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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 432
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FinLocker says it will cover 100% of mortgage verification costs

Housing Wire

Self-branded “financial fitness” platform FinLocker announced Wednesday that it will cover 100% of the verification costs for mortgage borrowers who use lenders’ FinLocker-powered apps. This is about fundamentally transforming how the mortgage ecosystem works together.” ”

Mortgages 351
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Younger homebuyers have concerns over AI’s role in the mortgage process

Housing Wire

Even as artificial intelligence (AI) becomes more prominent in the mortgage industry, most millennial and Generation Z homebuyers are hesitant to rely solely on a fully automated application process to get a loan, according to a new study. About 58% of respondents still relied on loan officers to guide them through the process.

Mortgages 459
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Zillow says recent homebuyers are getting creative to combat high mortgage rates

Housing Wire

With mortgage rates moving closer to 7% once again, recent homebuyers are finding creative ways to lock in lower rates. This comes despite rising mortgage rates and a 115% increase in the typical mortgage payment compared to pre-pandemic levels. There are also nontraditional loan types such as an adjustable-rate mortgage (ARM).

Mortgages 321
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Fairway, accused of redlining in Alabama, agrees to settle for $1.9M

Housing Wire

Fairway Independent Mortgage Corp. Department of Justice (DOJ) over the regulators’ allegations of mortgage lending discrimination in majority-Black neighborhoods of the Birmingham, Alabama , metro area. The agreement, which was submitted for court approval, requires the Madison, Wisconsin-based mortgage lender to pay a $1.9

Lending 468
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Movement Mortgage names Steve Smith president and CFO

Housing Wire

Movement Mortgage has named Steve Smith, a mortgage veteran who most recently served as Movement’s executive advisor, as its new president and chief financial officer. compared to the same period last year, according to Inside Mortgage Finance (IMF). The announcement was made Wednesday.

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

Housing Wire

Better Home & Finance Holding Co., The company also reported a funded loan volume of $1.035 billion for Q3 2024, up 42% year over year and up 8% quarter over quarter, with 71% of this volume attributed to purchase loans. the parent of digital lender Better , reported a net loss of $54.1 By comparison, the company lost $41.4

Mortgages 368