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Mortgage costs, lender denials jumped in 2022: CFPB

Housing Wire

Homebuyers faced surging mortgage costs, fees and monthly payments in 2022 amid a tightening monetary policy designed to combat persistent inflation. And because their income didn’t keep up, lenders’ denials for a home loan jumped last year, according to a Consumer Financial Protection Bureau (CFPB) report released Wednesday.

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The impact of student loans on buying a home

Housing Wire

Student loan debt may affect your home-buying goals in a few key ways. Debt-to-income ratio (DTI) Lenders calculate your DTI ratio by dividing your total monthly debt payments (including student loans) by your gross monthly income to assess your ability to handle additional debt, like a mortgage.

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Opinion: how to close the minority homeownership gap

Housing Wire

Fannie Mae and Freddie Mac have had affordable lending goals for years, but the impact of closing the minority homeownership gap has not been that significant. Income and credit information are inputted into the AUS. 1 answer has been, “They understand my borrowers and know how to close my loans.”

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LOs and brokers, are you prepared for an evolving workforce?

Housing Wire

These borrowers may have already experienced rejection when applying for more traditional loans due to factors like having less than perfect credit, high debt-to-income ratios, low reportable income and a number of other increasingly common reasons such as being self-employed or freelance workers. Why partner with Newrez?

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When rates skyrocketed, mortgage servicing reset the board. The next battle is about to begin

Housing Wire

trillion once the Flagstar deal closes. Middleman pointed to average loan-to-value ratios of 50%, average debt-to-income ratios in the low 40% range, and credit scores in the low 700s as indicators of an “extraordinary” credit. Cooper had become the largest U.S. trillion unpaid principal balance (UPB).

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Today’s Mortgage Rates March 4, 2025: Rates Have Dropped Sharply

Marco Santarelli

FHA Loans: FHA loans are insured by the Federal Housing Administration and are designed for borrowers with lower credit scores or smaller down payments. Debt-to-Income Ratio (DTI): Lenders want to see that you have a handle on your debt. My Personal Tip: Don't just jump at the lowest rate you see advertised.

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Should I Refinance My Mortgage Now or Wait Until 2025?

Marco Santarelli

As someone who's gone through the mortgage process a few times and kept a close watch on the market, I can tell you it's rarely a simple yes or no. 15-Year Fixed Mortgages: Aggressive Debt Paydown The 15-year fixed mortgage is like the high-performance sports car it's designed to pay off your debt aggressively.