Housing Wire

MAY 24, 2024

Most Americans still view homeownership as a key to building wealth, but for many, that piece of the American dream is on hold or out of reach thanks to the heavy burden of student debt. In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify for a mortgage.

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Housing Wire

SEPTEMBER 9, 2020

In June, the bureau released two proposals regarding the QM Patch, which allows loans sold to Fannie Mae or Freddie Mac to exceed the 43% debt-to-income ratio the Bureau had established in its Ability to Repay/Qualified Mortgage rule. Under § 1026.43(c)(2)(vii), Under § 1026.43(c)(2)(vii), Section 1026.43(c)

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Housing Wire

NOVEMBER 4, 2024

But for first-time and other cash-strapped buyers—those who are not relying on the proceeds of a home sale, who may be using a 100% financed VA loan, whose agents may be layering forms of assistance to put together enough cash for closing—knowing in advance about the seller’s contribution to their agent costs may be essential.

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Housing Wire

SEPTEMBER 17, 2024

The San Francisco -based Unison calls its new offering the Equity Sharing Home Loan. The company explained that the product operates as a ”hybrid between debt and equity.” But it also differs from a typical HEI by including qualification and repayment terms that are similar to a home equity loan or home equity line of credit (HELOC).

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Housing Wire

MARCH 3, 2024

A record 47% of government-sponsored enterprise (GSE) purchase loans in 2023 came from first-time homebuyers, a number that’s been trending gradually higher throughout the past decade. Looking back, last year’s market was dominated by purchase lending, with loans to buy homes making up 82% of a historically low number of originations.

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Housing Wire

MAY 29, 2024

He wants to know whether the potential borrower has acquired a buy now, pay later (BNPL) loan. And an underwriter told us that she was required by her lender to count the debts that were on the bank statement, including the BNPL loans.” Racamato promptly called some lenders he partnered with to ask how they deal with BNPL loans.

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Housing Wire

SEPTEMBER 10, 2020

They’re centering on – there’s been a desire to move away from the so-called GSE Patch QM which is the Qualified Mortgage for loans that are held for sale to Fannie Mae and Freddie Mac that is scheduled for sunset on Jan. Q: What developments at the CFPB should the mortgage industry be watching? There are two proposals that came out in June.

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Housing Wire

SEPTEMBER 16, 2021

Over half of non-homeowning millennials (60%) say student loan debt is delaying them from purchasing a home, making them the population most affected by student debt , according to the National Association of Realtors’ 2021 impact of student loan debt report.

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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. The product is available for loans up to $3 million and up to 90% loan to value. No mortgage insurance will be required.

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Housing Wire

JANUARY 20, 2021

The type of mortgage loan you qualify for is just as important as the mortgage lender you work with. To find a qualified lender, you need a good credit score and a good debt-to-income ratio, which is the percentage of a consumer’s monthly gross income that goes to paying down debt. Work On Your Credit Score.

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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. During the seasoning period, creditors would have to hold these loans on portfolio.

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Housing Wire

OCTOBER 27, 2020

It influences what loans you’re eligible for, how much you can take out, and how much you’ll pay in interest over the life of your loan. Perfect credit would certainly make getting a loan easier (and cheaper), but it’s not a requirement by any means. Myth 2: You can’t buy a house if you have lots of student loan debt.

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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. DTIs on Fannie- and Freddie-backed loans have also risen, he said. Calabria disagreed. It sure as hell does.

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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. In addition to finalizing a loan, there’s selecting movers, setting up utilities and more.

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Housing Wire

APRIL 7, 2021

Your Income Is Stable. Your Income Is Stable. A stable income means you’re more likely to be approved for a loan , than someone with an unstable income. If your DTI is in good standing and you’re consciously working to manage and pay down your debt, you might be ready to buy a house! Yes, seriously.).

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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.

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Housing Wire

SEPTEMBER 5, 2024

The Consumer Federation of America (CFA) is calling for policy changes that would help alleviate the difficulties for homebuyers using Federal Housing Administration (FHA) loans when competing in tight markets. of the U.S. mortgage market in 2023, up from 14.3% in 2022, according to HUD.

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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. Our DSCR loan for real estate investors qualifies on the rental cash flow of the subject property.

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Housing Wire

MAY 9, 2023

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those loans are going to be 20 points underwater, for the 3% to 3.5%

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Housing Wire

DECEMBER 15, 2022

The repurchase-request volume, which includes both depository lenders and nonbanks, is being driven up this year by the huge volume of lower-rate loans made in 2020 and 2021 that Fannie and Freddie are continuing to vet for loan-sale representations and warranties violations. And it just might push some smaller lenders over the cliff.

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Housing Wire

JULY 29, 2022

Net revenues increased by $200 million in the first six months of the year compared to last year, thanks to higher base guarantee fee income, an increase in the size of Fannie Mae’s guaranty book of business and higher income from portfolios. The share of loans with credit scores below 680 grew to 9%, up from 6% this time last year.

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HomeLight

FEBRUARY 7, 2025

Your ability to finance a home purchase often hinges on a metric called a “debt-to-income ratio” (DTI) a percentage that shows how much of your monthly income goes toward debt payments. A debt-to-income ratio for a mortgage is a key that can open or lock the door to homeownership.

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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

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Housing Wire

JANUARY 25, 2021

million mortgage originations between 2012 and 2018 from Freddie Mac’ s Single-Family Loan-Level dataset, Haus found that the sweet spot for rates is typically in January, when mortgage originations also typically slump. Surprisingly, a borrower who lowers their debt to income ratio doesn’t move the needle much on rates.

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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. Pay down some debts (or ask for a credit line increase). Avoid new debt. But boosting a FICO score is easier said than done.

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Housing Wire

SEPTEMBER 11, 2023

He most recently served as the president of troubled, largely defunct retail lender Celebrity Home Loans. Founded in 2022 by Eric Meadow, Home Sale Assured produces a “Guaranteed Backup” options contract, which enables existing homeowners to buy their next home before closing the sale of their current home.

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Housing Wire

JUNE 4, 2021

If you have poor credit, it’s less likely a lender will approve you for a loan. The good news is, you can raise your credit score by paying down debt and making your payments on time. Step 2: Look At Different Loan Options. with an FHA loan. DTI is something lenders also look at when approving you for a loan.

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Housing Wire

FEBRUARY 5, 2024

If 30-year rates fall to 6% by the fourth quarter, as the Mortgage Bankers Association (MBA) and Fannie Mae are currently predicting , the overall population of loans with a 75-bps refi incentive would more than double from 1.7 Nearly 60% of that growth would come from loans originated in 2023, ICE projected. million to 3.8

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Housing Wire

MAY 8, 2023

Freddie Mac’s BorrowSmart Access program will be available to NewRez borrowers through Caliber Home Loans ‘ national network of branches. “With BorrowSmart Access, we’re delivering on that mission by providing ways to reduce cost in the homebuying process.”

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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.

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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. Unlike banks, IMBs don’t have access to Federal Home Loan Bank advances that help banks fund mortgage loans.

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Housing Wire

MARCH 23, 2021

With e-signatures enabled for virtual closings, it has become more difficult for lenders to authenticate income and asset information, while the incentive to cheat is boosted by desperation or perceived opportunity. Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. Underwriters with hidden agendas.

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Housing Wire

DECEMBER 12, 2023

Research from the AEI Housing Center found that these buydowns are not only an effective tool to qualify income-constrained buyers and alleviate excess inventory, but they have also allowed builders to forgo home price cuts. Limited to loans with CLTV 76-80 and FICO 720-770 to control for the effect of loan level pricing adjustments.

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Housing Wire

JANUARY 14, 2022

Kidwell said his company is looking for loan processors to identify fraud in non-QM loans, in addition to loan officers. Kidwell said his company is looking for loan processors to identify fraud in non-QM loans, in addition to loan officers. Riches in the niches. trillion in 2022.

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Housing Wire

NOVEMBER 2, 2023

The move is part of a legal battle that started in September 2021 when Richards filed a lawsuit alleging the lender closed thousands of loans without proper documentation to boost its performance ahead of its initial public offering (IPO) on the New York Stock Exchange. However, on Oct.

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Housing Wire

NOVEMBER 7, 2023

This implies easing inflation next year, and mortgage rates near 6% would help affordability issues caused by two things: The inflation fight has fueled the mortgage rate spike Low inventory and a steady job market have put a floor on home prices The good news is that GSEs remain committed to loan approval guidelines that help in these tough cycles.

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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. As these business practice changes begin Aug.

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