Housing Wire

DECEMBER 18, 2020

Conventional loans. A conventional loan is a smart way to finance an income-earning property. The differences between FHA, VA, and USDA mortgages. If you plan to use the property as an investment (you’ll have to indicate so on your loan application), then you could face more stringent qualifying requirements.

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FHA loan Hard money loan Loans Loan Officer 488

Housing Wire

JUNE 11, 2024

In practice, the direct endorsement authority allows lenders to underwrite single-family mortgages and submit them to FHA for insurance endorsement. Open Mortgage’s termination is based on the “poor performance” of these loans, HUD stated. Cases in the early stages may be transferred to other lenders with an FHA approval.

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FHA loan Mortgages Loan Officer Loans 467

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.

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Loans FHA loan Mortgages Loan Officer 459

Housing Wire

NOVEMBER 16, 2020

If you’re using a home loan to buy a house, then you could have two types of insurance in your future, home insurance and mortgage insurance. Mortgage insurance is required on all FHA loans, and it’s sometimes required on conventional mortgages, too. For many borrowers, this insurance will be required for the entire loan term.

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FHA loan Mortgages Loan Officer Loans 468

Housing Wire

MAY 25, 2021

Mortgages would be subject to FHA loan limits. The benefit is modeled on the widely used home loan program for veterans, which is administered by the Department of Veterans Affairs. The benefit is modeled on the widely used home loan program for veterans, which is administered by the Department of Veterans Affairs.

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FHA loan VA loan Loans Loan Officer 493

Housing Wire

JUNE 1, 2023

The Federal Housing Finance Agency (FHFA) officially implemented an updated pricing framework for Loan-Level Price Adjustments (LLPAs) in May to improve homeownership prospects for first-time homebuyers with lower income and weaker credit scores. We spoke to multiple loan officers and Washington, D.C.-based

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FHA loan Loan Officer Loans Mortgages 369

Housing Wire

FEBRUARY 7, 2023

It essentially allows qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. The fees are typically lower than in new loans, and no appraisal is needed. The product, known as an assumable mortgage, is not new.

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FHA loan Mortgages Loan Officer VA loan 397

Housing Wire

NOVEMBER 16, 2020

Here are your choices: FHA mortgages. FHA mortgages are insured by the Federal Housing Administration. They allow for lower credit scores than most other loans. The one caveat with FHA loans is that they require a Mortgage Insurance Premium both at closing and as part of your monthly payment.

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VA loan FHA loan Mortgages Loans 501

Housing Wire

AUGUST 14, 2024

As you talk to more people across all aspects of our business, from the loan officers to the consumer to real estate agents, everybody is eagerly excited for what’s coming,” Sheinin said. The recent declines in mortgage rates have been good news for mortgage professionals and consumers alike. After mortgage rates peaked above 7.5%

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Mortgages Loan Officer FHA loan Loans 465

Housing Wire

MARCH 24, 2022

The national median monthly mortgage payment settled in loan applications increased 8.3%, from $1,526 in January to $1,653 in February, according to a survey published Thursday by the Mortgage Bankers Association. Conventional loans’ national median mortgage payment went from $1,582 in January to $1,749 in February.

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FHA loan Fixed-rate mortgage Loan Officer Principal 518

Housing Wire

JANUARY 19, 2024

Job cuts include the leadership – the president and CEO, the finance manager and the credit risk officer. More than 50 mortgage loan officers were let go. Last year, half of the originated loans were conventional, followed by 35% of FHA loans and 14% of V.A.

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Mortgages FHA loan Loan Officer Loans 474

Housing Wire

AUGUST 2, 2024

Prospective borrowers with strong credit are locking in mortgages this week at the lowest rates in more than a year, loan officers and lending executives told HousingWire on Friday. Fixed rates through the Federal Housing Administration (FHA) were at 6.10% and those through the U.S. Department of Veterans Affairs averaged 6.12%.

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Mortgages FHA loan Loans Loan Officer 514

Housing Wire

OCTOBER 25, 2023

The average of preapproved borrowers per loan officer fell by 11.6% Conventional loans remained the most popular loan type for preapproved borrowers, with its share at 75% in Q3, up from 71% in Q2. FHA loan preapproval shares fell to 19% compared to 22% in Q2.

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FHA loan Marketing Loan Officer Loans 456

Housing Wire

DECEMBER 27, 2022

The fate of Federal Housing Administration (FHA)-backed mortgages in the ongoing downcycle housing market is being compared with a canary in the coal mine by several industry experts who track the sector and are seeing early warning signs of distress. Those forces are now shaking the timbers of the federal loan-guarantee program. .

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FHA loan Loans Mortgages Equity 497

Housing Wire

FEBRUARY 15, 2024

But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a senior consultant at Caliber Home Loans. The DPA share in FHA’s total book of business, including refinances, was 27% as of October 2023.

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FHA loan Loans Closing costs Loan Officer 476

Housing Wire

FEBRUARY 15, 2024

Department of Veteran Affairs (VA) loans through its Tinman platform. Better’s rate for VA loans was 6.375% as of Tuesday afternoon, the company said. Conventional loans account for 95% of Better’s portfolio, with the remaining 5% tied to other products such as jumbo loans. Eligible U.S. billion in Q3 2022.

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VA loan Loans Loan Officer FHA loan 424

Housing Wire

APRIL 4, 2022

The spectacular and historic spike in interest rates will hurt most homebuyers, but one group is especially vulnerable: FHA borrowers. Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD.

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

Housing Wire

SEPTEMBER 6, 2024

Mortgage rate pricing for homebuyers hasn’t changed significantly as lenders have already priced in a Federal Reserve rate cut of 25 basis points (bps) that is expected later this month, loan originators told HousingWire. Department of Veterans Affairs (VA) loan with no points or buydowns. That did not happen. Since the 10-year U.S

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Mortgages VA loan FHA loan Fixed-rate mortgage 474

Housing Wire

NOVEMBER 3, 2021

Jumbo loans had the best performance, up 36.9% FHA loans increased at a slower pace: 15.8%. ” Another report published this week from SimpleNexus showed that loan officer commissions declined 17% year-over-year in the third quarter, largely because of waning refi volume. trillion in the third quarter.

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Mortgages FHA loan Loan Officer Loans 418

Housing Wire

MAY 26, 2021

Joe Tyrrell, ICE president, said the recent findings align with the company’s 2020 Borrower and Lender Insights Survey, which noted that digital mortgage technologies are making closing a mortgage loan “faster and easier.” Purchase mortgages on average took 49 days to close in April.

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Closing Mortgages VA loan FHA loan 476

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

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VA loan Agents Seller concession FHA loan 482

Housing Wire

OCTOBER 27, 2020

Perfect credit would certainly make getting a loan easier (and cheaper), but it’s not a requirement by any means. FHA loans require just a 500 credit score, as long as you can make a 10% down payment, while VA loans have no credit score requirement whatsoever. Myth 3: You don’t have credit at all.

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Debt-to-income ratio VA loan FHA loan Loan Officer 407

Housing Wire

JANUARY 31, 2023

The decision left more than 400 employees without a job, and Miller had two urgent tasks — to find a lender that would close his clients’ loans in the pipeline and would also help him close more sales in an industry that is projected to further downsize. “I It also underwrites conventional loans and works as a marketing tool for LOs.

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Loans Mortgages Loan Officer Pre-approval 417

Housing Wire

SEPTEMBER 22, 2023

With the majority of Fed officials expecting another rate hike by year-end, Duncan predicts a 50/50 chance of that happening, depending on how resilient the economy is against the Fed’s monetary policy. However, a silver lining in the subdued housing market is the strength in new-home sales. We don’t know what third-quarter growth was.

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FHA loan Bankruptcy Marketing Loans 476

Housing Wire

MARCH 14, 2024

Lisa Moriello “Any loan officer can run a report in their own database to calculate when someone’s date of birth hits that prime age [for a reverse mortgage],” Moriello said. 1, the limit for HECM loans was increased to $1,149,825 by the Federal Housing Administration (FHA). 2024 HECM limit On Jan.

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Mortgages Loan Officer FHA loan Equity 432

Housing Wire

MARCH 11, 2022

Because Fairway gets most of its reverse mortgage business from referral partnerships, extending to the purchase market made sense for Fairway because of the partnerships that its loan officer corps has spent so much time developing, according to Hultquist. Harlan Accola. And so, they know the local real estate agents. Dan Hultquist.

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FHA loan Due diligence Loan Officer Loans 369

Housing Wire

SEPTEMBER 29, 2020

You’ve probably staffed up on loan officers equipped to handle this influx, and you may be shunning riskier, less immediately gratifying business. Certainly, devote resources to expanding your refi capacity, but also devote smaller teams to tougher loan types — first-time homebuyers, for example.

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Lending Loan Officer Branding Loans 459

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. NEXA has always been focused on purchase loans , which means some of its LOs do significant business with buyers’ agents.

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Industrial Seller concession Purchase and sale agreement Agents 514

Realtor.com

NOVEMBER 28, 2022

designer491/iStock FHA loans, which are insured by the Federal Housing Administration, help home buyers secure financing to buy a home despite their low income, lack of savings, or poor credit scores—the kind of things that often prevent people from getting a conventional loan. So it’s win-win all round!

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FHA loan Debt-to-income ratio Loans Loan Officer 98

HomeLight

AUGUST 31, 2021

The Federal Housing Administration (also known as the FHA) is an agency of the U.S. The FHA doesn’t lend money itself. The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. Instead, it insures mortgages made by lenders.

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FHA loan Loans Debt-to-income ratio Banks 105

HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. How much house can you afford if you’re getting an FHA loan?

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FHA loan Loans Debt-to-income ratio Closing costs 104

Housing Wire

MAY 31, 2022

Among them are Geneva Financial , a mortgage lender headquartered in Arizona, which opened a branch location in Chicago, and New Western , a real estate investment firm, which also launched its first office in Chicago, marking its expansion with its 43rd office location in its 19th state. Department of Agriculture (USDA).

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Mortgages Loans Lending Construction 397

Real Trends

NOVEMBER 11, 2022

FHA loans aim to make homeownership possible for borrowers with less-than-perfect credit and without a large down payment requirement. FHA loans aim to make homeownership possible for borrowers with less-than-perfect credit and without a large down payment requirement. USDA loans. Piggyback loans.

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Finance VA loan FHA loan Agents 113

HomeLight

AUGUST 31, 2021

We consulted expert Richie Helali, mortgage sales leader at HomeLight Home Loans, to walk you through the basics. Every time a bank provides somebody with a loan, the bank’s essentially investing in that person.”. All the major loan programs accept much lower minimum down payments, with a few even offering zero-down loans.

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FHA loan VA loan Loans Loan Officer 105

HomeLight

NOVEMBER 29, 2021

While most people have heard that 20% down is some kind of standard, many are unaware that it is possible to buy a home with as little as 3% down — or even no money down, depending on the loan requirements. With so many DPA programs, you’ll want to consult with someone who will know them best — your loan officer. Jumbo loans.

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Earnest money deposit FHA loan Purchase and sale agreement Inspection 110

Realtor.com

FEBRUARY 3, 2021

A micromortgage is a loan for $100,000 or less, and homes at this price point are still abundant in some markets—including Louisville, KY, and southern Indiana, where the program is getting started. Read on to learn about who qualifies, and how micromortgages differ from other types of loans. What exactly is a micromortgage?

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Loans FHA loan Finance Loan Officer 111

Realtor.com

FEBRUARY 3, 2021

A micromortgage is a loan for $100,000 or less, and homes at this price point are still abundant in some markets—including Louisville, KY, and southern Indiana, where the program is getting started. Read on to learn about who qualifies, and how micromortgages differ from other types of loans. What exactly is a micromortgage?

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Loans FHA loan Finance Loan Officer 98