Housing Wire

MARCH 22, 2023

An affordable home insurance policy not only means lower monthly payments, but also improved debt-to-income ratio and more money to put towards home improvements, property taxes or closing costs. HousingWire: How is today’s market shaping the need for a better customer experience particularly when it comes to closings?

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Housing Wire

FEBRUARY 5, 2024

Recent market trends — including an improvement in mortgage rates, housing affordability and potential refinance opportunities — suggest positive signs for the real estate market this year, according to February’s Mortgage Monitor report from Intercontinental Exchange (ICE). Mortgage rates held at 6.71% as of Jan. million to 3.8

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Housing Wire

SEPTEMBER 10, 2020

and co-leader of the law firm’s mortgage practice group, to talk about regulatory proposals being considered by the Consumer Financial Protection Bureau. Q: What developments at the CFPB should the mortgage industry be watching? A: Probably among them is the Ability to Repay, Qualified Mortgage proposals.

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Housing Wire

SEPTEMBER 11, 2023

Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” Tushar Garg , the co-founder and CEO of Flyhomes, said in a statement Monday. Meadow has 25 years of mortgage industry experience. The consumer has 90 days to then close of the sale of their prior home.

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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. Rocket Mortgage began offering the recently revamped BorrowSmart Access program in March.

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Housing Wire

MARCH 25, 2021

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. Here’s what to expect in the mortgage application process. 3 underrated mortgage products to consider. Your Debt-To-Income Ratio Is High.

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RIS Media

JANUARY 29, 2021

When you apply for a mortgage, the lender will look at your income and debt, as well as the amount of money you can put down. Lenders also have guidelines related to debt-to-income ratio, as well as the percentage of gross monthly income that goes toward making minimum credit card and loan payments.

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Housing Wire

DECEMBER 12, 2023

While sellers of existing homes have struggled with rising rates and softening demand, homebuilders have not only survived, but thrived in this market thanks to the use of mortgage rate buydowns , a tool more widely used by builders since their business is selling homes and clearing inventory. 2022 to Dec.

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Housing Wire

NOVEMBER 2, 2023

If true, that would violate federal laws, including the Dodd-Frank Act , which requires minimum standards for all mortgage products. loanDepot claims that Richards stole confidential information, including individual loan numbers, FICO scores and debt-to-income ratios.

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Housing Wire

APRIL 26, 2023

Federal Housing Finance Agency (FHFA) Director Sandra Thompson issued a statement Tuesday to correct the misinformation that’s spread about the agency’s loan-level pricing adjustments to conventional mortgages. No change is more controversial than the LLPA tied to a borrower’s debt-to-income ratio.

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Housing Wire

APRIL 7, 2021

In fact, depending on where you live, your monthly rent could be more expensive than your monthly mortgage. 3 underrated mortgage products to consider. A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Your Income Is Stable. Not to mention, expensive.

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Housing Wire

OCTOBER 27, 2020

Your credit plays a huge part in your ability to get a mortgage. According to the most recent data from mortgage technology provider Ellie Mae, the average FICO score on a purchase loan was 752 in August 2020. Most lenders want to see a 43% debt-to-income ratio or lower, including your new monthly payment.

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Housing Wire

MARCH 15, 2023

Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios.

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Housing Wire

MARCH 23, 2021

Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. The full extent of fraud in the mortgage industry may be impossible to fully quantify, but the 2020 True Cost of Fraud study by LexisNexis Risk Solutions estimated that the cost of fraud has risen 7.3% across U.S. Presented by: Truework.

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Housing Wire

AUGUST 23, 2023

According to Garg, the company has developed a one-day mortgage product that provides a commitment letter within 24 hours. Better wants to sell this platform to other companies, becoming a “mortgage-as-a-service” company or a white-label provider of mortgage tech, Garg said. ” And what is Better.com best at?

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Housing Wire

MARCH 16, 2022

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. No mortgage insurance will be required. The product is available for loans up to $3 million and up to 90% loan to value.

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Maximum Exposure Real Estate

AUGUST 16, 2023

A mortgage pre-approval is a crucial step in the home-buying process. During the pre-approval, lenders review financial information, such as credit score, income, and debt-to-income ratio, to determine the loan amount they are willing to lend. appeared first on Maximum Real Estate Exposure.

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Keeping Current Matters

DECEMBER 21, 2020

Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. Below is a list of things you shouldn’t do after applying for a mortgage. People with new debt have higher debt-to-income ratios. With that obligation comes higher ratios as well.

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Housing Wire

AUGUST 22, 2020

According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac starting Sept.

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Realty Biz

AUGUST 20, 2023

Mortgage pre-approval is an essential step when buying a house. During pre-approval, lenders carefully evaluate your financial information, including income, assets, credit history, and other relevant details. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week.

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Realty Biz

MARCH 12, 2023

A real estate underwriter plays a critical role in the mortgage industry by evaluating loan applications and assessing real estate investment-associated risks. They work for lending institutions, such as banks and mortgage companies. This includes assessing the borrower's income, expenses, debt-to-income ratio, and credit score.

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Housing Wire

NOVEMBER 12, 2020

Not only does a prime credit score improve your chances of getting approved for a mortgage, but it also helps you secure a lower interest rate, too — and that means a more affordable loan on the whole. If you spot any of these issues, you’ll want to rectify them before applying for your mortgage. Avoid new debt. The main point?

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Housing Wire

APRIL 4, 2022

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, loan officer at Draper & Kramer Mortgage.

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Better Dwelling

DECEMBER 13, 2022

Statistics Canada (Stat Can) data shows the household debt to income ratio (DTI) climbed sharply in Q3 2022. As the ratio climbs even further, they become more vulnerable to […]. The post Canadian Household Debt Is Rising Much Faster Than Income, Approaches New Record appeared first on Better Dwelling.

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Housing Wire

JUNE 29, 2022

As market volume dips and pent-up demand builds, 61% of millennials and Gen Zs who intend to buy a home plan to apply for a mortgage this year. As mortgage rates rise, inventory remains low and digital trends accelerate, navigating the changing borrower landscape requires tailored strategies.

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Housing Wire

SEPTEMBER 16, 2021

Over half of non-homeowning millennials (60%) say student loan debt is delaying them from purchasing a home, making them the population most affected by student debt , according to the National Association of Realtors’ 2021 impact of student loan debt report.

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Housing Wire

MAY 4, 2022

A housing bubble can generally be defined as an unsustainable period of house price growth generated by artificial demand, as was the case in the mid-2000s when demand surged because of wider access to mortgage financing. Tighter mortgage underwriting : Lending standards are much tighter today than during the mid-2000s.

Debt-to-income ratio 378

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Housing Wire

JULY 25, 2023

HousingWire recently spoke with Matic CEO and co-founder Ben Madick about the changing home insurance market, how it impacts mortgage lenders and homeowners, and why lenders should pay attention. In 2022, property and casualty insurers recorded a combined ratio of 102.4% HousingWire: What is the current home insurance market like?

Debt-to-income ratio 369

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Housing Wire

MARCH 20, 2024

Many are already shouldering the burdens of high debt-to-income ratios, mortgage insurance premiums, and elevated interest rates to secure a foothold in homeownership. Stepping up to this challenge, real estate professionals pioneered a solution to safeguard these unrepresented buyers.

Debt-to-income ratio 471

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Realty Biz

FEBRUARY 22, 2024

Glossy online listings behind your computer screen might fuel your dream home fantasy, but the home-buying process truly begins in earnest when a lender is contacted to be pre-approved for a mortgage. A credit score of 620 or higher is recommended to qualify for a mortgage, and a higher one will qualify you for better rates.

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Housing Wire

OCTOBER 29, 2021

LendingLife is a daily digest of the most important news and commentary edited and curated exclusively for mortgage loan originators. One outstanding matter that many in the mortgage industry wants resolved is the future of the 2020 General QM Rule. This post originally appeared in HousingWire’s LendingLife newsletter.

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Housing Wire

JANUARY 14, 2022

While layoffs sweep the mortgage industry, particularly consumer-direct lenders, non-qualified mortgage (non-QM) lenders are going on a hiring spree. Non-QM lenders Angel Oak Mortgage , Acra Lending and Newfi alone currently have at least 130 openings on jobs listings sites. Riches in the niches. trillion in 2022.

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Housing Wire

JUNE 4, 2021

For instance, whether or not you get approved for a mortgage is based on your credit score. The good news is, you can raise your credit score by paying down debt and making your payments on time. First-time homebuyers have mortgage options available that don’t require a high down payment. Step 2: Look At Different Loan Options.

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HomeLight

DECEMBER 28, 2023

Going through a divorce is hard, especially when it comes to making decisions about your home and the joint mortgage loan. One option you might be considering is mortgage assumption. But what does assuming a mortgage look like? In this post, we’ll explain what it means to assume a mortgage during a divorce.

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Realty Biz

APRIL 5, 2022

One of the frequently asked questions during today’s booming housing market is can I qualify for a mortgage during Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years. Mortgage Options During Chapter 13 Bankruptcy.

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Lighter Side of Real Estate

SEPTEMBER 8, 2021

A recent article from realtor.com outlined the ways taking out a car loan could impact your ability to get a mortgage (and to get the best rate on that mortgage), including: Changing your credit score. Changing your debt-to-income ratio. Acting as a “red flag” to your lender.

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Realtor.com

JANUARY 10, 2023

fizkes/iStock This may indeed be the case if you’ve found that perfect house, only to have lenders inform you that you don’t qualify for a mortgage. Even if you know how to scrimp and save to make your monthly mortgage payments, the bank doesn’t know how well you pinch pennies. Enter the co-signer.

Debt-to-income ratio 105

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