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First Internet Bank is shuttering its consumer mortgage business

Housing Wire

First Internet Bank is shutting down its consumer mortgage business due to a steep decline in mortgage volumes and the negative outlook for mortgage lending that is forecasted to continue for the next several years. It will also include the company’s local traditional consumer mortgage and construction-to-permanent businesses.

Banks 417
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Mortgage rates inch down following Fed decision

Housing Wire

“I haven’t seen a dry spell like this in the time I’ve been in business,” Bob Yopko, president of First Equity Residential Mortgage , said of this year’s spring homebuying season. Due to limited options available on the market, buyers are increasingly turning to newly constructed homes, Xu added.

Mortgages 381
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Pretium acquires fix-and-flip lender Anchor

Housing Wire

California-based Anchor Loans, founded in 1998, provides capital for professional residential real-estate investors through bridge and construction products. According to the transaction terms, American Equity Investment Life Insurance Company provided financing for the deal and acquired $1 billion of loans originated by Anchor.

Loans 298
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Loan Demand Declines as Credit Standards Tighten in Q4 2022

Eye on Housing

According to the Federal Reserve Board’s January 2023 Senior Loan Officer Opinion Survey (SLOOS)—conducted for bank lending activity over the fourth quarter of last year—banks reported weaker demand for residential real estate (RRE) loans, home equity lines of credit (HELOCs), and commercial real estate (CRE) loans.

Loans 122
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Benefits of Investing in New Construction Real Estate

Norada Real Estate

When it comes to investing in residential real estate, there are only two basic types of property you can invest in – new construction and resale. New construction properties are those that are purchased directly from the builder or developer who constructed the property. They are the owner and seller.

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How LOs are dealing with a mortgage rate lockdown

Housing Wire

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. The mortgage industry was on a “sugar high” in the last two years, added Lonnie Glessner, senior vice president of residential lending at Draper & Kramer Mortgage. And it’s going to get worse.

Mortgages 384
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Things Builders Should Know About Spec Home Loans

Realty Biz

Development financing for larger new construction projects and alternative financing approaches should also be considered. A spec home is a newly constructed residential property built by a developer or builder without a buyer already in place. What is a Spec House? The definition of a spec house is straightforward.

Loans 108