Housing Wire

OCTOBER 30, 2023

loanDepot has rolled out a new down payment assistance program for Federal Housing Administration (FHA) loan borrowers that enables them to put zero money down upfront. In loanDepot’s program, dubbed AccessZERO, the down payment assistance is structured as a 10-year fully amortized repayable second mortgage.

FHA loan 493

FHA loan Loans Lending Finance 493

Housing Wire

MARCH 29, 2024

While much of the report suggests “a continued increase in credit or consumer reporting complaints, with more than one million of these complaints being sent to the three nationwide consumer reporting companies,” the mortgage industry demonstrates general reactivity to the feedback, according to the report. were pending with the bureau.

Mortgages 442

Mortgages VA loan FHA loan Lending 442

Housing Wire

OCTOBER 19, 2023

In late August, when mortgage rates were well over 7% and beginning their climb toward 8%, Jeff Anderson had a client do what few other homeowners are willing to do: She gave up her 4% mortgage rate. By doing a cash-out refi, she landed a $340,000 FHA loan and locked in a 6.9% mortgage rate at the end of August. “At

Mortgages 497

Mortgages FHA loan Equity Loans 497

Housing Wire

FEBRUARY 7, 2023

California-based Carrington Mortgage Services (CMS) sees a window of opportunity in the mortgage market. The Federal Reserve (Fed) actions that resulted in millions of borrowers receiving mortgage rates below 4% gave way to Fed actions that… triggered mortgage rates to rise above 7% in the fall of 2022.

FHA loan 397

FHA loan Mortgages Loan Officer VA loan 397

Housing Wire

JANUARY 4, 2023

More than 160 employees from the now-shuttered Finance of America Mortgage have landed at Go Mortgage , a Columbus, Ohio-based lender. In the coming months, more former FoA employees are expected to “trickle in” to Go Mortgage’s retail division, which will bring the total number to 200. Go Mortgage originated $753.2

Mortgages 508

Mortgages FHA loan Loan Officer Construction 508

Housing Wire

OCTOBER 11, 2024

in the past year, driven by more cases of identity and transaction fraud New data shows that cases of fraud among mortgage applicants is on the rise — an eye-raising trend as demand from borrowers remains relatively quiet. The CoreLogic Mortgage Application Fraud Risk Index jumped by 8.3% CoreLogic’s risk index rose 8.3%

Mortgages 516

Mortgages Sales Loans Lending 516

Housing Wire

JUNE 5, 2023

Direct retail lender Revolution Mortgage has scooped up two of loanDepot ‘s top LOs, accelerating its plans to expand market share despite a tough origination environment. For first-time homeowners, having the capital for a down payment is the biggest barrier, Brok said.

Loan Officer 397

Loan Officer Loans Mortgages FHA loan 397

Housing Wire

OCTOBER 16, 2024

The locations of households that have received FHA-backed mortgages have been studied far less, HUD explained. If federal homeownership assistance programs follow national trends, we would expect FHA loans to be associated with whiter and lower-poverty census tracts.”

FHA loan 487

FHA loan Equity Loans Mortgages 487

Housing Wire

JANUARY 19, 2024

Country Club Mortgage , a home lender based in California , has decided to lay off over 100 employees due to “facility closures,” documents sent to state regulators show. More than 50 mortgage loan officers were let go. Last year, half of the originated loans were conventional, followed by 35% of FHA loans and 14% of V.A.

Mortgages 480

Mortgages FHA loan Loan Officer Loans 480

Housing Wire

AUGUST 31, 2023

Mars Bank — an independent community bank in Pennsylvania — offers mortgage lending, retail and commercial banking in six locations throughout the state. million across 234 loans in the past 12 months, according to the mortgage data platform Modex. Mars Bank held $520.8 million in assets as of June 30, 2023.

Banks 416

Banks FHA loan Lending Equity 416

Housing Wire

MAY 25, 2023

The company will focus on full-servicing banking and mortgage servicing businesses, it announced on Thursday. The origination activity will cease effective July 31, 2023, but all outstanding mortgage loans will continue to be serviced in accordance with the terms and conditions of the agreements.

Mortgages 397

Mortgages FHA loan Loan Officer Banks 397

Housing Wire

JUNE 1, 2023

Are low-FICO, first-time homebuyers better off with a conventional mortgage and reduced LLPA fees, or an FHA loan with none at all? We spoke to multiple loan officers and Washington, D.C.-based In March, FHA Commissioner Julia Gordon made it a little cheaper. based think tank Urban Institute to hear their takes.

FHA loan 370

FHA loan Loan Officer Loans Mortgages 370

Housing Wire

NOVEMBER 21, 2022

Homeowners with the Federal Housing Administration -insured mortgage financing will now be allowed to obtain private flood insurance policies, expanding consumer options to protect borrowers from the country’s major natural disaster. . billion, did not have the required NFIP coverage. billion, did not have the required NFIP coverage.

FHA loan 370

FHA loan Mortgages Loans Lending 370

Housing Wire

JUNE 5, 2024

Mortgage demand keeps on falling. Mortgage applications dropped 5.2% for the week ending May 31 compared to the prior week, according to the Mortgage Bankers Association (MBA), results that include an adjustment for the Memorial Day holiday. The refinance share of mortgage activity decreased to 31.1% the previous week.

VA loan 468

VA loan Mortgages Fixed-rate mortgage Loans 468

Housing Wire

MARCH 13, 2023

Rate and affordability pressures continue to challenge purchase lending, driving homebuyers to alternative loan products. ” The share of locks with adjustable rates rose in February to 10.3%, while nonconforming loans – consisting of 12.2% of the total loan product mix — picked up share.

Loans 370

Loans VA loan Mortgages FHA loan 370

Housing Wire

MARCH 12, 2024

Department of Housing and Urban Development (HUD) are a few key priorities related to the Federal Housing Administration (FHA) and its Home Equity Conversion Mortgage (HECM) program. Total loan volume projected for all MMI programs for 2025 is $237.9 Within the congressional justifications for the U.S. billion is for HECM.”

Mortgages 447

Mortgages FHA loan Loans Lending 447

Housing Wire

APRIL 13, 2021

The share of refinances in mortgage origination volume dipped below 50% for the first time in 15 months in March, according to Black Knight ‘s new monthly data report, the Originations Market Monitor. With interest rates continuing to tick up, the purchase mortgage market is where most lenders will focus operations over the next year.

Mortgages 435

Mortgages Marketing FHA loan Lending 435

Eye on Housing

AUGUST 3, 2023

NAHB analysis of the most recent Quarterly Sales by Price and Financing report reveals that the share of new home sales backed by FHA loans climbed from 12.1% (revised) to 14.0% Conventional loans financed 73.7%. in the second quarter of 2023.

FHA loan 98

FHA loan Loans Sales Finance 98

Housing Wire

MARCH 11, 2024

The spring homebuying season kicked off with a monthly jump in purchase mortgage locks despite rising interest rates. for cash-out loans. for cash-out loans. Overall, 86% of originations in February consisted of purchase mortgages, with refis accounting for 14%. for rate-and-term refis and by 3.1%

VA loan 476

VA loan FHA loan Loans Lending 476

Housing Wire

NOVEMBER 29, 2023

“Under the new definition, effective for pools or loan packages submitted on or after Jan. 1, 2024, a ‘high balance loan’ is defined as a single-family forward mortgage loan with an original principal balance (minus the amount of any up-front mortgage insurance premium) that exceeds the [new] limits,” the company said in a statement.

Loans 442

Loans FHA loan Principal Finance 442

Housing Wire

SEPTEMBER 29, 2020

As the Fed pulls out all the stops to stimulate economic activity, mortgage rates have reached record lows. This sounds like great news for lenders, for whom millions of newly refi-eligible mortgages means a lot of new business coming in. Of course, this means you’ll have to rely on excellent servicing while the loans are retained.

Lending 459

Lending Loan Officer Branding Loans 459

Keeping Current Matters

MARCH 22, 2021

According to data from the most recent Origination Insight Report by Ellie Mae , the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. However, that’s not always the case.

VA loan 318

VA loan FHA loan Mortgages Lending 318

Housing Wire

APRIL 10, 2023

In early March, when mortgage rates started their climb back toward 7%, originations faced pronounced downward pressure. The 30-year fixed mortgage rate climbed to the highest levels of the year in early March, reaching 6.8% by the end of the month, Black Knight’s Optimal Blue mortgage market indices showed.

FHA loan 397

FHA loan Marketing Lending Mortgages 397

Housing Wire

OCTOBER 23, 2020

Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.

Mortgages 505

Mortgages FHA loan Lending Loans 505

Housing Wire

SEPTEMBER 27, 2022

Amid a decline in mortgage business, Wells Fargo last week notified Iowa state authorities of its plans to lay off 36 employees. The Des Moines metropolitan area is the headquarters for the bank’s home mortgage division. The Des Moines metropolitan area is the headquarters for the bank’s home mortgage division. As the U.S.

FHA loan 397

FHA loan Lending Banks Finance 397

Housing Wire

AUGUST 16, 2022

s mortgage business has been the subject of industry speculation in the wake of a Bloomberg report indicating that the lending giant plans to shrink its enormous mortgage footprint , including a likely pull-back from the correspondent lending business. The fate of Wells Fargo & Co. ’s Presented by: Reggora.

Mortgages 370

Mortgages Lending Loans Banks 370

HomeLight

AUGUST 31, 2021

The FHA doesn’t lend money itself. Instead, it insures mortgages made by lenders. The FHA backing lets lenders offer easier credit terms than non-FHA loans. FHA loans are especially important for first-time buyers. But more than 80% of those FHA borrowers were first-time homebuyers.

FHA loan 105

FHA loan Loans Debt-to-income ratio Banks 105

HomeLight

OCTOBER 11, 2021

You’re getting ready to start shopping for a house, and you’re pretty certain you want to go with an FHA loan. The Federal Housing Administration backs loans with less strict credit requirements and low down payment options to help families become homeowners. How much house can you afford if you’re getting an FHA loan?

FHA loan 104

FHA loan Loans Debt-to-income ratio Closing costs 104

Housing Wire

NOVEMBER 7, 2023

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%

VA loan 482

VA loan Agents Seller concession FHA loan 482

Housing Wire

JANUARY 31, 2023

Scott Miller, a former mortgage loan originator at Sprout Mortgage , knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. Up to 30% of the 1,000 largest independent mortgage banks projected to disappear by the end of 2023 via sales, or failures.

Loans 418

Loans Mortgages Loan Officer Pre-approval 418

Housing Wire

MAY 31, 2022

Mortgage lenders and real estate investment firms this month entered tight housing markets in the Midwest and the Northwest to better reach prospective homebuyers, despite a challenging mortgage market. The expansion comes amid a surge in mortgage rates and declining loan origination volume.

Mortgages 397

Mortgages Loans Lending Construction 397

HomeLight

FEBRUARY 12, 2021

You’ve just received the first offer on your home — and it’s backed by an FHA loan. So what do you need to know about FHA loans as a seller? Today, FHA loans represent a fair share of the mortgage market; in 2018, the FHA insured 12.1% of all mortgage originations. down payment.

FHA loan 111

FHA loan Loans Pre-approval Pre-qualification 111

Housing Wire

JUNE 12, 2023

The housing market, which is facing challenges with mortgage rates , affordability, prices and inventory, hasn’t been this purchase-dominant in decades, according to Black Knight ’s originations market monitor report. Today, nearly nine out of every 10 mortgages originated is a purchase loan, the report notes.

Loans 448

Loans Mortgages Lending Marketing 448

Housing Wire

FEBRUARY 27, 2024

California-based New American Funding (NAF), which recently acquired Draper and Kramer Mortgage Corp. Last year, she produced about $78 million in mortgages, consisting mainly of Federal Housing Administration (58.8% of the total) and purchase loans (93.5%), according to the mortgage tech platform Modex. were FHA loans.

FHA loan 448

FHA loan Loan Officer Loans Staging 448

Housing Wire

FEBRUARY 15, 2024

Garg expects that “a large percentage” of VA loan applicants through Better will also be able to qualify for the company’s One Day Mortgage program , which was launched a year ago and allows customers to apply for a mortgage, get preapproved, lock their rate and receive a commitment letter within 24 hours. billion in Q3 2022. “VA

VA loan 431

VA loan Loans Loan Officer FHA loan 431

Housing Wire

MARCH 5, 2024

Mortgage assumption is a niche option that gained momentum in 2023. An assumable mortgage enables a qualified buyer to take over a seller’s mortgage terms, including the existing balance and interest rate. Typically, the fees are lower than those for new loans and no appraisal is needed. trillion in FHA and VA loans.

VA loan 468

VA loan Mortgages Loans Agents 468

Housing Wire

JUNE 28, 2023

It will be required for all FHA loan applications issued on or after August 28, 2023. Requiring the SCIF can inform a lender or mortgage servicer ’s provision of services in languages other than English and in accordance with a borrower’s understanding of the homebuying and mortgage lending processes,” the FHA said in an announcement.

FHA loan 368

FHA loan Finance Title Mortgages 368