Housing Wire

APRIL 19, 2024

A Freddie Mac home equity product that was proposed this week has the potential to unlock $850 billion in origination volume. The new product is an alternative to a traditional cash-out refinance, which requires refinancing the outstanding loan balance at current interest rates. This year, the volume to date is $2.6

Equity 488

Equity Finance Loans Banks 488

Housing Wire

MAY 15, 2024

Government-sponsored enterprise (GSE) Freddie Mac has put its finger on the scale of an emerging loan market that has been the domain of the private-label securities market, which has nurtured its reemergence in recent years. This provides homeowners with a cost-effective alternative for accessing the equity in their homes.”

Equity 491

Equity Loans Investor Mortgages 491

Housing Wire

AUGUST 5, 2024

trillion in mortgage debt, pushing mortgage holder equity to a new high of $17.6 On top of that, tappable home equity reached a new high of $11.5 roughly three in five — now have at least $100,000 in tappable home equity, which refers to the amount of equity they can access while maintaining a stable 20% equity “cushion.”

Equity 459

Equity Loans Mortgages Lending 459

Housing Wire

MAY 6, 2024

Nationwide equity on mortgaged homes soared to a record $16.9 trillion in the first quarter of 2024, with $11 trillion available for leverage while maintaining a 20% equity cushion — also an all-time high. Nationwide equity on mortgaged homes soared to a record $16.9 homeowners with mortgages have tappable equity.

Equity 497

Equity Mortgages Finance Loans 497

Housing Wire

MAY 21, 2024

After two years of limited demand, private equity and insurance companies are increasing their allocations to single family residential mortgages. The current stress in the CRE and C&I loan markets further highlights the advantages of residential mortgages.

Residential 488

Residential Equity Mortgages Purchase and sale agreement 488

Housing Wire

JULY 29, 2024

Home equity lending in 2023 grew by only 1.5% The data includes total originations of open-ended home equity lines of credit (HELOCs) and closed-end home equity loans. Home equity originations were relatively flat in 2023 compared to 2022,” Walsh said in a statement. billion per company in 2023, compared with $2.1

Equity 445

Equity Lending Loans Renovation 445

Housing Wire

FEBRUARY 19, 2024

Chronically distressed properties lost more than $7,000 in total home equity on average while cycling in and out of foreclosure, according to an Auction.com analysis of more than 80,000 properties scheduled for foreclosure auction multiple times in the last three years. Assuming he put 3.5%

Equity 468

Equity Purchase and sale agreement Loans Mortgages 468

Housing Wire

DECEMBER 3, 2023

Rising home prices have pushed the third quarter’s tappable home equity amount near its 2022 peak, but interest rates are making homeowners reluctant to extract that wealth. Rising equity levels are also contributing to low default and foreclosure activity. In 2024, roughly 75% of originations expected to come from purchase loans.

Equity 468

Equity VA loan FHA loan Mortgages 468

Housing Wire

AUGUST 1, 2024

Rapidly rising home prices are bad news for prospective buyers, but they’re proving quite beneficial for homeowner equity. of mortgaged homes were “equity-rich,” defined as having a loan balance of less than half of the estimated market value of those homes. It’s the lowest level since at least 2019. points), Missouri (7.2

Equity 482

Equity Mortgages Loans Marketing 482

Housing Wire

MARCH 26, 2024

Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs. How could they ever justify walking away from a loan with this low of an interest rate ?

Equity 459

Equity Loans Bankruptcy As-is 459

Housing Wire

MAY 21, 2024

Tapping into home equity , particularly for people in or near retirement , can be challenging — especially for those who may have a pressing need. With this product, eligible people 62 and older can extract equity in a variety of ways, say through a lump sum. But their equity is also a tool. Homes are trophies, sure.

Equity 459

Equity Mortgages Principal Finance 459

Housing Wire

APRIL 1, 2024

“What if homeowners could tap into home equity without taking on debt?” When Hometap launched in 2017, the Boston-based fintech offered an unorthodox answer to this question for homeowners looking for an alternative to a loan. The annual investment volume in the U.S.

Equity 468

Equity Finance Purchase and sale agreement Investor 468

Housing Wire

AUGUST 12, 2024

The share of piggybacked Federal Housing Administration (FHA) home purchase loans rose by more than seven percentage points from June 2022 to June 2024, going from 10.8% for conventional purchase loans backed by Fannie Mae and Freddie Mac. for conventional purchase loans backed by Fannie Mae and Freddie Mac.

Loans 476

Loans FHA loan Equity Closing costs 476

Housing Wire

JUNE 5, 2024

Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA).

Loans 529

Loans Finance Renovation Equity 529

Housing Wire

JUNE 20, 2024

Real estate technology firm Knock announced Thursday that its bridge loan product is being integrated into the borrower application process at Baltimore -based NFM Lending. The bridge loan estimate is being integrated into the lender’s workflow through an Encompass plugin. The loan includes no interest for six months.

Lending 448

Lending Loans Loan Officer Equity 448

Housing Wire

MAY 15, 2024

New York Community Bancorp , the parent of Flagstar Bank , said it’s still committed to the home loan business despite selling approximately $5 billion in warehouse mortgages to JPMorgan Chase Bank to improve its capital and liquidity position. On March 6, the company received $1 billion in equity investment , led by former U.S.

Loans 467

Loans Mortgages Due diligence Banks 467

Housing Wire

OCTOBER 25, 2024

In prior conversations with HousingWire ’s Reverse Mortgage Daily (RMD), leaders of equity sharing companies contend that their products are different from reverse mortgages largely because they are not debt-based instruments. But a court case playing out in the U.S. The plaintiffs brought action against the company in 2022.

Equity 448

Equity Mortgages Loans As-is 448

Housing Wire

NOVEMBER 28, 2023

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2024 to $498,257 and $1,149,825, respectively, the FHA announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan.

FHA loan 497

FHA loan Loans Finance Lending 497

Housing Wire

JANUARY 17, 2024

Department of Housing and Urban Development (HUD) Marcia Fudge suggested to a congressional committee that the department could consider eliminating life-of-loan premium requirements for mortgages backed by the Federal Housing Administration (FHA), but did not offer any indication about the issue’s priority level at HUD.

Loans 488

Loans FHA loan Equity Mortgages 488

Housing Wire

NOVEMBER 13, 2024

In today’s challenging market, higher interest rates and home values have created a unique opportunity for lenders to grow their home equity lending business. Despite the recent interest rate reduction , the demand for home equity products remains strong. According to ICE’s Mortgage Monitor , tappable home equity has grown by $5.5

Equity 370

Equity Lending Loans Renovation 370

Housing Wire

MAY 14, 2024

million, driven mainly by home equity line of credit (HELOC) and cash-out refinance products, executives said. Funded loan volumes came in at $661 million, up 25% quarter over quarter. Purchase loans comprised 80% of the funded volume, followed by refinances (12%) and HELOCs (8%). The company’s stock was trading at $0.44

Loans 448

Loans Loan Officer Equity Mortgages 448

Housing Wire

MAY 21, 2024

will pay its loan officers 100% of the commission splits “without any per-file fees or other hidden fees,” according to co-founder and CEO Mike Kortas. NEXA usually pays loan officers 220 basis points (bps) out of 275 bps on most loans. “There are more ways to make money than on loan fees for a broker.

Loan Officer 459

Loan Officer Loans Brokerage Equity 459

Housing Wire

JULY 19, 2024

Ascent Developer Solutions , a private mortgage lending platform, announced its launch Friday in conjunction with an equity infusion from Elliott Investment Management. AscentDS product offerings will include short-term loans to acquire, renovate or build single-family and multifamily properties, as well as post-completion bridge financing.

Construction 459

Construction Development Loans Lending 459

Housing Wire

DECEMBER 16, 2024

Homeowners have generally done well over the last few years in accumulating home equity wealth. Since the onset of the pandemic, average equity per borrower increased by about $117,000 nationally, totaling almost $312,000 per mortgaged borrower. Aggregated across borrowers with a mortgage, home equity adds up to almost $17.5

Equity 370

Equity Mortgages Loans Design 370

Housing Wire

JULY 1, 2024

Second mortgage loans are specifically authorized in Freddie Mac ’s charter [Section 305(a)(4) – 12 USC 1454(a)(4)]. Freddie Mac has long purchased cash out refinances , which give homeowners whose homes have appreciated in value the ability to access some of the equity in their home. billion in loans.

Loans 447

Loans Mortgages Banks Lending 447

Housing Wire

NOVEMBER 13, 2024

But some misconceptions about how the credit line is impacted by partial Home Equity Conversion Mortgage ( HECM ) prepayments was called out by Hultquist and McMinn. “Yes, Relationship between debt and equity McMinn continued with the next misconception, speaking again to a hypothetical borrower. The whistle blew immediately.

Equity 368

Equity Mortgages Principal Loans 368

Housing Wire

JULY 12, 2024

aka Nutter Home Loans , recently scored what an attorney has characterized as a win in a case brought against it by the U.S. Further, DOJ alleged that Nutter’s conduct caused HUD to insure these loans when they were not eligible for insurance by [FHA].” Former reverse mortgage lender James B. Nutter & Co. ,

Loans 443

Loans Development Mortgages Equity 443

Housing Wire

NOVEMBER 26, 2024

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2025 to $524,225 and $1,209,750, respectively, the agency announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan. Home prices increased by an average of 4.3%

FHA loan 370

FHA loan Loans Finance Lending 370

Housing Wire

OCTOBER 31, 2024

The interest rate on the loan has been lowered from 9.99% to 9.49%. Interest rates on second-lien loans tend to be higher when compared to first liens, reflecting the higher amount of risk to the lender. The new states are Arizona, Nevada, Oregon and Utah. The product also has a minimum age requirement of 55.

Mortgages 432

Mortgages Equity Loan Officer Loans 432

Housing Wire

JANUARY 8, 2024

However, today’s companies are finding alternative ways to determine an appropriate loan for a consumer. The formation of a monopoly in the mortgage industry would slow the introduction of new solutions that would improve access to credit and customer experience. This is where regulatory discipline is needed.

Equity 476

Equity Lending Technology Banks 476

Housing Wire

JULY 10, 2024

With the release of the CoreLogic 2024 Q1 Equity Insights report, which Logan discussed last week , and now the FHFA National Mortgage Database Aggregate Statistics , we have a lot of visibility into the financial position of the American homeowner. Terms: I am upside down on my loan or I have onerous terms. 2 above) themselves.

Equity 545

Equity Loans Mortgages Sales 545

Housing Wire

APRIL 17, 2024

This would offer borrowers an alternative way to access their home equity without surrendering a first mortgage with a more favorable interest rate than is currently available. FHFA Director Sandra Thompson explained that such options are needed in the current mortgage rate environment.

Closing 529

Closing Mortgages Equity Loans 529

Housing Wire

DECEMBER 11, 2024

This rule amends the requirements for the sale of eligible single family mortgage loans insured by the [FHA] that have been assigned to the secretary of the U.S. Loan buyers must offer loss-mitigation options that are as or more generous than FHA loss mitigation options when buying loans through the program, according to the rule.

Loans 397

Loans Sales Technology Inspection 397

Housing Wire

DECEMBER 20, 2024

House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans.

FHA loan 418

FHA loan Mortgages Equity Loans 418

Housing Wire

JANUARY 8, 2025

These borrowers found themselves a great deal on their loan and locked themselves into really terrific cheap payments. The average age of outstanding loans climbed steadily during the cheap-money decade, dropped during the pandemic frenzy and is now skyrocketing as homeowners hunker down. of outstanding mortgages, around 8.7

Mortgages 488

Mortgages Finance Loans Equity 488

Housing Wire

SEPTEMBER 4, 2024

Guild Mortgage announced on Wednesday the introduction of a new product line called the “ Flex Payment Mortgage ,” which includes Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgages ( HECMs ), refinances, proprietary jumbo options and HECM for Purchase (H4P) loans.

Mortgages 447

Mortgages Equity Loans Principal 447

Housing Wire

JULY 12, 2024

A survey of mortgage default servicing leaders revealed that foreclosures are expected to rise slowly during the second half of 2024, while ample amounts of home equity should keep many properties in loss mitigation from moving into foreclosure status.

Equity 488

Equity Loans Commercial Mortgages 488