Housing Wire

AUGUST 13, 2024

The letter was in response to the CFPB’s request for information on residential mortgage fees, which the Bureau issued in late May. 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.

Title 468

Title Mortgages Land Closing costs 468

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.

Lending 481

Lending Closing Banks Commercial 481

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. This is a plus of homeownership, a fixed long-term debt cost while their wages rise every year.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

NOVEMBER 20, 2024

Executives at mortgage lenders anticipate a minimum 20% increase in credit reporting costs in 2025 compared to 2024. And the soaring costs will hit as lenders try to dig out from multiple years of financial losses and mass layoffs. In early November, Fair Isaac Corp. per score—equating to $4.35 per borrower and $8.70

Mortgages 435

Mortgages Loan Officer Loans Closing costs 435

Housing Wire

JULY 5, 2023

District Court for the Western District of Texas by a group of current and former staffers from the company’s bilingual mortgage sales team alleging race-based discrimination. The bank, which paid a $3.7 Wells Fargo has been sued in U.S. This is according to original reporting by Bloomberg and court documents reviewed by HousingWire.

Mortgages 370

Mortgages Closing costs Lending Closing 370

Housing Wire

MARCH 2, 2023

When the entire mortgage industry saw volume drop by more than half in 2022, nearly every lender emerged with battle scars. Non-qualified mortgage (non-QM) wholesale lender A&D Mortgage , however, saw origination volume increase by more than 31% to $3.2 bps toward closing costs at the time of the closing. “We

Mortgages 418

Mortgages Loans Investor Banks 418

Housing Wire

APRIL 12, 2023

With the mortgage industry still rightsizing, mortgage professionals are worried about regulation of the industry and inflation that thins already tiny margins. of the surveyed mortgage professionals said loans falling through was the biggest challenge, ranking as the second most challenging factor. About 19.4% Of the total, 36.1%

Mortgages 417

Mortgages Loan Officer Marketing Seller concession 417

Housing Wire

NOVEMBER 16, 2022

United Wholesale Mortgage (UWM) this week expanded its temporary rate buydown offerings amid higher interest rates and fierce competition. Borrowers with temporary buydowns pay a lower mortgage rate during the first, second and third years of their loans. How to stay competitive with specialty mortgage products heading into 2023.

Seller concession 397

Seller concession Mortgages Fixed-rate mortgage Loans 397

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. There are, however, a number of additional caveats for a mortgage loan with a lender-funded grant to be eligible for sale to Fannie Mae. There may be more to come.

Loans 508

Loans Principal Banks Closing costs 508

Housing Wire

APRIL 27, 2023

Mortgage rates are trending up ahead of the Federal Reserve’s meeting next week, with the FOMC expected to increase the federal funds rate. The prospect of lower mortgage rates for the remainder of the year should be welcome news to borrowers who are looking to purchase a home.” under the previous policy.

Mortgages 397

Mortgages Fixed-rate mortgage Loans Closing costs 397

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.

Fixed-rate mortgage 370

Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

NOVEMBER 9, 2023

For this reason, many programs now allow funds to be used for buydowns and other popular financing strategies that take the edge off of monthly mortgage payments,” Rob Chrane, founder and CEO of DPR, said in a statement. Buydowns have become a preferred financing strategy for borrowers as mortgage rates have surged.

FHA loan 482

FHA loan VA loan Finance Loans 482

Housing Wire

MARCH 7, 2024

Biden will also call for “lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters,” according to the White House announcement. This would act as an equivalent to reducing the mortgage rate by more than 1.5% The White House estimates that this “will raise an additional $3.79

Construction 535

Construction Closing costs Renovation Title 535

Housing Wire

NOVEMBER 30, 2022

Credit reports are getting a lot pricier, and some mortgage lenders are none too pleased about it. 22, the National Consumer Reporting Agency told its members that the “vast majority” of mortgage lenders would see price increases between 10% and 400% from Fair Isaac Corp. In a letter dated Nov.

Mortgages 418

Mortgages FHA loan Loans Closing costs 418

Housing Wire

NOVEMBER 13, 2020

Consumers are ready — and they’re waiting on mortgage to catch up. While mortgages make up the lion’s share of consumer debt — nearly 72% of it, according to the Fed — they’re among the rarest financial transactions in a consumer’s life. There’s no doubt that mortgage data is among the most valuable in the world.

Banks 505

Banks Loans Technology Mortgages 505

Housing Wire

JULY 22, 2024

Quality control also ensures that mortgage loans meet investor and regulatory standards, which minimize the risk of defaults and foreclosures adversely impacting local markets. EG: As a thought leader in the mortgage industry, we wanted to provide lenders with a new tool to use in their risk mitigation toolbox.

VA loan 447

VA loan Lending Banks Investor 447

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. The post Freddie Mac to include on-time rent in underwriting appeared first on HousingWire.

Banks 435

Banks Closing costs Mortgages Loans 435

Housing Wire

APRIL 9, 2024

In a message to mortgage brokers, United Wholesale Mortgage (UWM) defended itself from the Hunterbrook Media report that claims the lender orchestrated a scheme to steer loans. 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.

Fixed-rate mortgage 468

Fixed-rate mortgage Loans Mortgages Loan Officer 468

Housing Wire

APRIL 9, 2024

With the Federal Reserve gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. Homeownership is used far too often as the federal piggy bank. The Community Home Lenders of America (CHLA) applauds these initiatives. The American homebuyer needs help.

FHA loan 476

FHA loan Loans Title Mortgages 476

Housing Wire

JULY 7, 2022

Instead, the agency will focus on better identifying mortgage-ready applicants, and helping other borrowers become mortgage-ready, said Malloy Evans, single-family senior vice president at Fannie Mae. Notably, decision-makers at Fannie Mae believe they can effect change without expanding eligibility criteria.

Equity 448

Equity Lending Closing costs Development 448

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. and has worked in the mortgage industry for over 50 years.

Loans 448

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.

Banks 370

Banks Loans Equity Development 370

Housing Wire

AUGUST 5, 2022

This phenomenon of rising home values is nothing new and many homeowners accessed their growing equity through a cash-out refinance transaction during the mortgage boom of the last two years. Adam Boyd of Head of Home Equity Lending at Citizens Bank. Customer experience.

Equity 448

Equity Lending Closing costs Mortgages 448

Housing Wire

MAY 14, 2024

With the Fed gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. Homeownership is used far too often as the federal piggy bank. The Community Home Lenders of America (CHLA) applauds these initiatives. The American homebuyer needs help.

FHA loan 447

FHA loan Loans Title Banks 447

Housing Wire

JULY 26, 2023

United Wholesale Mortgage (UWM), the country’s largest wholesale lender, expanded its debt service coverage ratio (DSCR) loan options to four after launching its first product in March. Early this month, UWM announced home-affordability mortgage products designed to help underserved borrowers become homeowners.

Investor 370

Investor Closing costs Loans Mortgages 370

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.

Lending 396

Lending Banks Loan Officer Loans 396

Housing Wire

OCTOBER 27, 2020

Mortgage lending has gotten stricter during the COVID-19 pandemic. Bank raised its FICO score requirements to 680 on FHA, VA and USDA loans. Low-down and government-backed mortgages. Keep in mind that you’ll need to cover private mortgage insurance costs for any down payment under 20%. Meanwhile, U.S.

VA loan 418

VA loan FHA loan Loans Banks 418

Housing Wire

FEBRUARY 10, 2022

The government-sponsored enterprise saw a 20% growth in its single-family mortgage portfolio from 2020 to 2021, driven by soaring home prices and an increase in the average size of loans it acquired. He was most recently CEO of Hayden Consulting , which advises mortgage banks, commercial banks, thrifts, REITs, and private equity firms.

Loan Officer 418

Loan Officer Finance Loans Banks 418

Housing Wire

MARCH 8, 2023

Dubbed the “ Same Day Mortgage ,” the program is aimed at giving a competitive edge to first-time buyers who are competing against the all-cash buyers who make up 28% of home purchases, the lender said. billion in closed loan volume, according to the lender. billion in closed loan volume, according to the lender.

Loans 397

Loans Closing Closing costs Mortgages 397

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

Lending 458

Lending Finance Closing costs Closing 458

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. It could help you avoid mortgage insurance. Here are the pros and cons to think about. It could help you buy sooner. Another added benefit of having more to put down?

Banks 418

Banks Closing costs Loans Mortgages 418

Marco Santarelli

JANUARY 1, 2025

Mortgage rates are a hot topic for anyone looking to buy a home or refinance an existing mortgage. As of January 01, 2025, the average mortgage rate for a 30-year fixed loan is 7.01%. This rate is a significant factor that affects how much homebuyers will pay each month and the total cost of the loan over the long term.

Mortgages 97

Mortgages Loans Fixed-rate mortgage Closing costs 97

Marco Santarelli

MARCH 4, 2025

Today's mortgage rates on March 4, 2025, show a slight decrease, particularly in the 30-year fixed mortgage rate, which sits at an average of 6.26%. However, mortgage rates have dropped nearly 30 basis points from their February average and plunged last week amid market fears of an economic slowdown. mortgage rates.

Mortgages 119

Mortgages Debt-to-income ratio VA loan FHA loan 119

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.

Closing costs 119

Closing costs Closing Title Inspection 119

Housing Wire

DECEMBER 1, 2022

Higher mortgage rates , inflation and recession fears are the key factors holding back home demand in districts including Boston and Philadelphia, said the economists, market experts and business organization leaders interviewed for the report. million this year, and mortgage origination activity is forecasted to slip to $1.74

Marketing 370

Marketing Residential Construction Sales 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

Housing Wire

MAY 17, 2023

Rocket Mortgage ‘s top executives believe the mortgage market is near the bottom, which means a recovery may be on the horizon soon. So yes, we’re toward the bottom in that,” Bob Walters, CEO at Rocket Mortgage and president and COO at Rocket Companies , said. For most banks, it may be an afterthought.

Marketing 370

Marketing Banks Mortgages Industrial 370