Housing Wire

FEBRUARY 19, 2024

Chronically distressed properties lost more than $7,000 in total home equity on average while cycling in and out of foreclosure, according to an Auction.com analysis of more than 80,000 properties scheduled for foreclosure auction multiple times in the last three years. Assuming he put 3.5%

Equity 468

Equity Purchase and sale agreement Loans Mortgages 468

Housing Wire

OCTOBER 5, 2023

As the housing market suffers through a drought of home sales and related mortgage originations in the current high-rate environment, home prices and home equity continue to climb, helping to spark a revival of another sector — home equity lending and investment. billion, according to a review of bond-rating and industry reports.

Equity 448

Equity Purchase and sale agreement Marketing Lending 448

Housing Wire

MARCH 20, 2024

“They’re a more forward-thinking broker, and there has been lots of activity with the HECM Tool, which is a software application that I developed. I love the pursuit of the loan, of key accounts, of builders and real estate groups, that sort of thing. On the other hand], there’s never one loan that’s the same as another.

Development 459

Development Industrial Mortgages Loans 459

Housing Wire

JUNE 5, 2024

Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA).

Loans 529

Loans Finance Renovation Equity 529

Housing Wire

MARCH 26, 2024

Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs. How could they ever justify walking away from a loan with this low of an interest rate ?

Equity 459

Equity Loans Bankruptcy As-is 459

Housing Wire

JULY 7, 2022

Can Fannie Mae ’s housing equity plan make a meaningful dent in the 30 percentage point racial homeownership gap without a broad review of loan pricing? The list of potential obstacles across the Black housing journey — it’s long,” said Katrina Jones, Fannie Mae’s vice president of racial equity strategy and impact. “The

Equity 448

Equity Lending Closing costs Development 448

Housing Wire

AUGUST 1, 2022

Rocket Mortgage , the nation’s largest lender, is expanding its product portfolio to home equity loans amid a significant slowdown in mortgage origination volume. Rocket is targeting American homeowners with high household debt and credit card balances but strong home equity positions. . ” U.S. ” U.S.

Equity 397

Equity Loans Lending Banks 397

Housing Wire

JANUARY 18, 2024

Ted Tozer, former president of Ginnie Mae during the Obama administration and current president Alanna McCargo’s most recent Senate-confirmed predecessor, applauded the news that the company is looking into the development of a new Home Equity Conversion Mortgage (HECM)-backed Security (HMBS) product.

Development 448

Development Loans Banks Mortgages 448

Housing Wire

JUNE 28, 2024

a provider of shared equity financing products, announced Thursday that it hired Paul Giangrande as a corporate executive vice president and president of its mortgage division. At AmeriCash, he oversaw more than 300 employees and helped the company close more than $18 billion in home loans. San Jose -based EquiFi Corp. ,

Equity 396

Equity Purchase and sale agreement Mortgages Finance 396

Housing Wire

MARCH 18, 2022

Mangus then worked to build the dedicated reverse mortgage department at his new company from scratch and has found a notable degree of success by building Home Equity Conversion Mortgage (HECM) for Purchase (H4P) business through the use of continuing education (CE) classes designed for licensed real estate agents. The partner smiled. “

Loans 524

Loans Closing Mortgages Equity 524

Housing Wire

JULY 12, 2024

aka Nutter Home Loans , recently scored what an attorney has characterized as a win in a case brought against it by the U.S. Department of Housing and Urban Development (HUD) underwriting requirements in connection with the underwriting of approximately 1,500 [HECMs],” they explained. 9 — the defense is encouraged by this development.

Loans 446

Loans Development Mortgages Equity 446

Housing Wire

JULY 19, 2024

Late last month, Ginnie Mae released a term sheet for one of the most anticipated new developments for the reverse mortgage industry — a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product referred to as “ HMBS 2.0.” To get a better idea of the potential impact that HMBS 2.0

Development 459

Development Industrial Mortgages Fixed-rate mortgage 459

Housing Wire

MAY 23, 2022

HousingWire recently spoke with Barry Coffin, managing director of home equity title/close at ServiceLink , about the ways lenders can capitalize on these trends by revving up their home equity solutions. Barry Coffin : It’s a good time to prioritize home equity transactions for a couple of reasons.

Equity 397

Equity Title Technology Loans 397

Housing Wire

JANUARY 8, 2024

However, today’s companies are finding alternative ways to determine an appropriate loan for a consumer. When monopolies occur, the only opportunity for innovation comes from the largest banks and lenders as they have the capital to develop their own proprietary solutions. Its entry into the industry has had two major effects.

Equity 476

Equity Lending Technology Banks 476

Housing Wire

NOVEMBER 13, 2024

But some misconceptions about how the credit line is impacted by partial Home Equity Conversion Mortgage ( HECM ) prepayments was called out by Hultquist and McMinn. “Mr. Relationship between debt and equity McMinn continued with the next misconception, speaking again to a hypothetical borrower. Again, the whistle immediately rang out.

Equity 369

Equity Mortgages Principal Loans 369

Housing Wire

MARCH 10, 2023

Stubborn inflation and high interest rates continue to wreak havoc on the mortgage-origination market, but there is one asset class in the housing market that is arguably flourishing in these hard times – home equity. They are saying, ‘Tell me what’s working, how can I stand a program up so I can capture some of this [home-equity] business.”

Equity 370

Equity Marketing Debt-to-income ratio Lending 370

Housing Wire

JUNE 6, 2022

The deadline for the mortgage industry to chime in on the Federal Housing Administration ‘s (FHA) proposed 40-year loan modification rule was at the end of May. It remains unclear when the FHA plans to add the 40-year loan modification option to its servicing and loss mitigation handbook.

Loans 448

Loans Industrial Mortgages Real-estate owned 448

Housing Wire

JUNE 22, 2023

Wholesale mortgage lender The Loan Store (TLS) announced on Thursday the roll-out of its new home equity line of credit (HELOC) product, which is currently available in 25 states and Washington, D.C. The Loan Store, Inc. The TLS HELOC has a fully online application process, underwriting system, and valuation model.

Loans 370

Loans Pre-approval Equity Lending 370

Housing Wire

SEPTEMBER 14, 2023

“We would partner with banks to buy their loans and securitize them so the banks could recycle their capital.” Redwood executives are positioning the company to acquire mortgage loans in the market, mainly jumbos , with the expectation that banks will have a reduced appetite. We don’t originate residential mortgages.

Equity 417

Equity Banks Investor Residential 417

Housing Wire

DECEMBER 20, 2024

House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans.

FHA loan 360

FHA loan Mortgages Equity Loans 360

Housing Wire

JULY 12, 2024

A survey of mortgage default servicing leaders revealed that foreclosures are expected to rise slowly during the second half of 2024, while ample amounts of home equity should keep many properties in loss mitigation from moving into foreclosure status.

Equity 488

Equity Loans Commercial Mortgages 488

Housing Wire

MARCH 20, 2024

Figure Technology Solutions will focus on developing and distributing its proprietary, technology-enabled platform to partners and investors in the home equity lending ecosystem, the fintech firm announced earlier this week. JP Morgan Chase & Co. and Jefferies Financial Group Inc. — to take its lending division, LendCo , public.

Lending 448

Lending Equity Technology Banks 448

Housing Wire

FEBRUARY 7, 2024

The Housing and Economic Recovery Act of 2008 (HERA) “codified housing goals and added a Duty to Serve, which gives FHFA the tools to ensure that Fannie and Freddie stay focused on affordable housing and serving the housing needs of low- and moderate-income families instead of using a federal backstop to just cherry-pick the most lucrative loans.”

Land lease 459

Land lease Land Lending Finance 459

Housing Wire

MAY 30, 2024

Ginnie Mae is aiming to roll out plans for its new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product by the end of the year, according to acting president Sam Valverde, who spoke at the National Reverse Mortgage Lenders Association (NRMLA) Eastern Regional Meeting in Washington, D.C., on Wednesday.

Bankruptcy 473

Bankruptcy Loans Equity Development 473

Housing Wire

JUNE 27, 2023

A former high-ranking employee at nonbank The Change Company CDFI (TCC) filed a lawsuit in California accusing the company of retaliation after he notified executives of employees “mischaracterizing loans” to apparently skirt federal reporting requirements. Department of Treasury. ”

Loans 370

Loans Investor Banks Lending 370

Housing Wire

AUGUST 11, 2020

Vaccine development is progressing with some promising early results. First and most importantly, the loan profiles in the previous record-breaking expansion from 2010 to 2020 were excellent. We didn’t have a boom in cash-out loans either, so the equity has not been whittled down like what we saw from 2003-2006.

Loans 545

Loans Equity Development Marketing 545

Housing Wire

DECEMBER 4, 2024

The Federal Housing Administration (FHA) announced last week that the Home Equity Conversion Mortgage ( HECM ) limit for 2025 will be $1,209,750. It’s the ninth straight year that the limit will increase based on home-price appreciation levels, which feeds into a single, national limit for all HECM loans.

Mortgages 397

Mortgages Equity Lending Loans 397

Housing Wire

JUNE 14, 2024

Recent stagnation in refinancing loans, coupled with supply and demand discrepancies in housing, means originators still find themselves in an increasingly competitive landscape despite having expectations of the worst being over. However, a record $17 trillion of home equity is still available in the market.

Loans 448

Loans Banks Equity Development 448

Housing Wire

FEBRUARY 24, 2021

While modest mortgage delinquency improvements have occurred for several months, loans considered seriously delinquent are still five times that of pre-pandemic levels. To accommodate the large volume of loans still in forbearance, mortgage servicers must have functional, flexible and effective forbearance processes in place.

Mortgages 482

Mortgages Equity Loans Development 482

Housing Wire

NOVEMBER 26, 2024

That’s up $59,925 from the current limit of $1,149,825 for Home Equity Conversion Mortgages (HECMs), which equates to an increase of roughly 5%. HUD calculates this figure at 150% of the conforming loan limits on mortgages backed by Fannie Mae and Freddie Mac. compared to third-quarter 2023. . compared to third-quarter 2023.

Lending 370

Lending Equity Loans Finance 370

Housing Wire

APRIL 29, 2024

The action is designed to inform consumers about the potential pros and cons of taking out these loans, according to an announcement issued by Attorney General Dana Nessel’s office on Monday. “A A reverse mortgage is a type of home equity loan extended, in most cases, to those who are 62 years of age or older,” the announcement stated. “It

Mortgages 448

Mortgages Equity Loans Closing 448

Housing Wire

MAY 23, 2024

Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. million HECM loans between Oct. A study commissioned by the U.S. 1, 1999, and Sept.

Equity 459

Equity Loans Principal Commercial 459

Housing Wire

MAY 20, 2024

There are no monthly payments, but interest and fees are added to the loan balance each month,” she said. “So, So, in contrast to a forward mortgage, the loan balance with a reverse mortgage goes up, not down, over time. So, as the loan balance increases, your home equity decreases.” You can sell your home.

Mortgages 448

Mortgages Equity Loans Closing costs 448

Housing Wire

MAY 23, 2024

A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and avoid the possibility of foreclosure. The need to repay the loan is listed as a con in the column, despite the fact that it is a loan and not a grant.

Mortgages 437

Mortgages Equity Loans Finance 437

Housing Wire

JANUARY 16, 2024

Ginnie Mae intends to develop a new reverse mortgage-backed security product enabling the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement, according to a new announcement.

Mortgages 459

Mortgages Bankruptcy Loans Equity 459

Housing Wire

MAY 2, 2024

Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) this week announced a new policy enabling mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased.”

Mortgages 468

Mortgages Equity Lending Loans 468

Housing Wire

JANUARY 17, 2024

But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance. The HECM for Purchase is not a refinancing tool; it is not akin to a Home Equity Line of Credit ( HELOC ).

Finance 482

Finance Seller concession Loan Officer Loans 482