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Loan officers are seeing an uptick in FHA, VA demand

Housing Wire

The newest weekly mortgage applications survey data, released Wednesday by the Mortgage Bankers Association (MBA) included the lowest mortgage rates in months, which created a stir in the number of applications. On-the-ground observations Loan officers say they’re seeing an increase in government loan demand.

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FOA lowers rate, expands HomeSafe Second reverse mortgage into new states

Housing Wire

Reverse mortgage industry leader Finance of America (FOA) announced updates on Thursday to the interest rate for HomeSafe Second, its proprietary second-lien reverse mortgage product. The interest rate on the loan has been lowered from 9.99% to 9.49%. The new states are Arizona, Nevada, Oregon and Utah.

Mortgages 434
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Reverse mortgage pro shares how he became a HECM customer

Housing Wire

Tim Nelson, a longtime reverse mortgage industry professional and reverse department manager at VIP Mortgage in Scottsdale, Arizona , spent 20 years in the home lending arena before shifting his focus entirely to reverse. Nelson is now a reverse mortgage borrower in addition to being an industry professional.

Mortgages 370
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Better’s AI bots might take over mortgages — but its losses are still piling up

Housing Wire

Founder and CEO Vishal Garg made a eye-popping statement when he opined that “in the next 10 years, 99% of the (mortgage) tasks will be completed by bots and 1% by humans.” “The bulk of the tasks that are required to process a mortgage are going to be performed by AI bots over the next 10 years,” Garg said in an interview with HousingWire.

Mortgages 370
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The future of mortgage professionals: Adapting to a changing market

Housing Wire

The mortgage professional of the future goes beyond the transaction. Our mortgage industry is experiencing a fundamental shift. Traditional loan officers who focus solely on transactions are being replaced by mortgage professionals who act as financial strategists, long-term advisors, and educators.

Mortgages 362
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Reverse mortgage leaders on partnering with the forward side in 2025

Housing Wire

Reverse mortgage professionals made more inroads into the forward mortgage industry in 2024. This happened through dedicated conversations, partnerships between reverse and forward mortgage companies, and expanded activities in reverse that stemmed from acquisitions and expansions of existing divisions.

Mortgages 418
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Vishal Garg says Better’s AI could underwrite 75% of mortgages by year’s end

Housing Wire

Better ‘s fourth-quarter and full-year 2024 earnings call showcased the company’s growing revenue and its plans to further integrate artificial intelligence into the mortgage process. All three of the company’s product channels purchase, refinance and home equity saw annualized growth. It finished 2024 with $3.6