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Fluctuating interest rates and a fast-changing market Last month, we saw the Federal Reserve deliver their long-awaited decision to lower interest rates with a 50 basis points cut, and 30-year mortgage rates reached as low as 6.08% according to ICE’s 30-year fixed conforming rate index.
There were leads, referrals and action in January, after people returned from holiday vacations and rates declined, said Don Monson, branch manager at Sente Mortgage. Rising rates will likely scare buyers away from the market, as it makes monthly mortgage payments less affordable, loanofficers interviewed by HousingWire said.
You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Bottom Line.
You may have heard that pre-approval is a great first step in the homebuying process. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. But why is it so important? Bottom Line.
and home prices still near record highs, homebuyers are demanding that their loanofficers provide options to lower monthly mortgage payments as much as possible. Barnes, a branch manager at Mann Mortgage , recently had a client who planned to live in a new home for five years before selling it. With rates around 6.9%
Buyers continue to feel the pinch from high mortgage rates and still-elevated home prices. An increase in MBA’s PAPI – indicative of declining borrower affordability conditions – means that the mortgage payment to income ratio is higher due to increasing application loan amounts, rising mortgage rates or a decrease in earnings.
The mortgage application process can be a confusing one — especially if you’ve never gone through it before. Here are the top five mortgage-related terms you’ll want in your arsenal: 1. Here are the top five mortgage-related terms you’ll want in your arsenal: 1. Fixed-rate mortgage. Pre-approval.
If this is to happen, buyer agents and mortgage companies will be forced to adapt. In order to survive, buyer agents will need to show this value to buyers and be willing to have clients pay a set fee or a pre-negotiated percentage of the sale price to secure the business. But loanofficers now have a new value add for listing agents.
An illustration of a mortgage executive losing a top-producing LO who wishes to become a 1099 LO. The mortgage executive who called was initially excited because he feels like hes abiding by the rules of Dodd-Frank in classifying his LOs as W2 employees. Illustration made with ChatGPT A source called with what sounded like big news.
Lenders have come to appreciate the benefits technology can bring – but those benefits are only useful if the implementation of new tools doesn’t make the loan process more complicated. Additionally, the solution leverages artificial intelligence (AI) to guide borrowers through the mortgage application process.
Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to around 6.5% Will Savage, an LO at PMC Mortgage. Before the Federal Reserve raised the federal funds rate by 0.75
Fintech software and hardware company Mortgage Automation Technologies, Inc. announced on Monday that it has integrated its next-generation point of sale system, The BIG Point of Sale, on the latest API Platform available through ICE Mortgage Technology , a division of Intercontinental Exchange, Inc.
The solution leverages the power of innovative, integrated technologies to not only simplify the mortgage application and approval process for borrowers, but also to improve the backend process for loanofficers. Borrower Digital is further enhanced with Black Knight’s companion solution LoanOfficer Digital.
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 loanofficer. 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
They can go online and understand their FICO score, but mortgage credit scores are different. Borrowers don’t always know or understand how their credit or debt-to-income ratio (DTI) impacts the type of loan they can qualify for. Some borrowers may qualify for a loan, but due to poor credit, the loan won’t come with the best terms.
Redfin completed its acquisition of Bay Equity Home Loans , paying $137.8 million for the mortgage lending operation in its quest to provide customers “a one-stop shop” where they can buy, sell, rent and finance a home, according to a news release from the company. The purchase price “represents a $72.5 Presented by: 1000watt.
Scott Miller, a former mortgageloan 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.
When the 30-year fixed rate dropped for the third straight week in late March, homebuyers responded, giving a boost to mortgage applications. And, following investors’ rush into bonds after the recent bank failures earlier this month, yields moved even lower last week — and mortgage rates followed.
Mortgage tech firm Blend Labs has added an assets-derived income capability to its existing “Blend Income” product. Blend Income pre-populates a consumer’s loan application with income and employment information derived from the consumer’s direct deposit history. million in Q1 and $45.1 million in Q2 2022.
Larry Steinway, former senior vice president of lending and branch manager at Illinois-based Guaranteed Rate , has taken on a new challenge to expand the Ohio-based Revolution Mortgage footprint in the Chicagoland market. He was the fourth mortgageloan originator to join Guaranteed Rate in 2000.
PrimeLending , a Texas-based retail mortgage bank, aims to expand its market share by growing within its existing footprint in a margin-thinning environment. The lender brought on 100 loanofficers in June, bringing the total number of LOs to about 800. billion, according to data from Inside Mortgage Finance.
In today’s low-rate environment, wholesale mortgage lending continues to grow, making up more than 20% market share. Three independent wholesale brokers discuss how they found success in the wholesale channel during a HousingWire webinar on Thursday titled: ”Taking the Mortgage Boom to the Next Level.”.
We have already seen evidence that mortgage servicing is forever changed and purchase money lending will suffer, at least in the short term. Low interest rates have kept refinance loan volumes robust, but no one knows for how long. It’s time for lenders to finally prepare themselves for mortgage lending in a fully digital world.
The Federal Reserve ’s 75 basis point interest rate hike – its largest since 1994 – proves the central bank is laser-focused on slowing inflation, but loanofficers and housing economists don’t expect mortgage rates to come down until consumer prices fall. mortgage industry to fund $4.1 The consumer-price index rose 8.6%
A few weeks later the Mortgage Bankers Association released its Quarterly Mortgage Bankers Performance Report , underscoring my point with some truly grim figures. And employment verification is just one of dozens of mortgage cost centers. To combat this, loanofficers must be incentivized to embrace innovation.
In light of this, HousingWire sat down with Saleforce’s Global Head for Mortgage and Lending, Geoff Green, to learn how lenders can better turbocharge mortgage for today’s home buyers. Lead management needs to meet borrower experience, and borrower experience and loanofficer experience should unify in one platform.
Apart from selling produce that is popular in former Soviet countries, these stores represent a marketing opportunity for Alex Naumovych, a loanofficer at Draper and Kramer Mortgage Corporation. According to the Mortgage Bankers Association ’s yearly forecast, purchase mortgage originations are expected to grow by 9% to $1.73
Lack of inventory is an issue builders and mortgageloan originators alike are dealing with across the nation. It’s also what keeps Andrew Marquis, regional vice president at CrossCountry Mortgage and Scotsman Guide ’s seventh top LO, up at night, especially as he sees more buyers entering the market.
Exponentially increase your loanofficers’ origination potential without incurring additional expense? Examiners such as the CFPB and FDIC provide stringent oversight of digital activity, and mistakes can cost you and your loanofficers dearly. Sounds too good to be true, doesn’t it?
You may have heard the good news: In recent weeks, several mortgage and real estate brokerage execs have exclaimed that we may have already reached the bottom of the market. For prospective home buyers and sellers, that could mean a gradual decline in mortgage rates , which would unlock inventory and—dare I say—sales activity.
The lender runs its business based on a “no-loan-officer” model in which all of its 45 employees are licensed and delegated to a specific role in closing a loan. Back in the 2007-2009 meltdown, we had loanofficers with us at that time.
However, the most recent ACES Mortgage QC Industry Trends Report found critical defect rates jumped up in the first quarter (Q1) of this year. Not only does this break a five-quarter-long downward trend, but this uptick in defects happened at a time when mortgage originations were at their lowest levels since 2000.
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. As interest rates rise, so do the monthly mortgage payments, which could be problematic for low-to-moderate income borrowers, said Alex Naumovych, loanofficer at Draper & Kramer Mortgage.
This article explores these issues and underscores the role of real estate and mortgage professionals in guiding clients through these turbulent times. The role of real estate and mortgage professionals In times like these, the role of real estate agents , brokerage owners and lenders becomes even more critical.
Pre-Approval: the Best Opening Play To Make as a Homebuyer. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step, but what exactly is pre-approval and what benefits does it provide you? Bottom Line.
Buyside helps real estate agents and loanofficers engage homeowners with not just home value tools but also branded wealth optimization tips on their home’s equity so homeowners can now truly view their home as an asset. According to NAR over 69% of buyers have a home to sell, so really homeowners represent the earliest buyer.
Editor in Chief Sarah Wheeler sat down with George Brady, loanDepot’s chief information officer, to discuss the company’s evolving tech strategy and how he thinks long-term about tech in a rapidly changing environment. What drew you into the mortgage industry? SW: Is 14 years a long time when it comes to mortgage tech?
In 2021, United Wholesale Mortgage (UWM) CEO Mat Ishbia set a three-year goal to make UWM the No. Ishbia, who started running his father’s mortgage firm in 2013 and has since grown it into the country’s No. 2 lender, isn’t satisfied with second place, behind Rocket Mortgage. “I 1 lender in the country.
After completing countless Veterans Administration (VA) mortgageloan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. At the end of the day, Pascoe says the process is not all that different than purchasing a home with a conventional mortgage.
He built features that cater to realtors’ needs – such as weekly updates on the housing market, daily alerts of mortgage rates and keeping real estate agents informed of borrowers’ pre-approval status. I have about five loanofficers helping me, and I have more than 30 processors and assistants helping me.
The story, “The secret bias hidden in mortgage-approval algorithms,” included statements from fair housing activists who concluded that there is “systemic racism” in the mortgage process. Obviously to anyone in the business that’s a big deal given that FICO is a threshold data point that determines eligibility for a mortgage.
It also holds great promise in attracting a new generation of bright, talented appraisers who may have otherwise not given the mortgage valuations industry a second look. Streamlining operations Once a borrower is approved for a mortgageloan, the process should run like clockwork. This isn’t just a theory.
However, when mortgage rates started rising in the spring, Summers encouraged her clients to take advantage of the bank’s mortgage rate lock product. range, versus closing on their mortgage now when their homes are finally finished being built and rates are around 7.0%,” said Summers, a Keller Williams agent in Provo, Utah.
Worsening market conditions are only going to accelerate an already hyper-competitive mortgage lending industry that is still learning to adapt to post-pandemic homebuying behaviors. Customer-facing technologies, particularly loan origination and decisioning software, are now standard in mortgage lending’s tech stack.
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