Housing Wire

MARCH 13, 2023

Rate and affordability pressures continue to challenge purchase lending, driving homebuyers to alternative loan products. ” The share of locks with adjustable rates rose in February to 10.3%, while nonconforming loans – consisting of 12.2% of the total loan product mix — picked up share.

Loans 370

Loans Mortgages VA loan FHA loan 370

Housing Wire

MARCH 25, 2021

Do I need to pay off my student loans before buying my first home? What it really comes down to is whether or not you feel comfortable paying a mortgage (and all the other fun expenses that come with having a home), while also paying off student loans. For example, a conventional loan lets you put as little as 3% down.

Debt-to-income ratio 493

Debt-to-income ratio Loans FHA loan Finance 493

Housing Wire

MARCH 29, 2024

The majority of consumer complaints in the mortgage arena (13,100, or 58%) were focused on conventional home loans, followed by Federal Housing Administration (FHA) loans (19%), U.S. Department of Veterans Affairs (VA) loans (9%) and home equity lines of credit, or HELOCs (6%). The penalties totaled $1.7

Mortgages 421

Mortgages VA loan FHA loan Lending 421

Housing Wire

JUNE 1, 2023

The Federal Housing Finance Agency (FHFA) officially implemented an updated pricing framework for Loan-Level Price Adjustments (LLPAs) in May to improve homeownership prospects for first-time homebuyers with lower income and weaker credit scores. We spoke to multiple loan officers and Washington, D.C.-based

FHA loan 370

FHA loan Loan Officer Loans Mortgages 370

Housing Wire

AUGUST 31, 2023

Mars Bank — an independent community bank in Pennsylvania — offers mortgage lending, retail and commercial banking in six locations throughout the state. million across 234 loans in the past 12 months, according to the mortgage data platform Modex. million in origination across 205 loans over the past 12 months, Modex showed.

Banks 393

Banks FHA loan Lending Equity 393

Housing Wire

MARCH 11, 2024

for cash-out loans. Although lock counts were down on a year-over-year basis, the rate of decline is decelerating and suggests we may be nearing a floor for purchase lending in the current rate environment.” The index for Federal Housing Administration (FHA) loans rose 28 bps to 6.66%, while the U.S.

VA loan 442

VA loan FHA loan Loans Lending 442

Housing Wire

JUNE 12, 2023

Today, nearly nine out of every 10 mortgages originated is a purchase loan, the report notes. Overall, May was an improvement over April, but mortgage lending remains constrained. The average purchase price climbed for the sixth consecutive month in May, hitting $454,000, while the average loan amount increased to $360,000.

Loans 414

Loans Mortgages Lending Marketing 414

Housing Wire

OCTOBER 19, 2023

By doing a cash-out refi, she landed a $340,000 FHA loan and locked in a 6.9% We are paying off her current mortgage balance of $280,000 while maintaining more than $200,000 in home equity,” said Anderson, who runs the mortgage broker shop Rancho Capital Home Loans. Credit scores for FHA loan borrowers could go down even lower.

Mortgages 471

Mortgages FHA loan Equity Loans 471

Housing Wire

FEBRUARY 7, 2023

It essentially allows qualified buyers with a government loan to purchase a home by assuming responsibility for the sellers’ mortgage terms, including the current balance and interest rate. The fees are typically lower than in new loans, and no appraisal is needed. In fact, it was fairly common a few decades ago.

FHA loan 382

FHA loan Mortgages Loan Officer VA loan 382

HomeLight

FEBRUARY 12, 2021

You’ve just received the first offer on your home — and it’s backed by an FHA loan. So what do you need to know about FHA loans as a seller? Today, FHA loans represent a fair share of the mortgage market; in 2018, the FHA insured 12.1% FHA loans help make homeownership more accessible.

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FHA loan Loans Pre-approval Pre-qualification 109

Housing Wire

SEPTEMBER 29, 2020

You’ve probably staffed up on loan officers equipped to handle this influx, and you may be shunning riskier, less immediately gratifying business. Certainly, devote resources to expanding your refi capacity, but also devote smaller teams to tougher loan types — first-time homebuyers, for example. Don’t just let your company eat cake.

Lending 424

Lending Loan Officer Branding Loans 424

Housing Wire

NOVEMBER 7, 2023

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. 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%

VA loan 450

VA loan Agents Seller concession FHA loan 450

Housing Wire

APRIL 10, 2023

The disproportionate surge in purchase lending pushed the refi share of the market mix down to a current cycle low of just 13%. That, combined with a recent reduction in FHA mortgage insurance premiums and a mid-month increase in the FHA-to-conforming spread, made FHA loans comparatively more attractive,” Walden said.

FHA loan 382

FHA loan Marketing Lending Mortgages 382

Housing Wire

MARCH 12, 2024

In other cases, family members or friends agreed to serve as a co-signer for a buyer with the intention of coming off the loan at some point in the future. “In As recently as 2018, about 31% of Hispanic home purchase originations were done through FHA, almost twice the rate of the general population. So, I did see that spike this year.”

FHA loan 450

FHA loan Loans Finance Lending 450

Housing Wire

FEBRUARY 27, 2024

of the total) and purchase loans (93.5%), according to the mortgage tech platform Modex. Based in Las Vegas, Gatling has worked for companies such as Bank of America , MetLife Home Loans , Home Community Mortgage and Guild Mortgage , developing expertise in loans to underserved communities. were conventional loans and 30.5%

FHA loan 414

FHA loan Loan Officer Loans Mortgages 414

Housing Wire

JANUARY 19, 2024

It also says it processes, underwrites and funds loans in-house. More than 50 mortgage loan officers were let go. Last year, half of the originated loans were conventional, followed by 35% of FHA loans and 14% of V.A. The company’s LinkedIn page says the company has between 51 and 200 employees.

Mortgages 450

Mortgages FHA loan Loan Officer Loans 450

Housing Wire

SEPTEMBER 27, 2022

.” The latest layoff announcement from the country’s second-largest lender comes amid faltering home lending business. Home lending revenue dropped to $972 million in the second quarter, a sequential drop from the previous quarter’s $1.5 billion in revenue from home lending. Citi , JP Morgan Chase and U.S.

FHA loan 382

FHA loan Lending Banks Finance 382

Housing Wire

NOVEMBER 28, 2023

The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2024 to $498,257 and $1,149,825, respectively, the FHA announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan.

FHA loan 471

FHA loan Loans Finance Lending 471

Realtor.com

AUGUST 1, 2018

Michail_Petrov-96/iStock A few years back, my husband and I got an FHA loan. had recently bought using a Federal Housing Administration loan, and it was working out wonderfully. An FHA loan—which allows the buyer to put down as little as 3.5%—sounded You can’t buy just any house with an FHA loan.

FHA loan 91

FHA loan Loans Inspection Renovation 91

Housing Wire

NOVEMBER 21, 2022

On the other hand, conventional borrowers have been able to choose between NFIP and private policies, since most of the federal lending regulators issued a final regulation in 2019. .

FHA loan 370

FHA loan Mortgages Loans Lending 370

Housing Wire

MAY 25, 2023

The origination activity will cease effective July 31, 2023, but all outstanding mortgage loans will continue to be serviced in accordance with the terms and conditions of the agreements. The company had 53 active loan officers and 30 branches, per the Modex data. loans, adjustable rates, and home equity, among others.

Mortgages 382

Mortgages FHA loan Loan Officer Banks 382

Housing Wire

AUGUST 8, 2023

“While we continue the work of resetting our cost structure to align with generationally low unit volumes, we are also focused on the other pillars of Vision 2025, including capturing opportunities inherent in our strategy to expand purpose-driven lending that supports first-time homebuyers and diverse communities,” Martell said.

FHA loan 370

FHA loan Principal Lending Loans 370

Keeping Current Matters

MARCH 22, 2021

According to data from the most recent Origination Insight Report by Ellie Mae , the average FICO® score on closed loans reached 753 in February. As lending standards have tightened recently, many are concerned over whether or not their credit score is strong enough to qualify for a mortgage. However, that’s not always the case.

VA loan 269

VA loan FHA loan Mortgages Lending 269

Housing Wire

APRIL 4, 2022

Text sign showing hand written words FHA Home loan. The spectacular and historic spike in interest rates will hurt most homebuyers, but one group is especially vulnerable: FHA borrowers. 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.

FHA loan 370

FHA loan Debt-to-income ratio Pre-approval VA loan 370

Housing Wire

APRIL 13, 2021

The implications of this shift touch nearly every area of mortgage lending, which in turn has implications for the wider economy.” But the top 20 metros were neck-and-neck for whether purchases or refis made up more of the lending pie. ” Despite refi activity in freefall, overall rate lock volume was up 2.5%

Mortgages 404

Mortgages Marketing FHA loan Lending 404

HomeLight

DECEMBER 28, 2023

In this post, we will walk you through everything you need to know about transferring or “assuming” a home loan. Taking over mortgage payments might initially seem like simply stepping in to pay someone else’s monthly loan bills. What types of loans are assumable? Most conventional loans are not assumable.

Loans 103

Loans Purchase and sale agreement VA loan Mortgages 103

Housing Wire

JUNE 22, 2023

Connecticut-based lender and servicer Planet Home Lending announced on Thursday a deal that boosts its servicing portfolio, which the company claims is already above the $90 billion mark. Planet has acquired a $10 billion mortgage servicing rights (MSR) bulk of Ginnie Mae loans from Village Capital & Investment LLC.

Closing 370

Closing Lending Loans Commercial 370

Housing Wire

OCTOBER 23, 2020

Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.

Mortgages 483

Mortgages FHA loan Lending Equity 483

Housing Wire

AUGUST 16, 2023

HousingWire: 2023 has been rough for mortgage lending with mortgage applications down around 60%, what is CreditXpert seeing from a demand side when it comes to credit inquiries? Mike Darne: We are also seeing a major dip in mortgage credit inquiries, but it is less pronounced than what the industry is seeing in terms of applications.

FHA loan 370

FHA loan Lending Mortgages Loans 370

Housing Wire

AUGUST 16, 2022

s mortgage business has been the subject of industry speculation in the wake of a Bloomberg report indicating that the lending giant plans to shrink its enormous mortgage footprint , including a likely pull-back from the correspondent lending business. The fate of Wells Fargo & Co. ’s and New Rez/Caliber (RITM/ Rithm Capital ).”.

Mortgages 370

Mortgages Lending Loans Banks 370

Housing Wire

OCTOBER 27, 2020

Mortgage lending has gotten stricter during the COVID-19 pandemic. Bank raised its FICO score requirements to 680 on FHA, VA and USDA loans. Both VA and USDA loans require zero down payment. To qualify for a VA loan, borrowers must be military members or veterans and meet certain service requirements.

VA loan 393

VA loan FHA loan Loans Banks 393

Housing Wire

MARCH 5, 2024

Typically, the fees are lower than those for new loans and no appraisal is needed. In 2023, the Federal Housing Administration (FHA) and the U.S. trillion in FHA and VA loans. To begin with, assumptions are limited to FHA, VA and U.S. Raunaq Singh About $8.5 Included in that total were nearly $1.5

VA loan 433

VA loan Mortgages Loans Agents 433

Rent, Buy & Sell

FEBRUARY 7, 2021

Great credit allows people to get the best interest rates on various types of loans. Bad credit is usually the result of late bill payments, bankruptcy, foreclosure and loan defaults. The FHA Loan program was created to help low to moderate-income homebuyers, particularly those that do not have enough cash saved for a down payment.

Loans 98

Loans VA loan FHA loan Hard money loan 98

Norada Real Estate

MAY 3, 2023

Real estate loans are a crucial part of the real estate industry, providing investors with the necessary funds to purchase, renovate, or refinance properties. From conventional loans to government-backed FHA and VA loans, there are various types of real estate loans available in the market.

Loans 52

Loans VA loan FHA loan Hard money loan 52

HomeLight

NOVEMBER 6, 2023

Assuming a mortgage allows you to step into the shoes of the seller and take over their loan, often at a lower interest rate. An assumable mortgage allows a buyer to purchase a home by taking over the seller’s existing mortgage loan. Which mortgage loans are assumable? You will also be required to pay the standard 0.5%

FHA loan 105

FHA loan VA loan Mortgages Marketing 105

Keeping Current Matters

DECEMBER 7, 2021

The ability to qualify for a mortgage at the current lending standards. The FHFA (which handles mortgages by Freddie Mac , Fannie Mae , and the Federal Housing Administration ) is raising its loan limit for prospective purchasers in 2022. What Is the Difference Between a Conforming Loan and a Non-Conforming Loan?

FHA loan 253

FHA loan Loans Lending Equity 253

Housing Wire

JULY 12, 2023

Purchase loans continue to claim a larger share of the origination pipeline as refinance opportunities dwindle, according to Black Knight ’s originations market monitor report. In other words, nearly nine out of every 10 mortgages originated is a purchase loan. Demand for ARM loans dipped slightly to 7.38% of total locks.

Marketing 370

Marketing Loans Lending Mortgages 370