Housing Wire

NOVEMBER 10, 2023

And that offers an incredible opportunity for banks and non-banks alike to improve their digital channels to better support home equity lending. Mortgage holders, on average, now have close to $200,000 of available equity in their homes, making home equity options an attractive alternative.

Equity 357

Equity Lending Banks Loans 357

Housing Wire

JUNE 9, 2022

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs). Presented by: Auction.com.

FHA loan 290

FHA loan Renovation Equity Loans 290

Housing Wire

FEBRUARY 28, 2024

TF: A significant amount of volume could be added to an originator’s bottom line simply by offering Bank Statement loans, DSCR cash flow loans, and a stand-alone second lien product such as our Equity Advantage loan. HW: Why are DSCR cash flow, bank statement and second lien mortgages popular right now? trillion.

Debt-to-income ratio 339

Debt-to-income ratio Mortgages Banks Investor 339

Housing Wire

MAY 21, 2024

Lizell primarily purchases distressed bank-owned (REO) properties at auction, and trains other investors across the country to do the same through his REO Auction Academy. Most properties that sell at foreclosure and REO auctions are in need of major renovations, far from being in fully repaired condition. in Q1 2023.

Marketing 422

Marketing Investor Renovation Land 422

HomeLight

JULY 25, 2022

The days or weeks between signing off on the contract and actually sitting down at the closing table are rife with obstacles and potential setbacks — it’s not called the closing “process” for nothing! But what about after you’ve closed on the home? Don’t quit your day job.

Closing 97

Closing Banks Inspection Renovation 97

Housing Wire

FEBRUARY 21, 2023

Distressed property pricing strategies Data from the Auction.com 2023 Distressed Market Outlook report shows how another type of institutional seller — lenders who are selling at foreclosure or bank-owned auction — are adjusting their disposition strategies in response to downshifting demand.

Marketing 355

Marketing Renovation Investor Sales 355

Housing Wire

APRIL 18, 2023

Given that HELOC organizations are more streamlined than closed-end lending, there is greater importance for the adoption of electronic closing documents, MISMO said last week, calling for participants to join a new development workgroup (DWG). Meetings will be conducted regularly via conference call.

Equity 270

Equity Lending Finance Loans 270

Housing Wire

JANUARY 31, 2023

Scott Miller, a former mortgage loan originator at Sprout Mortgage , knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. Up to 30% of the 1,000 largest independent mortgage banks projected to disappear by the end of 2023 via sales, or failures.

Loans 359

Loans Mortgages Loan Officer Pre-approval 359

Housing Wire

OCTOBER 28, 2021

Top markets for affordable renovated housing inventory. Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at foreclosure auction or bank-owned (REO) auction. in 2022.

Sales 414

Sales Renovation Banks Marketing 414

Housing Wire

JULY 5, 2022

CoreVest provides financing to real estate investors across the country and as of late June boasted more than $15 billion in loans closed and some 125,000 units financed, according to the lender. Redwood executives say Riverbend will be integrated into CoreVest. It also serves professional developers of multifamily properties.

Finance 357

Finance Investor Loans Lending 357

Housing Wire

DECEMBER 12, 2022

It relies on the small lenders’ production, such as community banks and independent mortgage banks that typically have a salesforce focused on working closely with local borrowers and real estate agents over the long haul. Bank Home Mortgage and Planet Home Lending. compared to the second quarter. John Hummel, U.S.

Marketing 365

Marketing Lending Banks Loans 365

Housing Wire

FEBRUARY 16, 2022

In today’s competitive real estate market, an increasing number of real estate investors are turning to private money lenders to help them close deals faster, enhance property valuations, and increase their returns. In comparison to larger banks or even a local credit union, private lending is more reliant on relationships.

Purchase and sale agreement 382

Purchase and sale agreement Investor Hard money loan Lending 382

Housing Wire

MARCH 4, 2022

gap in the level of employment compared to February 2020, and at this pace, the gap could be closed in three months.”. Could renovated foreclosure resales help solve the nation’s increasingly complex affordable housing puzzle? With job gains of 678,000, there is only a 1.4% percentage point to 62.3%.

Residential 368

Residential Construction Renovation Industrial 368

Housing Wire

AUGUST 1, 2022

credit card balances in the first quarter were $841 billion, $71 billion higher than the same period in 2021, according to a report from the Federal Reserve Bank of New York. Depository banks have dominated home equity lending for years, but nonbank lenders seeking volume are increasingly targeting the space. ” U.S.

Equity 377

Equity Loans Lending Banks 377

Housing Wire

DECEMBER 30, 2022

Krichmar, whose $100 million-plus origination volume in 2022 consisted of 77% purchase loans, expects LOs to be working longer hours to find referral partners, trying to close loans faster than the others and diversifying their mortgage product offerings to combat an industry that shrank by more than half this year.

Loans 376

Loans Renovation Construction Mortgages 376

HomeLight

JANUARY 12, 2022

How long does closing take from here? But the time required to process and underwrite the loan will be in large part what dictates the length of your closing. According to the loan software firm ICE Mortgage Technology, it took 50 days on average to close on a purchase loan for a house, as of Q3 2021. Average time to close.

Closing 107

Closing Purchase and sale agreement Pre-approval Inspection 107

HomeLight

FEBRUARY 4, 2022

The pandemic cast our homes in a whole new light and subsequently shifted which renovations increase home value. One-third of top agents in a HomeLight survey ranked “the desire to make homes a sanctuary from the world” as the number-one reason for renovations in their market. Get a Home Value Estimate Before You Renovate.

Renovation 120

Renovation Agents As-is Design 120

Housing Wire

APRIL 20, 2022

Brokers can help builders close new construction loans for single-family residences, multifamily homes, condos and townhomes. Level Capital and Homepoint are pitching the program to builders as an alternative to loans from credit unions or banks.

Loans 350

Loans Lending Construction Banks 350

Housing Wire

MARCH 28, 2022

These companies are advancing the market and closing fragmentation gaps by using technology to digitize and simplify multiple aspects of the real estate value chain to create a better customer experience. iBuyers are property companies that do the buying and selling of a home digitally. alone is worth about $40T.

Marketing 364

Marketing Title Closing costs Technology 364

Housing Wire

APRIL 27, 2023

But the caveat, of course, is that all bets are off if there’s a more meaningful contraction in lending [in the wake of recent bank failures and other economic factors] because then you’re in serious trouble,” Petrosinelli added.

Renovation 276

Renovation Residential Commercial As-is 276

HomeLight

SEPTEMBER 1, 2020

If that’s you, you may have heard that one path to a deal is buying a bank-owned foreclosure. There are pros and cons to consider when going this route, however, such as the fact that bank-owned properties often need more TLC than other homes on the market, and many are sold as-is. What’s a bank-owned foreclosure?

Banks 75

Banks Inspection contingency Inspection FHA loan 75

Housing Wire

SEPTEMBER 22, 2022

During the past 18 months — when refis were low-hanging fruit — the LO closed around $3 million a month. This month, she is lucky to have $2 million in her pipeline thanks to closing deals on a construction loan, a condo and a vacant lot. Next month I’m expecting to close $400,000 and nothing lined up for November,” she said.

Mortgages 375

Mortgages Loan Officer Loans Equity 375

Realtor.com

JANUARY 5, 2021

Now that the new year’s first episode of “Celebrity IOU” has arrived, they’ve broken out their top tricks for opening up a small house without breaking the bank. This kitchen was so closed off that it wasn’t functional for a house with kids. It was sucking the light out of the space,” Drew says.

Renovation 91

Renovation As-is Banks Closing 91

Housing Wire

APRIL 27, 2021

The deal, which is expected to close in the second quarter, will boost Finance of America’s third-party origination coverage by more than 1,000 brokers with little customer overlap, the firm said in a statement. The firm said Tuesday it expects to make additional acquisitions in the future.

Finance 368

Finance Lending Mortgages Renovation 368

HomeLight

AUGUST 25, 2020

home was on the market for an average of 24 days , with Ellie May estimating an average of 46 days to close on a purchase loan. That’s 70 days — or a little over two months — from listing to closing. Every house, every market, and every individual sale will vary in terms of days on market and closing timelines.

Closing 117

Closing Pre-approval Inspection Days on market 117

Housing Wire

MAY 20, 2022

If your home is more of an investment home, investors often want a home already outfitted with tenants or an underpriced home, so there’s room in the pricing to cover the cost of renovations. You can’t make a short sale without getting bank approval first. This means you don’t have to do any renovations or even very much negotiating.

Short sale 370

Short sale Investor Banks Agents 370

CT Homes

FEBRUARY 20, 2024

Prepare Your House for Sale You don’t need to break the bank on renovations, but a little effort can go a long way. For a more budget-friendly option, consider virtual staging or providing architectural drawings of potential renovations. We can close quickly! If possible, stage your home to showcase its potential.

Renovation 81

Renovation Inspection Staging Closing 81

HomeLight

MARCH 20, 2024

If you’re a homeowner in Anderson, South Carolina, and looking to sell — perhaps you’ve got a rental property with problem tenants or an inherited estate you don’t wish to hold onto — “We Buy Houses” companies can help you close the deal quickly without the hassles of the traditional market. No showings, no repairs, no open houses.

Renovation 85

Renovation Closing Banks Sales 85

HomeLight

MARCH 25, 2024

We Buy Houses” companies pay cash for homes in any condition, whether they’re due for renovations or facing foreclosure. Receive your offer in 24 hours and close in as few as 10 days. Close the deal: If you accept the offer, you’ll work with the company to schedule a closing date. No showings, no repairs, no open houses.

Inspection 81

Inspection Renovation Closing Banks 81

HomeLight

APRIL 30, 2022

It’s time for you to buy a house, and between the financial questions (how much will you need for closing costs? Beyond standard MLS listings, home search apps can offer a deep dive into data to help you research, bid, buy, finance, insure, and even renovate your new home. what’s considered “overpaying” on a house?) Social media apps.

Closing 82

Closing MLS Pre-qualification Due diligence 82

HomeLight

JULY 31, 2022

A conventional loan is a private mortgage, which is usually backed by a commercial enterprise such as a bank, mortgage company, or credit union. Depending on the type of work necessary, FHA requires repairs to be made within six months after the loan’s closing. How can I know if my home will meet minimum property standards?

Closing 98

Closing FHA loan Purchase and sale agreement Inspection 98

Housing Wire

MARCH 10, 2023

A host of nonbanks and traditional depository lenders, such as banks and credit unions, as well as a growing number of fintech firms continue to ramp up efforts and product lines to meet that demand. As of March 8, according to Commerce Bank , the prime rate was 7.75%. Toohig said Raymond James finished the year with some $1.1

Equity 352

Equity Marketing Debt-to-income ratio Lending 352

Housing Wire

MAY 17, 2022

Several mortgage trade groups have said if the FHA modernizes servicing guidelines and aligns them more closely to Fannie Mae and Freddie Mac, depository institutions will return to servicing FHA loans. One prominent annoyance by banks with FHA’s servicing handbook is the stringent requirement for reporting delinquencies. 2020 to Jan.

FHA loan 311

FHA loan Banks Industrial Mortgages 311

HomeLight

MAY 8, 2024

Deals can close in a matter of days or weeks, and with fewer contingencies, they are more likely to be carried to completion. Receive your offer in 24 hours and close in as little as 10 days. Local and national investors, who often transact in cash, see the value in the city’s stable growth. Need to Sell Your House Fast in Denver?

Proof of funds 91

Proof of funds Due diligence Investor Agents 91

Housing Wire

JULY 21, 2021

“The first house I rehabbed last year, it was a house that had fire damage in the kitchen, and it was just kind of an eyesore on a nice quiet street,” said McCormick, who said she purchased the home for $25,000 and then put $65,000 into renovations before selling to an owner-occupant buyer for $134,000. “It of the 2021 estimated market value.

Investor 456

Investor Development Renovation Sales 456

Housing Wire

JULY 20, 2021

Borrowers now have settled in homes that in many cases are growing in value, and may have a need to take on renovation costs or consolidate debt, which brings on a greater need for cash-out refinances. Maverick Solutions also offers higher DTI ratios, greater LTVs and larger loan amounts than the traditional agency products.

Marketing 362

Marketing Lending Loans Mortgages 362

HomeLight

JANUARY 30, 2024

Another true need would be, ‘I need cash to address something,’ whether it’s a renovation project or a large obligation like a medical bill or tax situation.” These typically include recent pay stubs, tax returns, and bank statements, among others. This will involve signing a host of documents and possibly paying closing costs.

Mortgages 89

Mortgages Closing costs Equity VA loan 89