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High mortgage rates sideline homeowners from tapping home equity: ICE

Housing Wire

Rising home prices have pushed the third quarter’s tappable home equity amount near its 2022 peak, but interest rates are making homeowners reluctant to extract that wealth. Indeed, in recent quarters, equity withdrawal rates have been running at less than half their long-run averages. for FHA loans and 44.5%

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Home prices are cooling, and condos in Florida are experiencing a deep freeze

Housing Wire

That’s according to the latest Mortgage Monitor report from ICE Mortgage Technology. While falling condo prices can erode equity levels among existing condo owners, they also afford modest relief to those looking to prospective home buyers. In last month’s ICE first look, FHA loans dominated delinquencies.

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Meet the homeowners giving up 4% mortgages and opting for cash-out refis

Housing Wire

By doing a cash-out refi, she landed a $340,000 FHA loan and locked in a 6.9% We are paying off her current mortgage balance of $280,000 while maintaining more than $200,000 in home equity,” said Anderson, who runs the mortgage broker shop Rancho Capital Home Loans. mortgage rate at the end of August. “At

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NexTier Bank to acquire Mars Bank

Housing Wire

“This merger ensures our customers will continue to receive access to the products, services, and technology they need while maintaining the relationship-driven, hands-on service they’ve come to expect,” Dionise said in a statement. million in origination across 205 loans over the past 12 months, Modex showed.

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Lenders pick up the pace in closing mortgages

Housing Wire

The average time to close on a mortgage has decreased for a fourth consecutive month to 51 days, according to a new study from ICE Mortgage Technology. The percentage of purchase mortgages increased to 43% of total closed loans. The average interest rate for all loans was 3.48% in April 2020.

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Lenders mandated to use FHA Catalyst for appraisals

Housing Wire

Starting March 14, 2022, the Federal Housing Administration (FHA) will require all lenders to use FHA Catalyst for appraisals. The module can also accept appraisals for Home Equity Conversion Mortgages (HECMs), the administration announced last week.

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RenoFi targets homeowners who don’t qualify for HELOCs

Housing Wire

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs). Presented by: Auction.com.

FHA loan 360