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. million homes for sale, but in 2022 we got as low as 870,000 in total inventory. We have a much better housing ecosystem now for sure.

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Loans Banks Equity Bankruptcy 544

Housing Wire

JANUARY 5, 2023

Silvergate Capital Corporation , parent company of Silvergate Bank , which provided services to Sam Bankman-Fried’s now-collapsed crypto empire, walked away from its mortgage warehouse business and cut workforce by 20% as clients pulled $8.1 billion in crypto-related deposits. million in severance payments and $1.3

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Lending Mortgages Bankruptcy Banks 418

Housing Wire

AUGUST 30, 2022

From the index : I know it seems strange, but existing home sales are falling, and the monthly supply of new homes is at 10.9 months even if the last existing home sales report showed home price growth of near 11% year over year. However, we haven’t had a credit sales boom like the one we saw from 2002-2005.

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Bankruptcy Days on market Sales Short sale 397

Housing Wire

AUGUST 9, 2022

LLC , recently announced that it is exploring a potential company sale or merger in the wake of posting a $22.4 The stock-value pressure is prompting the WMC to explore alternatives going forward, including a possible sale of the company. The REIT, which is managed by investment advisor Western Asset Management Co. WMC, with some $2.8

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Marketing Bankruptcy Loans Principal 418

Keeping Current Matters

JUNE 10, 2021

Lehman Brothers) and many more into bankruptcy. We told banks they needed more reserves and that they could no longer underwrite toxic mortgages. Here are the results of that regulation, captured in a graph depicting the number of failed banks since 2007. It created a panic that drove some large companies out of business (ex.

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Bankruptcy Banks Short sale Industrial 311

Housing Wire

MAY 13, 2021

A Bank Statement loan allows bank statement submissions instead of tax returns. Portfolio Select is a good option for those just two years out of foreclosure, short sale, bankruptcy or deed-in-lieu. This loan qualifies using the cash flow of the property. Full doc options include Platinum Jumbo and Portfolio Select.

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Loans Bankruptcy Investor Short sale 370

Housing Wire

JULY 22, 2022

FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. Non-QM lender First Guaranty Mortgage Corp.

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Lending Banks Bankruptcy Loans 397

Housing Wire

DECEMBER 27, 2022

Other smaller lenders, including real estate tech startup Reali and Sprout Mortgage , shuttered, while First Guaranty Mortgage Corp filed for Chapter 11 bankruptcy. non-Bank financial institutions at Fitch Ratings. Everybody is going to have a black eye here.

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Marketing Equity Loans Bankruptcy 529

Housing Wire

SEPTEMBER 9, 2022

That cap doubled starting in September, meaning the central bank going forward will now allow up to $35 billion per month in MBS to roll off its balance sheet as the securities mature. The Fed capped monthly MBS runoff of its $2.7 trillion MBS portfolio over the past three months at $17.5

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Marketing Fixed-rate mortgage Bankruptcy Mortgages 435

Housing Wire

AUGUST 11, 2022

The magnitude of rapidly rising rates impacted our residential mortgage banking business, while demand for shorter-term financing from our business-purpose lending borrowers [including bridge loans and single-family rental property loans] proved more resilient.”. or less],” which will “impact executions for those seeking to securitize.”.

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Mortgages Residential Loans Lending 397

Housing Wire

MAY 10, 2022

Hill also was accused of defrauding his employer out of $480,000 in sales commissions. Depository Institutions – Banks SARs Filings Related to Mortgage Fraud 2020: 11,349 2021: 8,805 Down: 22%. Following are some of the DOJ presser headlines for those cases and links to the official releases describing the charges. Loan or Finance Cos.

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Mortgages Marketing Loans Finance 418

Housing Wire

FEBRUARY 28, 2023

We remain focused on winning new clients, expanding and extending our relationships with existing clients through cross-sales and contract renewals, and delivering innovative new solutions.” Organic growth in 2022 declined from the previous year’s 10%, which is in line with the mortgage analytics data company’s expectations. .

Bankruptcy 397

Bankruptcy Mortgages Technology Banks 397

Housing Wire

OCTOBER 13, 2022

The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond. So, it’s the same thing with these 4,400 independent mortgage banks. “At He points out that in 2021, 85% of the U.S.

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Mortgages Marketing Banks Loans 370

Housing Wire

DECEMBER 21, 2021

The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. Morgan , the investment bank side of New York-based banking holding company JPMorgan Chase & Co.

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Marketing Loans Investor Bankruptcy 435

Housing Wire

MARCH 26, 2024

For those individuals that are considering selling in the current real estate market , it is important to stress to them that they have several paths that can be taken to find their new home while also not breaking the bank.

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Equity Loans Bankruptcy As-is 459

Housing Wire

APRIL 18, 2024

The report defines a critical defect as one that “would result in the loan being uninsurable or ineligible for sale.” We buy loans from over 100 different mortgage banks in a given month,” Smith said, “… and we’ve been working with and training a [generative AI] system on our [non-QM] guidelines.”

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Loans Due diligence Investor Technology 448

Housing Wire

NOVEMBER 9, 2022

The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. filed for Chapter 11 bankruptcy. [In

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Loan Officer Loans Mortgages Industrial 435

Housing Wire

JUNE 28, 2021

The remote work was a further dislocation for an industry tied up in a most concrete transaction – the home sale – and yet abstracted in its duties, unclear in its worth. In the fall of 2019, Brian Coester, filed for Chapter 7 bankruptcy in Maryland federal court, after CoesterVMS went under. Rickard never got paid.

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Bankruptcy Loans Industrial Mortgages 435

Realty Biz

AUGUST 29, 2022

Many more homes have been sold since then and some have even gone through short sales. But what is a short sale exactly, and how is it any different than a regular sale, bankruptcy, or foreclosure? How does a short sale affect you as a homeowner? Are there any benefits of short sales compared to other options?

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Short sale Sales Bankruptcy Banks 107

HomeLight

DECEMBER 2, 2021

One of them is a short sale. The process is complicated and confusing, often leaving a worrisome question in its wake: How long does a short sale stay on your credit? What is a short sale? A short sale is an alternative to foreclosure in which the homeowner gets permission from the lender to sell the home for less than is owed.

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Short sale Sales Loans Banks 104

HomeLight

MARCH 16, 2023

Do you need to connect with cash home buyers in Houston for a fast sale? Whatever your reason for needing a quick sale without making expensive repairs, Houston is teeming with cash home buyers ready to make you an offer no matter your home’s condition. Need to Sell Your House Fast in Houston? No showings, no repairs, no open houses.

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Sales Purchase and sale agreement Earnest money deposit Investor 93

The Close

JULY 23, 2022

Begin with an MLS search of the past 12 months’ sales in the area your client is looking. It turns out that a bank had foreclosed on the property several years ago and somehow forgot that they owned it—until the investor tracked down and presented them with the foreclosure sale information. Sort the search by “Listing Agent.”

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Bankruptcy Purchase and sale agreement MLS Investor 111

HomeLight

AUGUST 16, 2021

As Richie Helali , mortgage sales leader at HomeLight Loans explains “You have to actually report the income. They will also consider your current and previous debts that resulted in foreclosures or bankruptcies. Bank statements. Bankruptcy paperwork. Bill of sale. Credit cards and other lines of credit.

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Loans Mortgages Bankruptcy Purchase and sale agreement 105

Toronto Realty Blog

MARCH 1, 2023

Remember, developers can start pre-sales before they have a final design or approval, and of course, they can always change the design. We talked a lot about sales on Monday as a reason for delays. After all, they’re developers, not equity groups or banks. I see the failed 2007 development called “Giraffe Condos.”

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Construction Bankruptcy Pre-approval Purchase and sale agreement 97

HomeLight

JULY 30, 2021

When you apply for a mortgage , you’re essentially asking a bank to hand you hundreds of thousands of dollars with the promise to pay it back over the next 15 to 30 years. The bank will ask for a list of mortgage documents to prove you’ll be able to repay the loan. Bankruptcy discharge papers. Can you blame them?). Other income.

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Loans Mortgages Bankruptcy Purchase and sale agreement 98

Realtor.com

JULY 2, 2021

Ross eventually put the property into bankruptcy and the saga of attempted sales efforts commenced. The agent, Anthony Marguleas of Amalfi Estates, who became involved with the listing after the bankruptcy court took ownership of the property this year, came up with the rebranding of the property, harking back to its tycoon days. “I

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Bankruptcy Marketing Design Agents 105

HomeLight

MAY 24, 2022

Even though it’s all cash to the sellers at closing, with a cash offer, “you don’t have to go through the appraisal or the bank approval process — it’s cleaner.”. A cash sale: Start to finish. With a cash sale, you can skip a few steps in the typical closing process. Average Price Point. Single Family Homes.

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Purchase and sale agreement Closing Title search Title 111

Fancy Pants Homes

MAY 13, 2022

is once again trying to bank a $100+ million sale. Just one year after it sold at auction — banking a somewhat modest $51 million — the sprawling estate re-surfaced on the market with a $120 million asking price. Villa Firenze in North Beverly Park. Image credit: Concierge Auctions.

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Bankruptcy Title Residential Banks 128

RIS Media

JANUARY 29, 2021

A lender may instead base its decision on information contained in bank statements. After a bankruptcy, foreclosure or short sale, a prospective homebuyer may have to wait a period of time before taking out a new prime mortgage. With an Alt-A mortgage, a lender may require much less documentation.

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Debt-to-income ratio Mortgages Bankruptcy Loans 98

Realty Biz

JUNE 7, 2021

Credit Unions and large banks sometimes take a bit longer than other mortgage lenders. As long as everything proceeds smoothly, there should be no reason you can’t complete the time frame agreed upon in the purchase and sale agreement regarding the closing. Hence, the closing timeline depends on your lender. Final walk-through.

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Closing Purchase and sale agreement Inspection Title 122

The Close

DECEMBER 27, 2022

Real estate sales by unit. Preforeclosure and bank-owned properties, or REO. Distressed sales will create a downward force on sales prices, especially for sellers who are forced to move. Builders experience an increase in failed sales due to move-up purchasers not being able to sell their existing homes.

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Investor Staging Marketing Banks 105

HomeLight

AUGUST 31, 2020

This means that you cannot sell your house and pocket any equity from the sale until that tax lien debt is satisfied. Whether out of embarrassment or denial, many homeowners hold out hope that their tax lien problem won’t crop up until after the home sale closes. What is a tax lien on a home? Source: ( IRS ).

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Bankruptcy Equity Title Closing 105

Realty Biz

AUGUST 18, 2020

Property owners impacted by the COVID-19 housing crisis are struggling to pay mortgages, and the imminent risk of foreclosure and bankruptcy looms large over the industry. Historically-low interest rates and a low inventory of homes for sale have helped the housing market remain robust. Ironically, the housing market seems resilient.

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Purchase and sale agreement Bankruptcy Mortgages Commercial 103

Fancy Pants Homes

OCTOBER 14, 2020

Also known as the Beverly House, it’s one of the most expensive houses for sale in Beverly Hills at the moment, having last been listed in 2018 for $135 million. The Beverly House, as we call it today, was designed by Gordon Kaufmann and built in 1926 for banking executive Milton Getz. What do JFK, Jackie O.,

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Bankruptcy As-is Sales Land 111

HomeLight

JANUARY 13, 2022

In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. So he knows all the twists and turns that can occur between an accepted offer and a closed sale.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 97

CT Homes

FEBRUARY 3, 2022

A defining term that emerged shortly after the collapse was the “short sale”. In the years following, short sales were the driving force behind a majority of all total real estate transactions. While the overall number has greatly declined in recent years, there are still a good number of short sale transactions happening every day.

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Short sale Sales Pre-approval Principal 52

HomeLight

AUGUST 16, 2021

You’ll learn how to prospect for distressed properties, how to approach homeowners, how to work with banks, and much more that will position you as the local expert with solutions to help those in need. Christina’s course: Working with Foreclosures and Short Sales. HUD Homes for Sale. Links and Show Notes.

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Marketing Short sale Bankruptcy Banks 76