Housing Wire

AUGUST 12, 2024

Piggybacks are a type of home equity loan taken out as a separate , additional loan from the borrower’s first mortgage. But these second liens usually have higher interest rates compared to first mortgages and likely require the payment of closing costs or origination fees. meaning they are left with zero or negative equity.

Loans 476

Loans FHA loan Equity Closing costs 476

Housing Wire

APRIL 26, 2024

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. Historically, mortgage lenders and originators have been prohibited from contributing to closing costs to protect borrowers.”

Closing costs 488

Closing costs Development Equity Closing 488

Housing Wire

JUNE 8, 2022

We do hope the GSEs start exercising market leadership [on special purpose credit programs],” a FHFA official said on a press call today. Freddie Mac will also conduct research on formerly redlined areas, to more effectively target its equity plan.

Equity 370

Equity Finance Loans Development 370

Housing Wire

JULY 1, 2024

The labor market has reached peak disengagement rates, partially driven by historic strikes , resignations , non-participation , and silent quitting. GRAPH 1: The distribution of real estate across the different income segments as a percent of the total real estate market in Q3 1989 and Q4 2023.

Equity 532

Equity Banks Finance Investor 532

Housing Wire

MARCH 28, 2022

commercial spaces/building and residential homes/townhomes) and inconsistent transactional processes, fragmentation in the market has prevented real-estate from adopting technology as quickly as other sectors – until now. While each of these digital companies successfully addressed a problem in the market, other pain points still existed.

Marketing 397

Marketing Title Closing costs Technology 397

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. If they lost their job, they have a lot of equity in their home, and most likely their financials have gotten better over time.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

APRIL 30, 2024

After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. AARP applauds HUD’s update to its Home Equity Conversion Mortgage for Purchase Program which keeps vital consumer protections in place,” Jones said.

Mortgages 446

Mortgages Closing costs Equity Construction 446

Housing Wire

JUNE 26, 2024

According to Bright MLS, the 481,000 new homes on the market is the most since January 2008, when homebuilders pulled back on production before the financial crisis. Sales volume in that segment of the market dropped 2.8% Supply has been steadily increasing and stood at 9.3 months at the current sales rate in May. It was at 8.1

Sales 459

Sales MLS Closing costs Equity 459

Housing Wire

MARCH 20, 2024

Ally Home , the residential mortgage lending arm of Ally Bank , is offering a $5,000 grant for eligible homebuyers in the select markets of Charlotte, Detroit and Philadelphia, the company announced on Tuesday. The upfront lump sum can be applied toward a down payment, closing costs or other expenses related to the homebuying process.

Banks 459

Banks Closing costs Lending Equity 459

Housing Wire

JANUARY 7, 2025

That means most members of the baby boomer generation are sitting on as much as $17 trillion in home equity as of the second quarter of 2024, and they are largely planning to keep that wealth within their own families. Baby boomers also expressed a desire to protect their home equity as opposed to tapping it in retirement.

Equity 396

Equity Closing costs Finance Technology 396

Housing Wire

NOVEMBER 13, 2023

Any person involved in selling a home knows that you cannot increase the price of your home randomly to cover the cost of commissions and other closing costs. The market sets the price of the home, and it cares little for closing costs — or what the homeowner invested in it — when determining the price for which it will sell.

Closing costs 375

Closing costs Equity Agents Technology 375

Housing Wire

JANUARY 17, 2024

1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade. The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ). Yet staggeringly few are aware of its existence.

Finance 482

Finance Seller concession Loan Officer Loans 482

Housing Wire

MAY 3, 2022

Point now says it has raised $170 million in equity capital. Point’s plans to use the funding include expanding its Home Equity Investment division. Once closing costs are met, Point funds up to 20% of the home’s property value. The tight housing market is the best thing that can happen in our business.

Equity 397

Equity Investor Closing costs Finance 397

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

Construction 535

Construction Closing costs Renovation Title 535

Housing Wire

AUGUST 6, 2021

Interest rates were at an all-time low last year, which is why the housing market saw such a spike. While refinancing can be a good way to build equity and manage debt, it can cost money – anywhere between 3% to 6% of the amount of debt you still owe on your current loan. Mortgage rates vary. Should you refinance?

Title search 459

Title search Title Closing costs Loans 459

Housing Wire

MAY 12, 2022

Worsening market conditions are only going to accelerate an already hyper-competitive mortgage lending industry that is still learning to adapt to post-pandemic homebuying behaviors. Market research backs that up. Scale for scalability’s sake doesn’t mean anything if a company has to contract at the first sign of market stress.

Lending 370

Lending Marketing Pre-qualification Pre-approval 370

Housing Wire

JANUARY 25, 2023

. “This program helps tear down these barriers and open more doors to the houses, neighborhoods, and lifestyles of our customers’ dreams, an investment that will help build a foundation for generations to come,” Kasey Marty, executive vice president of secondary marketing at Guaranteed Rate, said in a statement.

Equity 397

Equity Closing costs Loans Title 397

Housing Wire

JULY 2, 2024

Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% This is according to data compiled by Reverse Market Insight (RMI). Equity takeout” loans — reverse mortgages that are neither purchases nor refinances — dropped by 4.8% of the overall market. in June to 2,105, while HECM case numbers for May dropped 7.9%

Mortgages 434

Mortgages Equity Loans Loan Officer 434

Housing Wire

JANUARY 10, 2023

In Q4 of 2022, 22% of Redfin’s home sales included a concession and lower listing price, while 19% included both a concession and a listing-price cut while the home was on the market. Concessions are the most popular in the San Diego housing market, with sellers giving concessions to buyers in 73% of home sales.

Seller concession 482

Seller concession Mortgages Loans Closing costs 482

Housing Wire

FEBRUARY 15, 2024

They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said. Every call I get, if they are first-time homebuyers, they ask, ‘Where can I get money for a down payment or closing costs?’” It’s really about access to credit.

FHA loan 476

FHA loan Loans Closing costs Loan Officer 476

Housing Wire

SEPTEMBER 16, 2022

. “The Inflation Buster pairs perfectly with the Rate Drop Advantage program which covers many of the costs to refinance when interest rates fall,” Bob Walters, CEO of Rocket Mortgage, said in a prepared statement. Combined, these put buyers in the driver’s seat with unmatched benefits.”

Mortgages 418

Mortgages Seller concession Fixed-rate mortgage Loans 418

Housing Wire

APRIL 26, 2023

Another tactic is to capitalize on newly built homes – a silver lining in the inventory-lacking market – which now account for a third of available inventory, double than normal levels, according to Redfin. Capitalizing on the two-story market New builds represent another silver lining.

Loan Officer 418

Loan Officer Mortgages Loans Closing costs 418

Housing Wire

MARCH 2, 2021

HousingWire spoke with Steve Greenfield, Altisource General Manager of Mortgage Real Estate Solutions, about the state of the mortgage market and how Altisource’s HomeVal solution is benefiting lenders. Using more than one vendor can increase the overall cost of the process as well. It’s easy to see why.

Title 369

Title Lending Due diligence Title search 369

Housing Wire

MARCH 1, 2021

Will we have a buyer’s housing market in 2021? These mortgages come with lower interest rates, a quicker payoff timeline and the opportunity to build equity much faster than 30-year loans. 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

MAY 25, 2023

Older Americans are sitting on more than $12 trillion in home equity, according to the National Reverse Mortgage Lenders Association (NRMLA)/ Riskspan Reverse Mortgage Market Index. These homeowners are seeking different retirement solutions to help allocate their home equity and make it more durable over the next 20 to 30 years.

Loan Officer 418

Loan Officer Equity Finance Loans 418

Housing Wire

AUGUST 19, 2024

Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) or proprietary product options.

Mortgages 434

Mortgages Loans Equity Principal 434

Keeping Current Matters

OCTOBER 21, 2020

During the housing crash twelve years ago, many homeowners owned a house that was worth less than the mortgage they had on that home (called negative equity or being underwater ). Today, the vast majority of homeowners have significant equity in their homes. Most homeowners have substantial equity in their homes.

Equity 296

Equity Banks Closing costs Loans 296

Housing Wire

MARCH 14, 2023

million net new Hispanic homeowner households had been added to the market, accounting for 24.4% Latinos tend to be concentrated in larger cities and coastal markets where home prices are high, the report said. Since 2014, when homeownership rates among Latinos began increasing following the Great Recession, 2.3 Today, there are 9.2

Debt-to-income ratio 418

Debt-to-income ratio Mortgages Closing costs Equity 418

Housing Wire

AUGUST 10, 2023

Mortgage , and/or Closing Cost Credit. For eligible borrowers at or below 80% AMI, the mortgage program allows a 3% down payment on a fixed-rate mortgage and the closing cost credit program provides up to $5,000 to use toward closing costs. Wells Fargo’s mortgage originations reached $7.8

Fixed-rate mortgage 370

Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

JULY 19, 2021

Using Xome’s Xpert Seller Program, servicers can help borrowers determine the best marketing strategy list and sell their homes. This new program is designed to connect borrowers with local real estate professionals and guide them through the process of marketing and selling their home. Additionally, Xome.com drives over 1.6

MLS 448

MLS Equity Closing costs Sales 448

Housing Wire

NOVEMBER 3, 2021

The government-sponsored enterprise will provide closing cost credits on multifamily loans for rental landlords who agree to report on-time rental payments through Esusu Financial. Esusu, a credit-building fintech, will deliver the on-time rental payment reports from landlords’ property management software to the credit bureaus.

Finance 468

Finance Closing costs Property Management Equity 468

Housing Wire

MARCH 20, 2024

Many buyers struggled with the financial burden of covering closing costs , making it difficult or impossible to also cover the compensation for agent representation. While lower home prices might appear advantageous to buyers who navigate the market without professional guidance, they pose a considerable risk to current homeowners.

Debt-to-income ratio 497

Debt-to-income ratio Agents Equity Closing costs 497

Housing Wire

MAY 8, 2023

Once the transfer of ownership occurs at foreclosure auction, a distressed property can be renovated and returned to the retail market as affordable housing for homeowners or renters. “[I Department of Housing and Urban Development ( HUD ) , that 200,000 represented close to 20% of all single-family homes supplied to the market in 2019.

Renovation 435

Renovation Equity Mortgages Development 435

Housing Wire

NOVEMBER 2, 2022

The home itself is a depreciating asset, however, which makes it difficult for manufactured homeowners to build equity or intergenerational wealth. . With interest rates now at 14-year highs, the cost of homeownership is becoming an issue for most prospective home buyers. Presented by: CreditXpert.

Loans 418

Loans Mortgages Land Finance 418

Housing Wire

AUGUST 21, 2023

5000 list an impressive five times: Total Expert , which offers CRM and data-driven customer engagement solutions, turning customer insights into actions to increase loyalty and drive growth; and FirstClose , a tech solution provider for HELOC and home equity lenders. 658 in the 2023 Inc. Other established names to make the Inc.

Equity 370

Equity Technology Investor Residential 370

Housing Wire

FEBRUARY 14, 2024

As a result, homeowners either must sell their current home and suffer through double moves and short-term rentals to access the equity they’ve accrued, or they have to make contingent offers that require the sale of their current house to close. HW: How has the proptech space evolved in the last 5-10 years?

Backup offer 448

Backup offer Loan Officer Home sale contingency Branding 448

Housing Wire

OCTOBER 16, 2023

However, this rise in first-time buyers helps explain what’s driving demand and keeping upward pressure on prices in a market with mortgage rates currently surpassing 7%. One of the primary reasons for this surge is the strong presence of millennials in the housing market, particularly those at the peak, around ages 33 and 34.

Agents 435

Agents Seller concession Closing costs Mortgages 435