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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

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. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

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Better narrows loss in 2023, aims to reach profitability soon

Housing Wire

The operating model change involved Better pivoting to hiring experienced loan officers on commission-based compensation plans. Previously, the lender had higher fixed-cost components and no commissions for its loan officers. About 80% of the mortgages at Better are now being funded as one-day products, Garg noted.

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Mortgage rates plummet and everything has suddenly changed — for now

Housing Wire

Prospective borrowers with strong credit are locking in mortgages this week at the lowest rates in more than a year, loan officers and lending executives told HousingWire on Friday. Fixed rates through the Federal Housing Administration (FHA) were at 6.10% and those through the U.S. Department of Veterans Affairs averaged 6.12%.

Mortgages 514
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A recap of gen AI use cases at FHFA’s 2024 TechSprint

Housing Wire

Loan Buddy Single-family origination Focused on helping limited English proficiency (LEP) buyers with the mortgage process, Loan Buddy would convert documents, explain terms, offer overviews and answer question in the user’s chosen language. Conversations with Loan Buddy would be recorded and available to the loan team.

Loans 356
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How to Build a Lucrative Career as a Military Relocation Professional in 2023

The Close

Easy financing through VA loans. Easy financing through Department of Veterans Affairs loans is another reason. Zero interest loans are an even bigger deal in our current lending environment! Here are my six favorite ways to market to military personnel: Get NAR’s MRP Designation. It’s also a 0% interest loan.

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What’s a Conventional Loan? Here’s What Buyers Need To Know

HomeLight

These loans come with required mortgage insurance, and they typically have higher rates and fees. VA loans : These loans are for qualifying military service members and their families, and they’re backed by the Veterans Administration. VA loans require a minimum credit score of 620 and a maximum DTI of 41%.

Loans 98
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Mortgages with Low Credit Scores - Your Guide to Affordable Home Financing

Realty Biz

Government-backed programs: Government-backed mortgage programs, such as FHA loans, VA loans, and USDA loans, often have more relaxed credit score requirements. Seek professional advice: Working with a mortgage professional, such as a loan officer or mortgage broker, can provide valuable guidance.

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