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. In late 2021, Congress renewed a 10-basis point tax on Fannie Mae and Freddie Mac loans for another decade — not based on loan risk, but to pay for non-housing spending.

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Housing Wire

NOVEMBER 9, 2023

A total of 224 programs will fund certain upfront loan fees including the upfront mortgage insurance premium on FHA loans , the funding fee on VA loans and the guarantee fees on USDA loans. Some 10% of the programs are first mortgages and 3% of programs are mortgage credit certificates (MCCs).

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Housing Wire

SEPTEMBER 25, 2024

Purchase loan applications saw more modest increases of 0.4% And the rate for Federal Housing Administration (FHA) loans dropped to 5.99%, “breaking the psychologically important 6% level,“ according Joel Kan, the MBA’s vice president and deputy chief economist. Rising home prices are reflected in larger loan sizes.

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FHA loan Mortgages VA loan Fixed-rate mortgage 448

Housing Wire

OCTOBER 9, 2024

decline in purchase loan demand. Conventional loan refinances, which tend to have larger balances than government loans and hence are more responsive for a given change in mortgage rates, fell to a greater extent over the week.” 4, Federal Housing Administration (FHA) loans decreased by 40 bps and represented 16.2%

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Housing Wire

APRIL 5, 2023

Mortgage rates declined last week as headlines on the bank crisis slowed, which could have spurred borrowers’ demand for home loans. But the decline in demand for mortgage loans was more evident in the government market, which consists of Federal Housing Administration (FHA), U.S. Ultimately, the share of FHA, V.A.

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Loans Mortgages Fixed-rate mortgage Banks 435

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. In late 2021, Congress renewed a 10 basis point tax on Fannie Mae and Freddie Mac loans for another decade – not based on loan risk, but to pay for non-housing spending.

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FHA loan Loans Title Banks 422

Housing Wire

JANUARY 31, 2023

Scott Miller, a former mortgage loan originator at Sprout Mortgage , knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. Up to 30% of the 1,000 largest independent mortgage banks projected to disappear by the end of 2023 via sales, or failures.

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Housing Wire

OCTOBER 25, 2023

The firm is a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks and brokers. The average of preapproved borrowers per loan officer fell by 11.6% Meanwhile, the average preapproval loan amount in Q3 decreased slightly by 2.5% days in Q3, up from 89.3 days in Q2.

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Housing Wire

MAY 4, 2021

Consumers also reported long delays in having their loan modified so that they could resume payments on the mortgage. In other cases, consumers said servicers provided conflicting information about what options were available and the consumer’s eligibility for loan modification.

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Mortgages FHA loan Loans Title 476

Housing Wire

FEBRUARY 27, 2024

of the total) and purchase loans (93.5%), according to the mortgage tech platform Modex. Based in Las Vegas, Gatling has worked for companies such as Bank of America , MetLife Home Loans , Home Community Mortgage and Guild Mortgage , developing expertise in loans to underserved communities. were FHA loans.

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Housing Wire

JUNE 1, 2022

A coalition of independent mortgage banks want the Federal Housing Administration (FHA) to take steps it says would significantly improve access to credit for underserved borrowers. 55% and get rid of its life of loan premium policy. 55% and get rid of its life of loan premium policy.

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Housing Wire

MAY 25, 2023

has decided to exit the origination business amid one of the most challenging cycles in decades, provoked by the Federal Reserve ‘s tightening monetary policy and a banking crisis. The company will focus on full-servicing banking and mortgage servicing businesses, it announced on Thursday. Department of Veteran Affairs (V.A.)

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Housing Wire

AUGUST 2, 2024

Prospective borrowers with strong credit are locking in mortgages this week at the lowest rates in more than a year, loan officers and lending executives told HousingWire on Friday. Indeed, one West Coast LO told HousingWire that he quoted a borrower a 5.75% rate on a 30-year FHA loan for a $500,000 Southern California home purchase.

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Housing Wire

SEPTEMBER 21, 2020

Millions of homeowners still have a sizeable incentive to refinance, given the difference between the rate on their current loan and available market rates. 1, 2020, it was not unusual to see lenders quoting higher rates for refinances relative to purchase loans. Even prior to the imposition of this fee, now effective on Dec.

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Housing Wire

OCTOBER 19, 2022

A doubling of 30-year fixed rate mortgage rates, shrinking profit margins and a risk of recession presents a challenging environment for independent mortgage banks (IMBs), but smaller IMBs are better positioned to weather challenges, claimed the Community Home Lenders of America (CHLA), a lobby group that represents smaller mortgage lenders.

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VA loan FHA loan Fixed-rate mortgage Banks 435

Housing Wire

SEPTEMBER 22, 2023

While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Elevated mortgage rates will lead to more lenders spilling red ink in the latter half of the year, in contrast to the improved financial performance of independent mortgage banks in Q2. DPA programs were predominantly for FHA loans.

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Housing Wire

SEPTEMBER 26, 2024

Median payments for both Federal Housing Administration (FHA) loans and conventional loans declined. The cost of owning a home across much of the nation remains a tough go for average workers, exceeding levels preferred by banks and other lenders. between July and August. That’s mainly because of declining interest rates.”

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Housing Wire

MARCH 29, 2022

This marks a notable dip in originations from 2020, a record-breaking year in which VA lenders pumped out approximately $427 billion in VA loans. Freedom Mortgage Corporation continued to lead the pack, originating $43 billion in VA loans last year. PennyMac Loan Services took fourth place, originating $17.5 billion in 2021.

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Housing Wire

OCTOBER 27, 2020

Bank raised its FICO score requirements to 680 on FHA, VA and USDA loans. Both VA and USDA loans require zero down payment. Both VA and USDA loans require zero down payment. To qualify for a VA loan, borrowers must be military members or veterans and meet certain service requirements. Meanwhile, U.S.

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Housing Wire

APRIL 10, 2023

However, when investors flocked to safe-haven assets in the wake of uncertainty in the banking sectors — which led to rates coming down roughly a quarter of a point — the mortgage industry saw another quick surge in originations, particularly the purchase market, Walden noted.

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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). Presented by: Auction.com.

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Housing Wire

JANUARY 10, 2022

Interest rates on 30-year fixed-rate loans averaged 2.96% in 2021, a record low annual average, and are expected to rise this year. Even with this increase, fixed-rate loans will still be cheaper than they were before the pandemic: In the 2010-2019 decade the interest rate averaged 4.1% for 30-year fixed-rate loans.

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Housing Wire

SEPTEMBER 27, 2022

In correspondent lending, Wells Fargo funds the loan arranged by outsiders and the bank is concerned that it would have to be responsible for “reputational damage” when it finances large amounts of loans originated by other firms. Bank have also shed an undisclosed number of jobs in their mortgage divisions this year.

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FHA loan Lending Banks Finance 397

Housing Wire

OCTOBER 21, 2022

LoanFront is licensed to do business in 21 states and offers a mix of conventional and government loans. According to mortgage recruiting platform Modex , about 96% of its transactions were refinancings and the majority were FHA loans. million in loans in September. Presented by: Flagstar. billion — compared with $51.1

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Housing Wire

AUGUST 15, 2022

The depository bank will likely shrink or potentially halt correspondent lending, in which Wells Fargo funds the loan arranged by outsiders, Bloomberg reported , citing unnamed sources. Servicing rights is treated as an asset by banks that generates revenue. billion as of the quarter ended June 30, 2022.

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Housing Wire

DECEMBER 30, 2020

In October, the Conference of State Bank Supervisors made a controversial move to issue a final rule with proposed prudential standards for nonbank mortgage servicers – standards that, if enacted, have some stakeholders worried. This provision is clearly problematic for GSE loans, but it will be even more of an issue for government loans.

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FHA loan Lending Banks Loans 413

Housing Wire

APRIL 17, 2023

First, the FHA program does more loans to minorities than any other agency or private label lending source — so much so that it dwarfs the GSEs, VA , and others. of FHA’s purchase transactions were provided for minority home loans. But who does the FHA loans today? Let’s start with the basics.

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Housing Wire

OCTOBER 21, 2022

If local lenders are able to leverage strategic partnerships to bring new loan offerings to market, they’ll be ideally positioned to serve a wider range of borrower needs and create lasting change in American homeownership. 30, banks controlled 15.9% Industry trade groups cheered the decision to delay the rule’s implementation.

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Housing Wire

SEPTEMBER 3, 2021

Of the 35,380 Federal Housing Administration -insured loans in New Orleans, 17.9%, or 6,600, were delinquent as of August, per an analysis of Department of Housing and Urban Development data from the American Enterprise Institute. That puts it behind only a handful of other cities in the country in delinquent share of loans.

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Housing Wire

JUNE 8, 2022

In its Wednesday letter to the DOJ, CHLA claimed the small and midsize independent mortgage banks it represents would be “particularly vulnerable” to market concentration — such as the large conglomerate resulting from an ICE/ Black Knight merger — in mortgage services. The planned merger between Intercontinental Exchange Inc.

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HomeLight

AUGUST 31, 2021

The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. In 2020, only about 10% of all home loans were FHA-backed, according to the agency’s annual report. But more than 80% of those FHA borrowers were first-time homebuyers.

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Housing Wire

MARCH 10, 2022

Lakeview Loan Servicing , one of the nation’s largest issuers of Ginnie Mae securities, is making a play in the private-label securities market by sponsoring an offering backed by a pool of 2,192 Federal Housing Administration -guaranteed mortgages valued at $423.6 A fourth such transaction, a $370.7 Department of Agriculture.

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Housing Wire

NOVEMBER 30, 2022

Such a royalty structure was already in place for auto loans, credit cards, personal loans, and other products, but FICO has historically charged each CRA the exact same royalty per-score in the mortgage market. In a statement to HousingWire on Wednesday, FICO said that by Sept.

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Housing Wire

AUGUST 16, 2022

“However, there are far fewer participants in Ginnie Mae servicing, so the reduced role of Wells in that market might result in weaker pricing, which in turn could mean higher borrower rates for FHA borrowers.”. Wells Fargo’s correspondent lenders originate, underwrite and close mortgage loans and then sell them to the bank.

Mortgages 370

Mortgages Lending Loans Banks 370

Housing Wire

SEPTEMBER 13, 2023

Tim Mayopoulos , former CEO of Fannie Mae , who was named CEO of Silicon Valley Bank N.A. It allows qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. in March, is also listed as a senior advisor.

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Realty Biz

MARCH 16, 2023

If qualifying for a conventional loan is difficult, and you aren't eligible for VA or USDA loans, an FHA loan could be the answer. FHA loans allow you to pay 3.5% But there are also downsides to FHA-insured loans. So is this type of loan right for you? What are FHA Loans?

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Housing Wire

OCTOBER 24, 2022

And while depository banks that are fueling that growth, concern is mounting over Ginnie Mae MSRs held by nonbanks. The 10 offerings together involve Fannie Mae , Freddie Mac and Ginnie Mae loan pools valued collectively at $12.77 Over the first nine months of this year, banks have far outstripped nonbanks in buying up MSR packages.

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