Housing Wire

AUGUST 12, 2024

The share of piggybacked Federal Housing Administration (FHA) home purchase loans rose by more than seven percentage points from June 2022 to June 2024, going from 10.8% for conventional purchase loans backed by Fannie Mae and Freddie Mac. The calculations were based on the number of purchase loans in CoreLogic public records.

Loans 476

Loans FHA loan Equity Closing costs 476

Keeping Current Matters

MAY 17, 2021

Saving for a down payment is the main cost that comes to mind for many, but budgeting for the closing costs required to get a mortgage is just as important. What Are Closing Costs? According to Trulia : “ When you close on a home, a number of fees are due.

Closing costs 297

Closing costs Closing Title Land 297

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. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

DECEMBER 21, 2023

Unfortunately, too many misconceptions persist among real estate and even mortgage industry professionals about the VA home loan, and those misconceptions have big (and negative) impacts. Earlier in my life, I was directed away from using a VA loan when I purchased my first home. A VA loan is a mortgage partially backed by the U.S.

VA loan 468

VA loan Loans Mortgages Lending 468

Housing Wire

MARCH 25, 2021

Do I need to pay off my student loans before buying my first home? What it really comes down to is whether or not you feel comfortable paying a mortgage (and all the other fun expenses that come with having a home), while also paying off student loans. For example, a conventional loan lets you put as little as 3% down.

Debt-to-income ratio 511

Debt-to-income ratio Loans FHA loan Finance 511

Housing Wire

SEPTEMBER 10, 2022

Ben Slayton’s Legacy Home Loans , the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country. The SPCP loan program will be piloted in Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

Loans 448

Loans Closing costs Development Finance 448

Housing Wire

APRIL 3, 2024

The plaintiffs claim they hired independent mortgage brokers, believing the wholesale channel was the best option for getting affordable mortgages because these professionals can shop around — a different model from loan officers employed by retail lenders. “As And even those offerings generally do not convert into actual savings for clients.”

Loans 482

Loans Loan Officer Mortgages Closing costs 482

Housing Wire

JUNE 12, 2024

An analysis released Wednesday by Columbia, Missouri -based lender Veterans United Home Loans revealed that the home loan program through the U.S. The VA loan program — which was established in 1944 through the GI Bill — will celebrate its 80th anniversary on June 22. Department of Veterans Affairs (VA) has contributed $3.9

VA loan 459

VA loan Loans As-is Mortgages 459

Housing Wire

FEBRUARY 1, 2023

Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete. The loan will cover an 11-month maximum build period with a one-month modification. “The for credit reports.

Construction 418

Construction Loans Loan Officer New Construction 418

Housing Wire

NOVEMBER 9, 2023

Fannie Mae and Freddie Mac jointly announced this week that they have entered a new critical edit phase for their Uniform Closing Dataset (UCD) as of Nov. 6, informing lenders that they must address quality issues for “fatal data points” before delivering loans to either of the government-sponsored enterprises.

Loans 435

Loans Closing costs Closing Mortgages 435

Housing Wire

MAY 10, 2021

announced today the launch of Finance of America Home Improvement , a new business division offering non-mortgage financing options, including renovation loans. Homeowners in 2020 turned to renovation loans roughly as much as they did in 2019, originating $51.7 billion in renovation loans — compared to $51.6 billion in 2019.

Renovation 397

Renovation Finance Loans Lending 397

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. Once the home arrives on site and is placed on a permanent foundation, it becomes a real property and is able to be financed through a mortgage.

Loans 418

Loans Mortgages Land Finance 418

Housing Wire

MARCH 8, 2023

Chicago-headquartered lender Guaranteed Rate has expanded its program to approve loans within 24 hours nationwide. billion in closed loan volume, according to the lender. billion in closed loan volume, according to the lender. The program first rolled out to a select group of customers in 2022, resulting in $1.1

Loans 397

Loans Closing Closing costs Mortgages 397

Housing Wire

DECEMBER 12, 2024

I want to push a button and have everything done for me and see my results without having to go to the county website, or go hop on Zillow and check this, or go check closing costs, or go to the title and escrow company to find out what the fees are for something. JB: Its accurate and it’s easy.

Loan Officer 368

Loan Officer Loans Technology Mortgages 368

Housing Wire

FEBRUARY 5, 2024

Freddie Mac will offer a $2,500 credit for very low-income purchase borrowers to help with down payment and closing costs amid elevated interest rates and low housing supply. The credit can be used for down payments, closing costs, escrow and mortgage insurance premiums.

Mortgages 526

Mortgages Closing costs Finance Loans 526

Housing Wire

MARCH 21, 2024

In a letter submitted to FHA commissioner Julia Gordon and FHFA director Sandra Thompson on Thursday, the Community Home Lenders of America ( CHLA ) expressed concern that the cost of employment verifications charged by Equifax is “excessive” as income verification is required for both during loan underwriting and just before closing.

Closing costs 482

Closing costs Loans Title Finance 482

Housing Wire

FEBRUARY 3, 2023

The Lock ‘n’ Roll program is eligible for conventional and government fixed-rate loans, with the lock period being a minimum of 60 days, according to its website. With 466 branches across the country, the lender has more than 1,910 active loan officers, according to mortgage data platform Modex.

Loans 370

Loans Loan Officer Closing costs Mortgages 370

Keeping Current Matters

NOVEMBER 11, 2020

In the United States, there are many valuable benefits available to Veterans, including VA home loans. For over 75 years, VA home loans have provided millions of Veterans and their families the opportunity to purchase their own homes. 306,879 VA home loans were made without a down payment. Bottom Line.

Loans 331

Loans Closing costs Construction Closing 331

Housing Wire

JANUARY 24, 2024

Fannie Mae has announced updates to its HomeReady product, including a temporary $2,500 credit for very low-income purchase borrowers to use for down payment and closing costs. Another step the government-sponsored enterprise took was to enhance the best efforts commitments on HomeReady loans. 1, 2024, to Feb. 1, 2024, to Feb.

Closing costs 497

Closing costs Loans Closing Mortgages 497

Housing Wire

AUGUST 1, 2021

More than ever, borrowers want and expect to close their loans digitally, from the initial loan application through the final review and approval of their loan package. But while eClosings are convenient, it can be challenging to offer the same level of customer service online as with in-person closings.

Closing 370

Closing Loans Closing costs Technology 370

Housing Wire

AUGUST 5, 2020

For example, about two weeks ago, Quicken Loans advertised a “limited-time” rate of 1.99% on 15-year mortgages. The company also said: “Since every borrower’s situation is different, interested loan officers can price out this specific product in UWM’s EASE system or call their AE [account executive] for more information.”.

Mortgages 528

Mortgages Loan Officer Lending Loans 528

Housing Wire

NOVEMBER 7, 2023

FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5% VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. points from the 7.5%

VA loan 482

VA loan Agents Seller concession FHA loan 482

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

APRIL 18, 2024

They also added “enhancements” to the programs themselves, including the addition of “a credit of $2,500 for very low-income borrowers that lenders must pass through to borrowers by applying it to the down payment or closing costs,” the report stated. The GSE also purchased 6,828 loans originated through lender-sponsored SPCPs.

Closing costs 444

Closing costs Loans Design Finance 444

Housing Wire

SEPTEMBER 9, 2024

The product is available for qualified borrowers with an existing FHA loan who are looking to lower their monthly mortgage payment, reduce their interest rate, shorten their loan term or get out of an adjustable-rate mortgage (ARM), the company explained. Better does not check income on FHA streamline refi loans.

FHA loan 448

FHA loan Loans Closing costs Finance 448

Housing Wire

DECEMBER 14, 2023

The research found that title and settlement fees are neither regressive nor represent a significant component of the overall closing costs. Given the typical borrower is paying more than $7,000 in closing costs, that might be an understatement. In fact, neither is true. increase in fees).

Title 459

Title Closing costs Loans Title search 459

Housing Wire

FEBRUARY 28, 2024

They will also be offered closing cost credits of up to 0.5% The program is only eligible for loans that close through Newrez. The Newrez Home Rewards program is currently available in 40 states for buy-side credits that allow consumer rebates on the closing disclosure, Newrez said in an emailed response to HousingWire.

Closing costs 448

Closing costs Loan Officer Closing Loans 448

Housing Wire

FEBRUARY 15, 2024

But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a senior consultant at Caliber Home Loans. Every call I get, if they are first-time homebuyers, they ask, ‘Where can I get money for a down payment or closing costs?’”

FHA loan 476

FHA loan Loans Closing costs Loan Officer 476

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. You should be finding buyers before real estate agents anyway.”

Industrial 514

Industrial Seller concession Purchase and sale agreement Agents 514

Housing Wire

FEBRUARY 19, 2021

Your lender is going to require an adequate home insurance policy before they’ll close on your loan. If you forget to secure one or your policy start date doesn’t align with your closing, it could throw things off schedule. Many lenders will re-check your credit just before closing on your loan. Credit problems.

Loans 535

Loans Loan Officer Closing Closing costs 535

Housing Wire

APRIL 26, 2023

Roberts and thousands of other loan officers across the country continue to be hampered by a serious inventory shortage , which results in heavy competition for fewer deals. Strategies to differentiate themselves include buying leads, providing niche loans and getting on builders’ preferred lender list.

Loan Officer 418

Loan Officer Mortgages Loans Closing costs 418

Housing Wire

OCTOBER 4, 2022

Users can also streamline cost estimates and documents mandated by the TILA-RESPA Integrated Disclosure Rule (TRID) such as the Loan Estimate (LE). This integration makes accurate fees available instantly from a sizable population of the title agent community,” Jim Paolino, the CEO of LodeStar, said in a statement. “As

Title 448

Title Loan Officer Closing costs Closing 448

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. About 74% of the 2,256 homebuyer assistance programs are down payment and closing cost assistance programs.

FHA loan 482

FHA loan VA loan Finance Loans 482

Housing Wire

NOVEMBER 20, 2024

Mortgage , which has 330 sponsored loan officers across 39 active branches, expects that most credit bureaus will raise their prices as well. “By royalty per score accounts for a small portion—approximately 15%—of the cost of a tri-merge credit report and score bundle. per score—equating to $4.35 per borrower and $8.70

Mortgages 435

Mortgages Loan Officer Closing costs Loans 435

Housing Wire

AUGUST 4, 2022

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The government-sponsored enterprise will start accepting such loans immediately. The loan must be secured by a principal residence.

Loans 508

Loans Principal Banks Closing costs 508

Housing Wire

MAY 1, 2024

This has led to the development of policies by state and local housing finance agencies to aim assistance specifically at this group, particularly for “mortgage eligibility or down payment and closing costs assistance.” Identification of a loan under these conditions is currently optional, the bulletin explained.

Mortgages 459

Mortgages Finance Closing costs Loans 459

Housing Wire

JANUARY 17, 2024

But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance. They own the home with their name on the title, as with any mortgage, traditional or reverse.

Finance 482

Finance Seller concession Loan Officer Loans 482