Housing Wire

OCTOBER 10, 2024

In November 2023, Wells Fargo sued LoanSnap for $431,511 in a district court in Minnesota, alleging breach of contract in selling a mortgage that did not meet contractual requirements, such as excessive and unsupported debt-to-income ratios. The total judgment in these cases is more than $1.1

Debt-to-income ratio 416

Debt-to-income ratio Mortgages Loan Officer Banks 416

Housing Wire

MAY 8, 2023

The program offers $3,000 or more in closing cost assistance if borrowers in select metropolitan areas meet a minimum 3% downpayment, complete a one-on-one homeownership counseling, and earn less than or equal to 140% of the area median income (AMI). The credit goes up to $2,500 if a borrower makes 50% or less of AMI.

Debt-to-income ratio 435

Debt-to-income ratio Closing costs Finance Lending 435

Housing Wire

MARCH 16, 2022

According to UWM, only self-employed borrowers will be able to send bank statements to qualify for a loan, instead of income documents or tax transcripts. We are going to see an increase in some of the non-QM lending. The product is available for loans up to $3 million and up to 90% loan to value. Presented by: Angel Oak.

Banks 397

Banks Loans Debt-to-income ratio Lending 397

Housing Wire

JANUARY 14, 2022

Non-QM lenders Angel Oak Mortgage , Acra Lending and Newfi alone currently have at least 130 openings on jobs listings sites. Acra Lending, which rebranded from Citadel Servicing last year , more than doubled its headcount year-over-year from 200 employees to 420 in 2022. Riches in the niches.

Debt-to-income ratio 419

Debt-to-income ratio Lending Loans Loan Officer 419

Housing Wire

SEPTEMBER 17, 2024

“There’s been an explosion in high-DTI lending since I left FHFA,” he said, pointing to the fact that some Federal Housing Administration (FHA) borrowers have a 57% debt-to-income ratio. Taylor Stork , the president of CHLA and the chief operating officer of Developer’s Mortgage Co.

Debt-to-income ratio 422

Debt-to-income ratio Loans Lending Finance 422

Housing Wire

AUGUST 8, 2024

Incomes, wealth, life events, mortgage rates all play a role in determining housing demand, while on the supply side we have land costs, government regulations in terms of zoning rules, geographic constraints to building and builder financing costs,” Divounguy added. So, this is a further challenge for them to even enter the housing market.”

Debt-to-income ratio 487

Debt-to-income ratio Marketing Mortgages Days on market 487

Housing Wire

FEBRUARY 5, 2024

of the median household income, the average payment is down from a 38-year high of more than 38% in October. But that number is still 9 percentage points above the 30-year average debt-to-income ratio of 24.2% Mortgage rates held at 6.71% as of Jan. million to 3.8 and slightly less than the 33.8%

Debt-to-income ratio 482

Debt-to-income ratio Marketing Equity Loans 482

Housing Wire

AUGUST 5, 2022

Numerous organizations criticized the agencies for not proposing to grade banks based on data about their minority lending. Above all, we are extremely disappointed to see the lack of the explicit consideration of lending by race in a lender’s CRA rating,” wrote the St. Louis Equal Housing and Community Reinvestment Alliance.

Banks 448

Banks Debt-to-income ratio Lending Loans 448

Housing Wire

MARCH 4, 2021

” The bureau said: “extending the mandatory compliance date of the general QM final rule would allow lenders more time to offer QM loans based on the homeowners’ debt-to-income ratio, and not solely based on a pricing cut-off.”. .” What’s At Risk?

Debt-to-income ratio 476

Debt-to-income ratio Finance Loans Mortgages 476

Housing Wire

MAY 21, 2021

The Urban Institute regularly cites statistics showing IMBs do a better job than banks of serving underserved borrowers, as measured by metrics such as FICO scores and debt to income ratios. CRA is designed to prevent banks from diverting funds OUT of a community where they take deposits in order to lend in other communities.

Debt-to-income ratio 395

Debt-to-income ratio Banks Lending Loans 395

Housing Wire

APRIL 26, 2023

“The targeted eliminations of upfront fees for borrowers with lower incomes – not lower credit scores – primarily are supported by the higher fees on products such as second homes and cash-out refinances,” Thompson said, adding that the GSEs’ statutory charters require them to support low- and moderate-income borrowers.

Debt-to-income ratio 397

Debt-to-income ratio Loans Mortgages Lending 397

Housing Wire

JUNE 29, 2022

Many millennial and Gen Z future homebuyers are concerned about the effects of personal finance issues like having insufficient savings, increasing debt and low credit when applying for a loan. As market volume dips and pent-up demand builds, 61% of millennials and Gen Zs who intend to buy a home plan to apply for a mortgage this year.

Debt-to-income ratio 459

Debt-to-income ratio Loan Officer Loans Mortgages 459

Housing Wire

MARCH 30, 2021

The Ability to Repay/QM rule was enacted by the CFPB after the financial crisis and requires lenders to verify a borrower’s ability to repay the mortgage before lending them money. Presented by: Proctor Loan Protector. “As But Fannie Mae and Freddie Mac are not bound to this requirement, a condition known as the QM Patch.

Debt-to-income ratio 472

Debt-to-income ratio Loans Mortgages Lending 472

Housing Wire

MAY 25, 2022

There is also the matter of efficiency versus increased lending cost. Between significantly fewer refinances, rising mortgage rates and housing inventory nearly cut in half since 2020, loan officers (LOs) and brokers face a pivotal time where adaptation is a must for success. Bracing for the challenges of non-QM.

Debt-to-income ratio 417

Debt-to-income ratio Lending Pre-qualification Loans 417

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.

Mortgages 444

Mortgages Debt-to-income ratio Banks Fixed-rate mortgage 444

Housing Wire

MAY 4, 2022

Tighter mortgage underwriting : Lending standards are much tighter today than during the mid-2000s. The mortgage debt-to-income ratio is near a four-decade low and homeowner equity is at a historic high. This article is part of our housing market economic update series.

Debt-to-income ratio 395

Debt-to-income ratio Equity Pre-approval Finance 395

Housing Wire

OCTOBER 21, 2020

The current rule provides safe harbor protection to lenders from potential litigation brought by borrowers for loans having debt-to-income ratios of 43% or less. A proposal in June by the CFPB to replace the 43% DTI limit with a rate-based definition of a qualified mortgage still misses the mark by a country mile.

Debt-to-income ratio 418

Debt-to-income ratio Loans Mortgages Lending 418

Housing Wire

NOVEMBER 7, 2023

Media stories about home affordability rarely cover how the GSEs allow for low down payments and higher debt-to-income ratios. And when lenders — not headlines — explain cash-to-close and monthly all-in costs relative to incomes, the lights go on for borrowers. What’s next for the inflation fight and rates? for Q1, 6.6%

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Debt-to-income ratio Mortgages VA loan Loans 431

Housing Wire

JUNE 9, 2023

I referenced in my last opinion piece in Housing Wire that the Urban Institute publishes a “ monthly chart book ” that is packed full of relevant data. This recent publication paints a clear picture as to why any Realtor or homebuilder should always include a nonbank lender in their referrals. In the FHA program alone, 46.3%

Banks 364

Banks Debt-to-income ratio Lending Loans 364

Keeping Current Matters

AUGUST 20, 2020

Accompanied by more rigorous lending standards, the household debt-to-income ratio is at a four-decade low and household equity near a three-decade high. Some even worried that we might relive the 2006-2008 housing crash all over again. Once you examine the data, however, that seems unlikely.

Debt-to-income ratio 303

Debt-to-income ratio Lending Equity Mortgages 303

Housing Wire

MAY 14, 2021

Take advantage of these tools and make sure all of your debt payments are reported accurately. Consider a new credit card, or taking on installment debt – a loan that is repaid by the borrower in regular installments. Incurring new debt could impact the likelihood of approval. Make Timely Payments. Don’t Shut it Down.

Debt-to-income ratio 459

Debt-to-income ratio Loans Mortgages Lending 459

Housing Wire

AUGUST 27, 2021

The story, “The secret bias hidden in mortgage-approval algorithms,” included statements from fair housing activists who concluded that there is “systemic racism” in the mortgage process. But the same story got pushback from the MBA and the ABA , as well as the CHLA , arguing that the data was selective and produced a biased conclusion.

Debt-to-income ratio 447

Debt-to-income ratio Purchase and sale agreement Pre-approval Loans 447

Housing Wire

AUGUST 7, 2023

The financial incentives are simply not there for mortgage companies that want to do more minority lending; therefore, it shouldn’t be a surprise that most banks and mortgage lenders do just enough minority lending to stay out of regulatory trouble but secretly have no desire to do much beyond that.

Closing 370

Closing Fixed-rate mortgage Debt-to-income ratio Lending 370

Housing Wire

NOVEMBER 10, 2020

So when that happens, you don’t originate, you don’t lend at par for something at 88. But unlike Fannie and Freddie, most non-QM loans rely on the borrower’s credit score and the loan-to-value ratio on the loan, rather than the debt-to-income ratio. So you stop.”. Everyone bowed out.

Debt-to-income ratio 459

Debt-to-income ratio Loans Banks Loan Officer 459

Housing Wire

MARCH 4, 2021

The Ability to Repay/QM rule was enacted by the CFPB after the financial crisis and requires lenders to verify a borrower’s ability to repay the mortgage before lending them money. But Fannie Mae and Freddie Mac are not bound to this requirement, a condition known as the QM Patch. Amending the QM Rule has been a long process.

Debt-to-income ratio 265

Debt-to-income ratio Loans Lending Mortgages 265

Housing Wire

NOVEMBER 8, 2021

After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. First, he has his clients lender call the listing agent. Somebody has a problem once and then that story just spread.

VA loan 418

VA loan Agents Pre-approval Debt-to-income ratio 418

Housing Wire

MARCH 10, 2023

Through the market turmoil and volatility that marked much of 2022 — and is still with us today — home-equity lending expanded, however. Along with the solid base of home equity that now exists — a byproduct of the rapid home-price appreciation in recent years — there also has been an increase in demand by borrowers to tap that equity.

Equity 370

Equity Marketing Debt-to-income ratio Lending 370

Housing Wire

APRIL 4, 2022

As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loan officer at Draper & Kramer Mortgage. Interest rates typically impact FHA borrowers more directly because these borrowers likely have a maximum debt-to-income ratio,” said Naumovych.

FHA loan 370

FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

Housing Wire

JANUARY 21, 2022

And so that’s where non-QM lending comes into play.”. Still, hidden among all that greenwashed coal may be a framework or two for manufacturing diamonds, according to some experts working to develop those investment standards. building, even after fulfilling program requirements.” Slump added. That’s been an obstacle,” he said.

Marketing 418

Marketing Debt-to-income ratio Loans Investor 418

Housing Wire

AUGUST 23, 2023

Following a merger with special purpose acquisition company (SPAC) Aurora Acquisition Corp , Better Home & Financing Co. is expected to begin trading on the Nasdaq Stock Exchange on Thursday under the ticker symbol “BETR.” We match the consumer to the product with a partner capable of delivering the best product to them.”

Debt-to-income ratio 370

Debt-to-income ratio Technology Mortgages Pre-approval 370

Housing Wire

JANUARY 4, 2022

That was the start for the nonbank lender, which dominates the nation’s wholesale mortgage lending sector with an estimated 33.5% Still, even in those transactions, the underlying collateral appears solid, with the average credit scores of the borrowers above 760 and the average debt-to-income ratio ranging from 64.4%

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Marketing Debt-to-income ratio Loans Mortgages 385

Housing Wire

AUGUST 26, 2024

Conversely, other companies seized the opportunity to expand their portfolios, securing the future right to get the inside track on refinancings when rates eventually drop. In the meantime, these companies could market other products, such as home equity loans, to borrowers in these portfolios. That will offset some of the losses.

Mortgages 445

Mortgages Banks Debt-to-income ratio Loans 445

Marco Santarelli

FEBRUARY 7, 2025

While market adjustments are always possible, the key differences in supply and demand, lending practices, and overall market psychology make a repeat scenario highly unlikely. Lending Standards: A Post-Crisis Reformation 2008: Lax lending standards were a major culprit. Thankfully, the answer is a resounding no.

Pre-approval 87

Pre-approval Marketing Debt-to-income ratio Lending 87

Realty Biz

APRIL 5, 2022

Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years. The individual pays a fraction of their debts to creditors under the supervision of the bankruptcy trustee for the term of the Chapter 13 Bankruptcy. Trustee approval is required.

Bankruptcy 120

Bankruptcy Debt-to-income ratio VA loan FHA loan 120

RIS Media

JUNE 3, 2021

But, according to a recent study by Lending Tree, even though most mortgage refinances were approved at the start of 2021, many were denied. Those who could not get refinanced were declined for many of the same reasons, from a high debt-to-income ratio to poor or no credit history. High Debt-to-Income Ratio .

Debt-to-income ratio 105

Debt-to-income ratio Principal Lending Equity 105

Realtor.com

NOVEMBER 2, 2020

Besides tax returns and proof that your business was up and running, lenders also had basic requirements for any borrower (self-employed or otherwise), which included things like a minimum credit score and maximum debt-to-income ratio. But the main difference is that as a freelancer, you just had to document the income.”.

Debt-to-income ratio 144

Debt-to-income ratio Pre-approval Mortgages Banks 144

Marco Santarelli

APRIL 4, 2025

Personal Financial Profile : Individual borrowers can influence their rates based on their credit scores, debt-to-income ratios, and the size of their down payments. Current Refinance Rates Refinancing can be a strategic move, especially when interest rates fall.

Mortgages 72

Mortgages Debt-to-income ratio Purchase and sale agreement Loans 72