Housing Wire

MARCH 11, 2025

Tomo Mortgage on Tuesday announced the closure of $20 million in Series B funding that was led by three existing investors and a new participant. Tomo touts its use of artificial intelligence in streamlining loan underwriting and closing processes. The company is licensed in 31 states and Washington, D.C.,

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Closing Mortgages Investor Loan Officer 340

Housing Wire

MAY 9, 2022

Closing costs for homeowners who jumped on the refi wave in 2021 increased at less than one-third the pace of closing costs for home purchases as homebuyers had to cope with a hot market that fueled higher home-sale prices and related settlement costs. How to avoid home closing delays in 2022.

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Housing Wire

JANUARY 27, 2025

Consumers who chose to take out a cash-out refinance largely used the loans proceeds for paying down existing debts, with notable impacts on credit card and auto loan balances as well as credit utilization rates. One source of debt that was not heavily impacted, according to the data, were student loan balances.

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Loans Closing costs Mortgages Closing 364

Housing Wire

JANUARY 23, 2025

In their analysis, Nigrinis and Zywicki found that borrowers refinancing their mortgage could save an estimated $2.19 billion in total or as much as $1,692 per loan. The Federal Housing Finance Agency had previously estimated that the pilot could save consumers between $500 and $1,500 per transaction.

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Title Land Loans Closing costs 441

Housing Wire

NOVEMBER 1, 2022

Rocket Companies on Tuesday launched a loyalty program to attract potential homebuyers into its ecosystem amid one of the most challenging mortgage markets in decades. In the first phase of the program, customers can use points to get discounts on their closing costs when purchase a home through the subsidiary Rocket Mortgage.

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Closing costs Closing Loans Mortgages 421

Housing Wire

APRIL 3, 2023

Rocket Mortgage is throwing a big incentive at spring homebuyers, offering them up to $10,000 in closing cost credits if they work with a real estate agent through its affiliate, Rocket Homes. of their loan amount to put toward closing costs, helping defray upfront costs.

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Housing Wire

AUGUST 1, 2024

The Community Home Lenders of America (CHLA) on Thursday issued a comment letter to the Consumer Financial Protection Bureau (CFPB), saying that a major reason for the increase in mortgage closing costs from third parties is due to a lack of competition among third-party providers.

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Closing costs Closing Title Loans 429

Housing Wire

JANUARY 9, 2025

But in instances where these payments may not be enough to make ends meet, other options should be considered and in the right situation, a reverse mortgage could be one such option. A reverse mortgage is a possibility for seniors with substantial equity in their homes, the column stated. This will reduce how much your heirs receive.

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FHA loan Mortgages Equity Closing costs 369

Housing Wire

DECEMBER 21, 2023

Unfortunately, too many misconceptions persist among real estate and even mortgage industry professionals about the VA home loan, and those misconceptions have big (and negative) impacts. Earlier in my life, I was directed away from using a VA loan when I purchased my first home. Who is eligible?

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Loans VA loan Mortgages Lending 441

Housing Wire

JUNE 10, 2025

Amid expectations that interest rate declines may reignite refinance activity , Optimal Blue on Monday launched a new tool that automatically analyzes loan officer portfolios each month to identify recapture opportunities. The tool is designed to ensure loan officers are ready when refinance volume picks up. year over year.

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Housing Wire

DECEMBER 2, 2024

The funds can only be used toward the down payment on a primary residence with the use of a fixed-rate conventional loan through Wells Fargo. Eligible buyers can combine the bank’s down payment grant with other programs, which could result in up to $15,000 for closing costs and a down payment. The bank’s Dream.

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Lending Closing costs Banks Equity 384

Housing Wire

AUGUST 12, 2024

Piggyback mortgages — those involving a first and second lien at origination — are on the rise among first-time and low- to moderate-income borrowers who face affordability challenges. for conventional purchase loans backed by Fannie Mae and Freddie Mac. This is according to a CoreLogic report published on Monday.

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Loans FHA loan Equity Closing costs 450

Housing Wire

NOVEMBER 19, 2024

While the co-chairs of the caucus wrote that they “applaud” Thompson and the FHFA’s efforts to promote homeownership for low-income Americans, they believe that the pilot program will not help to achieve the goal of “finding ways to ‘responsibly reduce closing costs for homeowners in a safe and sound manner.’”

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Title Title search Closing costs Loans 397

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. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

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Loans Banks Equity Bankruptcy 544

Inman

FEBRUARY 4, 2025

Here's what that potentially means for the recent slate of rules and lawsuits targeting the mortgage industry. In his first act as interim Consumer Financial Protection Bureau director, Treasury Secretary Scott Bessent froze action on all rules and litigation.

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Closing costs Closing Loans Mortgages 137

Housing Wire

NOVEMBER 6, 2024

per score for mortgage originations. The mortgage industry is now bracing for additional hikes from the credit reporting bureaus and other companies downstream of FICO. “At How we got here Analysts and mortgage executives expected an increase from FICO after the election. ” “At $4.95 ” “At $4.95

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Closing costs Mortgages Industrial Lending 397

Housing Wire

AUGUST 5, 2020

Last week, we published a story about United Wholesale Mortgage (UWM) offering 15-year fixed mortgage rates as low as 1.875% for purchases and refinances. For example, about two weeks ago, Quicken Loans advertised a “limited-time” rate of 1.99% on 15-year mortgages. Others just wanted more details.

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Mortgages Loan Officer Lending Loans 525

Housing Wire

NOVEMBER 2, 2022

Rocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options in a rapidly shrinking industry. The lender has been pivoting to purchase mortgages and has been introducing products to court more borrowers.

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Loans Mortgages Land Finance 397

Housing Wire

MARCH 25, 2021

Do I need to pay off my student loans before buying my first home? What it really comes down to is whether or not you feel comfortable paying a mortgage (and all the other fun expenses that come with having a home), while also paying off student loans. Here’s what to expect in the mortgage application process.

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Debt-to-income ratio Loans FHA loan Finance 500

Housing Wire

AUGUST 22, 2024

A California bill that would allow home loans for illegal immigrants faces strong opposition from state Republicans. AB 1840 would prevent the California Dream For All Shared Appreciation Loan program from denying individuals based on their immigration status. Gavin Newsom to become law.

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Loans Closing costs Finance Closing 525

Housing Wire

APRIL 22, 2025

Lenders can use down payment assistance (DPA) to lower a homebuyers loan-to-value (LTV) ratio by an average of 6%. For lenders, that means more ways to qualify buyers and close loans in a tough market. The average benefit is $18,000.

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Closing costs Loans Closing Finance 264

Housing Wire

FEBRUARY 5, 2024

Freddie Mac will offer a $2,500 credit for very low-income purchase borrowers to help with down payment and closing costs amid elevated interest rates and low housing supply. The credit can be used for down payments, closing costs, escrow and mortgage insurance premiums.

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Mortgages Closing costs Finance Loans 522

HomeLight

OCTOBER 28, 2024

One of the most important things that you should keep in mind is that there are several costs you’ll need to pay to finalize your sale. Nationwide, closing costs for sellers can range from 6% and 10% of a property’s sale price. Property taxes In Maryland, county governments issue property tax bills in July or August each year.

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Housing Wire

SEPTEMBER 10, 2022

Ben Slayton’s Legacy Home Loans , the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country. The SPCP loan program will be piloted in Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

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Loans Development Closing costs Finance 421

HomeLight

OCTOBER 31, 2024

In this post, we explore the question: Are closing costs tax deductible? What are examples of seller closing costs? When selling a home, you’ll encounter various closing costs as part of the process. On average, sellers pay between 2% and 5% of a home’s sale price in closing costs.

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Closing costs Closing Title search Title 111

Housing Wire

FEBRUARY 1, 2023

Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete. The loan will cover an 11-month maximum build period with a one-month modification.

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Construction Loans Loan Officer New Construction 397

Housing Wire

APRIL 3, 2024

mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The lawsuit follows Monday’s report from Hunterbrook Media indicating that UWM pressures brokers to send loans its way.

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Loans Loan Officer Mortgages Closing costs 458

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. You should be finding buyers before real estate agents anyway.”

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Housing Wire

JUNE 12, 2024

An analysis released Wednesday by Columbia, Missouri -based lender Veterans United Home Loans revealed that the home loan program through the U.S. The VA loan program — which was established in 1944 through the GI Bill — will celebrate its 80th anniversary on June 22. Department of Veterans Affairs (VA) has contributed $3.9

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VA loan Loans As-is Mortgages 431

Housing Wire

NOVEMBER 9, 2023

Fannie Mae and Freddie Mac jointly announced this week that they have entered a new critical edit phase for their Uniform Closing Dataset (UCD) as of Nov. 6, informing lenders that they must address quality issues for “fatal data points” before delivering loans to either of the government-sponsored enterprises.

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Loans Closing costs Mortgages Closing 410

Housing Wire

MARCH 1, 2021

The 30-year mortgage is easily the most popular and talked-about mortgage product out there. After all, in January 2021, 30-year loans accounted for a whopping three-quarters of all mortgage originations in the country. In fact, they could actually cost you more (often significantly more) if used incorrectly.

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Mortgages VA loan Loans Loan Officer 432

Housing Wire

APRIL 26, 2023

With few homeowners willing to give up their low mortgage rates, Mike Roberts has shifted his focus to targeting first-time homebuyers. A first-time homebuyer requires a tremendous amount of nurturing,” said Roberts, the president and founder of City Creek Mortgage. “A Niche loans consist of about 5% of Parkinson’s business. “It’s

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Loan Officer Mortgages Loans Closing costs 397

Housing Wire

MARCH 8, 2023

Chicago-headquartered lender Guaranteed Rate has expanded its program to approve loans within 24 hours nationwide. Dubbed the “ Same Day Mortgage ,” the program is aimed at giving a competitive edge to first-time buyers who are competing against the all-cash buyers who make up 28% of home purchases, the lender said.

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Loans Closing Closing costs Mortgages 384

Housing Wire

MAY 10, 2021

announced today the launch of Finance of America Home Improvement , a new business division offering non-mortgage financing options, including renovation loans. Homeowners in 2020 turned to renovation loans roughly as much as they did in 2019, originating $51.7 billion in renovation loans — compared to $51.6

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Renovation Finance Loans Lending 384

Housing Wire

FEBRUARY 3, 2023

Mortgage lender and digital financial services company Guaranteed Rate hopes to court builders and borrowers with its newly launched programs — Lock ‘N’ Sell rate lock program and forward commitments – by helping the borrowers secure lower mortgage rates. Guaranteed Rate originated $34.38 About 71.2%

Loans 370

Loans Loan Officer Closing costs Mortgages 370

Housing Wire

NOVEMBER 20, 2024

Executives at mortgage lenders anticipate a minimum 20% increase in credit reporting costs in 2025 compared to 2024. And the soaring costs will hit as lenders try to dig out from multiple years of financial losses and mass layoffs. In early November, Fair Isaac Corp. per score—equating to $4.35 per borrower and $8.70

Mortgages 410

Mortgages Loan Officer Loans Closing costs 410

Housing Wire

AUGUST 13, 2024

The letter was in response to the CFPB’s request for information on residential mortgage fees, which the Bureau issued in late May. This request was in addition to the CFPB’s consideration of a ban on mortgage banks charging homebuyers for the lender’s title insurance policy. of the borrower’s total life-of-loan costs combined.”

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Title Mortgages Land Closing costs 441