FHFA decides to scrap new debt-to-income ratio fees
Real Estate News
MAY 10, 2023
1, were opposed by industry groups including NAR and the Mortgage Bankers Association. The fees, which were scheduled to go into effect on Aug.
The mortgage industry is nervous about LLPA fee changes
Housing Wire
JANUARY 20, 2023
The Federal Housing Finance Agency this week made a series of significant changes to loan level pricing adjustment (LLPA) fees charged by Fannie Mae and Freddie Mac on conventional/conforming mortgages. The changes include updates to pricing for second homes, high-balance loans and cash-out refinances that were first announced in 2022.
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Mortgage industry provides commentary on CFPB’s proposed changes to QM loan definition
Housing Wire
SEPTEMBER 9, 2020
Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021. Under § 1026.43(c)(2)(vii), Section 1026.43(c)
First-time homebuyers made up a record share of agency purchase loans in 2023
Housing Wire
MARCH 3, 2024
First-time homebuyers made up 55% of agency purchase mortgages in 2023, according to Intercontinental Exchange (ICE) eMBS data, the highest such share in the 10 years ICE has been tracking the metric. In January, ICE’s conforming 30-year fixed mortgage rate lock index showed rates averaging 6.6%.
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Positive signs abound for 2024 housing market: ICE
Housing Wire
FEBRUARY 5, 2024
Recent market trends — including an improvement in mortgage rates, housing affordability and potential refinance opportunities — suggest positive signs for the real estate market this year, according to February’s Mortgage Monitor report from Intercontinental Exchange (ICE). Mortgage rates held at 6.71% as of Jan. million to 3.8
Ballard Spahr’s Andreano: CFPB is open to “other approaches” to QM
Housing Wire
SEPTEMBER 10, 2020
and co-leader of the law firm’s mortgage practice group, to talk about regulatory proposals being considered by the Consumer Financial Protection Bureau. Q: What developments at the CFPB should the mortgage industry be watching? A: Probably among them is the Ability to Repay, Qualified Mortgage proposals.
Incoming data will dictate future mortgage rate shifts, experts say
Housing Wire
MAY 3, 2023
In turn, economists and housing industry experts have now turned their attention toward the June meeting, as that decision will dictate the future movement of mortgage rates. The Fed’s move on Wednesday was well anticipated and should not cause a major shift in mortgage and other interest rates, experts noted.
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Flyhomes acquires Home Sale Assured
Housing Wire
SEPTEMBER 11, 2023
Eric is a seasoned mortgage professional who has built something really special with the Guaranteed Backup Contract,” Tushar Garg , the co-founder and CEO of Flyhomes, said in a statement Monday. Meadow has 25 years of mortgage industry experience. The consumer has 90 days to then close of the sale of their prior home.
FHFA delays implementation of LLPA DTI fees
Housing Wire
MARCH 15, 2023
Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios.
FHFA Director Thompson speaks out to correct LLPA misinformation
Housing Wire
APRIL 26, 2023
Federal Housing Finance Agency (FHFA) Director Sandra Thompson issued a statement Tuesday to correct the misinformation that’s spread about the agency’s loan-level pricing adjustments to conventional mortgages. No change is more controversial than the LLPA tied to a borrower’s debt-to-income ratio.
Vishal Garg unveils Better’s new strategy as a publicly traded company
Housing Wire
AUGUST 23, 2023
According to Garg, the company has developed a one-day mortgage product that provides a commitment letter within 24 hours. Better wants to sell this platform to other companies, becoming a “mortgage-as-a-service” company or a white-label provider of mortgage tech, Garg said. ” And what is Better.com best at?
Stepping up the fight against fraud in mortgage lending
Housing Wire
MARCH 23, 2021
Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. The full extent of fraud in the mortgage industry may be impossible to fully quantify, but the 2020 True Cost of Fraud study by LexisNexis Risk Solutions estimated that the cost of fraud has risen 7.3% across U.S.
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Regulator rescinds new Fannie, Freddie fee for riskier borrowers
Inman
MAY 10, 2023
Lending industry groups like the Mortgage Bankers Association called a fee based on borrower's debt-to-income ratio "unworkable."
Is the FHFA about to delay the refi fee?
Housing Wire
AUGUST 22, 2020
According to reporting by the Wall Street Journal on Saturday, the Federal Housing Finance Agency has been communicating with mortgage industry groups about delaying the implementation of a fee which would add a 0.5% surcharge to refinance mortgages sold to Fannie Mae and Freddie Mac starting Sept.
What Is the Role of a Mortgage Underwriter
Realty Biz
MARCH 12, 2023
A real estate underwriter plays a critical role in the mortgage industry by evaluating loan applications and assessing real estate investment-associated risks. They work for lending institutions, such as banks and mortgage companies. This includes assessing the borrower's income, expenses, debt-to-income ratio, and credit score.
Preparing to Get Pre-Approved For a Mortgage
Realty Biz
AUGUST 20, 2023
Mortgage pre-approval is an essential step when buying a house. During pre-approval, lenders carefully evaluate your financial information, including income, assets, credit history, and other relevant details. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week.
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LendingLife: New General QM Rule up in the air
Housing Wire
OCTOBER 29, 2021
LendingLife is a daily digest of the most important news and commentary edited and curated exclusively for mortgage loan originators. One outstanding matter that many in the mortgage industry wants resolved is the future of the 2020 General QM Rule. Industry and housing groups expect big things from FHFA. Hello, LOs!
Agency loan-repurchase strategy sparks pushback
Housing Wire
MAY 9, 2023
Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those mortgages were originated at interest rates of 3% or less, and rates now are more than 3 percentage points higher.
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Banking agencies get deluge of feedback on CRA proposal
Housing Wire
AUGUST 5, 2022
The National Housing Conference , a trade association that represents mortgage lenders, was one of the few industry stakeholders that suggested the banking agencies push the boundaries a bit more. Doing so would dovetail with other efforts by regulators to encourage mortgage lenders to make targeted lending programs.
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Here’s why the home insurance market matters
Housing Wire
JULY 25, 2023
HousingWire recently spoke with Matic CEO and co-founder Ben Madick about the changing home insurance market, how it impacts mortgage lenders and homeowners, and why lenders should pay attention. HW: Why should mortgage companies pay attention to what’s going on in home insurance? Two key trends have emerged in this landscape.
MBA asks CFPB to extend GSE patch
Housing Wire
AUGUST 11, 2020
The Mortgage Bankers Association sent a letter on Monday to the Consumer Financial Protection Bureau asking for a six-month extension to the so-called “GSE patch” that allows Fannie Mae and Freddie Mac home loans to borrowers with high debt levels to be considered Qualified Mortgages.
Non-QM lenders hunt for LOs as consumer-direct model falters
Housing Wire
JANUARY 14, 2022
While layoffs sweep the mortgage industry, particularly consumer-direct lenders, non-qualified mortgage (non-QM) lenders are going on a hiring spree. Non-QM lenders Angel Oak Mortgage , Acra Lending and Newfi alone currently have at least 130 openings on jobs listings sites. Riches in the niches. trillion in 2022.
Forbearance Numbers Are Lower than Expected
Keeping Current Matters
AUGUST 20, 2020
Originally, some housing industry analysts were concerned that the mortgage forbearance program (which allows families to delay payments to a later date) could lead to an increase in foreclosures when forbearances end. Some even worried that we might relive the 2006-2008 housing crash all over again. Bottom Line.
UWM is bullish on the resurgent private-label market
Housing Wire
JANUARY 4, 2022
Pontiac, Michigan-based United Wholesale Mortgage (UWM) capitalized on a booming private-label market in 2021 by sponsoring its inaugural securities transaction this past May, a prime jumbo deal involving 508 mortgages with an aggregate principal balance of $351.9 That’s a strong start for a new issuer. “A
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Mortgages with Low Credit Scores - Your Guide to Affordable Home Financing
Realty Biz
SEPTEMBER 30, 2023
Mortgages with Low Credit Scores Mortgages with low credit scores can appear challenging, but there are options available. Understanding how a low credit score affects your mortgage and exploring government-backed programs can help you navigate the process. Can you buy a house with bad credit?
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LOs and brokers, are you prepared for an evolving workforce?
Housing Wire
MAY 25, 2022
Between significantly fewer refinances, rising mortgage rates and housing inventory nearly cut in half since 2020, loan officers (LOs) and brokers face a pivotal time where adaptation is a must for success. With an anticipated doubling in market share in 2022 , non-QM products are top of mind for almost every mortgage industry professional.
Agents, buyer’s financing denied? Here’s what to do.
Real Trends
MARCH 8, 2023
The seller could also provide a second mortgage to create funds. Lenders require specific debt-to-income ratios in order to qualify a borrower for a mortgage loan. They calculate the buyer’s total expenses divided by their gross income, which equals the debt-to-income ratio.
Home equity is the bright gem of the housing market
Housing Wire
MARCH 10, 2023
Stubborn inflation and high interest rates continue to wreak havoc on the mortgage-origination market, but there is one asset class in the housing market that is arguably flourishing in these hard times – home equity. rebranded as Rithm Capital ). As of March 8, according to Commerce Bank , the prime rate was 7.75%.
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Buying a Home with 1099 Income
Realty Biz
JULY 23, 2023
Understanding the implications of 1099 income on mortgage loans is crucial. Lenders carefully assess tax returns and stable income to determine eligibility. Government-backed and conventional mortgage options, as well as home equity for down payment assistance, are available.
New FHFA Rule: Mortgage Fees Structure to Change on May 1
Marco Santarelli
APRIL 28, 2023
The Federal Housing Finance Agency (FHFA) recently announced changes to the loan-level price adjustments (LLPAs) for borrowers with conventional mortgages backed by Fannie Mae or Freddie Mac. The changes, which are set to take effect on May 1, 2023, will impact the pricing structure of mortgages for borrowers.
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Benefits of Private Mortgage Lenders
Realty Biz
JUNE 23, 2021
When most homeowners seek a mortgage, they go to a bank, credit union, or other financial institution, but sometimes, these lenders won’t lend them money for a variety of reasons. When looking for a mortgage broker Barrie homeowners who are having a hard time getting approved for a loan may want to consider a private mortgage lender.
Why Can You Pay $2,000 in Rent (Or Any Other Amount) but Not Be Approved for a Mortgage That Costs the Same Amount per Month?
Lighter Side of Real Estate
JANUARY 24, 2024
Unless you come into a windfall of money, most people need to get a mortgage in order to buy a home, so getting a mortgage pre-approval to find out how much a lender will allow you to spend is the first step. Those are decent standards for a landlord to consider, but they’re nowhere near what a mortgage lender will consider.
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It’s Important to Get Your Mortgage Pre-approval Updated in Any Real Estate Market, but Especially This One
Lighter Side of Real Estate
SEPTEMBER 12, 2023
If you’ve been searching for a house for any amount of time, you’re probably well aware of how important it is to get a mortgage pre-approval before you even start looking at houses, or at least as early on in the process as possible. If it’s an upward or lateral career move within the same or similar industry, you should be fine.
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Agents fight misconceptions to win deals for military veteran clients
Housing Wire
NOVEMBER 8, 2021
After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. At the end of the day, Pascoe says the process is not all that different than purchasing a home with a conventional mortgage.
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Benefits of Private Mortgage Lenders
Realty Biz
JUNE 25, 2021
When most homeowners seek a mortgage, they go to a bank, credit union, or other financial institution, but sometimes, these lenders won’t lend them money for a variety of reasons. When looking for a mortgage broker Barrie homeowners who are having a hard time getting approved for a loan may want to consider a private mortgage lender.
Mastering Mortgage Basics: 10 Key Concepts Every Homebuyer Should Know
Redfin
JULY 11, 2023
In this comprehensive guide, by Redfin, we will delve into ten common questions about mortgages, offering valuable insights and expert answers. What is a mortgage? A mortgage is a loan specifically designed for purchasing a property, commonly a home. How does a mortgage work? What are the different types of mortgages?
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How to Choose a Lender For Your Real Estate Team
McKissock
JANUARY 31, 2021
Maybe they made a new purchase and their debt to income ratio is too high. Or maybe the underwriter feels that their income and credit score isn’t high enough. Frequently, financial information may be left out, which ultimately plays a large factor in your client’s debt to income ratio.
Legal Considerations for Unmarried Couples Buying Property
RIS Media
MAY 9, 2024
I will provide critical property laws for unmarried couples, including title considerations, mortgage qualifications and protective measures for individual investments. This decision involves unique legal considerations and requires careful planning.
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New Conforming Loan Limits Make Over 2 Million Homes More Attainable
Broke Agent Media
JANUARY 9, 2023
loans in amounts the mortgage company can sell conventionally to Fannie Mae or Freddie Mac—jumbo loans typically require the following: A higher credit score —700 vs. 620 for a conforming loan. And between inflation and higher mortgage rates, many buyers have been sidelined or have chosen to wait on purchasing a home. . Nicole Bachaud.
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New mortgage fee won’t debut until after spring homebuying season
Inman
MARCH 17, 2023
Industry groups continue to object to a new Fannie and Freddie fee aimed at some riskier borrowers as a burden on lenders and consumers.
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Now Open: Fannie Mae Debuts RefiNow Option for Low Income Homeowners
RIS Media
JUNE 5, 2021
Homeowners who haven’t capitalized on historically low mortgage rates are getting another chance to lower their monthly payments under Fannie Mae’s new RefiNow option. The program offers low-income homeowners with Fannie Mae-backed mortgages an opportunity to refinance and save money on their loan payments.
Am I A First-Time Homebuyer? Who’s Qualified … And Who Isn’t
HomeLight
AUGUST 31, 2020
Many offer down payment grants, no-down-payment mortgages, and low interest rates. During the coronavirus pandemic, for example, many lenders imposed overlays (an overlay happens when a lender sets extra qualifications on top of the industry-wide guidelines, making it harder to qualify for a mortgage). OK, it’s a good idea.
Can You Put an Offer on a House That’s Contingent?
RIS Media
APRIL 8, 2022
Something can come up (such as an unanswered financial obligation or a significant purchase before the closing that changes the debt-to-income ratio) and put a home back. . Real Estate appraisals are usually completed when homes are bought via mortgage loans. Low appraisal. Buyer can’t sell their current home.
Insurance carrier exodus rattles California and Florida housing markets
Housing Wire
JULY 25, 2023
Though the policy has been credited with saving consumers billions of dollars, the insurance industry says it comes at the expense of accurate underwriting and actual pricing risks. Entry level homebuyers are getting hit hardest. “If
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