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. Census Bureau ’s new-home sales report for May shows that transactions took a nosedive to a seasonally adjusted annual sales volume of 619,000. months at the current sales rate in May.

Sales 459

Sales MLS Closing costs Equity 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.

Industrial 514

Industrial Seller concession Purchase and sale agreement Agents 514

Housing Wire

SEPTEMBER 19, 2024

After a modest monthly uptick in July, existing-home sales fell 2.5% Sluggish sales left total housing inventory at 1.35 more than a year ago, bringing months of supply at the current sales pace to 4.2. New-home sales — while making up a considerably smaller share of the housing market — rose sharply in July. And it’s 22.7%

Sales 459

Sales Closing costs MLS Inspection 459

Housing Wire

NOVEMBER 27, 2023

New home sales fell on a month-over-month basis in October, but continued to outpace last year’s levels. Meanwhile, low supply and high mortgage rates continued to dampen existing home sales. In October, new home sales reached a seasonally adjusted annual rate of 679,000, according to data published on Monday by the U.S.

Sales 448

Sales New Construction Construction Closing costs 448

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

NOVEMBER 17, 2023

pending-home sales rose 1% month over month in October to a seasonally adjusted annual rate of 401,000, the highest level in a year. Although pending sales fell 4.8% Here’s a look at why pending-home sales picked up: The number of existing homes listed increased in October, giving buyers more options to choose from.

Purchase and sale agreement 448

Purchase and sale agreement Sales Closing costs Closing 448

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.

Closing costs 52

Closing costs Closing VA loan Seller concession 52

Housing Wire

SEPTEMBER 15, 2023

Buyers facing high mortgage rates are pulling out of their home-purchase agreements at the highest rate in nearly a year. in August 2022 and marks the highest percentage since October 2022, when mortgage rates surpassed 7% for the first time in two decades. The average interest rate on a 30-year-fixed mortgage was 7.07% in August.

Purchase and sale agreement 448

Purchase and sale agreement Mortgages Closing costs Sales 448

Housing Wire

DECEMBER 16, 2024

The family-run brokerage firm recorded some legal w ins and losses , developed new tools for agents and clients , and navigated one of the slowest years for home sales in nearly three decades. of the loan amount) at settlement to use toward their closing costs.

Brokerage 370

Brokerage Agents Technology Industrial 370

Housing Wire

MARCH 21, 2024

(FICO), the company that retains the rights to the mortgage market’s adopted methodology to measure consumer credit risk. Julie May, vice president and general manager of B2B Scores at FICO, said that in the mortgage space, the company charges “$3.50 Changes in credit report costs may result in lawsuits against the company.

Mortgages 476

Mortgages Purchase and sale agreement Closing costs Finance 476

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.

Mortgages 370

Mortgages Closing costs Lending Closing 370

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

APRIL 26, 2024

In certain circumstances, the program would allow for inclusion of “an ‘interested party contribution’ [of] up to six percent of the sales price,” according to the original plan. 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

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% Each type of reverse mortgage use case also declined in June.

Mortgages 434

Mortgages Equity Loans Loan Officer 434

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.

Mortgages 418

Mortgages Seller concession Fixed-rate mortgage Loans 418

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. In the past year, there was roughly $12 billion in sales of manufactured homes. But not every manufactured home owner owns the land.

Loans 418

Loans Mortgages Land Finance 418

Redfin

FEBRUARY 20, 2025

Closing costs arent just a buyers responsibility – sellers have their own expenses to consider as well. On average, sellers can expect to pay between 6% to 10% of the sale price in closing costs , including agent commissions, transfer taxes, and title fees. What are closing costs for sellers?

Closing costs 56

Closing costs Closing Seller concession Title 56

Housing Wire

APRIL 12, 2023

With the mortgage industry still rightsizing, mortgage professionals are worried about regulation of the industry and inflation that thins already tiny margins. of the surveyed mortgage professionals said loans falling through was the biggest challenge, ranking as the second most challenging factor. About 19.4% Of the total, 36.1%

Mortgages 417

Mortgages Loan Officer Marketing Seller concession 417

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. 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

JUNE 10, 2021

Here are four potentially unexpected costs you should be aware of: More for Real Estate Enthusiasts. 5 reasons to refinance your mortgage right now. Staging Costs. According to Redfin, the average real estate commission is 5%–6% of the home’s sale price. Sellers also have to pay closing costs. Bottom Line.

Seller concession 546

Seller concession Staging Closing costs Inspection 546

Housing Wire

NOVEMBER 30, 2023

Homebuyer traffic will increase in 2024, fueled by lower mortgage rates and more existing-home inventory. Home sales are expected to rise, as homebuyers will have more options to choose from. Here’s what homebuyers and sellers can expect in 2024, according to Bright MLS: Mortgage rates will fall, ranging between 6% and 6.5%

MLS 493

MLS Closing costs Sales Mortgages 493

Housing Wire

APRIL 27, 2023

Mortgage rates are trending up ahead of the Federal Reserve’s meeting next week, with the FOMC expected to increase the federal funds rate. Khater added: “Incoming data suggest the housing market has stabilized from a sales and house price perspective. under the previous policy.

Mortgages 397

Mortgages Fixed-rate mortgage Loans Closing costs 397

Housing Wire

MARCH 2, 2023

When the entire mortgage industry saw volume drop by more than half in 2022, nearly every lender emerged with battle scars. Non-qualified mortgage (non-QM) wholesale lender A&D Mortgage , however, saw origination volume increase by more than 31% to $3.2 bps toward closing costs at the time of the closing. “We

Mortgages 418

Mortgages Loans Investor Banks 418

Housing Wire

FEBRUARY 28, 2024

Top 10 mortgage lender and servicer Newrez is partnering with Newzip , a tech-enabled real estate platform, to roll out a program aimed to save buyers and sellers on credit costs. They will also be offered closing cost credits of up to 0.5% of the sales price when buying a home and up to 1% when selling.

Closing costs 448

Closing costs Loan Officer Closing Loans 448

Housing Wire

APRIL 18, 2023

While a mortgage business’ battle against margin compression is seemingly endless, that fight is less noticeable in times of surging revenue. The decline in mortgage volume, along with increasing rates and uncertainty about the months ahead, have amounted to a scramble for revenue and a continual push to reduce expenses.

Mortgages 370

Mortgages Technology Closing costs Title 370

Housing Wire

JANUARY 10, 2023

of home sellers gave concessions to homebuyers in Q4 of 2022, through money for repairs and mortgage-rate buydowns. In Q3 of 2022 and Q4 of 2021, sellers gave concessions in 30% of home sales. When the 30-year mortgage rate was around 3%, there was a higher demand for homes and such deals were not as popular.

Seller concession 482

Seller concession Mortgages Loans Closing costs 482

Housing Wire

NOVEMBER 22, 2023

Price cuts are not the only way builders are fighting for sales. Builders reported covering closing costs, offering discounted or free features, helping buyers sell their existing home and providing other incentives. With mortgage rates slowing homebuying, the monthly supply for July 2022 reached a level 87% higher than Sept.

Closing 488

Closing Closing costs Sales Mortgages 488

Housing Wire

APRIL 8, 2024

United Wholesale Mortgage ’s (UWM) revenue margins “don’t stand out like” one would expect if the company was overcharging borrowers, analysts at BTIG said on Monday. UWM’s total gain-on-sale margins increased to 92 basis points in 2023, compared to 77 bps in 2022. UWM’s parent company non-GAAP adjusted net loss was $57.1

Loans 440

Loans Loan Officer Mortgages Closing costs 440

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. There are, however, a number of additional caveats for a mortgage loan with a lender-funded grant to be eligible for sale to Fannie Mae. There may be more to come.

Loans 508

Loans Principal Banks Closing costs 508

Housing Wire

JULY 26, 2024

The majority of real estate sales fall under this category and usually employ a buyer’s and seller’s agent who negotiate on behalf of their respective parties. Although you can sell your home for whatever price you like, a controlled sale may incur certain tax liabilities for both parties. Does your buyer need to secure a mortgage ?

Purchase and sale agreement 459

Purchase and sale agreement Finance Closing costs Closing 459

Housing Wire

FEBRUARY 23, 2023

LenderLogix, a provider of mortgage automation software and application programming interfaces (APIs), has launched LiteSpeed, a white-label streamlined point-of-sale (POS) system that serves small- to mid-sized mortgage lenders. The company was featured in HousingWire’s Tech 100 in 2022.

Pre-approval 393

Pre-approval Loans Closing costs Branding 393

Housing Wire

MARCH 22, 2023

Redfin attributed the drop in down payment amount and percentage to the slower housing market , lower home prices, and higher housing costs due to rising mortgage rates. One silver lining of high mortgage rates and economic turmoil is that they’ve slowed competition,” Sheharyar Bokhari, Redfin’s senior economist, said in a statement.

VA loan 435

VA loan FHA loan Loans Mortgages 435

Housing Wire

NOVEMBER 8, 2022

LodeStar Software Solutions, a provider of compliance tools for mortgage lenders, has partnered with loan origination system and software provider LendingPad, it announced on Tuesday. The aim of the partnership is to introduce LodeStar Discovery, a closing fee calculator, to mortgage loan originators using the LendingPad platform.

Closing costs 370

Closing costs Title Lending Loans 370

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. million homes for sale, but in 2022 we got as low as 870,000 in total inventory.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

OCTOBER 22, 2024

Mortgage technology company Uplist has launched what it says is a killer new tool that will help loan officers automatically generate refinance options for their clients. The tool also does modeling of potential savings for homeowners by analyzing various interest rates , closing costs and repayment options. ”

Loan Officer 435

Loan Officer Loans Technology Closing costs 435

Housing Wire

MAY 4, 2023

Elevated mortgage rates hurt Rocket Companies , the parent of Rocket Mortgage , again in the first quarter of 2023. Rocket has been cutting expenses and targeting purchase business, but the firm was unable to achieve profitability in Q1 in a shrinking mortgage market. decline from $19 billion in Q4 2022.

Principal 418

Principal Closing costs Mortgages Closing 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.

Fixed-rate mortgage 370

Fixed-rate mortgage Closing costs Lending Banks 370