Housing Wire

MAY 4, 2021

According to the report, in March 2021, consumers submitted more mortgage complaints to the CFPB than in any month since April 2018. Consumers also reported long delays in having their loan modified so that they could resume payments on the mortgage. As we warned mortgage servicers last month, unprepared is unacceptable.”.

Mortgages 476

Mortgages FHA loan Loans Title 476

Housing Wire

SEPTEMBER 14, 2023

Adrian Gastelum, a vice president and branch manager at Nova Home Loans, recently had a prospective borrower apply for a Federal Housing Administration (FHA) mortgage. FHA guidelines require a two-year work history and allow for a gap of one month or longer in employment with a letter of explanation.

Loan Officer 418

Loan Officer FHA loan Loans Mortgages 418

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. said in a statement.

Mortgages 397

Mortgages FHA loan Loan Officer Banks 397

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. This generally matches up with data from Mortgage News Daily , which looks at marketed rates for strong credit profiles. Is it right for the client?”

Mortgages 514

Mortgages FHA loan Loans Loan Officer 514

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.

FHA loan 476

FHA loan Loans Title Mortgages 476

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.

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FHA loan VA loan Finance Loans 482

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.

FHA loan 427

FHA loan Loans Title Banks 427

Housing Wire

OCTOBER 21, 2022

The parent company of mortgage servicing rights clearinghouse Marlin Mortgage has struck a deal to acquire 100% of the outstanding equity of direct-to-consumer mortgage lender LoanFront. LoanFront is licensed to do business in 21 states and offers a mix of conventional and government loans. million in loans in September.

Mortgages 74

Mortgages FHA loan Banks Equity 74

Housing Wire

FEBRUARY 27, 2024

California-based New American Funding (NAF), which recently acquired Draper and Kramer Mortgage Corp. Last year, she produced about $78 million in mortgages, consisting mainly of Federal Housing Administration (58.8% of the total) and purchase loans (93.5%), according to the mortgage tech platform Modex. were FHA loans.

FHA loan 448

FHA loan Loan Officer Loans Staging 448

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. Two weeks ago the same group urged the administration to cut mortgage insurance premiums by 30 basis points to.55%

FHA loan 397

FHA loan Loans Mortgages Banks 397

Housing Wire

SEPTEMBER 26, 2024

Elevated mortgage rates have strained housing affordability for more than two years. The third-quarter 2024 housing affordability report from Attom says that falling mortgage rates, rising wages and slower home-price growth has made the expenses of buying and owning a home slightly more affordable. of a typical household budget.

FHA loan 488

FHA loan Mortgages Loans Banks 488

Housing Wire

OCTOBER 25, 2023

With housing affordability being challenged in a higher mortgage rate environment, fewer homebuyers jumped into the market in the third quarter. The firm is a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks and brokers.

FHA loan 459

FHA loan Marketing Loan Officer Loans 459

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.

VA loan 435

VA loan FHA loan Fixed-rate mortgage Banks 435

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. Overall, mortgage applications declined 4.1% last week on a seasonally adjusted basis, down from one week earlier, according to the Mortgage Bankers Association (MBA).

Loans 435

Loans Mortgages Fixed-rate mortgage Banks 435

Housing Wire

SEPTEMBER 22, 2023

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Kim: Spreads in the mortgage space are wide. level, mortgage rates will probably run to 4.5%

FHA loan 476

FHA loan Bankruptcy Marketing Loans 476

Housing Wire

SEPTEMBER 21, 2020

The housing and mortgage markets have been the rare bright spots in an otherwise fragile economy brought forth by the ongoing COVID-19 pandemic. Mortgage origination volume this year is on track to be the highest in more than 15 years, led by a strong wave of refinances. Just how busy have lenders been? What is driving this?

FHA loan 542

FHA loan Loans VA loan Mortgages 542

Housing Wire

APRIL 10, 2023

In early March, when mortgage rates started their climb back toward 7%, originations faced pronounced downward pressure. The 30-year fixed mortgage rate climbed to the highest levels of the year in early March, reaching 6.8% by the end of the month, Black Knight’s Optimal Blue mortgage market indices showed.

FHA loan 397

FHA loan Marketing Lending Mortgages 397

Housing Wire

JUNE 3, 2022

Lakeview Loan Servicing unveiled a rare private-label securities offering this past March involving a pool of mostly delinquent mortgages serviced by the company. The loans in the offering were all originated through the Federal Housing Administration (FHA) and later securitized through Ginnie Mae. in active foreclosure.

Loans 418

Loans FHA loan Principal Marketing 418

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

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 A fourth such transaction, a $370.7

Mortgages 390

Mortgages Principal Loans FHA loan 390

Housing Wire

SEPTEMBER 13, 2023

New York-based mortgage platform Roam has secured a $1.25 Roam focuses on a distinctive niche within the mortgage industry: assumable mortgages. Tim Mayopoulos , former CEO of Fannie Mae , who was named CEO of Silicon Valley Bank N.A. The fees are typically lower than with new loans, and no appraisal is needed.

Mortgages 459

Mortgages Loans Banks Investor 459

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.

Loans 418

Loans Mortgages Loan Officer Pre-approval 418

Housing Wire

SEPTEMBER 27, 2022

Amid a decline in mortgage business, Wells Fargo last week notified Iowa state authorities of its plans to lay off 36 employees. The Des Moines metropolitan area is the headquarters for the bank’s home mortgage division. The Des Moines metropolitan area is the headquarters for the bank’s home mortgage division.

FHA loan 397

FHA loan Lending Banks Finance 397

Housing Wire

AUGUST 16, 2022

s mortgage business has been the subject of industry speculation in the wake of a Bloomberg report indicating that the lending giant plans to shrink its enormous mortgage footprint , including a likely pull-back from the correspondent lending business. The lender’s correspondent clients include other banks and mortgage companies.

Mortgages 370

Mortgages Lending Loans Banks 370

Housing Wire

AUGUST 15, 2022

In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo , the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business. Servicing rights is treated as an asset by banks that generates revenue.

Lending 370

Lending FHA loan Banks Finance 370

Housing Wire

MARCH 29, 2022

Origination volume in the Veterans Affairs (VA) universe amounted to $388 billion in 2021, an analysis of Home Mortgage Disclosure Act (HMDA) data by Polygon Research application HMDAVision found. 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.

VA loan 369

VA loan FHA loan Loans Banks 369

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. Both VA and USDA loans require zero down payment. Meanwhile, U.S. These typically require high credit scores to qualify.

VA loan 418

VA loan FHA loan Loans Banks 418

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. What about mortgages that are not federally backed? This will be more effective and more efficient.

FHA loan 418

FHA loan Lending Banks Loans 418

Housing Wire

JANUARY 10, 2022

2021 was an extraordinary year for the housing market: mortgage rates at an all-time low, record high annual growth in single-family prices and rents, lowest foreclosure rates in a generation and the largest number of home sales in 15 years. for 30-year fixed-rate loans.

Marketing 545

Marketing FHA loan Fixed-rate mortgage Loans 545

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. Second , if it weren’t for independent mortgage bankers (IMBs), the opportunity to get into homes for first-time homebuyers would be significantly constrained.

Marketing 397

Marketing FHA loan Banks Lending 397

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 368

FHA loan Renovation Equity Loans 368

Housing Wire

OCTOBER 21, 2022

In a statement, Ginnie Mae acknowledged some of the concerns mortgage trade groups and lenders had about complying with the new rules. Our Issuers and the mortgage servicing industry are integral to the government mortgage system, and they are also adapting and adjusting to market conditions. 30, banks controlled 15.9%

VA loan 370

VA loan FHA loan Loans Banks 370

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.

FHA loan 370

FHA loan Banks Loans Technology 370

Housing Wire

SEPTEMBER 3, 2021

That puts it behind only a handful of other cities in the country in delinquent share of loans. The delinquency rate for FHA loans, which typically serve lower-income borrowers, has been consistently much higher than that of borrowers with Fannie Mae or Freddie Mac -backed mortgages. There could be no end in sight.

Loans 434

Loans FHA loan Mortgages Development 434

Housing Wire

OCTOBER 24, 2022

The mortgage-servicing rights market just keeps on ticking even as the overall housing market takes a licking. And while depository banks that are fueling that growth, concern is mounting over Ginnie Mae MSRs held by nonbanks. Tom Piercy, Managing director of Incenter Mortgage Advisors. billion — compared with $51.1

Principal 334

Principal Banks Loans Mortgages 334

HomeLight

AUGUST 31, 2021

The FHA doesn’t lend money itself. Instead, it insures mortgages made by lenders. The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. But more than 80% of those FHA borrowers were first-time homebuyers.

FHA loan 105

FHA loan Loans Debt-to-income ratio Banks 105

Realty Biz

MARCH 16, 2023

Are you trying to decide the best mortgage options for buying your first home? 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.

FHA loan 88

FHA loan Loans Debt-to-income ratio Due diligence 88