Housing Wire
JANUARY 11, 2023
Loan officers saw an increase in mortgage demand during the first week of 2023 as mortgage rates ticked down. And to close deals, sellers are increasingly coming to the table with concessions and rate buydowns. . It looks like the decline in rates was about five basis points from what I see on my rate sheet.”
Housing Wire
JUNE 6, 2023
and home prices still near record highs, homebuyers are demanding that their loan officers provide options to lower monthly mortgage payments as much as possible. Especially when the seller is willing to give concessions, the buyer is able to get a credit for closing and contribute to buying down points.
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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. stares down the barrel of a considerable economic downturn.
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
None of the surveyed mortgage professionals said staff cuts caused decreased ability to close loans and lack of training were the challenges they faced. In a high-rate environment, lenders call the temporary rate buydown a win-win strategy for both sellers and buyers when used appropriately. a loan officer in Washington noted.
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