Housing Wire

SEPTEMBER 22, 2023

While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Elevated mortgage rates will lead to more lenders spilling red ink in the latter half of the year, in contrast to the improved financial performance of independent mortgage banks in Q2. Kim: Bankruptcies and layoffs are still happening.

FHA loan

Housing Wire

JANUARY 19, 2023

The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. The mystery as to what happened to its loan pipeline and funding endure. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills.

Mortgages

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. non-Bank financial institutions at Fitch Ratings. Those who joined during the refi boom or didn’t build referral relationships have permanently exited the industry.

Marketing

Housing Wire

NOVEMBER 10, 2020

For eight years they were not able to get a mortgage loan – they could have an 800 credit score, $2 million in the bank. But they were still hampered because lenders wouldn’t give them a loan. We have the bank statement program, jumbo loans. And non-QM loans in my experience are harder.”. And it doesn’t.

Debt-to-income ratio

Housing Wire

MAY 27, 2025

Move over, real estate agents, and make way for the person who gives homebuyers the financial ability to buy a home mortgage loan officers (MLOs). Step 2: Complete mortgage loan officer prelicensing education After registration, its time to head back to school and knock out your prelicensing coursework.

Loan Officer

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?).

Loans

HomeLight

OCTOBER 1, 2020

Two months of bank statements, if using savings. 60 days of bank statements. Bankruptcy documents. The very first step that must take place before a loan officer can submit your application for processing is that the seller must accept your offer. Underwriter reviews the loan. Proof of other forms of income.

Closing

Realty Biz

JANUARY 20, 2023

You'll need to provide documents such as: Valid ID and Social Security number Recent pay stubs W-2 or I-9 forms from the past two years Federal tax returns Recent bank statements Details on long-term debts like car or student loans Your loan officer, mortgage broker, or home lending advisor sends this information to the underwriter.

Title search

HomeLight

SEPTEMBER 30, 2021

A hard worker with an hourly paid job at a nearby prison, the client was able to save and use the Neighborhood Assistance Corporation of America (NACA) program through Bank of America. Another good bet is to speak to your friendly loan officer. Below is a rundown of some popular loan programs for first-time buyers.

Loans

Redfin

MARCH 3, 2022

Make sure you know in advance how you will be getting a bank check or wire transfer, so you’re able to close on time. To avoid a closing delay or, even worse, the sale falling through, it’s essential to be upfront and honest with your loan officer. Give your loan officer full disclosure from the start – tell us everything.

Closing

HomeLight

JUNE 30, 2022

You also want to check your FICO score, as this is what the majority of lenders use ; you can often get your FICO score for free if your banking institution provides it, but otherwise you might have to pay for this service. Lenders will also want to know if you’ve ever declared bankruptcy or owned a house that went into foreclosure.

Purchase and sale agreement

HomeLight

JULY 29, 2022

If you can’t secure new employment swiftly, you might be able to add a cosigner to your loan and count that person’s income toward your purchase. Talk to your agent and loan officer about these options. Problem: There’s an issue with the Closing Disclosure. By law, you will get your Closing Disclosure three days before closing.

Closing

Notorious ROB

DECEMBER 19, 2022

To be fair, there were a number of big announcements, but the one I honed in on was this one: We plan to overhaul our current mortgage funnels away from third-party lead generation and toward Zillow Home Loans , and bolster our loan officers’ tools and capabilities to help the customers who come their way.

MLS

Housing Wire

OCTOBER 10, 2023

“I think folks tend to get creative and take a bit more risk than they might be willing to take in a market where rates are lower,” Holly Bunting, a partner at Mayer Brown in the areas of residential mortgage banking and consumer finance, said in an interview. For lenders and brokerages, the risks of LOs or agents overstepping are high.

Loan Officer