Housing Wire

NOVEMBER 27, 2024

When I began working on this piece, I was told that the mortgage community as a whole—and loss mitigation professionals in particular—would be resistant to the message. Saving for the down payment and closing costs takes time, sacrifice and determination. But I don’t think that’s true. They are now a homeowner.

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HomeLight

OCTOBER 31, 2024

In this post, we explore the question: Are closing costs tax deductible? What are examples of seller closing costs? When selling a home, you’ll encounter various closing costs as part of the process. On average, sellers pay between 2% and 5% of a home’s sale price in closing costs.

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Housing Wire

MAY 20, 2024

This may lead an older homeowner to consider a product like a reverse mortgage, but potential borrowers should be aware of the product’s details and the informational resources they can access. She said that reverse mortgages can be expensive, which is why the product should be considered in concert with other options.

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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. But after concerns were brought to the attention of policymakers during the proposal’s comment period, the U.S.

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Housing Wire

MAY 23, 2022

HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink , about the ways lenders can capitalize on these trends by revving up their home equity solutions. Barry Coffin : It’s a good time to prioritize home equity transactions for a couple of reasons.

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Housing Wire

AUGUST 12, 2024

Piggyback mortgages — those involving a first and second lien at origination — are on the rise among first-time and low- to moderate-income borrowers who face affordability challenges. Piggybacks are a type of home equity loan taken out as a separate , additional loan from the borrower’s first mortgage.

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Loans FHA loan Equity Closing costs 476

Housing Wire

MARCH 1, 2021

The 30-year mortgage is easily the most popular and talked-about mortgage product out there. After all, in January 2021, 30-year loans accounted for a whopping three-quarters of all mortgage originations in the country. In fact, they could actually cost you more (often significantly more) if used incorrectly. USDA loans.

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Housing Wire

JULY 2, 2024

After the reverse mortgage industry’s key performance metrics rallied in May, June fared slightly worse than previously telegraphed by case number assignments. Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% Guild Mortgage also posted a gain of 19.1% Finance of America (FOA) added 4.1%

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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.”

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Housing Wire

SEPTEMBER 16, 2022

Rocket Mortgage and its wholesale arm Rocket Pro TPO will reduce homebuyers’ monthly mortgage payments by one full percentage point for the first year of their loan. Rocket Mortgage will be covering the difference in mortgage payments in the first 12 months through a special escrow account.

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Housing Wire

JUNE 21, 2024

The Montana Board of Housing is aiming to remind the state’s seniors about a government-administered program that is specifically designed to help older adults access their home’s equity — and it should be very familiar to members of the reverse mortgage industry. This is where the RAM program can come into play.

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Housing Wire

APRIL 26, 2023

With few homeowners willing to give up their low mortgage rates, Mike Roberts has shifted his focus to targeting first-time homebuyers. A first-time homebuyer requires a tremendous amount of nurturing,” said Roberts, the president and founder of City Creek Mortgage. “A Niche loans consist of about 5% of Parkinson’s business. “It’s

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Housing Wire

JUNE 8, 2022

Mortgage industry stakeholders, including the Mortgage Bankers Association , have also pushed for the adoption of special purpose credit programs. Fannie Mae and Freddie Mac as successor organizations to the Federal National Mortgage Association have a historic responsibility for redlining,” said Dworkin. “And

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Housing Wire

FEBRUARY 12, 2024

Where should mortgage rates be before I buy or refinance my home? These are just a few of the questions independent mortgage brokers get asked on a daily basis. This is why it’s more important than ever for independent mortgage brokers across the country to establish themselves as an expert and trusted advisor in the mortgage industry.

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Housing Wire

AUGUST 19, 2024

The state of Montana has been more heavily promoting its state-based Reverse Annuity Mortgage (RAM) program for seniors. She sat down with HousingWire ’s Reverse Mortgage Daily (RMD) to offer more details about the push and the unique elements of the RAM program. This program aims to provide that option.

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Housing Wire

NOVEMBER 2, 2022

Rocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options in a rapidly shrinking industry. These are clients with great income, credit scores and who are very creditworthy,” Bob Walters, CEO of Rocket Mortgage, said in a statement.

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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. billion fine in December over an array of violations, including mortgage lending, did not immediately respond to a request for comment.

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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.

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Housing Wire

APRIL 18, 2024

These include oversight of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac , mortgage purchases designed to improve affordability for low-income homeowners, vendor partnerships and investments in the Low-Income Housing Tax Credit (LIHTC) program. The GSEs also “invested over $1.7

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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.

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Equity Closing costs Finance Technology 391

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.

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Banks Closing costs Lending Equity 456

Housing Wire

DECEMBER 14, 2023

Part of the equitable housing plans’ approach to achieving more equity includes reducing the costs and fees associated with buying a home that are often cited as a homeownership barrier for low- and moderate-income and non-white households. In fact, neither is true. The authors say these are “not economically meaningful” differences.

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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

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Housing Wire

FEBRUARY 15, 2024

They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). 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. They come in the forms of grants, second mortgages, deferred loans and forgivable loans.

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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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FHA loan Renovation Equity Loans 368

Housing Wire

AUGUST 6, 2021

Mortgage rates vary. Some purchased a new home and others refinanced their mortgage. But as the world slowly gets back to normal, mortgage rates have slowly been rising. But as the world slowly gets back to normal, mortgage rates have slowly been rising. Take the pandemic, for example. Keep reading to find out.

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Housing Wire

JANUARY 17, 2024

They own the home with their name on the title, as with any mortgage, traditional or reverse. They own the home with their name on the title, as with any mortgage, traditional or reverse. The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ).

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Housing Wire

JUNE 26, 2024

Homebuilders with unsold inventory are feeling the pinch of high mortgage rates — and it’s showing up in new-home sales data. That’s because relative to homebuilders, homeowners have more options for offering concessions, such as help with closing costs and repairs. year-over-year drop and was 11.3% month over month.

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Housing Wire

NOVEMBER 2, 2021

In 2013, the Federal Housing Administration (FHA) began requiring borrowers to pay the Mortgage Insurance Premium (MIP) for the life of an FHA loan. People have equated FHA insurance to that of private mortgage insurance used by the government-sponsored enterprises (GSEs), which is not life-of-loan. This change triggered controversy.

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Housing Wire

JULY 1, 2024

By 2024, in addition to owning more than double their share of all real estate, the Top 20% of incomes held 87% of all corporate equities and mutual funds. Equity management firm Carta found that most employees do not exercise stock because of cost and financial risk.

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Housing Wire

JANUARY 25, 2023

Chicago-based mortgage lender Guaranteed Rate launched a new program this week that will provide up to $8,000 in assistance to potential first-time homebuyers from underserved communities. First-time homebuyers in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia currently have access to this program.

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Housing Wire

JANUARY 10, 2023

of home sellers gave concessions to homebuyers in Q4 of 2022, through money for repairs and mortgage-rate buydowns. With the rise in mortgage rates and inflation, concessions regained popularity, reducing the overall cost for homebuyers through money toward repairs, closing costs and mortgage-rate buydowns.

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Housing Wire

MAY 3, 2022

Point now says it has raised $170 million in equity capital. WestCap Group , a New York City-based investor, led the funding with existing backers Andreessen Horowitz , Ribbit Capital , mortgage real estate investment trust Redwood Trust and Atalaya Capital Management participating, Point said Tuesday. Presented by: LERETA.

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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.

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Housing Wire

FEBRUARY 14, 2024

A majority of homeowners must sell their current home before they can qualify for a mortgage on their next home due to federal lending requirements around debt-to-income and down payments. Buy before you sell’ (BBYS) products like The Trade-In Mortgage powered by Calque eliminate the stressors caused by financing contingencies.

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Housing Wire

NOVEMBER 3, 2021

Freddie Mac wants to encourage multifamily landlords to report positive rental payments to the credit bureaus to give renters a better shot at qualifying for a mortgage. Esusu, a credit-building fintech, will deliver the on-time rental payment reports from landlords’ property management software to the credit bureaus.

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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. Today’s market includes mortgage rates of above 6%, low inventory and elevated home prices, all contributing to affordability problems.

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