Housing Wire

OCTOBER 12, 2023

Bankrupt retail lender AmeriFirst Financial is seeking approval for a private sale of loans from a Delaware bankruptcy judge to pay off two warehouse lenders and fund restructuring costs. The funds will be to be used to pay Centier Bank and Sound Capital — which AmeriFirst used to fund the mortgages it originated.

Loans 410

Loans Bankruptcy Sales Commercial 410

Housing Wire

AUGUST 15, 2024

Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer reasons why the motion should be denied. Attorneys for the U.S.

Bankruptcy 436

Bankruptcy Banks Development Loans 436

Housing Wire

MARCH 19, 2025

During a 10-year tenure at Bank of America , she served in multiple roles, with the last being as senior vice president of national underwriting. Shortly after leaving, she sued loanDepot for allegedly closing loans without proper documentation in the lead-up to its initial public offering. The case is still ongoing.

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Lending Industrial Bankruptcy Mortgages 199

Housing Wire

NOVEMBER 15, 2022

Originators who actively work within the non-QM space are closing additional loans every month. The solution: Bank Statement loans. . Angel Oak’s Bank Statement loan is ideal for the self-employed. We have closed multiple deals at one time for the same real estate investor. A look at non-QM borrower profiles. and growing.

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Bankruptcy Short sale Investor Title 384

Housing Wire

JULY 28, 2023

It follows a request from the shuttered lender to halt the agreement due to an involuntary bankruptcy petition filed by three creditors. New Wave Lending Group , JMJ Financial Group and EF Mortgage filed on July 5 an involuntary petition against Sprout under Chapter 7 of the Bankruptcy Code in a New York court, claiming the lender owes $1.3

Bankruptcy 363

Bankruptcy Banks Mortgages Loans 363

Housing Wire

OCTOBER 31, 2022

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. As we can see below, the bankruptcy levels were extremely high before the bankruptcy law was passed in 2005.

Bankruptcy 517

Bankruptcy Lending Equity Mortgages 517

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. Remember, the system is designed to keep home prices inflated.

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Loans Banks Equity Bankruptcy 544

Housing Wire

JULY 22, 2022

FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. Non-QM lender First Guaranty Mortgage Corp.

Lending 384

Lending Banks Bankruptcy Loans 384

Housing Wire

NOVEMBER 10, 2020

“I told my client, my friends, ‘Look, I know you’re supposed to close in 10 days but we’re closing Friday and you let everybody know it or you may not close,’” Dodson said. “And damn if we didn’t close Friday and they shut it down Monday.” ” This ain’t your daddy’s subprime.

Debt-to-income ratio 432

Debt-to-income ratio Loans Banks Loan Officer 432

Housing Wire

JANUARY 4, 2024

Amid an already challenging operating environment observed throughout 2023, both HECM endorsement volume and HECM-backed Securities (HMBS) issuance closed out the year on a low note, with both metrics falling lower from the month before, according to data from RMI and New View Advisors. This is a different situation.”

Mortgages 449

Mortgages Bankruptcy Principal Industrial 449

Housing Wire

MAY 20, 2024

If I were the state regulators, I would look at this closely and see where we need to up our game … That’s a tall order to do at a state level,” Cave said. The FSOC report states that nonbank servicers increased their market share from 4% in 2008 to 54% in 2022.

Bankruptcy 416

Bankruptcy Finance Mortgages Banks 416

Housing Wire

FEBRUARY 23, 2024

per share at market close the day before. The three areas in which AI is driving impact are mortgage banking, underwriting and servicing, Rocket CEO Varun Krishna shared with analysts during the latest earnings call. Rocket’s stock price rose to $11.75 per share at market open on Friday, up from $10.98

Bankruptcy 421

Bankruptcy Equity Loans Banks 421

Housing Wire

DECEMBER 27, 2022

Other smaller lenders, including real estate tech startup Reali and Sprout Mortgage , shuttered, while First Guaranty Mortgage Corp filed for Chapter 11 bankruptcy. Banosian, whose loan origination volume will be close to $1 billion in 2022, said he turned housing market headwinds into an opportunity to target new geographic markets.

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Marketing Equity Loans Bankruptcy 526

Housing Wire

AUGUST 30, 2022

I understand why anti-Central Bank people say this because they want to blame everything on the Federal Reserve and say it’s just been booming demand. The next job loss recession, when it happens, will have more foreclosures, short sales, and bankruptcies. However, not to the degree we saw from 2005-2008.

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Bankruptcy Days on market Sales Short sale 384

Housing Wire

AUGUST 9, 2022

Combined, the closing loan-pool balance for the two securitization deals was $834.2 The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies.

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Marketing Bankruptcy Loans Principal 397

Housing Wire

SEPTEMBER 29, 2022

Enabling bulk trading, which allows platform users to sell closed loan pools to one or more buyers in a single transaction. These new programs will expand our reach with bank-statement and other alternative-documentation loans, interest-only, etc.,

Marketing 384

Marketing Pre-approval Bankruptcy Loans 384

Housing Wire

MAY 13, 2021

Due to tight inventory and increased competition, investors need to close on loans quickly. We have Agency options, and when that won’t work, we can pivot quickly to a non-QM product without a delay for a quick close. A Bank Statement loan allows bank statement submissions instead of tax returns.

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Loans Bankruptcy Investor Short sale 281

Housing Wire

OCTOBER 13, 2022

The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond. RTC), closed 747 S&Ls with assets of more than $407 billion. . So, it’s the same thing with these 4,400 independent mortgage banks. “At

Mortgages 370

Mortgages Marketing Banks Loans 370

Housing Wire

DECEMBER 21, 2021

As 2021 draws to a close, it’s clear that the private-label residential mortgage-backed securities (RMBS) market has notched a year for the record books. Morgan , the investment bank side of New York-based banking holding company JPMorgan Chase & Co. For the full year, the RMBS 2.0 Morgan, via its private label conduit, J.P.

Marketing 408

Marketing Loans Bankruptcy Investor 408

Housing Wire

JULY 29, 2021

Many of these firms experienced bankruptcies and closures similar to that of New Century.”. It is critical to understand how operational risks can be closely tied to other risks such as credit. . Specifically, they stated: “Banks and nonbank servicers are subject to different safety and soundness regulation and different capital rules.

Mortgages 421

Mortgages Loans Bankruptcy Industrial 421

Housing Wire

FEBRUARY 28, 2023

Market conditions have also resulted in elevated originator consolidation, bankruptcies and associated attrition,” the company’s 8-K filing said. Investment bank Keefe, Bruyette & Woods (KBW) expects ICE to continue to pursue the merger and litigate, and anticipates that the deal has more than a 50% probability of closing.

Bankruptcy 384

Bankruptcy Technology Mortgages Banks 384

Housing Wire

DECEMBER 14, 2021

The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. “We And it is growing fast, he added. “We’re

Lending 382

Lending Loans Bankruptcy Technology 382

Housing Wire

NOVEMBER 9, 2022

The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. filed for Chapter 11 bankruptcy. [In

Loan Officer 410

Loan Officer Loans Mortgages Industrial 410

Housing Wire

APRIL 18, 2024

The overarching goal of prefunding QC is to ward off problems before they become issues on closed loans. The pool of non-QM borrowers includes real estate investors, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers who face credit challenges, such as past bankruptcies.

Loans 420

Loans Due diligence Investor Technology 420

Housing Wire

JULY 27, 2022

through its Angel Oak Mortgage Trust conduit, recently unveiled its latest private-label securitization (PLS) offering — a deal slated to close in early August backed by 788 predominately non-QM loans valued at $362 million. million in cash and cash equivalents on its balance sheet, plus financing facilities lined up with six banks. “We

Marketing 384

Marketing Loans Investor Mortgages 384

Housing Wire

JUNE 28, 2021

In the fall of 2019, Brian Coester, filed for Chapter 7 bankruptcy in Maryland federal court, after CoesterVMS went under. Rickard, who said that she is still owed $3,800 for her work, is one of multiple appraisers listed as creditors in the Coester bankruptcy. Oh, that property is this close to a beach, or that close to a power line.

Bankruptcy 410

Bankruptcy Loans Industrial Mortgages 410

Realty Biz

JUNE 7, 2021

What Is The Time Frame For Closing on a Home? One of the more popular questions asked from buyers and sellers is how long it will take to close on a house. When buying or selling a home, you feel relieved once the process closes and you have the home keys handed over to you. Hence, the closing timeline depends on your lender.

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Closing Purchase and sale agreement Inspection Title 122

HomeLight

MAY 24, 2022

Sellers tend to prefer all-cash offers because those deals close more quickly. Even though it’s all cash to the sellers at closing, with a cash offer, “you don’t have to go through the appraisal or the bank approval process — it’s cleaner.”. With a cash sale, you can skip a few steps in the typical closing process.

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Purchase and sale agreement Closing Title search Title 111

HomeLight

OCTOBER 1, 2020

One of those terms is “ clear to close.” What does clear to close mean? Clear to close is more straightforward than you’d think. Once you’ve signed all your documents and “closed” your mortgage, the lender will pay the seller and all parties and you get the keys to your house.”. 60 days of bank statements.

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Closing Purchase and sale agreement Inspection Loans 97

The Close

JANUARY 16, 2025

These records include images of the damages, printouts of email or text messages with the tenant, bank statements, or returned checks. The post How to Evict a Tenant in 7 Steps (+ Free Eviction Notices) appeared first on The Close. Without evidence, proving your case is more complicated and could delay eviction.

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Inspection Bankruptcy Banks As-is 98

HomeLight

AUGUST 16, 2021

You’ll sign your loan application for the final time at closing. They will also consider your current and previous debts that resulted in foreclosures or bankruptcies. Bank statements. Bankruptcy paperwork. Chapter 13 bankruptcy requires a two-year waiting period from discharge or four years from dismissal.

Loans 105

Loans Mortgages Bankruptcy Purchase and sale agreement 105

HomeLight

SEPTEMBER 14, 2023

While you don’t need to worry about preparing many of the forms in the stack, here are 18 key documents in particular that you should be aware of and pay close attention to. Expect them to re-verify employment a few days before the mortgage closing, too. Information on debts Lenders also want to know what debt you already carry.

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Pre-approval Bankruptcy Closing costs Loans 116

Rochester Real Estate

NOVEMBER 5, 2015

Should I Go With A Mortgage Broker Or A Bank? A common question Realtors get from buyers and home owners looking to refinance is “should I go with a mortgage broker or a bank?” They cover the differences between mortgage brokers and banks, the pros and cons of each one and just as importantly, how to find a good lender.

Finance 52

Finance Mortgages VA loan Pre-approval 52

Rent, Buy & Sell

FEBRUARY 7, 2021

Bad credit is usually the result of late bill payments, bankruptcy, foreclosure and loan defaults. FHA loans can also be obtained by people who have a bankruptcy or foreclosure on their record. Instead, they guarantee the loan by approving and insuring banks and lending institutions. There are some drawback to VA loans.

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Loans VA loan FHA loan Hard money loan 98

HomeLight

JULY 30, 2021

When you apply for a mortgage , you’re essentially asking a bank to hand you hundreds of thousands of dollars with the promise to pay it back over the next 15 to 30 years. The bank will ask for a list of mortgage documents to prove you’ll be able to repay the loan. Bankruptcy discharge papers. Can you blame them?). Other income.

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Loans Mortgages Bankruptcy Purchase and sale agreement 98

The Close

MARCH 13, 2025

It offers online banking and accounting, leasing and property management, tenant management, and app integrations. DoorLoop overview Pros Rental listing management Leases and applications Maintenance requests Cons No free-forever plan Fee-based Automated Clearing House (ACH) transactions No free trial The Close Score 4.1 Ease of use 5.0

Property Management 52

Property Management Banks Investor Bankruptcy 52

HomeLight

OCTOBER 27, 2020

If you want to buy a house, the lender or bank will need to know how much money you make and how much debt you have. Bank statements. The lender could also request additional documents if you have special circumstances, such as a past foreclosure or bankruptcy. This can delay closing and sometimes jeopardize the entire deal.

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Pre-approval Loans Due diligence Bankruptcy 105