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Tomo Mortgage closes $20M Series B funding round

Housing Wire

Tomo touts its use of artificial intelligence in streamlining loan underwriting and closing processes. It claims to save the typical homebuyer up to $4,000 in closing costs and offers interest rates that are 50 to 100 basis points lower than the industry average, according to a press release.

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CHLA: Lack of competition has driven up third-party closing costs

Housing Wire

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.

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Black Friday deals on a new home? Here you go

Housing Wire

The promotion applies to select homes in various housing developments across multiple cities. Magnolia Ridge, one of the participating housing developments in the Greater Houston deal, is offering $7,500 to $7,500 off select homes , with a few of the homes seeing prices drop from $289,200 to $244,990 and $248,590 to $239,990.

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The 11 do’s and don’ts of buying a new build

Housing Wire

Cosmetic updates like flooring, paint or finish work can sometimes be done after closing at a lower cost. Buyers should also budget for post-closing expenses such as landscaping, window treatments, built-in cabinetry and appliances that may not be included. For quick move-in homes, closing dates can also be adjusted.

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Lenders: Looking to simplify closings? Work with an insurance agency

Housing Wire

HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. TK: When it comes to closings, it’s all about keeping it simple.

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HUD walks back some proposed changes to HECM for Purchase program

Housing Wire

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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From tenant to trailblazer: Oralia Herrera takes helm at NAHREP

Housing Wire

In our community, many first-time buyers were using those to buy down interest rates or cover closing costs. Now theyre relying more on state and local grants, if available. Despite the setback, Herrera remains optimistic. Our community is resilient.