Housing Wire

JANUARY 17, 2024

That’s where reverse purchase financing comes into play, the funding option specifically designed for older Americans. What is reverse purchase financing? They own the home with their name on the title, as with any mortgage, traditional or reverse. Yet staggeringly few are aware of its existence.

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Housing Wire

APRIL 11, 2022

In a selling guide announcement released last week, Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”. Fannie Mae has identified closing costs as a barrier to homeownership,” Jim Albertelli, the CEO of Voxtur said in a statement.

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Housing Wire

AUGUST 14, 2023

The American Land Title Association (ALTA) is celebrating a huge win in its ongoing war against title insurance alternatives. News of the rumored pilot program came in March, roughly a year after Fannie Mae first announced that it would be accepting attorney opinion letters (AOLs) in lieu of title insurance in limited circumstances.

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Housing Wire

OCTOBER 13, 2022

Unlike the title industry’s cybersecurity and wire fraud challenges, which are strictly 21 st century issues, the recent interest and use of attorney opinion letters (AOLs) harkens back to an earlier era of homebuying. One of the goals they outlined in those plans is a push to reduce closing costs, especially for low-income borrowers.

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Housing Wire

SEPTEMBER 6, 2024

For more than two years, a storm has been brewing in the title insurance industry. Last week, the first raindrops began to fall when the Office of the Attorney General for the District of Columbia (OAG) announced settlements with four title firms over alleged kickback schemes. Because these title firms were all licensed by the D.C.

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Housing Wire

OCTOBER 9, 2023

AI-generated image of two lawyers scrutinizing title insurance joint venture agreements. In 1983 Jim Campbell launched what is believed to be the first joint venture experiment between a real estate brokerage and a title and settlement firm. In fact, it’s all his Pennsylvania-based company Title Alliance does.

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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

DECEMBER 14, 2023

In an update to its selling guide , Fannie Mae announced Wednesday that it was expanding the use of attorney opinion letters in lieu of title insurance. Fannie Mae first announced that it would accept loans secured with an AOL in lieu of title insurance in limited circumstance in April 2022.

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Housing Wire

MARCH 21, 2024

Equifax’s Work Number product is too expensive for consumers and the Federal Housing Administration ( FHA ) and Federal Housing Finance Agency ( FHFA ) should potentially do something about it, an influential mortgage trade group argued this week.

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Housing Wire

AUGUST 13, 2024

The American Land Title Association is making it clear that it won’t have the Consumer Financial Protection Bureau making drastic changes to title insurance without first at least hearing the trade groups thoughts on the issue. 2, the trade group stressed the importance of title insurance.

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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.

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Housing Wire

MARCH 28, 2023

Those looking to buy a home can earn 5% back by using the Rocket Visa Signature Card for up to $8,000 that can be used toward closing costs and down payments. In turn, homebuyers can use points to get discounts on their closing costs in the future.

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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. It is also wary of some of the proposals.

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Housing Wire

MARCH 1, 2024

For example, recently, Fannie Mae has focused on expanding alternatives to title insurance as a way to supposedly increase homeownership affordability. However, Fannie Mae’s own research from 2022 found that title insurance is not a significant component of the overall closing costs when buying a home.

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Redfin

FEBRUARY 18, 2025

Can you roll closing costs into your mortgage? Basically, folding your closing costs into your loan means you’ll need less cash upfront at closing. Your lender can explain their specific policies, the rules around this practice, and which costs are eligible to be rolled into the mortgage.

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Housing Wire

JULY 26, 2024

Whether you’re a year away from selling or hoping to close in a few months, a timeline is important for all parties, especially if your family member needs to sell an existing home, secure financing, and arrange moving details. Discuss financing. Closing costs are typically 3% to 6% of the purchase price.

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Housing Wire

MAY 17, 2024

The grant can be combined with state and local homebuyer assistance to lower the interest rate and/or reduce the closing costs and down payment. Meanwhile, the Consumer Financial Protection Bureau (CFPB) is targeting “ junk fees” in mortgage origination and borrower-paid lender title policies.

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Housing Wire

MARCH 28, 2022

Proprietary analytics and external data sources, backed by a microservice architecture that connects them all via APIs, can feed optimized recommendations and assessments for any part of the sale — valuation, tax, credit score, loan rating, insurance rating, title and closing costs.

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Housing Wire

JULY 7, 2022

Top brass at Fannie Mae, in a Thursday webinar discussing its new equitable housing finance plans, argued it can. The forthcoming programs will focus on enhancing borrower eligibility, by potentially reducing mortgage insurance costs or loan-level price adjustments.

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Housing Wire

NOVEMBER 30, 2022

The company also made headlines in October for its decision to offer an Attorney Opinion Letter product for VA direct and VA-backed home loans as a compliant alternative to title insurance. The promises of technology have largely been lost in the mortgage industry and little has been done to reduce costs for homebuyers.

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Housing Wire

JUNE 21, 2024

“Board staff and participating counselors work closely with the borrowers helping to set up the reverse mortgage with closing costs often several hundreds to thousands of dollars less than similar programs.” Once they’ve completed the session, housing staff work with the participant to determine needs and financing availability.

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Housing Wire

MAY 9, 2022

It specializes in low-rate mortgage refinances, in which it originates a loan with no closing costs, including appraisal, credit report, escrow and title. according to Inside Mortgage Finance (IMF). Owning’s platform processed more than $20 billion in total loan volume in 2020. Guaranteed Rate is ranked No.

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Inman

JULY 25, 2024

Republican attorneys general in 14 states urge Fannie Mae and Freddie Mac's federal regulator to kill a pilot program that allows some borrowers to refi without obtaining title insurance.

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Housing Wire

APRIL 18, 2023

Vendor management, be it in the valuation, title insurance or closing process, offers a number of opportunities for increased efficiency and decreased cost. Even the Consumer Finance Protection Bureau (CFPB) has acknowledged that TRID adversely impacts the operational costs of lenders.

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HomeLight

APRIL 14, 2023

But even though the monthly mortgage payments fit into your budget, you’re concerned about coming up with enough cash for a myriad of closing costs in addition to the down payment. Find a Buyer's Agent What are closing costs? Some of these costs, such as property taxes and insurance, apply to homeownership in general.

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HomeLight

APRIL 14, 2023

Editor’s note: This post will help answer the question: How much are closing costs in Georgia (GA)? 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. to purchase a home in.

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Housing Wire

NOVEMBER 3, 2022

Rocket Companies , the parent of Rocket Mortgage , lost money in the third quarter and also appears to have lost its title as America’s largest mortgage originator. Rocket, which has fashioned itself as a fintech since its march toward the August 2020 IPO , acquired the personal finance app Truebill in December 2021.

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Housing Wire

FEBRUARY 19, 2025

These include contingency deadlines, financing requirements, inspection periods, and closing dates. Coordinate with all parties: Maintain an open line of communication with all parties, including agents, lenders, attorneys and title companies.

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HomeLight

NOVEMBER 9, 2021

Closing costs are assumed to be part of doing business in real estate, but do cash buyers pay closing costs? Yes, you can expect charges for attorney hours, taxes, plus title and recording fees to still apply, though the use of cash can greatly reduce a buyer’s closing costs with the elimination of mortgage fees.

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HomeLight

APRIL 13, 2023

For the final tabulation in determining the cost of your new house, you subtracted the down payment. But did you remember to add closing costs? So, how much are closing costs in Nebraska? Find a Buyer's Agent What are closing costs? Who pays for closing costs in Nebraska?

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HomeLight

APRIL 14, 2023

Editor’s note: This post will help answer the question: How much are closing costs in Michigan? 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.

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HomeLight

APRIL 13, 2023

Once you’ve found your dream house in Florida and settled on the purchase price, you might think you know the final cost you’re responsible for. However, there’s another set of fees and charges you must be prepared for, and those are closing costs. Find a Buyer's Agent What are closing costs? of the sales price.

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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?

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HomeLight

APRIL 20, 2023

Editor’s note: This post will help answer the question: How much are closing costs in New Jersey (NJ)? 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?

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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.

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HomeLight

APRIL 12, 2023

Editor’s note: This post will help answer the question: How much are closing costs in Massachusetts (MA)? 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?

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HomeLight

JUNE 15, 2023

After finding their dream home and signing the purchase contract , most buyers feel on top of the world … until they see the Loan Estimate or preliminary closing statement (if buying in cash). Did the closing costs for the buyer in particular catch you by surprise? Get Started What does a buyer pay in closing costs?

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