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac starting Sept.
What Is the Role of a Mortgage Underwriter
Realty Biz
MARCH 12, 2023
A real estate underwriter plays a critical role in the mortgage industry by evaluating loan applications and assessing real estate investment-associated risks. They work for lending institutions, such as banks and mortgage companies. This includes assessing the borrower's income, expenses, debt-to-income ratio, and credit score.
Canadian Household Debt Is Rising Much Faster Than Income, Approaches New Record
Better Dwelling
DECEMBER 13, 2022
Canada’s highly indebted households are in a pickle after an epic debt binge. Statistics Canada (Stat Can) data shows the household debt to income ratio (DTI) climbed sharply in Q3 2022. As the ratio climbs even further, they become more vulnerable to […].
Buying a home? Boost your FICO score first
Housing Wire
NOVEMBER 12, 2020
Not only does a prime credit score improve your chances of getting approved for a mortgage, but it also helps you secure a lower interest rate, too — and that means a more affordable loan on the whole. If you spot any of these issues, you’ll want to rectify them before applying for your mortgage. Avoid new debt.
How to Figure Out If You’re Financially Ready to Buy a House
RIS Media
MARCH 4, 2024
Consider Your Debt-to-Income Ratio Lenders will consider your debt-to-income ratio when deciding whether to approve you for a mortgage.… Before you take the plunge, think long and hard about your financial circumstances to figure out if now is the right time.
Understanding a Loan Pre-Approval 101
Realty Biz
FEBRUARY 22, 2024
Glossy online listings behind your computer screen might fuel your dream home fantasy, but the home-buying process truly begins in earnest when a lender is contacted to be pre-approved for a mortgage. A credit score of 620 or higher is recommended to qualify for a mortgage, and a higher one will qualify you for better rates.
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What is a Non-Conforming Loan When Buying a Home?
HomeLight
MARCH 12, 2024
When buying a home, mortgages fall under one of two classifications — conforming and non-conforming loans. Most Americans financing a house will typically use a conforming loan, which means it “conforms” to guidelines that allow the loans to be sold to Fannie Mae or Freddie Mac, two of the largest mortgage buyers in the country.
Student loan debt delays homebuying timeline
Housing Wire
SEPTEMBER 16, 2021
When asked why they believe their purchase of a home is delayed, 47% of non-homeowning student debt holders said it was due to their inability to save for a down payment and 45% said it was because they did not think they could qualify for a mortgage due to their debt-to-income ratio.
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