Housing Wire

NOVEMBER 1, 2022

Rocket Companies on Tuesday launched a loyalty program to attract potential homebuyers into its ecosystem amid one of the most challenging mortgage markets in decades. In the first phase of the program, customers can use points to get discounts on their closing costs when purchase a home through the subsidiary Rocket Mortgage.

Closing costs 448

Closing costs Closing Loans Mortgages 448

Housing Wire

JANUARY 23, 2025

In their analysis, Nigrinis and Zywicki found that borrowers refinancing their mortgage could save an estimated $2.19 billion in total or as much as $1,692 per loan. The Federal Housing Finance Agency had previously estimated that the pilot could save consumers between $500 and $1,500 per transaction.

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Title Land Loans Closing costs 468

Housing Wire

JANUARY 27, 2025

Consumers who chose to take out a cash-out refinance largely used the loans proceeds for paying down existing debts, with notable impacts on credit card and auto loan balances as well as credit utilization rates. One source of debt that was not heavily impacted, according to the data, were student loan balances.

Loans 369

Loans Closing costs Mortgages Closing 369

Housing Wire

APRIL 3, 2023

Rocket Mortgage is throwing a big incentive at spring homebuyers, offering them up to $10,000 in closing cost credits if they work with a real estate agent through its affiliate, Rocket Homes. of their loan amount to put toward closing costs, helping defray upfront costs.

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Closing costs Closing Agents Mortgages 418

Housing Wire

AUGUST 1, 2024

The Community Home Lenders of America (CHLA) on Thursday issued a comment letter to the Consumer Financial Protection Bureau (CFPB), saying that a major reason for the increase in mortgage closing costs from third parties is due to a lack of competition among third-party providers.

Closing costs 459

Closing costs Closing Title Loans 459

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. Who is eligible?

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VA loan Loans Mortgages Lending 468

Housing Wire

JANUARY 9, 2025

But in instances where these payments may not be enough to make ends meet, other options should be considered and in the right situation, a reverse mortgage could be one such option. A reverse mortgage is a possibility for seniors with substantial equity in their homes, the column stated. This will reduce how much your heirs receive.

FHA loan 370

FHA loan Mortgages Equity Closing costs 370

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. for conventional purchase loans backed by Fannie Mae and Freddie Mac. This is according to a CoreLogic report published on Monday.

Loans 476

Loans FHA loan Equity Closing costs 476

Housing Wire

NOVEMBER 19, 2024

While the co-chairs of the caucus wrote that they “applaud” Thompson and the FHFA’s efforts to promote homeownership for low-income Americans, they believe that the pilot program will not help to achieve the goal of “finding ways to ‘responsibly reduce closing costs for homeowners in a safe and sound manner.’”

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Title Title search Closing costs Loans 418

Housing Wire

DECEMBER 2, 2024

The funds can only be used toward the down payment on a primary residence with the use of a fixed-rate conventional loan through Wells Fargo. Eligible buyers can combine the bank’s down payment grant with other programs, which could result in up to $15,000 for closing costs and a down payment. The bank’s Dream.

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Lending Closing costs Banks Equity 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. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

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Loans Banks Equity Bankruptcy 544

Housing Wire

AUGUST 5, 2020

Last week, we published a story about United Wholesale Mortgage (UWM) offering 15-year fixed mortgage rates as low as 1.875% for purchases and refinances. For example, about two weeks ago, Quicken Loans advertised a “limited-time” rate of 1.99% on 15-year mortgages. Others just wanted more details.

Mortgages 528

Mortgages Loan Officer Lending Loans 528

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. The lender has been pivoting to purchase mortgages and has been introducing products to court more borrowers.

Loans 418

Loans Mortgages Land Finance 418

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. Here’s what to expect in the mortgage application process.

Debt-to-income ratio 511

Debt-to-income ratio Loans FHA loan Finance 511

Housing Wire

AUGUST 22, 2024

A California bill that would allow home loans for illegal immigrants faces strong opposition from state Republicans. AB 1840 would prevent the California Dream For All Shared Appreciation Loan program from denying individuals based on their immigration status. Gavin Newsom to become law.

Loans 528

Loans Closing costs Finance Closing 528

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 Development Closing costs Finance 448

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 466

VA loan Loans As-is Mortgages 466

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.

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Closing costs Closing Title Land 291

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

HomeLight

OCTOBER 28, 2024

One of the most important things that you should keep in mind is that there are several costs you’ll need to pay to finalize your sale. Nationwide, closing costs for sellers can range from 6% and 10% of a property’s sale price. Property taxes In Maryland, county governments issue property tax bills in July or August each year.

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Closing costs Closing Title Sales 105

Inman

FEBRUARY 4, 2025

Here's what that potentially means for the recent slate of rules and lawsuits targeting the mortgage industry. In his first act as interim Consumer Financial Protection Bureau director, Treasury Secretary Scott Bessent froze action on all rules and litigation.

Closing costs 120

Closing costs Closing Loans Mortgages 120

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.

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Construction Loans Loan Officer New Construction 418

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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Closing costs Closing Title search Title 111

Housing Wire

APRIL 3, 2024

mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The lawsuit follows Monday’s report from Hunterbrook Media indicating that UWM pressures brokers to send loans its way.

Loans 482

Loans Loan Officer Mortgages Closing costs 482

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 Loans Closing costs 459

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.”

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Industrial Seller concession Purchase and sale agreement Agents 514

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 Mortgages Closing 435

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.

Mortgages 459

Mortgages VA loan Loans Loan Officer 459

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.

Mortgages 448

Mortgages Equity Loans Closing costs 448

Housing Wire

FEBRUARY 6, 2025

Younger service members struggle during the homebuying process, particularly around paying closing costs. The housing benefits pushed more than 28 million home loans for Veterans over the last 80 years. Some of these include lower mortgage rates , insurance costs, and down payment requirements. In 1944, the U.S.

Industrial 326

Industrial Lending Closing costs Loans 326

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

Loan Officer 418

Loan Officer Mortgages Loans Closing costs 418

Housing Wire

NOVEMBER 20, 2024

Executives at mortgage lenders anticipate a minimum 20% increase in credit reporting costs in 2025 compared to 2024. And the soaring costs will hit as lenders try to dig out from multiple years of financial losses and mass layoffs. In early November, Fair Isaac Corp. per score—equating to $4.35 per borrower and $8.70

Mortgages 435

Mortgages Loan Officer Loans Closing costs 435

Housing Wire

MARCH 8, 2023

Chicago-headquartered lender Guaranteed Rate has expanded its program to approve loans within 24 hours nationwide. Dubbed the “ Same Day Mortgage ,” the program is aimed at giving a competitive edge to first-time buyers who are competing against the all-cash buyers who make up 28% of home purchases, the lender said.

Loans 397

Loans Closing Closing costs Mortgages 397

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

Renovation 397

Renovation Finance Loans Lending 397

Housing Wire

AUGUST 13, 2024

The letter was in response to the CFPB’s request for information on residential mortgage fees, which the Bureau issued in late May. This request was in addition to the CFPB’s consideration of a ban on mortgage banks charging homebuyers for the lender’s title insurance policy. of the borrower’s total life-of-loan costs combined.”

Title 468

Title Mortgages Land Closing costs 468

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.

Mortgages 447

Mortgages Closing costs Equity Construction 447

Housing Wire

AUGUST 17, 2022

United Wholesale Mortgage (UWM) this week launched temporary rate buydowns, a product that allows borrowers to receive lower mortgage rates at the beginning of their loan terms by using seller concessions as part of the payment. Staying nimble in a fast-paced market with the right mortgage technology.

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Seller concession Mortgages Fixed-rate mortgage Loans 435