RIS Media

APRIL 28, 2023

Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. The 30-year fixed mortgage rate climbed modestly, according to the latest Primary Mortgage Market Survey® from Freddie Mac. Watch for it each Friday afternoon.

Mortgages 98

Mortgages Industrial As-is Marketing 98

Housing Wire

APRIL 26, 2024

ML 2024-06 details the particulars of the policy revisions, changes to particular regulations and added that the “model HECM fixed and adjustable rate mortgage payment plans and model Exhibit II – Schedule of Closing Costs have been modified to align with the provisions of this ML.” These credits can lead to fair lending violations.

Closing costs 455

Closing costs Development Equity Mortgages 455

Housing Wire

APRIL 24, 2024

Mortgage lenders should get used to the concept of ”higher for longer” interest rates and work to bring profitability to their businesses, according to Stan Middleman, founder, president and CEO at Freedom Mortgage. In September 2023, to support its operations, Freedom Mortgage raised $1.3 compared to the previous year.

Debt-to-income ratio 428

Debt-to-income ratio Mortgages Loans Finance 428

Realty Biz

JULY 19, 2022

Along with having a down payment, your credit score is probably the most important factor for a home mortgage. Just like saving a down payment, it can also take some time to repair your credit score if you need to or improve it to obtain a better interest rate that translates into a lower monthly mortgage payment.

Mortgages 99

Mortgages FHA loan Bankruptcy Loans 99

Housing Wire

JANUARY 9, 2024

Ohio-based mortgage lender CrossCountry Mortgage has adopted the updated credit scoring model FICO Score 10 T to support origination of non-conforming loans and issue mortgage-backed securities (MBS), the company announced on Tuesday. a competing model incorporating trended credit bureau data.

Loans 436

Loans Investor Mortgages Lending 436

Housing Wire

FEBRUARY 9, 2024

The availability of mortgage credit increased in January, according to a report issued by the Mortgage Bankers Association (MBA) based on data sourced from ICE Mortgage Technology. The MBA’s Mortgage Credit Availability Index (MCAI) increased in January to 92.7, and the Conforming MCAI rose by 0.2%

Mortgages 420

Mortgages Lending Loans Technology 420

Housing Wire

MAY 10, 2024

In March , we explored the difference between Home Equity Conversion Mortgage (HECM) “expected rates” and “note rates” and why most reverse mortgages depend on these two interest rates. This is because the unused principal of a HECM adjustable-rate mortgage (ARM) will grow at the same rate that is applied to the loan balance.

Mortgages 333

Mortgages Principal Loans Equity 333

Housing Wire

MAY 13, 2024

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. The attention on nonbank mortgage companies have increased since their expansion following the financial crisis of the late 2000s.

Bankruptcy 383

Bankruptcy Finance Mortgages Banks 383

Housing Wire

FEBRUARY 8, 2024

housing credit looks very different than in 2005, 2006, 2007 or 2008. Homeowners have actually never looked better and the data from the Federal Reserve ‘s Quarterly Report on Household Debt and Credit shows why. Renters, younger renter households and those with lower FICO scores are the ones showing credit stress today.

Bankruptcy 443

Bankruptcy Equity Loans Mortgages 443

Housing Wire

FEBRUARY 21, 2024

North Carolina-based mortgage lender Premier Lending Inc. has adopted the FICO Score 10 T credit-scoring model for its nonconforming loan originations and whole loan acquisitions. The 10 T model can expand mortgage approval rates by up to 5% relative to classic versions without adding incremental risk, according to FICO.

Lending 383

Lending Mortgages Loans Banks 383

Housing Wire

MARCH 29, 2024

While much of the report suggests “a continued increase in credit or consumer reporting complaints, with more than one million of these complaints being sent to the three nationwide consumer reporting companies,” the mortgage industry demonstrates general reactivity to the feedback, according to the report.

Mortgages 369

Mortgages VA loan FHA loan Lending 369

Housing Wire

MAY 2, 2024

In early November, 30-year fixed mortgage rates began a nosedive, declining from near 8% to below 7% in a matter of months before once again starting to rise at the start of 2024. at the end of April, according to HousingWire ’s Mortgage Rates Center. Non-QM mortgages include loans that cannot be purchased by Fannie Mae or Freddie Mac.

Mortgages 410

Mortgages Marketing Loans Equity 410

Realty Biz

AUGUST 17, 2022

Elevated home prices and rising interest rates are feeding into housing affordability woes for potential buyers, especially those with lower credit scores. A buyer’s credit profile plays an important role in how much a home ultimately costs. home than they would have a year ago. home ($354,165).

Mortgages 84

Mortgages Fixed-rate mortgage Loans Banks 84

Housing Wire

APRIL 8, 2021

Mortgage credit showed signs of loosening up in March, and with it, more availability for lower credit scores and high LTV products to enter the housing market, the Mortgage Bankers Association said in a report on Thursday. The group’s Mortgage Credit Availability Index rose.6% 4%, the MBA said.

Mortgages 515

Mortgages Loans Lending Marketing 515

Housing Wire

APRIL 25, 2024

Photo credit: AJ Canaria It was initially billed as a discussion centered on the “biggest threats to a healthy mortgage landscape for homebuyers,” but some breaking news disrupted some of those plans. The session featured Developer’s Mortgage Co. This pilot helps mitigate the risk of repurchase, he said.

Loans 367

Loans Staging Mortgages As-is 367

Housing Wire

APRIL 5, 2024

mortgage industry recently had to remind itself of this fact when a CNN analysis found that the nation’s largest credit union, Navy Federal, has the widest disparity in mortgage approval rates between white and black borrowers of any major lender. Is the mortgage industry offering fair access to loans?

Mortgages 376

Mortgages Lending Banks Loans 376

Housing Wire

MAY 10, 2024

New York -based assumable mortgage platform Roam rolled out a new partnership with national lender Spring EQ to provide second-lien loans to Roam customers, the company announced on Thursday. The new service, Roam Boost, will cater to people with credit scores of at least 640 and down payments of at least 15%. An estimated 12.2

Mortgages 416

Mortgages VA loan Loans Lending 416

Housing Wire

JANUARY 19, 2024

The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority- Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in those communities from obtaining home loans. Tennessee-based community bank Patriot Bank agreed to pay $1.9

Banks 415

Banks Loan Officer Lending Loans 415

Housing Wire

APRIL 18, 2024

The challenges in today’s mortgage market have caused many originators to expand their loan product offerings outside of qualified mortgage (QM) criteria set by the Consumer Financial Protection Bureau (CFPB). Non-QM loans perform well, and the credit quality is sound. workforce is changing. today – and growing.

Marketing 408

Marketing Loans Investor Banks 408

Housing Wire

OCTOBER 19, 2023

In late August, when mortgage rates were well over 7% and beginning their climb toward 8%, Jeff Anderson had a client do what few other homeowners are willing to do: She gave up her 4% mortgage rate. mortgage rate at the end of August. “At You’re probably thinking, “Uh, why on earth would she do that?”

Mortgages 479

Mortgages FHA loan Equity Loans 479

Housing Wire

MARCH 12, 2024

Wells Fargo -backed mortgage fintech Maxwell rolled out a point-of-sale (POS) feature that offers tailored workflows and integrations. The Blueprint Builder features more than 60 third-party integrations, allowing lending teams to connect with other pieces of their workflow, from credit and verifications to pricing and disclosures.

Lending 389

Lending Technology Loans Equity 389

Housing Wire

FEBRUARY 6, 2024

The survey showed that nearly 15% net share of banks reported having tightened standards on non-qualified-mortgage (QM) jumbo residential loans (14.6%) and QM jumbo loans (15.4%) in the fourth quarter. A 50%-plus net share of all U.S. The survey showed that a net 25.5% of banks reported weaker demand for HELOCs.

Residential 479

Residential Lending Banks Mortgages 479

Housing Wire

NOVEMBER 21, 2023

This groundbreaking state-specific law mandates that landlords who own or operate such properties offer their tenants the option to have their rental payments reported to credit bureaus. Despite this financial commitment, traditionally, renters have not seen their timely payments contribute to their credit history.

Development 427

Development Mortgages Equity Loans 427

Housing Wire

JANUARY 24, 2024

Fannie Mae has announced updates to its HomeReady product, including a temporary $2,500 credit for very low-income purchase borrowers to use for down payment and closing costs. Lenders will provide the credit to the borrower and be reimbursed by Fannie Mae through the standard LLPA credit process. 1, 2024, to Feb.

Closing costs 479

Closing costs Loans Closing Mortgages 479

Housing Wire

NOVEMBER 14, 2023

The program was launched in the fall of 2022, and helps renters build their credit history and improve their credit score as they prepare to enter the housing market or find a new rental. “We Meanwhile, 79% recognize that having a higher credit score will provide them with greater financial opportunities.

Pre-approval 443

Pre-approval Loans Finance Mortgages 443

Housing Wire

JANUARY 30, 2024

A growing number of nonbank mortgage lenders have recently rolled out down payment assistance (DPA) programs to increase their origination share in a challenging mortgage environment. Most recently, loanDepot rolled out a new DPA program for Federal Housing Administration borrowers that enables them to put no money down upfront.

Closing costs 501

Closing costs Mortgages Investor Loans 501

Housing Wire

MARCH 30, 2023

With the banking crisis spurring more talk of a recession, the question now is: What would housing credit look like in a recession? One of the main reasons for that fear was that housing credit was about to get tight, meaning fewer people could buy homes with mortgages. What does tighter credit mean for housing?

VA loan 523

VA loan Loans Banks Mortgages 523

Housing Wire

MARCH 28, 2024

The result is that safe and affordable financing is out of reach for tens of thousands of credit-ready homebuyers looking to purchase a manufactured home. Credit standards for home-only applicants are much higher than for buyers seeking a mortgage, and this helps explain the high denial rates. Yet help might be on the way.

Title 438

Title Finance Loans Lending 438

Housing Wire

FEBRUARY 28, 2024

Tom Davis, chief sales officer, Deephaven Mortgage Today’s market means that more borrowers have higher debt-to-income ratios, limited access to credit and are looking for alternative ways to get qualified for a mortgage. Often, traditional mortgage products don’t meet their needs.

Debt-to-income ratio 391

Debt-to-income ratio Mortgages Banks Investor 391

Housing Wire

FEBRUARY 23, 2024

The gap between Black and white renter families that could afford a mortgage narrowed significantly during the COVID-19 pandemic, according to a Zillow report released Friday. of Black renter families earned enough income in 2022 to afford a mortgage with a 3% down payment, compared to 12.5% About 7.8% percentage points. About 13.3%

Mortgages 417

Mortgages Lending Equity 417

Housing Wire

MAY 13, 2024

The former reverse mortgage team from Norcom Mortgage in Avon, Connecticut — which elected not to move to CMG Financial following its acquisition of Norcom last month — has selected Texas-based Supreme Lending as its new home, with John Luddy serving as SVP of reverse lending. She absolutely checked all the boxes for us.

Lending 303

Lending Mortgages Industrial As-is 303

Housing Wire

FEBRUARY 28, 2024

Top 10 mortgage lender and servicer Newrez is partnering with Newzip , a tech-enabled real estate platform, to roll out a program aimed to save buyers and sellers on credit costs. They will also be offered closing cost credits of up to 0.5% They will also be offered closing cost credits of up to 0.5%

Closing costs 412

Closing costs Loan Officer Closing Loans 412

Housing Wire

NOVEMBER 28, 2023

HousingWire recently spoke with Mike Darne, vice president of marketing at CreditXpert , about credit optimization and how taking a closer look at consumer credit can benefit borrowers. HousingWire: You have advocated for giving consumer credit another look. HW: As a data science company, you’ve been looking at consumer credit.

Bankruptcy 388

Bankruptcy Loans Mortgages As-is 388

Housing Wire

MAY 10, 2024

Ron DeSantis (R) signed a bill into law this week that changes certain requirements for the state’s reverse mortgage borrowers, a move that the National Reverse Mortgage Lenders Association (NRMLA) says could save money on closing costs. This will now be changed, according to provisions of the law as analyzed by the committee.

Principal 347

Principal Mortgages Closing costs Closing 347

Housing Wire

APRIL 18, 2024

Its mission statement included a desire to “champion groundbreaking research focused on reverse mortgages.” It continued to contribute data and academic information about the reverse mortgage product and its potential use as a retirement planning tool. “We

Equity 394

Equity Loan Officer Mortgages Industrial 394

Housing Wire

MAY 3, 2024

The dismal 2024 mortgage market has one very silver lining: $32 trillion in home equity. The biggest year of mortgage production , from 2021-2022, generated $4.5 If they have a high-quality credit score, they shouldn’t be paying 9% for money. If they have a high-quality credit score, they shouldn’t be paying 9% for money.

Equity 372

Equity Technology Loans Lending 372

Housing Wire

FEBRUARY 15, 2024

Opportunity in the current mortgage market may be challenging to find — and that could arguably be truer for those who offer reverse mortgage products for clients. Still, reverse mortgage professionals are always keeping their eyes peeled, and a group of them shared what they’re looking out for in 2024 for their businesses.

Mortgages 384

Mortgages Banks Equity Land 384