Housing Wire

SEPTEMBER 9, 2024

“We really think closing costs can be a significant obstacle to refinancing,” Chopra said at an AI and technology conference jointly hosted by ICE Mortgage Technology and the National Housing Conference at the New York Stock Exchange on Monday. At least when it comes to redundancies with refinancings, that is.

Mortgages 476

Mortgages Closing costs Title Technology 476

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. People’s first reaction was to wonder if this was 2008 all over again. We have a much better housing ecosystem now for sure.

Loans 544

Loans Banks Equity Bankruptcy 544

Inman

FEBRUARY 19, 2025

RocketRentRewards lets homebuyers earn closing cost credits equal to 10 percent of their verified rent payments over the past year, or $2,160 for those paying the average $1,800 in rent.

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Closing Closing costs Banks Lending 104

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

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

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

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. Additionally, the letter highlights that the price of a title insurance premium and settlement costs are “two of the least expensive costs, barely equating to 0.7% 2, 2024.

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Title Mortgages Land Closing costs 468

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.

Loans 508

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.

Loans 448

Loans Closing costs Development Finance 448

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

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.

Mortgages 370

Mortgages Closing costs Lending Closing 370

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.

Equity 448

Equity Lending Closing costs Development 448

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.

Banks 435

Banks Closing costs Mortgages Loans 435

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

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.”

Mortgages 435

Mortgages Loan Officer Loans Closing costs 435

Housing Wire

MARCH 8, 2023

billion in closed loan volume, according to the lender. 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. The program first rolled out to a select group of customers in 2022, resulting in $1.1

Loans 397

Loans Closing Closing costs Mortgages 397

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 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.’

Lending 447

Lending VA loan Banks Investor 447

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.

Investor 370

Investor Closing costs Loans Mortgages 370

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 Finance 370

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.

Banks 505

Banks Loans Technology Mortgages 505

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 468

Fixed-rate mortgage Loans Mortgages Loan Officer 468

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?

Closing costs 104

Closing costs Closing Inspection Loans 104

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. . 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. .

Mortgages 459

Mortgages VA loan Loans Loan Officer 459

Housing Wire

MARCH 28, 2022

These companies are advancing the market and closing fragmentation gaps by using technology to digitize and simplify multiple aspects of the real estate value chain to create a better customer experience. iBuyers are property companies that do the buying and selling of a home digitally. alone is worth about $40T.

Marketing 397

Marketing Title Closing costs Technology 397

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

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 476

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.

Lending 396

Lending Banks Loan Officer Loans 396

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.

Loan Officer 418

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.

Banks 418

Banks Closing costs Loans Mortgages 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

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.

Mortgages 418

Mortgages Loans Investor Banks 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

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

Housing Wire

JUNE 9, 2022

With a fixed rate for as many as 20 years, RenoFi’s fixed-rate home equity loan provides 100% of the funds, as much as $500,000, directly to the homeowner at the time of closing, according to a news release from the startup. The new product is an addition to RenoFi’s variable rate HELOCs, which allow homeowners to borrow against their equity.

FHA loan 370

FHA loan Renovation Equity Loans 370

Housing Wire

APRIL 12, 2023

None of the surveyed mortgage professionals said staff cuts caused decreased ability to close loans and lack of training were the challenges they faced. 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.

Mortgages 417

Mortgages Loan Officer Marketing Seller concession 417

Housing Wire

DECEMBER 1, 2022

Following dampened activity from buyers, sellers provided increased concessions, such as temporary rate buydowns or paying closing costs to complete sales, the report noted. Respondents indicated that there were fewer closed and pending sales due to higher interest rates and low inventory.

Marketing 370

Marketing Residential Construction Sales 370