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. Why any lender would create a downpayment assistance fund with its own money — rather than that of a state housing finance agency or other source — is not clear from Fannie Mae’s guidance.

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Loans Principal Banks Closing costs 508

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

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

AUGUST 10, 2023

Homeownership is central to building wealth but has been out of reach for many minority families as a result of systemic inequalities in housing and finance,” Kevin Reen, head of Wells Fargo Home Lending, said in a statement. Eligible buyers can combine the bank’s grant with other programs including — Wells Fargo’s Dream.

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Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

FEBRUARY 10, 2022

The Federal Housing Finance Agency has prioritized expanding access to credit while prioritizing safety and soundness. 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.

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Loan Officer Finance Loans Banks 418

Housing Wire

JULY 7, 2022

Top brass at Fannie Mae, in a Thursday webinar discussing its new equitable housing finance plans, argued it can. Can Fannie Mae ’s housing equity plan make a meaningful dent in the 30 percentage point racial homeownership gap without a broad review of loan pricing?

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Equity Lending Closing costs Development 448

Housing Wire

AUGUST 5, 2022

Even if home prices experience modest declines in the coming months, many homeowners will still have adequate equity to make a HELOC an attractive alternative for their financing needs. 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.

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Equity Lending Closing costs Mortgages 448

Housing Wire

JULY 26, 2023

Dubbed “Investors Flex,” the non-QM product for real estate investors, offered purchase and refinance loans up to $2 million that could be used to finance up to 20 properties by using each property’s monthly rental income to qualify.

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Investor Closing costs Loans Mortgages 370

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.

Marketing 397

Marketing Title Closing costs Technology 397

Housing Wire

AUGUST 19, 2024

The groups criticizing CFA, and by extension, DOJ, argue that uncoupling commissions will harm first-time home buyers, especially Black and Hispanic homebuyers who may have limited resources to pay down payment and closing costs. Financed commissions would truly uncouple rates, making it possible for buyers to negotiate them.

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Purchase and sale agreement Finance Industrial Agents 459

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.

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Equity Banks Investor Finance 530

Housing Wire

MARCH 1, 2021

In fact, they could actually cost you more (often significantly more) if used incorrectly. Want to make sure you’re getting the best deal and making the right choice for your finances? And who couldn’t use an extra $60,000 in the bank?). Are you currently thinking about buying a home or refinancing your existing mortgage?

Mortgages 459

Mortgages VA loan Loans Loan Officer 459

Housing Wire

JUNE 9, 2022

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs).

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FHA loan Renovation Equity Loans 368

Housing Wire

JUNE 25, 2024

While they’re one of the best opportunities for an objective party outside the deal to assess a home’s true value, they can also torpedo an asking price or cause a lender to rescind its financing offer. However, their role in the financing process is more important for many buyers. But that’s not all a home appraisal can do.

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Staging Seller concession Finance Closing costs 396

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 31, 2024

In this post, we explore the question: Are closing costs tax deductible? What are examples of seller closing costs? When selling a home, you’ll encounter various closing costs as part of the process. On average, sellers pay between 2% and 5% of a home’s sale price in closing costs.

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Closing costs Closing Title search Title 111

Housing Wire

JUNE 8, 2022

The Federal Housing Finance Agency (FHFA), under the leadership of Director Sandra Thompson, on Wednesday unveiled landmark equitable housing finance plans for Fannie Mae and Freddie Mac. A September 2021 request for input ahead of the equitable housing finance plans indicated the FHFA would implement the plans by January 1, 2022.

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Equity Finance Loans Development 370

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.

Fixed-rate mortgage 467

Fixed-rate mortgage Loans Mortgages Loan Officer 467

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 414

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 393

Housing Wire

NOVEMBER 21, 2022

In particular, we highlight the partnership between CoreLogic, the Mortgage Bankers Association (MBA), the state housing finance agencies of Tennessee and Ohio, municipal housing leaders and other local stakeholders who are also committed to solving this challenge at the “grass-roots” level.

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Finance Design Equity Construction 397

Housing Wire

NOVEMBER 30, 2022

“That means FICO will collect approximately $2-8 total for all three scores out of a $40 to $50 (or more) tri-merge report and score bundle, and out of an average $3,800 in closing costs. ” FICO’s explanation. . All amounts for the tri-merge report and score bundle above this $2-8 are collected by others.

Mortgages 418

Mortgages FHA loan Loans Closing costs 418

Housing Wire

SEPTEMBER 6, 2024

Department of Insurance, Securities and Banking , many in the title industry are frustrated by Schwalb’s actions. DC has the highest housing closing costs in the country,” Schwalb wrote in a post in late August. “We Unlike RESPA, the D.C. code does not contain a carve-out provision for joint ventures or affiliated businesses.

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Title Industrial Agents Closing costs 459

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

APRIL 27, 2023

” LLPA changes Mortgage rates are increasing as the Federal Housing Finance Agency (FHFA)’s loan-level price adjustments (LLPAs) go into effect on May 1. On a hypothetical $400,000 loan, the borrowers would save $3,000 in closing costs. under the previous policy.

Mortgages 397

Mortgages Fixed-rate mortgage Loans Closing costs 397

HomeLight

JULY 11, 2024

Are you searching for financing options for your next real estate investment in San Jose? Whether you’re eyeing a fixer-upper in Willow Glen or planning to invest in rental properties near Santana Row, hard money lenders in San Jose offer a speedy and flexible financing option. What is a hard money lender?

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Finance Hard money loan Home sale contingency Loans 115

Housing Wire

FEBRUARY 14, 2024

Buy before you sell’ (BBYS) products like The Trade-In Mortgage powered by Calque eliminate the stressors caused by financing contingencies. This model is still expensive for homeowners because they are paying duplicate closing costs and leaseback fees. We work with lenders to fix the problem at its root (i.e.,

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Backup offer Loan Officer Home sale contingency Branding 448

HomeLight

JULY 25, 2024

Whether you’re a seasoned house flipper or a homeowner looking to leverage your property’s equity, knowing how to finance your next move is important. One option to consider is a hard money loan , a type of financing that offers flexibility and speed, ideal for competitive markets like the Bay Area. How does a hard money loan work?

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Finance Hard money loan Home sale contingency Loans 115

Housing Wire

MAY 17, 2023

Meanwhile, Rocket is as committed as ever to becoming a fintech company and reducing its customer acquisition cost by adding more consumer-focused products, such as the app Rocket Money. “In some ways, the strategy is similar to a bank, but it’s quite different in other ways. For most banks, it may be an afterthought.

Marketing 369

Marketing Banks Mortgages Industrial 369

HomeLight

JUNE 30, 2024

Hard money loans offer a flexible financing option outside of traditional banks, perfect for those who need quick cash, have limited savings, or face credit issues. Unlike traditional banks that prioritize your credit score and income, hard money lenders in Orange County focus on the value of the property used as collateral.

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Hard money loan Finance Debt-to-income ratio Home sale contingency 112

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.

Closing costs 105

Closing costs Closing Mortgages Loans 105

HomeLight

JUNE 11, 2024

Hard money loans might be a worthwhile financing option to explore. Whether you’re planning to flip a historic greystone in Lincoln Park or invest in a rental property in Logan Square, hard money lenders in Chicago can offer faster approval times and more flexibility compared to traditional bank loans.

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Hard money loan Finance Home sale contingency Loans 116

Housing Wire

AUGUST 21, 2023

Year Founded Description 98 OptiFunder 4,767% 2018 Finance company helping independent mortgage lenders choose among funding options and streamline the process. 658 Maxwell 890% 2015 Digitizes the mortgage-origination process for small to midsize banks, credit unions, and independent mortgage lenders. 4,105 FirstCloseFirstclose.

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Equity Technology Investor Residential 370

Housing Wire

SEPTEMBER 7, 2023

If the traditional practice of sellers paying for both sides of the agents ends, housing agencies will have to weigh in to determine ways for buyers to finance their agents’ comp, LOs noted. Bank Home Mortgage and Planet Home Lending declined to comment. Fannie Mae, Freddie Mac and the U.S. Wells Fargo , Pennymac , U.S.

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Agents Loan Officer Lending Loans 418

HomeLight

NOVEMBER 1, 2021

Most people don’t really concern themselves with the sell-side costs,” Wexler says. This is partly due to the fact that closing costs have dropped a bit for both Arizona sellers and buyers in recent years. Closing Cost. Average Cost . Arizona sellers will cover these closing costs.

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Closing costs Closing Title Title search 102

Norada Real Estate

JUNE 22, 2022

Financing turnkey rental properties is the most difficult question to solve for a buyer with no experience in the real estate market. ” But, if an investor does not have that much cash in hand, finance is required to meet the purchase price of an investment property. Financing Turnkey Rental Properties.

Finance 96

Finance FHA loan Investor Loans 96

Housing Wire

FEBRUARY 22, 2024

There are a lot of banking challenges, just like with mortgage, and it felt like a good time to be part of the solution. And as we already know, closing costs go up every year. Banks have been able to have a lot of our information locked up, but it’s not locked up for them — they get to use it. I don’t think so.

Technology 344

Technology Banks Mortgages As-is 344