Housing Wire
MARCH 15, 2024
Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. Assisting homebuyers and their agents adds more to an LO’s plate.
Housing Wire
JANUARY 17, 2024
Recently, Interested Party Contributions (or seller concessions) have been allowed with HECM for Purchase loans. This is a huge boon for the program as seller concessions have not been allowed within the FHA-insured program since its inception. The information being displayed is for illustrative purposes only.
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Housing Wire
NOVEMBER 1, 2022
As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. Temporary rate buydowns are not new, but many loan officers may not be familiar with the option. So what is a 2/1 rate buydown? What are the pros and cons?
Housing Wire
NOVEMBER 7, 2023
Not helping FHA, VA borrowers get off the sidelines Under current FHA rules, sellers can contribute up to 6% in concessions to FHA borrowers to cover closing costs, prepaid expenses and discount points. “But agent commissions have never been a closing cost from a buyer perspective. Grant said.
Housing Wire
APRIL 12, 2023
In a high-rate environment, lenders call the temporary rate buydown a win-win strategy for both sellers and buyers when used appropriately. For example, a 2-1 buydown can be paid for by the homebuyer or the home seller can pay for it as a seller concession. a loan officer in Washington noted.
Real Trends
NOVEMBER 2, 2022
As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. Temporary rate buydowns are not new, but many loan officers may not be familiar with the option. So what is a 2/1 rate buydown? What are the pros and cons?
Redfin
MARCH 3, 2022
“A seasoned mortgage broker will fully analyze your situation and application, anticipate any issues, and guide you through the process to a smooth closing,” says Trey Bolen at Lendid Home Loans. It’s also important that buyers come to closing prepared with all necessary closing documents and payment for closing costs.
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