Housing Wire

JULY 5, 2023

Wells Fargo forces its employees on the Bilingual team to offer predatory lending options to Spanish-speaking customers,” the initial legal complaint reads. The company’s management team implemented this policy, the complaint alleges, because refinancing can come with high closing costs that range between $5,000 and $10,000 dollars.

Mortgages 351

Mortgages Closing costs Lending Closing 351

Housing Wire

AUGUST 10, 2023

“Homeownership is central to building wealth but has been out of reach for many minority families as a result of systemic inequalities in housing and finance,” Kevin Reen, head of Wells Fargo Home Lending, said in a statement. Mortgage , and/or Closing Cost Credit. Wells Fargo’s mortgage originations reached $7.8

Fixed-rate mortgage 369

Fixed-rate mortgage Closing costs Lending Banks 369

Housing Wire

MARCH 2, 2021

Historically low interest rates in 2020 led to an all-time high in mortgage lending for new loans, but with forbearance moratorium deadlines being extended, some lenders are getting nervous. HELOCs provide flexible access to home equity and closing costs are typically only 2% to 5%, so it’s much cheaper than a refinance.

Title 243

Title Lending Due diligence Title search 243

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 361

Closing costs Finance Lending Development 361

HomeLight

APRIL 12, 2023

Editor’s note: This post will help answer the question: How much are closing costs in Massachusetts (MA)? The example costs provided are based on median home prices and typical fees. Your closing costs may differ depending on your circumstances and the terms of your home purchase. What are closing costs?

Closing costs 80

Closing costs Closing Purchase and sale agreement Title search 80

HomeLight

JUNE 15, 2023

After finding their dream home and signing the purchase contract , most buyers feel on top of the world … until they see the Loan Estimate or preliminary closing statement (if buying in cash). Did the closing costs for the buyer in particular catch you by surprise? Get Started What does a buyer pay in closing costs?

Closing costs 88

Closing costs Closing Title Inspection 88

Housing Wire

MARCH 8, 2024

President Joe Biden announced a housing plan during his 2024 State of the Union address on Thursday night, which included a statement that the CFPB will pursue “rulemaking and guidance to address anticompetitive closing costs imposed by lenders on homebuyers and homeowners,” according to a White House announcement.

Closing 433

Closing Mortgages Closing costs Title 433

Housing Wire

JULY 7, 2022

Another cornerstone of Fannie Mae’s equity plan is the use of targeted lending programs. Fannie Mae sought feedback while its plan was in development and learned some lenders were hesitant to implement special purpose credit programs, which can target lending products based on a protected class.

Equity 396

Equity Lending Closing costs Development 396

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

HomeLight

NOVEMBER 10, 2021

When you sell your house without the help of a real estate agent, you’ll save money on commission fees but won’t escape closing costs entirely. The same closing fees that apply to an agent-assisted sale will be charged to a FSBO seller, with the exception of the agent commission. Seller FSBO closing costs.

Closing costs 98

Closing costs Closing Title Title search 98

Housing Wire

APRIL 30, 2024

AARP concerns “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,” HUD said in its update to the policy. Certner cited fair lending concerns and the potential of undue borrower influence.

Mortgages 322

Mortgages Closing costs Equity Construction 322

Housing Wire

MARCH 20, 2024

Ally Home , the residential mortgage lending arm of Ally Bank , is offering a $5,000 grant for eligible homebuyers in the select markets of Charlotte, Detroit and Philadelphia, the company announced on Tuesday. The upfront lump sum can be applied toward a down payment, closing costs or other expenses related to the homebuying process.

Banks 347

Banks Closing costs Lending Equity 347

Redfin

APRIL 13, 2021

But what if you recently bought a home, are closing costs tax-deductible? Before answering that question, it’s a good idea to understand what closing costs are and what is typically included in them. What Are Closing Costs? Closing costs are the fees you pay when you obtain a mortgage loan.

Closing costs 69

Closing costs Closing Title search Title 69

Housing Wire

NOVEMBER 7, 2023

Potter added: “Government lending would come to a halt. Adding this cost to their side of the transactions would throw the vast majority of them out of the market entirely.” “But agent commissions have never been a closing cost from a buyer perspective. Grant said.

VA loan 441

VA loan Agents Seller concession FHA loan 441

Housing Wire

MAY 8, 2023

Mortgage lender and servicer NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers.

Debt-to-income ratio 403

Debt-to-income ratio Closing costs Finance Lending 403

Housing Wire

AUGUST 5, 2020

According to one broker, Parkside Lending and Stearns Lending are offering a 15-year-fixed rate as low as 1.75% to some mortgage brokers, depending on the relationship. (We If people are willing to buy or refinance at a higher rate, they can get a rebate toward closing costs,” he said.

Mortgages 521

Mortgages Loan Officer Lending Loans 521

Housing Wire

NOVEMBER 8, 2022

LodeStar Discovery provides access to title and closing fees across the U.S. A statement from LodeStar says the alliance will allow clients from both companies to streamline their lending process. and can help users generate quotes and estimates on LendingPad as part of an integrated existing workflow.

Closing costs 331

Closing costs Title Lending Loans 331

The Residential Specialist

MAY 3, 2022

Banks and lending participants are using hidden and confusing fees to defraud your clients. Junk fees are itemized charges tacked on to the closing cost by the lender. The remaining charges are called junk fees and appear on closing statements under many names. What are junk fees? Why are junk fees so confusing?

Lending 97

Lending Closing costs Loans Banks 97

Realty Biz

APRIL 4, 2023

The US Department of Veterans Affairs offers all kinds of help to US military veterans, but one of the most helpful is certainly how vets looking to purchase a property can rely on the VA’s loan program to access highly affordable mortgage lending at attractive rates. Thankfully, there are tools out there to help you understand these costs.

Lending 80

Lending VA loan Mortgages Principal 80

Housing Wire

DECEMBER 21, 2023

The VA makes a guarantee to the lending institution for 25% of the loan amount and the lender is responsible for evaluating the eligibility of the borrower. David Smith is the VP of National VA Lending at loanDepot. Department of Veteran Affairs , which is issued and serviced by authorized lenders.

VA loan 428

VA loan Loans Mortgages Lending 428

Housing Wire

MAY 9, 2022

The layoffs affect mainly mortgage consultants, specialists, and assistants, but it targets underwriting and closing professionals. The list includes top executives, such as lending directors and vice presidents for credit and underwriting. HousingWire sent a message seeking comment to Guaranteed Rate, which was not returned.

Lending 373

Lending Closing costs Mortgages Title 373

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. People’s first reaction was to wonder if this was 2008 all over again.

Loans 543

Loans Banks Equity Closing costs 543

Housing Wire

MAY 5, 2023

HFAs provide affordable homeownership options to low- and moderate-income borrowers through down payment and closing cost assistance, as well as reduced mortgage payments. Optimal Blue , a division of Black Knight, Inc. Black Knight, Inc.

Investor 320

Investor Finance MLS Closing costs 320

Housing Wire

FEBRUARY 16, 2024

According to the DOJ, having the buyer request that the seller cover their broker fee in the offer, similarly to how a buyer may ask a seller to cover closing costs, would make it “straightforward for a seller to compare offers that include a request for the seller to pay the buyer’s broker with offers that do not include such a request.”

MLS 423

MLS Lending Closing costs Agents 423

Housing Wire

NOVEMBER 30, 2022

Among this impressive list of submissions, companies like 2022 TECH100 honoree Voxtur are working to improve the entire lending lifecycle. Last year, Voxtur was selected as a TECH100 mortgage honoree for its work in empowering the real estate industry to become faster, more efficient and more cost-effective than ever before.

Industrial 326

Industrial Title Lending Technology 326

Housing Wire

JUNE 11, 2021

Have you budgeted for closing costs? 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. What’s the difference between a home inspection and an appraisal?

Inspection 423

Inspection Closing Closing costs Title search 423

Housing Wire

FEBRUARY 1, 2023

“The streamlined process and certainty One-Time Close New Construction loans offer is unmatched and will set brokers up to be the hero with builders, real estate agents and contractors, and get their borrowers in their dream home,” Mat Ishbia , president and CEO of UWM, said in a statement.

Construction 393

Construction Loans Loan Officer New Construction 393

Housing Wire

MAY 10, 2021

Lending and services platform Finance of America Inc. This product provides an entry point for contractors to introduce homeowners to lending solutions for their projects. However, it doesn’t require a HUD inspector or consultant — it similarly requires the borrower to pay closing costs and origination fees.

Finance 368

Finance Renovation Loans Lending 368

Housing Wire

APRIL 26, 2023

This is honestly where good loan officers can really separate themselves,” Josh Burruss, executive vice president and chief lending officer of Intercoastal Mortgage , said. That’s why builders are utilizing closing cost incentives and temporary rate buydowns often funded by lenders. “If

Loan Officer 388

Loan Officer Mortgages Loans Closing costs 388

The Mortgage Report

NOVEMBER 9, 2021

A new rule reduces closing costs for investment property buyers — but only if owners agree to report their renters' payments to the credit bureaus.

Lending 96

Lending Closing costs Mortgages Closing 96

Housing Wire

APRIL 9, 2024

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. A lawsuit filed by borrowers on the heels of the report states that UWM created a ‘ corrupt ’ scheme with loyal brokers to send loans its way, applying excess fees and costs.

Fixed-rate mortgage 370

Fixed-rate mortgage Loans Mortgages Loan Officer 370

Housing Wire

DECEMBER 30, 2022

This is the result of several forces: the Fed’s anti-inflation policy; the rapid deceleration in lending that’s resulted in a 40% drop in applications; the rising cost of mortgage production, which has now broken the $10,000 per loan threshold; and the continued drive towards digitization in mortgage lending.

Lending 323

Lending Industrial Mortgages Loans 323

Housing Wire

DECEMBER 1, 2023

For 2023, FICO said it would collect approximately $2 to $8 for all three score tiers out of a $40 to $50 (or more) tri-merge report and score bundle and out of an average $3,800 in closing costs. Compared to 2022, mortgage lenders in 2023 saw a price increase between 10% and 400% , mortgage trade groups and other stakeholders said.

Mortgages 449

Mortgages Pre-approval Closing costs Lending 449

Housing Wire

FEBRUARY 14, 2024

A majority of homeowners must sell their current home before they can qualify for a mortgage on their next home due to federal lending requirements around debt-to-income and down payments. This model is still expensive for homeowners because they are paying duplicate closing costs and leaseback fees.

Backup offer 362

Backup offer Loan Officer Home sale contingency Branding 362

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. Finding reliable lending partners takes time and some trial and error, but once established is often the lifeblood of LOs. “I Bank Home Mortgage and Planet Home Lending declined to comment.

Agents 378

Agents Loan Officer Lending MLS 378

Housing Wire

APRIL 15, 2024

Based on the selling guides in use by the GSEs, property sellers are allowed to make financing concessions toward the borrower’s closing costs at a maximum amount of 2% to 9% of the property value.

Agents 527

Agents Seller concession VA loan Finance 527

Housing Wire

OCTOBER 16, 2023

Homebuyers using a variety of mortgage loans to finance their home purchase are eligible to use assistance options to help with their down payment and/or closing costs. Nicole Rueth, Branch Manager and SVP of national mortgage lending company The Rueth Team , recently demonstrated it best. The win, essentially, is the strategy.

Agents 389

Agents Seller concession Closing costs Mortgages 389