Housing Wire

MAY 23, 2022

HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink , about the ways lenders can capitalize on these trends by revving up their home equity solutions. Barry Coffin : It’s a good time to prioritize home equity transactions for a couple of reasons.

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Equity Title Technology Loans 397

Housing Wire

AUGUST 12, 2024

Piggybacks are a type of home equity loan taken out as a separate , additional loan from the borrower’s first mortgage. But these second liens usually have higher interest rates compared to first mortgages and likely require the payment of closing costs or origination fees. meaning they are left with zero or negative equity.

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Loans FHA loan Equity Closing costs 476

Housing Wire

APRIL 26, 2024

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. The original effective date as announced last fall remains in effect, which will be April 29, 2024.

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Closing costs Development Equity Closing 488

Housing Wire

JUNE 8, 2022

Freddie Mac will also conduct research on formerly redlined areas, to more effectively target its equity plan. Both plans rely heavily on special purpose credit programs , which allow lenders to target lending to protected classes without violating the Equal Credit Opportunity Act. . “A

Equity 370

Equity Finance Loans Development 370

Housing Wire

JULY 1, 2024

By 2024, in addition to owning more than double their share of all real estate, the Top 20% of incomes held 87% of all corporate equities and mutual funds. Equity management firm Carta found that most employees do not exercise stock because of cost and financial risk.

Equity 532

Equity Banks Finance Investor 532

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. If they lost their job, they have a lot of equity in their home, and most likely their financials have gotten better over time.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

JANUARY 7, 2025

That means most members of the baby boomer generation are sitting on as much as $17 trillion in home equity as of the second quarter of 2024, and they are largely planning to keep that wealth within their own families. Baby boomers also expressed a desire to protect their home equity as opposed to tapping it in retirement.

Equity 396

Equity Closing costs Finance Technology 396

Housing Wire

APRIL 30, 2024

After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. AARP applauds HUD’s update to its Home Equity Conversion Mortgage for Purchase Program which keeps vital consumer protections in place,” Jones said.

Mortgages 446

Mortgages Closing costs Equity Construction 446

Housing Wire

MAY 20, 2024

Discussing the product in broad strokes to inform people who may not be aware of them, Royster explains the basic mechanics of reverse mortgage eligibility, obligations and costs. So, as the loan balance increases, your home equity decreases.” The best way for a borrower to arm themselves is with good information.

Mortgages 448

Mortgages Equity Loans Closing costs 448

Housing Wire

DECEMBER 14, 2023

In 2023, Fannie Mae and Freddie Mac announced plans to make it easier to buy a home and close the racial homeownership gap in the United States. Specifically, title and settlement fees have been characterized as a high-burden and regressive (costing proportionally more for low- and moderate-income borrowers) cost to borrowers.

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Title Closing costs Loans Title search 459

Housing Wire

MARCH 7, 2024

Biden will also call for “lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters,” according to the White House announcement. This would act as an equivalent to reducing the mortgage rate by more than 1.5% on a median-priced home for two years, and it is estimated to “help more than 3.5

Construction 535

Construction Closing costs Renovation Title 535

Housing Wire

JUNE 9, 2022

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs).

FHA loan 370

FHA loan Renovation Equity Loans 370

Housing Wire

JUNE 26, 2024

That’s because relative to homebuilders, homeowners have more options for offering concessions, such as help with closing costs and repairs. According to Bright MLS, the 481,000 new homes on the market is the most since January 2008, when homebuilders pulled back on production before the financial crisis.

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Sales MLS Closing costs Equity 459

Housing Wire

JANUARY 17, 2024

The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ). And after years of advertisements and TV commercials promoting the benefits of better-known reverse mortgage loan uses like continuing to live in your current home while tapping your home equity, 4 who could blame them?

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Finance Seller concession Loan Officer Loans 482

Housing Wire

NOVEMBER 13, 2023

Any person involved in selling a home knows that you cannot increase the price of your home randomly to cover the cost of commissions and other closing costs. The market sets the price of the home, and it cares little for closing costs — or what the homeowner invested in it — when determining the price for which it will sell.

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Closing costs Equity Agents Technology 375

Housing Wire

JUNE 21, 2024

The Montana Board of Housing is aiming to remind the state’s seniors about a government-administered program that is specifically designed to help older adults access their home’s equity — and it should be very familiar to members of the reverse mortgage industry. This is where the RAM program can come into play.

Mortgages 397

Mortgages Equity Finance Closing costs 397

Housing Wire

MAY 3, 2022

A Palo Alto, California-based fintech startup Point , which bills itself as allowing homeowners to tap into future home appreciation, closed on a $115 million Series C funding round, the company announced Tuesday. Point now says it has raised $170 million in equity capital. Presented by: LERETA.

Equity 397

Equity Investor Closing costs Finance 397

Housing Wire

FEBRUARY 15, 2024

They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said. Every call I get, if they are first-time homebuyers, they ask, ‘Where can I get money for a down payment or closing costs?’”

FHA loan 476

FHA loan Loans Closing costs Loan Officer 476

Housing Wire

JULY 2, 2024

Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% Equity takeout” loans — reverse mortgages that are neither purchases nor refinances — dropped by 4.8% Purchase is one we’re watching closely with the recently implemented tweak to closing costs that we expect to open that door more fully.

Mortgages 434

Mortgages Equity Loans Loan Officer 434

Housing Wire

AUGUST 6, 2021

While refinancing can be a good way to build equity and manage debt, it can cost money – anywhere between 3% to 6% of the amount of debt you still owe on your current loan. So while you might eventually save money from refinancing, you’ll also spend money on closing costs. Take the pandemic, for example.

Title search 459

Title search Title Closing costs Loans 459

Housing Wire

JANUARY 25, 2023

Among some of the benefits the initiative claims to offer are a minimum of $5,000 for down payment and closing cost assistance and up to an additional 1% of the sales price — or $3,000 — for a maximum of $8,000 in homebuyer assistance.

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Equity Closing costs Loans Title 397

Housing Wire

AUGUST 19, 2024

Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) or proprietary product options.

Mortgages 434

Mortgages Loans Equity Principal 434

Housing Wire

MARCH 1, 2021

In fact, they could actually cost you more (often significantly more) if used incorrectly. USDA loans also come with low interest rates, and their mortgage insurance costs — called guarantee fees in this case — are lower than other options as well. But make no mistake: They’re not your only option when buying or refinancing a home.

Mortgages 459

Mortgages VA loan Loans Loan Officer 459

Housing Wire

AUGUST 10, 2023

Mortgage , and/or Closing Cost Credit. For eligible borrowers at or below 80% AMI, the mortgage program allows a 3% down payment on a fixed-rate mortgage and the closing cost credit program provides up to $5,000 to use toward closing costs. Wells Fargo’s mortgage originations reached $7.8

Fixed-rate mortgage 370

Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

NOVEMBER 3, 2021

The government-sponsored enterprise will provide closing cost credits on multifamily loans for rental landlords who agree to report on-time rental payments through Esusu Financial. Esusu, a credit-building fintech, will deliver the on-time rental payment reports from landlords’ property management software to the credit bureaus.

Finance 468

Finance Closing costs Property Management Equity 468

Housing Wire

MARCH 2, 2021

Add the fact that lenders are not only dealing with a remote workforce these days, which is an operational challenge in itself, they are also facing a major shortage of qualified appraisers, underwriters and other operational staff in certain markets, which could cause even longer closing delays.

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Title Lending Due diligence Title search 369

Housing Wire

NOVEMBER 2, 2022

The home itself is a depreciating asset, however, which makes it difficult for manufactured homeowners to build equity or intergenerational wealth. . With interest rates now at 14-year highs, the cost of homeownership is becoming an issue for most prospective home buyers. But not every manufactured home owner owns the land.

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Loans Mortgages Land Finance 418

Housing Wire

APRIL 26, 2023

Bridge loans are popular among his clients since they allow homeowners to tap into their equity when buying a home, as well as a professional mortgage where buyers in a specific industry can make a 10% down payment without mortgage insurance, Parkinson explained. What we’re seeing is just increased competition over every deal.

Loan Officer 418

Loan Officer Mortgages Loans Closing costs 418

Housing Wire

JANUARY 10, 2023

With the rise in mortgage rates and inflation, concessions regained popularity, reducing the overall cost for homebuyers through money toward repairs, closing costs and mortgage-rate buydowns. When the 30-year mortgage rate was around 3%, there was a higher demand for homes and such deals were not as popular.

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Seller concession Mortgages Loans Closing costs 482

Housing Wire

FEBRUARY 14, 2024

As a result, homeowners either must sell their current home and suffer through double moves and short-term rentals to access the equity they’ve accrued, or they have to make contingent offers that require the sale of their current house to close. Buy before you sell (BBYS) products may be the answer.

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Backup offer Loan Officer Home sale contingency Branding 448

Housing Wire

NOVEMBER 30, 2023

metropolitan area costs $80,250, based on the median price of a single-family home of $402,600 in the second quarter of 2023. These programs can provide grants, low-interest loans or second mortgages to cover a portion of the down payment and closing costs. A typical 20% down payment on a home in a U.S. Many states in the U.S.

FHA loan 448

FHA loan Loans Equity Mortgages 448

Housing Wire

MAY 25, 2023

Older Americans are sitting on more than $12 trillion in home equity, according to the National Reverse Mortgage Lenders Association (NRMLA)/ Riskspan Reverse Mortgage Market Index. These homeowners are seeking different retirement solutions to help allocate their home equity and make it more durable over the next 20 to 30 years.

Loan Officer 418

Loan Officer Equity Finance Loans 418

Housing Wire

JULY 19, 2021

According to Black Knight , 96% of homeowners have at least 10% equity – meaning they may be able to pay off their loan, closing costs, and agent commissions without paying out of pocket or a short payoff. Joe Cutrona: Today, with nearly 2.2. Joe Cutrona: Today, with nearly 2.2.

MLS 448

MLS Equity Closing costs Sales 448

Housing Wire

FEBRUARY 10, 2022

In November, Freddie Mac announced it would encourage landlords to provide access to rental payment data, by recouping a portion of closing costs for properties it finances. He was most recently CEO of Hayden Consulting , which advises mortgage banks, commercial banks, thrifts, REITs, and private equity firms. It reported $2.7

Loan Officer 418

Loan Officer Finance Loans Banks 418

Keeping Current Matters

OCTOBER 21, 2020

During the housing crash twelve years ago, many homeowners owned a house that was worth less than the mortgage they had on that home (called negative equity or being underwater ). Today, the vast majority of homeowners have significant equity in their homes. Most homeowners have substantial equity in their homes.

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Equity Banks Closing costs Loans 296

Housing Wire

MAY 8, 2023

Department of Housing and Urban Development ( HUD ) , that 200,000 represented close to 20% of all single-family homes supplied to the market in 2019. I pay the closing costs for veterans, first responders and educators to help expand homeownership among these groups,” said George Russell, a Texas-based Auction.com buyer.

Renovation 435

Renovation Equity Mortgages Development 435

Housing Wire

MARCH 28, 2022

Proprietary analytics and external data sources, backed by a microservice architecture that connects them all via APIs, can feed optimized recommendations and assessments for any part of the sale — valuation, tax, credit score, loan rating, insurance rating, title and closing costs. alone is worth about $40T.

Marketing 397

Marketing Title Closing costs Technology 397