Housing Wire

JANUARY 26, 2021

People often confuse the home appraisal with the home inspection. Appraisals are estimates of a home’s value — and they’re typically required before you can close on your mortgage loan. Inspections, on the other hand, are designed to assess the condition of the home, and they’re 100% optional for the buyer.

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Housing Wire

JUNE 11, 2021

What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. Home Inspection. Have you budgeted for closing costs?

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Housing Wire

NOVEMBER 18, 2020

In most cases the in-person inspections required by GSEs, FHA and VA policies can continue per policy; however, adjustments to policy compliance are often needed to get the loan underwritten. When inspections are safe and feasible, appraisers are wearing personal protective equipment (PPE) such as masks, gloves and shoe coverings.

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Housing Wire

AUGUST 31, 2023

And as a loan officer (LO), why should I care? A look into GSE appraisal modernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years. Property data collection consists of a complete interior and exterior inspection of the subject property. Why do we need them?

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Housing Wire

FEBRUARY 1, 2023

Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete. The loan will cover an 11-month maximum build period with a one-month modification. “The UWM, which originated $33.5

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Housing Wire

APRIL 2, 2024

New American Funding (NAF) has snagged top Chicago loan officer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.

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Housing Wire

APRIL 30, 2022

Incenter Appraisal Management’s RemoteVal technology allows appraisers to cut out all physical travel and get more inspections done, in turn generating more orders per day that they can complete. The real difference with RemoteVal is that it keeps appraisers in full control of the appraisal inspection,” said Erik Pogwist, Chief Appraiser.

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Housing Wire

FEBRUARY 3, 2025

Company Name Company Website Markets Served Company HQ MMI mmi.io/ Loan Origination Cottonwood Heights, UT Paradatec paradatec.com/ Loan Origination, Servicing, Secondary and Closing Wilmington, DE Outamation outamation.com/ Servicing Southlake, TX Orion Lending orionlending.com/ Loan Origination Orange, CA Optimal Blue www2.optimalblue.com/

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Housing Wire

DECEMBER 11, 2024

A public inspection version of the rule was released on Tuesday prior to its final publication. This rule amends the requirements for the sale of eligible single family mortgage loans insured by the [FHA] that have been assigned to the secretary of the U.S. The rule goes into effect on Jan.

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Keeping Current Matters

JANUARY 26, 2021

It’s also a different step in the process from a home inspection , which assesses the condition of the home before you finalize the transaction. Home Inspection. Here’s the key difference between an appraisal and an inspection. The post What’s the Difference between an Appraisal and a Home Inspection? Home Appraisal.

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Keeping Current Matters

OCTOBER 25, 2021

Buyers in today’s market often have questions about the importance of getting a home appraisal and an inspection. Here’s a breakdown of what to expect from the appraisal and the inspection, and why each one can potentially save you a lot of time, money, and headaches down the road. Home Inspection. But is that the best move?

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Housing Wire

NOVEMBER 4, 2024

But in another stroke of luck, I have a cousin who is a loan officer at Guild Mortgage. In writing both offers, Angela and I made sure to fully disclose how I was expecting her to get paid , as well as all of my requests, including a home inspection contingency clause.

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Housing Wire

MAY 9, 2022

While refinance closing costs increased marginally, the bump was still less than 1% of the average refinance loan amount of $304,909 and below the national inflation rate of 7% in 2021, the report said. Hawaii had the highest average closing costs for refinance loans, at $4,730 in Hawaii. On average lenders originated 2.4

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Housing Wire

JANUARY 31, 2021

Clear Capital’s suite of field valuations, real estate analytics, and platform technology solutions help servicers prevent fraud, check the accuracy of completed appraisals and broker price opinions (BPOs), conduct portfolio valuation analysis and updates, and help with disposition analysis on distressed loans.

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Housing Wire

SEPTEMBER 5, 2024

The Consumer Federation of America (CFA) is calling for policy changes that would help alleviate the difficulties for homebuyers using Federal Housing Administration (FHA) loans when competing in tight markets. of the U.S. mortgage market in 2023, up from 14.3% in 2022, according to HUD.

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Housing Wire

DECEMBER 14, 2020

In addition to the struggles of maintaining clear lines of communication, consumer safety became a major concern in real estate technology as the risk wire and title fraud also began to climb as loan volumes increased. inspection) just take time and cannot be further expedited through automation or improved workflows.

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Housing Wire

DECEMBER 11, 2020

We are extending the temporary flexibilities related to verbal verifications of employment and power of attorney to loans with application dates on or before Jan. Are borrower-assisted inspections here to stay? The flexibilities surrounding verbal verification of employment and appraisals were originally set to expire on Dec.

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Housing Wire

MARCH 11, 2021

According to the FHFA, the extended flexibilities include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for documenting income and verifying employment before loan closing; and Expanding the use of power of attorney to assist with loan closings. In a statement issued on Feb.

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Housing Wire

NOVEMBER 8, 2023

With these tools, lenders are poised to see “shorter loan cycle times, lower consumer costs, and an improved borrower experience,” the company said in a statement. During the last refi boom, some appraisers were scheduling inspections as far as four to six weeks out, which was slowing down the entire loan transaction.

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Housing Wire

AUGUST 9, 2022

Investors — Shorten loan package inspection to less than one day and increase loans per month per customer by up to 20,000. #3. Product Fast Facts. #1. Lenders — Boost productivity by 30% and increase the average customer ROI by 400%. #2. Get More Info.

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Housing Wire

MAY 6, 2024

HUD also seeks to transition away from the discontinued Fannie Mae Form 1009, the residential loan application for reverse mortgages, to Form 1003, the Uniform Residential Loan Application (URLA). Department of Veterans Affairs (VA) loans.

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Housing Wire

AUGUST 13, 2024

Home prices are usually inflated, inspections are not made, and loans have high interest rates and balloon payments. among subprime loans. To compare, during the Great Recession, the foreclosure rate was 15.6% million were still active.

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Housing Wire

MAY 24, 2022

A Fannie Mae survey published in mid-May found that mortgage lenders see value in appraisal modernization, specifically in the implementation of non-traditional appraisals and inspection-based appraisal waivers. However, they have several more pressing priorities when it comes to what they’re investing in.

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Housing Wire

MARCH 3, 2023

The UDC product provides lenders with tools for scalability, interchangeability and loan management, according to a statement. The company claims UDC will also provide flexibility, as eligible loans can be transferred to the agency, along with the loan program that meets a borrower’s needs.

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Housing Wire

OCTOBER 28, 2024

The Federal Housing Finance Agency has expanded the eligibility for alternative appraisal methods on purchase loans by increasing the maximum loan-to-value (LTV) requirement. The announcement was made on Monday during the Mortgage Bankers Association (MBA) Annual Convention & Expo in Denver, Colorado.

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Housing Wire

SEPTEMBER 13, 2023

CAPE Analytics has unveiled a new, AI-powered , automated property condition report (aPCR) tool crafted for institutional lenders, whole loan investors, and real estate investors. The common understanding of valuation, inspection and even property value is shifting, as more and more technology-enabled alternatives are emerging. .

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Housing Wire

JANUARY 10, 2022

Tom Kriby: Everyone knows home inspections and appraisals can hold up a closing, but insurance is another possible roadblock for an on-time closing. However, the process could become more transparent and simplified if lenders better integrated the purchase of insurance into their loan origination platform.

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Housing Wire

JULY 12, 2022

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. An offer comes in at 5 p.m.

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Housing Wire

JULY 18, 2024

.” Foreign investors can purchase or refinance property through Waltz for a loan-to-value ratio of up to 70%. Loans are asset based and rely on the cash flow of the property rather than the borrower’s personal income. Closing tasks such as appraisal , inspection, title insurance and homeowners insurance are done remotely.

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Housing Wire

JUNE 9, 2022

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.

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Housing Wire

NOVEMBER 2, 2020

Add in cash-out loans and the total refinance book is running approximately two thirds of total new production. . Increases in mortgage interest rates tend to lengthen the expected lives of our loans, which generally increases the expected impairment and provision for credit losses on such loans. So, is this warranted?

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Housing Wire

JANUARY 13, 2021

A week ago, it said it will offer 61 basis points on conventional loans through March 8. It’s also offering ultra-low rate mortgages on FHA loans. Are borrower-assisted inspections here to stay?

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FHA loan Inspection Loans Mortgages 470

Housing Wire

MARCH 8, 2023

The Consumer Financial Protection Bureau (CFPB) on Wednesday released a special edition of its Supervisory Highlights report that profiles “unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets,” including among mortgage servicers.

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Housing Wire

JULY 11, 2022

Black Knight this week launched a tool that enables lenders to compare loan estimates and closing disclosures from closed loans to minimize expenses in a higher rate environment. billion , says its AIP is a framework for analyzing data from multiple data sets across the loan life cycle.

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Housing Wire

JUNE 21, 2022

Data from John Burns Real Estate Consulting shows that student loan debt has increased 100% since 2007, keeping many renters in place. Selling a home typically involves nearly 10% in transaction fees between real estate agents , title companies, inspections, and other expenses. This is because most of us are not expert mechanics.

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Housing Wire

OCTOBER 27, 2020

They might ask to rent back their home for a certain amount of time, hold off the deal until they find a new home, or ask you to assume a solar panel lease or loan, if there’s one in place. Sellers can include contingencies, too. They might also include what’s called a “kick-out” clause.

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Housing Wire

MAY 9, 2023

“For example, there could be an appraiser already visiting a neighborhood for an inspection on a given day that would also be able to pick up an extra assignment in that area and get the appraisal done quickly,” the company said. The company launched the Appraisal Marketplace on Tuesday.

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