Housing Wire

MAY 17, 2024

Chase Home Lending , the consumer and commercial banking arm of JPMorgan Chase & Co. , has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. This grant can be used to discount underwriting fees paid at closing, or to reduce the interest rate and down payment.

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Housing Wire

AUGUST 10, 2023

Eligible buyers can combine the bank’s grant with other programs including — Wells Fargo’s Dream. Mortgage , and/or Closing Cost Credit. Home prices are on the rise again, mortgage rates are over 7% and the lack of existing homes for sale continues to put pressure on first-time homebuyers.

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Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

APRIL 30, 2024

million families under the Equitable Housing Finance Plans ”by educating consumers, reducing closing costs, introducing innovation into underwriting, and combating appraisal bias,” the agency stated. FHFA explained some of the actions it has taken to address housing inequality. These include having served nearly 2.6

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Lending Finance Closing costs Closing 458

Housing Wire

AUGUST 4, 2022

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. For banks, there is a potential incentive for making targeted programs. The change could give nonbank lenders a way to guard against redlining accusations.

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Loans Principal Banks Closing costs 508

Housing Wire

OCTOBER 21, 2021

The nation’s network of Federal Home Loan Banks (FHLBanks ) expects to be required to increase its share of investments in affordable housing. The total volume should not be lower than $100 million for each bank. In the first week of October, the bank also launched a $1.5 In May, Sen. Catherine Cortez Masto (D-NV) and Rep.

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Banks Loans Equity Finance 370

Housing Wire

MARCH 7, 2024

In the address, the president will call for a $10,000 tax credit for both first-time homebuyers and people who sell their starter homes; the construction and renovation of more than 2 million additional homes; and cost reductions for renters. The White House estimates that this “will raise an additional $3.79

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Construction Closing costs Renovation Title 535

Housing Wire

JUNE 29, 2022

According to Freddie, this option will be available starting July 10 and will allow mortgage lenders to submit a borrower’s bank account data that shows a 12-month streak of on-time rent payments to its automated underwriting system.

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Banks Closing costs Mortgages Loans 435

Housing Wire

JULY 22, 2024

EG: The Community Reinvestment Act (CRA) is a federal and state law that encourages banks and lenders to meet credit needs, including mortgages, for low- and-moderate income communities. ZL: Consolidated Analytics recently rolled out a ‘Quality Control Checklist.’

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Lending VA loan Banks Investor 447

Housing Wire

NOVEMBER 13, 2020

And while there is no legal limit on how many times a mortgage may be refinanced, closing costs and interest rate cycles effectively limit the number of times any given homeowner will pursue this option. Median homeowner tenure, now 13 years, has been on the rise for more than a decade according to the National Association of Realtors.

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Banks Loans Technology Mortgages 505

Housing Wire

NOVEMBER 9, 2023

About 74% of the 2,256 homebuyer assistance programs are down payment and closing cost assistance programs. Source: Down Payment Resource A growing number of non-bank mortgage lenders have rolled out down payment assistance programs recently to increase their origination pie in a challenging mortgage environment.

FHA loan 482

FHA loan VA loan Finance Loans 482

Housing Wire

JULY 7, 2022

Among them are Chase Home Lending — which last year started providing grants toward down payments and closing costs in minority neighborhoods — and TD Bank , which provides grants for closing costs and expanded underwriting in certain geographic areas.

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Equity Lending Closing costs Development 448

Housing Wire

JULY 5, 2023

The company’s management team implemented this policy, the complaint alleges, because refinancing can come with high closing costs that range between $5,000 and $10,000 dollars. The bank, which paid a $3.7 Members of the bilingual team expressed concern about the policy to management, the complaint says.

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Mortgages Closing costs Lending Closing 370

Housing Wire

SEPTEMBER 10, 2022

Ben Slayton’s Legacy Home Loans , the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country. The SPCP loan program will be piloted in Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

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Loans Closing costs Development Finance 448

Housing Wire

AUGUST 5, 2022

Not only would the homeowner incur closing costs, but in most cases, the borrower would also have to stomach a higher rate on the existing mortgage balance. Alternatively, a HELOC can often be originated with no fees or closing costs, and importantly, with no impact to the rate on the existing first mortgage balance.

Equity 448

Equity Lending Closing costs Mortgages 448

Housing Wire

JULY 26, 2023

Qualified buyers receive up to $10,000 toward their downpayment/closing costs with BorrowSmart Geo-Target, or $5,000 toward their downpayment/closing costs and up to $1,000 toward home warranty and appraisal costs with the HomeReady SPCP.

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Housing Wire

AUGUST 13, 2024

This request was in addition to the CFPB’s consideration of a ban on mortgage banks charging homebuyers for the lender’s title insurance policy. The letter was in response to the CFPB’s request for information on residential mortgage fees, which the Bureau issued in late May.

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Title Mortgages Land Closing costs 468

HomeLight

OCTOBER 25, 2023

Whether you’re buying or selling, you’re probably wondering how to avoid closing costs. Unfortunately, there’s no way to eliminate them altogether, but there are ways you can lower your closing costs regardless of the state of the market. However, closing cost etiquette varies in different locales.

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Closing costs Closing Title Inspection 119

Housing Wire

APRIL 9, 2024

Homeownership is used far too often as the federal piggy bank. But our members are smaller independent mortgage banks (IMBs), so we have concerns that, if not properly handled, dual compensation simply results in mega Realtor/lender firms that crush smaller IMBs. Such opportunities may arise. All these homebuyer charges add up.

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FHA loan Loans Title Mortgages 476

Housing Wire

APRIL 25, 2023

The goal of Asset Analysis is to automate the labor-intensive process of reviewing assets and multiple bank statements during underwriting to determine the likelihood that the borrower will have sufficient funds to cover down payments, closing costs, and reserves for the mortgage transaction.

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Lending Banks Loan Officer Loans 396

Housing Wire

OCTOBER 27, 2020

Bank raised its FICO score requirements to 680 on FHA, VA and USDA loans. Keep in mind that you’ll need to cover private mortgage insurance costs for any down payment under 20%. There are also low- and zero-down payment loans offered by various banks and credit unions. Meanwhile, U.S.

VA loan 418

VA loan FHA loan Loans Banks 418

Housing Wire

APRIL 9, 2024

Hunterbrook also claims that borrowers paid in UWM loans a total of $229 million more in closing costs over the past four years than the average-priced loan. A lawsuit filed by borrowers on the heels of the report states that UWM created a ‘ corrupt ’ scheme with loyal brokers to send loans its way, applying excess fees and costs.

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Fixed-rate mortgage Loans Mortgages Loan Officer 468

Housing Wire

FEBRUARY 10, 2022

In November, Freddie Mac announced it would encourage landlords to provide access to rental payment data, by recouping a portion of closing costs for properties it finances. He was most recently CEO of Hayden Consulting , which advises mortgage banks, commercial banks, thrifts, REITs, and private equity firms.

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Loan Officer Finance Loans Banks 418

Housing Wire

OCTOBER 27, 2020

Are you considering tapping the Bank of Mom and Dad for your home purchase? The less the bank has to loan you, the lower your monthly payments will be. If you’re able to put down enough cash, you might be able to avoid mortgage insurance, which adds an extra fee to your closing costs and monthly bill.

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Banks Closing costs Loans Mortgages 418

Housing Wire

MAY 14, 2024

Homeownership is used far too often as the federal piggy bank. But our members are smaller independent mortgage banks (IMBs), so we have concerns that, if not properly handled, dual compensation simply results in mega realtor/lender firms that crush smaller IMBs. Such opportunities may arise. All these homebuyer charges add up.

FHA loan 449

FHA loan Loans Title Mortgages 449

Housing Wire

MARCH 1, 2021

And who couldn’t use an extra $60,000 in the bank?). You often won’t need a credit check, home appraisal or much paperwork, and you can close on your loan in just a couple of weeks. . They usually come with lower closing costs, too, making them a great way to save both time and money. It doesn’t stop there.

Mortgages 459

Mortgages VA loan Loans Loan Officer 459

Housing Wire

MARCH 28, 2022

Proprietary analytics and external data sources, backed by a microservice architecture that connects them all via APIs, can feed optimized recommendations and assessments for any part of the sale — valuation, tax, credit score, loan rating, insurance rating, title and closing costs.

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Marketing Title Closing costs Technology 397

Housing Wire

NOVEMBER 20, 2024

royalty per score accounts for a small portion—approximately 15%—of the cost of a tri-merge credit report and score bundle. “With total average closing costs of $6,000, FICO’s share of total average closing costs before this new per-score royalty was only approximately two-tenths of one percent.”

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Mortgages Loan Officer Loans Closing costs 435

Housing Wire

MARCH 2, 2023

bps toward closing costs at the time of the closing. “We Bank statement and debt-service coverage ratio (DSCR) loans are its bread and butter, accounting for 40% and 30% of the total volume respectively last year. Effective March 1, A&D is also giving brokers a 0.25 About one out of 10 guys say I still want to buy.

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Mortgages Loans Investor Banks 418

Housing Wire

JULY 1, 2024

Possessing almost the entire corporate equities market, rather than a small stake as a regular employee or retail investor, is the difference between owning a bank and owning a savings account. The long-term logic of stock cannot beat the immediate crisis of rising housing costs and stagnant wages emptying American bank accounts.

Equity 532

Equity Banks Finance Investor 532

HomeLight

APRIL 20, 2023

Editor’s note: This post will help answer the question: How much are closing costs in Pennsylvania (PA)? The example costs provided are based on median home prices and typical fees. Your closing costs may differ depending on your circumstances and the terms of your home purchase. What are closing costs?

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Closing costs Closing Inspection Loans 104

Housing Wire

MARCH 8, 2023

Eligible borrowers who provide all required documentation within eight business hours will receive a $250 closing cost credit applied at closing, according to the website. Guaranteed Rate promotes the newly launched program on its website as one allowing borrowers to a loan approved in one day with as little as 3%.

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Loans Closing Closing costs Mortgages 397

Housing Wire

APRIL 12, 2023

Seller credit for closing costs, price reductions waiving of fees, and adjustable-rate mortgages (ARMs) were also mentioned by mortgage professionals as incentives offered in the market. Volunteering with our local Board of Realtors, on three (3) committees; Education, Banking & Finance and Membership Engagement.

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Mortgages Loan Officer Marketing Seller concession 417

Keeping Current Matters

OCTOBER 21, 2020

Many decided they would just stop making their payments and walk away from the house, which then resulted in the bank foreclosing on the property. A decade ago, there wasn’t a forbearance option, and most banks did not put in other programs, like modifications and short sales, until very late in the crisis. Prices are appreciating.

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Equity Banks Closing costs Loans 296

Housing Wire

JULY 14, 2023

Discriminatory practices and policies in government, the banking, and real estate industries continue to impede access to homeownership for [Black, Indigenous, People of Color (BIPOC)] households today,” the summary explained. Sponsors say it’s the first statewide bill of its kind.

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Closing costs Land Design Banks 370

Housing Wire

JUNE 9, 2022

For government loans, such as a Fannie Mae Homestyle Renovation loan, first-time buyers can qualify with a down payment as low as 3%, but renovation costs are limited to 75% of the home’s after-repair value, and borrowers must pay higher fees and closing costs than they would on other types of mortgage loans.

FHA loan 370

FHA loan Renovation Equity Loans 370

HomeLight

JULY 5, 2023

It’s no secret that the mortgage industry isn’t super transparent about closing costs. According to a February 2017 report from ClosingCorp, more than half of homebuyers surveyed were surprised by their closing costs. Third-party fees: The second group of closing costs is third-party fees.

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Closing costs Closing Mortgages Loans 105

Housing Wire

NOVEMBER 16, 2022

With the seller-paid version, seller concessions, which are closing costs the seller agrees to pay, are deposited as a lump sum into the buydown account. The temporarily lower rate is made possible by a lump sum that is deposited into a buydown account. How to stay competitive with specialty mortgage products heading into 2023.

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Seller concession Mortgages Fixed-rate mortgage Loans 397