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 412

Industrial MLS FHA loan Agents 412

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 319

Industrial Title Lending Technology 319

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 427

Title Closing costs Equity Mortgages 427

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 444

Title Closing costs Land Mortgages 444

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 76

Closing costs Closing Title Inspection 76

RIS Media

APRIL 21, 2022

The national average for mortgage closing costs for a single-family property in 2021 was $6,905 including transfer taxes and $3,860 excluding transfer taxes, according to CoreLogic ’s ClosingCorp ’s latest Purchase Mortgage Closing Cost Report released this week. increase we are seeing on purchase mortgage closing costs.

Closing costs 94

Closing costs Closing Mortgages Title 94

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. Third-party fees: The second group of closing costs is third-party fees.

Closing costs 89

Closing costs Closing Mortgages Loans 89

RIS Media

MAY 19, 2021

It has become common practice in some markets to ask the seller to pay some or all of the closing costs when you purchase a home. Some simple rules to remember on the different kinds of loans: – On VA loans, you can ask the seller to pay everything, meaning the buyer is making no down payment and paying no closing costs.

Closing costs 109

Closing costs Closing VA loan Pre-approval 109

RIS Media

AUGUST 21, 2023

And, for agents, every opportunity to help clients save money is an opportunity to gain their trust and appreciation—two ingredients for… The post Uncovering Hidden Savings: Helping Create Lifelong Clients by Reducing Title and Closing Costs appeared first on RISMedia.

Closing costs 87

Closing costs Title Closing Mortgages 87

RIS Media

MAY 9, 2022

The national average closing costs for a single-family property refinance in 2021, excluding any type of recordation or other specialty tax, was $2,375, according to CoreLogic’s ClosingCorp second annual Refinance Closing Cost report for 2021 released last week. The takeaway: . “In

Closing costs 94

Closing costs Closing Loans Title 94

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. Historically, mortgage lenders and originators have been prohibited from contributing to closing costs to protect borrowers.”

Closing costs 413

Closing costs Development Equity Closing 413

Housing Wire

MARCH 8, 2024

Its new priority has provoked strong criticism from the mortgage industry. An ‘unwelcome surprise’ A CFPB blog post on Friday states that families closing a mortgage “often get an unwelcome surprise: closing costs that all too often are full of junk fees.” These costs increased by 21.8%

Closing 428

Closing Mortgages Closing costs Title 428

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 315

Mortgages Closing costs Equity Construction 315

Housing Wire

AUGUST 14, 2023

One of the goals they outlined in those plans is a push to reduce closing costs, especially for low-income borrowers. Based on those plans, both GSEs are pushing pilot programs promoting the use of attorney opinion letters, reportedly as an alternative to reduce closing costs.”

Title 346

Title Closing costs Finance Land 346

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 75

Closing costs Closing Seller concession Purchase and sale agreement 75

Housing Wire

MARCH 11, 2024

Title insurance and closing costs Title insurance and mortgage companies criticized a pilot project that waives the requirement of lender title insurance for some refinances, which Boltansky considered a “narrow” initiative. The industry should be “on guard,” but structural reforms take “considerable time and political will.”

Title 372

Title Closing costs Mortgages Closing 372

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. We know that closing costs continue to be a barrier for homebuyers – especially among underserved populations and first-time homebuyers,” a Fannie Mae spokesperson wrote in an email. “We

Title 393

Title Closing costs Finance Land 393

Housing Wire

JULY 12, 2023

The lender said qualified buyers will receive up to $10,000 toward their downpayment/closing costs with BorrowSmart Geo-Target, or $5,000 toward their downpayment/closing costs and up to $1,000 toward home warranty and appraisal costs with the HomeReady SPCP.

Closing costs 358

Closing costs Finance Lending Development 358

Housing Wire

DECEMBER 14, 2023

The research found that title and settlement fees are neither regressive nor represent a significant component of the overall closing costs. Given the typical borrower is paying more than $7,000 in closing costs, that might be an understatement. In fact, neither is true. increase in fees).

Title 389

Title Closing costs Loans Title search 389

Housing Wire

MAY 1, 2024

This has led to the development of policies by state and local housing finance agencies to aim assistance specifically at this group, particularly for “mortgage eligibility or down payment and closing costs assistance.”

Mortgages 386

Mortgages Finance Closing costs Loans 386

Housing Wire

NOVEMBER 7, 2023

The guilty verdict of the landmark Sitzer/Burnett commission lawsuit case sent shockwaves across the real estate industry. Not helping FHA, VA borrowers get off the sidelines Under current FHA rules, sellers can contribute up to 6% in concessions to FHA borrowers to cover closing costs, prepaid expenses and discount points.

VA loan 438

VA loan Agents Seller concession FHA loan 438

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 481

Loan Officer Closing costs Loans Agents 481

Housing Wire

AUGUST 10, 2023

Mortgage , and/or Closing Cost Credit. For eligible borrowers at or below 80% AMI, the mortgage program allows a 3% down payment on a fixed-rate mortgage and the closing cost credit program provides up to $5,000 to use toward closing costs.

Fixed-rate mortgage 369

Fixed-rate mortgage Closing costs Lending Banks 369

Housing Wire

MARCH 28, 2023

Those looking to buy a home can earn 5% back by using the Rocket Visa Signature Card for up to $8,000 that can be used toward closing costs and down payments. In turn, homebuyers can use points to get discounts on their closing costs in the future.

Closing costs 395

Closing costs Finance Principal Mortgages 395

Housing Wire

NOVEMBER 13, 2023

Any person involved in selling a home knows that you cannot increase the price of your home randomly to cover the cost of commissions and other closing costs. The market sets the price of the home, and it cares little for closing costs — or what the homeowner invested in it — when determining the price for which it will sell.

Closing costs 340

Closing costs Equity Agents Technology 340

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 342

Title Title search Industrial Closing costs 342

Housing Wire

DECEMBER 18, 2023

In her first national interview since a Missouri jury found the real estate industry liable for colluding to artificially inflate real estate agent commissions, National Association of Realtors (NAR) president Tracy Kaspe r said the trade group would continue to advocate for what it feels is best for consumers. “We

MLS 412

MLS Loans Closing costs Industrial 412

Housing Wire

NOVEMBER 3, 2023

Not available anywhere else in the industry today, consumers can gather inspiration on social media networks like Pinterest, upload photos of their dream home and homegeniusIQ, homegenius Real Estate’s proprietary technology, will instantly analyze the photos and present homes with similar features.

Closing costs 330

Closing costs Short sale Technology New Construction 330

Housing Wire

JANUARY 17, 2024

With this latest enhancement, homebuyers aged 62+ can participate in seller concessions for up to 6% of the sales price toward borrower origination fees, other closing costs, prepaid items, and discount points. 6 “The truth is the real estate industry hasn’t really needed to learn about this financing option over the past decade.

Finance 419

Finance Seller concession Loan Officer Loans 419

Housing Wire

DECEMBER 14, 2023

Tomb also noted that ALTA was troubled by the fact that Fannie Mae’s announcement came without any discussion with the title insurance industry. In an emailed statement, a Fannie Mae spokesperson wrote that the GSE is continuing to explore ways to improve housing affordability by reducing closing costs.

Title 333

Title Land Finance Loans 333

Realty Biz

OCTOBER 10, 2023

Here is what you can do when it comes to marketing properties in the current state of the real estate industry. Some common buyer incentives include closing cost assistance, a home warranty, or a free move-in. Be flexible with your closing date. Keep the above information in mind and you can avoid these pitfalls as well!

Industrial 86

Industrial Marketing Staging Closing costs 86

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. The scene was more than a little awkward — the event, the MBA’s annual Secondary and Capital Markets Conference in New York City, was sponsored by… FICO.

Mortgages 391

Mortgages Closing costs Loans Staging 391

Housing Wire

NOVEMBER 9, 2023

An implementation guide released in May 2022 shows that phase three deals with information related to loan costs; other costs; total closing costs; and lender credits. The mortgage industry has pushed back on the GSEs for the rise in loan buyback requests from loans originated during the pandemic.

Loans 351

Loans Closing costs Mortgages Closing 351

Housing Wire

APRIL 9, 2024

While most people are focused on how the proposed NAR commission settlement might change the realty industry, not enough focus is on first-time homebuyers, who might have to come up with significantly higher down payments, which in turn could exacerbate biases against homebuyers using FHA loans. But now a new threat is emerging on this front.

FHA loan 426

FHA loan Loans Title Mortgages 426

Housing Wire

JUNE 30, 2021

Data analytics giant CoreLogic announced on Wednesday the acquisition of closing cost data and tech provider ClosingCorp. The closing data company also utilized CoreLogic’s home price data to release its first national refinance closing cost report in 2021, so there’s quite a bit of familiarity between the two firms.

Closing 348

Closing Closing costs Investor Title 348

Housing Wire

DECEMBER 16, 2022

For most real estate industry professionals, title insurance needs no introduction. While other forms of insurance have seen rate increases in recent years, the average cost of title insurance coverage has decreased 7.8% nationally since 2004 and roughly 5% the past two years, based on the most recent industry data from 2021.

Title 464

Title Title search Closing costs Closing 464

Housing Wire

MAY 14, 2024

While most people are focused on how the proposed NAR commission settlement might change the realty industry, not enough focus is on first-time homebuyers, who might have to come up with significantly higher down payments, which in turn could exacerbate biases against homebuyers using FHA loans. But now a new threat is emerging on this front.

FHA loan 296

FHA loan Loans Title Mortgages 296