Housing Wire

JUNE 11, 2024

Department of Housing and Urban Development (HUD) has terminated the Federal Housing Administration (FHA) direct endorsement approval for Open Mortgage in Iowa. “HUD Texas-based multichannel lender Open Mortgage has originated about $400 million in mortgages over the past 12 months, per mortgage tech platform Modex.

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FHA loan Mortgages Loan Officer Loans 476

Housing Wire

NOVEMBER 16, 2020

If you’re using a home loan to buy a house, then you could have two types of insurance in your future, home insurance and mortgage insurance. But mortgage insurance? What mortgage insurance does. Mortgage insurance, on the other hand, protects the lender — not you or your property. Types of mortgage insurance.

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FHA loan Mortgages Loan Officer Loans 468

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. This is a lot different than 2008 where you needed a credit score and a heartbeat to get a mortgage. An additional 21% closed 1.5

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Loans FHA loan Mortgages Loan Officer 459

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

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Mortgages FHA loan Loan Officer Construction 508

Housing Wire

NOVEMBER 16, 2020

When you get a mortgage, there are several options you can choose from, including FHA, VA, USDA, and conventional mortgages. But choosing the right mortgage product can be difficult — especially if you’ve never bought a home before. Are you confused about your mortgage options? Here are your choices: FHA mortgages.

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VA loan FHA loan Mortgages Loans 501

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.

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FHA loan Mortgages Loan Officer VA loan 397

Housing Wire

AUGUST 2, 2024

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. This generally matches up with data from Mortgage News Daily , which looks at marketed rates for strong credit profiles.

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Mortgages FHA loan Loans Loan Officer 514

Housing Wire

AUGUST 14, 2024

The recent declines in mortgage rates have been good news for mortgage professionals and consumers alike. But the industry is not yet out of the woods, said Todd Sheinin, the Maryland-based vice president of strategy and development at Primary Residential Mortgage Inc. “As After mortgage rates peaked above 7.5%

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Mortgages Loan Officer FHA loan Loans 468

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. Job cuts include the leadership – the president and CEO, the finance manager and the credit risk officer. More than 50 mortgage loan officers were let go.

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Mortgages FHA loan Loan Officer Loans 482

Housing Wire

SEPTEMBER 6, 2024

Mortgage rates remained flat following a jobs report on Friday that continued to show a cooling labor market. Mortgage rate pricing for homebuyers hasn’t changed significantly as lenders have already priced in a Federal Reserve rate cut of 25 basis points (bps) that is expected later this month, loan originators told HousingWire.

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Mortgages VA loan FHA loan Fixed-rate mortgage 476

Housing Wire

MAY 26, 2021

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 percentage of purchase mortgages increased to 43% of total closed loans.

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Closing Mortgages VA loan FHA loan 476

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. said in a statement.

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Mortgages FHA loan Loan Officer Banks 397

Housing Wire

NOVEMBER 3, 2021

For the first time since the beginning of the pandemic, purchase mortgages outpaced refinancings in the third quarter of 2021, according to the latest TransUnion report published on Wednesday. The total mortgage balances grew 8% year-over-year to $10.5 Jumbo loans had the best performance, up 36.9% trillion in the third quarter.

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Mortgages FHA loan Loan Officer Loans 418

Housing Wire

DECEMBER 18, 2020

Considering the median mortgage payment sits around $1,100, that’s a pretty big chunk of change to be bringing in. The differences between FHA, VA, and USDA mortgages. You may also be able to use an FHA loan to buy your home, but there are caveats. Hard money loans. More for Real Estate Enthusiasts.

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FHA loan Hard money loan Loans Loan Officer 488

Housing Wire

MAY 25, 2021

Mortgages would be subject to FHA loan limits. Homebuyers would pay an up-front mortgage insurance premium of 3.6 Police officers, prison guards, firefighters, paramedics, emergency medical technicians and public or private school teachers would all be eligible. Representatives John Rutherford (R-Fla.),

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FHA loan VA loan Loans Loan Officer 493

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.

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FHA loan Loan Officer Loans Mortgages 370

Housing Wire

MARCH 24, 2022

The one-two punch of higher mortgage rates and escalating home prices reduced homebuyers ’ ability to buy homes in February. The national median monthly mortgage payment settled in loan applications increased 8.3%, from $1,526 in January to $1,653 in February, according to a survey published Thursday by the Mortgage Bankers Association.

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FHA loan Fixed-rate mortgage Loan Officer Principal 518

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.

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FHA loan Loan Officer Loans Staging 448

Housing Wire

MARCH 14, 2024

Lisa Moriello, the national retail reverse mortgage sales manager at multichannel lender loanDepot , recently spoke to RMD about how business in 2024 seemed to be off to a promising start. Diving deeper into the current reverse mortgage business environment, she offered additional perspectives on multiple topics.

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Mortgages Loan Officer FHA loan Equity 448

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.

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Loans Mortgages Loan Officer Pre-approval 418

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.

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Industrial Seller concession Purchase and sale agreement Agents 514

Housing Wire

FEBRUARY 15, 2024

They’re using a DPA program through the New Jersey Housing and Mortgage Finance Agency (NJHMFA). They made good money, but with student loans and car payments, they didn’t have the money for the down payment and closing costs,” Saller said. They come in the forms of grants, second mortgages, deferred loans and forgivable loans.

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FHA loan Loans Closing costs Loan Officer 476

Housing Wire

OCTOBER 25, 2023

With housing affordability being challenged in a higher mortgage rate environment, fewer homebuyers jumped into the market in the third quarter. The firm is a provider of mortgage point-of-sale and automation software for banks, credit unions, independent mortgage banks and brokers. The average down payment size was 14.5%

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FHA loan Marketing Loan Officer Loans 459

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

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VA loan Loans Loan Officer FHA loan 435

Housing Wire

DECEMBER 27, 2022

FHA Commissioner Julia Gordon. The fate of Federal Housing Administration (FHA)-backed mortgages in the ongoing downcycle housing market is being compared with a canary in the coal mine by several industry experts who track the sector and are seeing early warning signs of distress. Over the past 14 years, FHA has insured 9.1

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FHA loan Loans Mortgages Equity 497

Housing Wire

APRIL 4, 2022

Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

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FHA loan Debt-to-income ratio Pre-approval Loan Officer 370

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%

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VA loan Agents Seller concession FHA loan 482

Housing Wire

OCTOBER 27, 2020

Your credit plays a huge part in your ability to get a mortgage. It influences what loans you’re eligible for, how much you can take out, and how much you’ll pay in interest over the life of your loan. Perfect credit would certainly make getting a loan easier (and cheaper), but it’s not a requirement by any means.

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Debt-to-income ratio VA loan FHA loan Loan Officer 444

Housing Wire

SEPTEMBER 22, 2023

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. this week, Fannie Mae Chief Economist Doug Duncan believes that mortgage rates will stay elevated before the Fed makes further rate cuts. “We’ve Kim: Spreads in the mortgage space are wide.

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FHA loan Bankruptcy Marketing Loans 476

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. While many lenders laid off some of their staff to cut costs, others continue opening offices to capitalize on demand from homebuyers.

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Mortgages Loans Lending Construction 397

Housing Wire

MARCH 11, 2022

Last week, Fairway Independent Mortgage Corporation announced the hiring of Tane Cabe as its new reverse business development manager with a focus on Home Equity Conversion Mortgage (HECM) for Purchase (H4P) business. So real estate agents automatically get nervous [about a HECM being] an FHA loan. Harlan Accola.

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FHA loan Due diligence Loan Officer Loans 370

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. But, as mentioned, history has demonstrated that refis go up and down in dramatic swings.

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Lending Loan Officer Branding Loans 459

Realtor.com

NOVEMBER 28, 2022

designer491/iStock FHA loans, which are insured by the Federal Housing Administration, help home buyers secure financing to buy a home despite their low income, lack of savings, or poor credit scores—the kind of things that often prevent people from getting a conventional loan. You’ll have to pay mortgage insurance.

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FHA loan Debt-to-income ratio Loans Loan Officer 98

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.

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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?

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

Realty Biz

SEPTEMBER 30, 2023

Mortgages with Low Credit Scores Mortgages with low credit scores can appear challenging, but there are options available. Understanding how a low credit score affects your mortgage and exploring government-backed programs can help you navigate the process. Can you buy a house with bad credit?

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Finance Debt-to-income ratio FHA loan Mortgages 96

Real Trends

NOVEMBER 11, 2022

FHA loans aim to make homeownership possible for borrowers with less-than-perfect credit and without a large down payment requirement. Backed by the Federal Housing Administration, FHA loans have more competitive interest rates, something that could be key for buyers in today’s market. Shared equity financing.

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Finance VA loan FHA loan Agents 113