Housing Wire

MARCH 3, 2024

A record 47% of government-sponsored enterprise (GSE) purchase loans in 2023 came from first-time homebuyers, a number that’s been trending gradually higher throughout the past decade. Looking back, last year’s market was dominated by purchase lending, with loans to buy homes making up 82% of a historically low number of originations.

Loans 514

Loans Debt-to-income ratio Lending Banks 514

Housing Wire

MAY 29, 2024

Racamato is now orienting his team to look closely at clients’ bank statements to find multiple — and often interest-free — installments of a few hundred or thousand dollars paid to the same company on a biweekly or monthly basis. He wants to know whether the potential borrower has acquired a buy now, pay later (BNPL) loan.

Debt-to-income ratio 468

Debt-to-income ratio Mortgages Loans Banks 468

Housing Wire

MARCH 16, 2022

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. The product is available for loans up to $3 million and up to 90% loan to value. No mortgage insurance will be required.

Banks 397

Banks Loans Debt-to-income ratio Lending 397

Housing Wire

JANUARY 20, 2021

The type of mortgage loan you qualify for is just as important as the mortgage lender you work with. To find a qualified lender, you need a good credit score and a good debt-to-income ratio, which is the percentage of a consumer’s monthly gross income that goes to paying down debt.

Debt-to-income ratio 459

Debt-to-income ratio Pre-approval Mortgages Loans 459

Housing Wire

SEPTEMBER 27, 2023

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. The CFPB report shows that the median total loan costs for home purchases was $5,952 in 2022, up 21.8% in 2022, up from 8.3%

Debt-to-income ratio 459

Debt-to-income ratio Mortgages Fixed-rate mortgage Equity 459

Housing Wire

APRIL 7, 2021

Your Income Is Stable. A stable income means you’re more likely to be approved for a loan , than someone with an unstable income. Because of this, today’s lenders are more than willing to work with potential first-time homebuyers who have debt, just as long as their debt-to-income ratio (DTI) isn’t too high.

Debt-to-income ratio 476

Debt-to-income ratio Fixed-rate mortgage Finance Loans 476

Housing Wire

FEBRUARY 28, 2024

Tom Davis, chief sales officer, Deephaven Mortgage Today’s market means that more borrowers have higher debt-to-income ratios, limited access to credit and are looking for alternative ways to get qualified for a mortgage. Our DSCR loan for real estate investors qualifies on the rental cash flow of the subject property.

Debt-to-income ratio 459

Debt-to-income ratio Mortgages Banks Equity 459

Housing Wire

AUGUST 7, 2023

Since 2008, the number of private secondary mortgage providers has reduced dramatically, and those that remain in the market generally purchase jumbo loans from more affluent borrowers. While banks also have the capacity to make loans and hold them on their balance sheets, the majority sell most or all of their loans to secondary providers.

Closing 370

Closing Fixed-rate mortgage Debt-to-income ratio Lending 370

Housing Wire

SEPTEMBER 11, 2023

Founded in 2022 by Eric Meadow, Home Sale Assured produces a “Guaranteed Backup” options contract, which enables existing homeowners to buy their next home before closing the sale of their current home. He most recently served as the president of troubled, largely defunct retail lender Celebrity Home Loans.

Debt-to-income ratio 435

Debt-to-income ratio Purchase and sale agreement Sales Loans 435

Housing Wire

MAY 9, 2023

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those loans are going to be 20 points underwater, for the 3% to 3.5%

Loans 397

Loans Debt-to-income ratio Banks Mortgages 397

Housing Wire

MARCH 30, 2021

It’s no secret credit scores can hinder a potential borrower’s ability to qualify for the best loan program, which can ultimately lead to poor borrower satisfaction. Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for.

Pre-qualification 468

Pre-qualification Debt-to-income ratio Pre-approval Loan Officer 468

Housing Wire

DECEMBER 13, 2024

The decline was sharper for refinances when compared with purchase loans, according to the report. Most of the refinance originations left in the market were a small number of cash-out refinance loans. Despite rising rates that fueled this increase, debt-to-income ratios did not see a significant change in the same period.

Debt-to-income ratio 370

Debt-to-income ratio Mortgages Fixed-rate mortgage Loans 370

Housing Wire

NOVEMBER 12, 2020

Not only does a prime credit score improve your chances of getting approved for a mortgage, but it also helps you secure a lower interest rate, too — and that means a more affordable loan on the whole. Avoid new debt. If a mortgage loan is on your radar, then avoid applying for new credit cards, loans or other debts.

Debt-to-income ratio 508

Debt-to-income ratio Banks Loans Mortgages 508

Housing Wire

MAY 8, 2023

Mortgage lender and servicer NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers. “With BorrowSmart Access, we’re delivering on that mission by providing ways to reduce cost in the homebuying process.”

Debt-to-income ratio 435

Debt-to-income ratio Closing costs Finance Lending 435

Housing Wire

JUNE 4, 2021

If you have poor credit, it’s less likely a lender will approve you for a loan. The good news is, you can raise your credit score by paying down debt and making your payments on time. Step 2: Look At Different Loan Options. with an FHA loan. First, figure out our total monthly debts. each month?

Debt-to-income ratio 476

Debt-to-income ratio FHA loan Loans Land 476

Housing Wire

NOVEMBER 2, 2023

The move is part of a legal battle that started in September 2021 when Richards filed a lawsuit alleging the lender closed thousands of loans without proper documentation to boost its performance ahead of its initial public offering (IPO) on the New York Stock Exchange.

Debt-to-income ratio 435

Debt-to-income ratio Loans Mortgages Technology 435

Housing Wire

AUGUST 8, 2024

So, say it gets rolled into their mortgage or they have to get another loan to pay it off. That gets rolled into their debt-to-income ratio, which means they look like a riskier buyer, which means their mortgage loan gets priced higher, which means they have an additional disadvantage because the cost of lending goes up for them.

Debt-to-income ratio 488

Debt-to-income ratio Marketing Mortgages Days on market 488

Housing Wire

NOVEMBER 7, 2023

This implies easing inflation next year, and mortgage rates near 6% would help affordability issues caused by two things: The inflation fight has fueled the mortgage rate spike Low inventory and a steady job market have put a floor on home prices The good news is that GSEs remain committed to loan approval guidelines that help in these tough cycles.

Debt-to-income ratio 435

Debt-to-income ratio Mortgages VA loan Loans 435

Housing Wire

JANUARY 14, 2022

Kidwell said his company is looking for loan processors to identify fraud in non-QM loans, in addition to loan officers. The hiring trend at non-QM lenders stands in sharp contrast to recent layoffs at some consumer-direct lenders, which specialize in conventional refinance loans. Riches in the niches. trillion in 2022.

Debt-to-income ratio 434

Debt-to-income ratio Lending Loans Loan Officer 434

Housing Wire

MARCH 23, 2021

With e-signatures enabled for virtual closings, it has become more difficult for lenders to authenticate income and asset information, while the incentive to cheat is boosted by desperation or perceived opportunity. There were enough significant findings to make these loans unsalable. Underwriters with hidden agendas.

Lending 476

Lending Mortgages Due diligence Debt-to-income ratio 476

Housing Wire

FEBRUARY 1, 2022

The recent offering , CAS Series 2022-R02, involves transferring loan-portfolio risk to private investors via a $1.2 billion note offering backed by a reference pool of 149,393 residential mortgage loans valued at $44.3 trillion in single-family mortgage loans, measured at the time of the transaction. billion.

Debt-to-income ratio 370

Debt-to-income ratio Investor Loans Principal 370

Keeping Current Matters

DECEMBER 21, 2020

Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer. New debt comes with new monthly obligations. Don’t Change Bank Accounts.

Debt-to-income ratio 338

Debt-to-income ratio Mortgages Loan Officer Banks 338

Housing Wire

JUNE 29, 2022

Loan officers must understand what modern millennial and Gen Z homebuyers want from their lenders. For mortgage professionals looking to buoy their loan volume through the rest of the year and beyond, understanding the motivations, behaviors and the barriers to entry for these borrowers will only become more vital for success.

Debt-to-income ratio 459

Debt-to-income ratio Loan Officer Loans Mortgages 459

Housing Wire

MAY 14, 2021

A good credit score increases the likelihood of qualifying for a mortgage because it indicates to the lender that you’re more likely to make timely payments on your loan. This might result in thousands of dollars saved over the life of the loan. This can be done by obtaining a loan or line of credit, like a credit card.

Debt-to-income ratio 459

Debt-to-income ratio Loans Mortgages Lending 459

Housing Wire

NOVEMBER 10, 2020

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. At that point, Dodson was actively working on a jumbo loan for friends of his from church. “And damn if we didn’t close Friday and they shut it down Monday.” So you stop.”. Everyone bowed out.

Debt-to-income ratio 459

Debt-to-income ratio Loans Banks Loan Officer 459

Housing Wire

NOVEMBER 8, 2021

After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. He will also inform the listing agent that he is a veteran himself and implores them to ask any questions or express concerns they have about VA loans.

VA loan 418

VA loan Agents Pre-approval Debt-to-income ratio 418

Housing Wire

APRIL 4, 2022

Text sign showing hand written words FHA Home loan. Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

FHA loan 370

FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

Housing Wire

AUGUST 22, 2024

Unlike tangible assets, these costs are akin to personal loans with no collateral to recover in case of default. In addition, Steve fails to acknowledge the pain this shift creates for vulnerable buyers, those who barely scrape together enough cash to make it to the closing table.

Debt-to-income ratio 353

Debt-to-income ratio Finance Mortgages Banks 353

Housing Wire

MAY 25, 2022

Between significantly fewer refinances, rising mortgage rates and housing inventory nearly cut in half since 2020, loan officers (LOs) and brokers face a pivotal time where adaptation is a must for success. For instance, processing non-QM loans manually can be prone to human error, cutting into the efficiency of a business.

Debt-to-income ratio 418

Debt-to-income ratio Lending Pre-qualification Loans 418

Housing Wire

MAY 3, 2023

But when the Fed raises interest rates, it becomes more expensive for families to take out loans for home purchases. Additionally, higher rates create higher debt-to-income ratio calculation, resulting in qualifying for lower mortgage amounts,” Mendenhall said.

Mortgages 448

Mortgages Debt-to-income ratio Banks Fixed-rate mortgage 448

Housing Wire

DECEMBER 4, 2024

Certain borrower groups are especially vulnerable, including those with lower credit scores , higher debt-to-income ratios and those who opted for more affordable loan products. Walsh said that there’s a “big question mark” related to FHA loans, which recorded a 10.46% delinquency rate in Q3 2024, up from 9.5%

VA loan 305

VA loan Mortgages Debt-to-income ratio FHA loan 305

Housing Wire

JULY 25, 2023

BM: Lenders need to be aware of the insurance landscape as it can have a significant impact on their ability to efficiently close a loan due to availability and pricing. Accurately calculating a customer’s front-end debt-to-income ratio (DTI) requires accounting for all housing expenses, including homeowners insurance premium.

Marketing 370

Marketing Debt-to-income ratio Mortgages Loan Officer 370

Housing Wire

AUGUST 26, 2024

In the meantime, these companies could market other products, such as home equity loans, to borrowers in these portfolios. trillion once the Flagstar deal closes. Conversely, other companies seized the opportunity to expand their portfolios, securing the future right to get the inside track on refinancings when rates eventually drop.

Mortgages 459

Mortgages Banks Debt-to-income ratio Loans 459

Housing Wire

AUGUST 23, 2023

The business combination closing, announced Wednesday, unlocks approximately $565 million of fresh capital, including a $528 million convertible note previously committed from affiliates of SoftBank and additional common equity from funds affiliated with NaMa Capital (formerly Novator Capital). It took Better two years to go public.

Debt-to-income ratio 370

Debt-to-income ratio Technology Mortgages Pre-approval 370

Housing Wire

MARCH 10, 2023

Among the nonbanks that either have or plan to introduce HELOC loan products are United Wholesale Mortgage , Rocket Mortgage , Guaranteed Rate , loanDepot and New Residential Investment Corp. HELOCs rising Toohig’s sense of the HELOC market from his perch as a loan trader matches the broader rising market numbers for the product.

Equity 370

Equity Marketing Debt-to-income ratio Lending 370

HomeLight

OCTOBER 28, 2024

The software will automatically load listings marked as “Closed” and indicate the selling price. It suggests that you should live in a home for at least five years before selling to build enough equity and offset transaction costs, such as closing fees and real estate commissions. Will your debt-to-income ratio permit a new loan?

Pre-approval 110

Pre-approval Debt-to-income ratio Equity Loans 110

Marco Santarelli

MARCH 4, 2025

There are so many different types of loans, lenders, and economic factors that play a role. This reflects the perceived risk involved in refinancing an existing loan versus originating a new one. It offers a stable, predictable monthly payment over the life of the loan. Why Did Rates Drop (Even Slightly)? ARMs can be risky.

Mortgages 95

Mortgages Debt-to-income ratio VA loan FHA loan 95