Housing Wire

DECEMBER 26, 2022

With the housing market slowing down from its pandemic-fueled frenzy, wire fraud threats, regulatory challenges and the perennial challenge of an aging workforce, the title insurance industry will have a lot to juggle in the new year. It was too darn hot: the housing market slows down. What happened to the market?’”.

Title 470

Title Industrial Closing costs Closing 470

Housing Wire

SEPTEMBER 10, 2022

Ben Slayton’s Legacy Home Loans , the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country. The SPCP loan program will be piloted in Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

Loans 414

Loans Closing costs Development Finance 414

Housing Wire

FEBRUARY 22, 2024

When the Department of Justice (DOJ) revealed last week the changes it would like to see in how real estate agents and brokers are compensated through its statement of interest filed in the MLS Property Information Network commission lawsuit , few in the real estate industry were surprised by the agency’s desire to decouple commissions.

Industrial 413

Industrial MLS FHA loan Agents 413

Housing Wire

APRIL 10, 2024

According to the publication, the CFPB will release a request for information on closing costs, including title insurance and other fees, as soon as late April. Sources told Bloomberg that any final proposal on changes to closing costs, including title insurance, would not come until 2025.

Title 431

Title Closing costs Equity Mortgages 431

Housing Wire

NOVEMBER 2, 2022

Rocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options in a rapidly shrinking industry. With interest rates now at 14-year highs, the cost of homeownership is becoming an issue for most prospective home buyers.

Loans 374

Loans Mortgages Land Finance 374

Housing Wire

APRIL 26, 2024

FHA will move forward with its proposal that permits contributions by the property seller, real estate agent, builder, or developer to HECM for Purchase borrowers’ closing costs,” the update said. The original effective date as announced last fall remains in effect, which will be April 29, 2024.

Closing costs 420

Closing costs Development Equity Closing 420

Housing Wire

NOVEMBER 30, 2022

Each year, the TECH100 awards recognize the 200 most influential tech companies in mortgage and real estate that are working to improve the housing industry through tech innovation. The promises of technology have largely been lost in the mortgage industry and little has been done to reduce costs for homebuyers.”.

Industrial 326

Industrial Title Lending Technology 326

Housing Wire

MARCH 7, 2024

However, that’s a controversial topic for the mortgage industry and it’s already facing resistance from trade groups. Regulators believe reducing title requirements would cut closing costs, but title and mortgage companies challenge the argument and point to elevated risks.

Title 450

Title Closing costs Land Mortgages 450

Housing Wire

MAY 1, 2024

First-generation homebuyers as a cohort are “less likely to receive financial assistance from parents to help with the down payment and other upfront costs when purchasing a home,” according to Freddie Mac. Identification of a loan under these conditions is currently optional, the bulletin explained.

Mortgages 392

Mortgages Finance Closing costs Loans 392

Housing Wire

NOVEMBER 7, 2023

The guilty verdict of the landmark Sitzer/Burnett commission lawsuit case sent shockwaves across the real estate industry. 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% points from the 7.5%

VA loan 441

VA loan Agents Seller concession FHA loan 441

Housing Wire

DECEMBER 14, 2023

In 2023, Fannie Mae and Freddie Mac announced plans to make it easier to buy a home and close the racial homeownership gap in the United States. Specifically, title and settlement fees have been characterized as a high-burden and regressive (costing proportionally more for low- and moderate-income borrowers) cost to borrowers.

Title 395

Title Closing costs Loans Title search 395

HomeLight

JULY 5, 2023

It’s no secret that the mortgage industry isn’t super transparent about closing costs. According to a February 2017 report from ClosingCorp, more than half of homebuyers surveyed were surprised by their closing costs. Think credit reports, application fees, loan origination fees, and broker fees.

Closing costs 91

Closing costs Closing Mortgages Loans 91

Housing Wire

MARCH 19, 2024

Dual licensing is one of the opportunities being opened to the mortgage industry by the National Association of Realtors ’ (NAR) pending nationwide settlement of commission lawsuits , according to Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA). There’s no such thing as a surprise at closing,” Broeksmit said.

Loan Officer 484

Loan Officer Closing costs Loans Agents 484

Housing Wire

APRIL 9, 2024

With the Federal Reserve gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. In late 2021, Congress renewed a 10-basis point tax on Fannie Mae and Freddie Mac loans for another decade — not based on loan risk, but to pay for non-housing spending.

FHA loan 430

FHA loan Loans Title Mortgages 430

Housing Wire

MARCH 8, 2024

The Consumer Financial Protection Bureau (CFPB) will be closely scrutinizing what it described as “junk fees” imposed on borrowers when closing a mortgage. Its new priority has provoked strong criticism from the mortgage industry. These costs increased by 21.8% from 2021 to 2022, reaching nearly $6,000, per the CFPB post.

Closing 433

Closing Mortgages Closing costs Title 433

Housing Wire

JANUARY 17, 2024

But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance. For real estate professionals, this option presents an opportunity to capture more sales.

Finance 425

Finance Seller concession Loan Officer Loans 425

Housing Wire

APRIL 30, 2024

After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. Certner cited fair lending concerns and the potential of undue borrower influence. They’re using it to help shape the process going forward.

Mortgages 322

Mortgages Closing costs Equity Construction 322

HomeLight

APRIL 13, 2023

Once you’ve found your dream house in Florida and settled on the purchase price, you might think you know the final cost you’re responsible for. However, there’s another set of fees and charges you must be prepared for, and those are closing costs. Find a Buyer's Agent What are closing costs? of the sales price.

Closing costs 77

Closing costs Closing Title Inspection 77

Housing Wire

MAY 14, 2024

With the Fed gone AWOL on purchasing mortgage loans, mortgage rates have doubled and spreads over 10-year Treasuries are at historical highs. In late 2021, Congress renewed a 10 basis point tax on Fannie Mae and Freddie Mac loans for another decade – not based on loan risk, but to pay for non-housing spending.

FHA loan 301

FHA loan Loans Title Mortgages 301

Housing Wire

DECEMBER 14, 2023

Under the new selling guidelines, Fannie Mae said it would allow AOLs to be used on “loans secured by a unit in a condo project” and “loans secured by a property subject to restrictive agreements or restrictive covenants.” The initial version of the GSE’s Equitable Housing Finance Plans were approved in the summer of 2022 by the FHFA.

Title 339

Title Land Finance Loans 339

RIS Media

MAY 19, 2021

The loan process is a whole different process that can seem like a foreign language. Most buyers just want to know what fees and costs are associated with their new home purchase or refinance. Non-Recurring Costs Associated With the Lender. May vary widely between lenders and are not dependent on the cost of the loan.

Closing costs 109

Closing costs Closing VA loan Pre-approval 109

Housing Wire

MAY 20, 2024

Chopra, the consumer watchdog, noted that there was actually some middle ground — lenders and consumers are both being overcharged by the credit reporting industry, he said. ” Chopra also took aim at related verifications that are required by investors to buy a loan.

Mortgages 399

Mortgages Closing costs Loans Staging 399

Housing Wire

APRIL 9, 2024

In a message to mortgage brokers, United Wholesale Mortgage (UWM) defended itself from the Hunterbrook Media report that claims the lender orchestrated a scheme to steer loans. Hunterbrook also claims that borrowers paid in UWM loans a total of $229 million more in closing costs over the past four years than the average-priced loan.

Fixed-rate mortgage 370

Fixed-rate mortgage Loans Mortgages Loan Officer 370

Housing Wire

MARCH 11, 2024

At HousingWire’s Mortgage Rates Center , the 30-year fixed rate for conforming loans was 7.09% on Monday morning. “This is a brilliant, thoughtful tax credit … for a completely different housing market. The industry should be “on guard,” but structural reforms take “considerable time and political will.”

Title 379

Title Closing costs Mortgages Closing 379

Housing Wire

MARCH 1, 2024

While mortgage rates will likely fall this year, conversations about how to increase accessibility to homeownership are still top of mind — and should be top of mind — across the real estate industry. Accounting for geography, differences in title and settlement costs across groups of borrowers were not “economically meaningful.”

Title 349

Title Title search Industrial Closing costs 349

Housing Wire

AUGUST 10, 2023

The grant funds can only be used toward the down payment on a Wells Fargo fixed-rate conventional loan secured by a property that will be the purchaser’s primary residence. Mortgage , and/or Closing Cost Credit. One of the biggest barriers to achieving homeownership is coming up with the down payment.”

Fixed-rate mortgage 369

Fixed-rate mortgage Closing costs Lending Banks 369

Housing Wire

APRIL 26, 2023

Roberts and thousands of other loan officers across the country continue to be hampered by a serious inventory shortage , which results in heavy competition for fewer deals. Strategies to differentiate themselves include buying leads, providing niche loans and getting on builders’ preferred lender list.

Loan Officer 388

Loan Officer Mortgages Loans Closing costs 388

Housing Wire

FEBRUARY 12, 2024

Furthermore, the average consumer is likely unaware of the variety of loan options available to them through the wholesale channel. This is why it’s more important than ever for independent mortgage brokers across the country to establish themselves as an expert and trusted advisor in the mortgage industry.

Mortgages 408

Mortgages Loans Closing costs Industrial 408

Housing Wire

AUGUST 14, 2023

Fannie Mae is no longer considering a pilot program that would bypass traditional title insurance by granting certain mortgage lenders a waiver on title insurance requirements for loans sold to Fannie, according to an announcement earlier this month.

Title 351

Title Closing costs Finance Land 351

Housing Wire

SEPTEMBER 15, 2023

Our way of honoring first responders is by educating our podcast listeners, readers and coaching clients in the real estate industry about how to help those who helped all of us and are still being of service every day. FHA mortgage programs The Federal Housing Administration (FHA) provides easy-to-qualify government insured loans.

VA loan 392

VA loan Loans Mortgages Closing costs 392

Housing Wire

MARCH 9, 2023

The title insurance industry is often bemoaned for being antiquated and making minimal changes, but that has not been the case for the past 12 months. The program would grant certain mortgage lenders a waiver on title insurance requirements for loans sold to Fannie Mae and will be rolled out this spring, according to Politico. “We

Title 393

Title Closing costs Finance Land 393

Housing Wire

FEBRUARY 14, 2024

As a result, homeowners either must sell their current home and suffer through double moves and short-term rentals to access the equity they’ve accrued, or they have to make contingent offers that require the sale of their current house to close. The third iteration was pioneered by Calque and is the most cost-effective model of the three.

Backup offer 362

Backup offer Loan Officer Home sale contingency Branding 362

Housing Wire

OCTOBER 10, 2023

After six years of no enforcement actions and a rapidly declining housing market, RESPA attorneys believe some in the industry may be more willing to test the boundaries. “I More than a dozen industry pros and attorneys told HousingWire that RESPA rules are unclear, leaving violations to flourish in a shrinking market.

Loan Officer 410

Loan Officer Loans Brokerage Mortgages 410

Housing Wire

SEPTEMBER 7, 2023

But three multibillion-dollar class action antitrust lawsuits looming over the real estate industry may soon reshape how buyers interact with agents. For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. The lender and LO can make or break the transaction.”

Agents 378

Agents Loan Officer Lending MLS 378

HomeLight

NOVEMBER 1, 2021

Industry experts estimate that sellers can expect to pay anywhere from 6% to 10% of their home’s purchase price in closing costs when it’s time to sell. To top it off, buyers sometimes ask sellers to pitch in for their closing costs, too — another 2% to 3% of the sales price. Typical seller closing costs.

Closing costs 76

Closing costs Closing Seller concession Purchase and sale agreement 76

Housing Wire

DECEMBER 16, 2022

For most real estate industry professionals, title insurance needs no introduction. For title insurance, a homebuyer only needs to pay a one-time fee at closing, which is typically issued in the amount of the real estate purchase price. Title insurance is different than most other insurance products. Diane Tomb, ALTA CEO Contributor.

Title 464

Title Title search Closing costs Closing 464

Housing Wire

MARCH 2, 2023

When the entire mortgage industry saw volume drop by more than half in 2022, nearly every lender emerged with battle scars. While investor bonds were scarce, A&D securitized its loans and sold the bonds, leading to seven securitization deals in 2022. billion in 2022, up from the previous year’s $2.2

Mortgages 388

Mortgages Investor Loans Banks 388