Expert insights. Personalized for you.
Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. The transition to a largely remote workforce during the COVID-19 pandemic only gave criminals more of an incentive to attempt to deceive lenders or misrepresent qualifications. MORE
When you apply for a mortgage, the lender will look at your income and debt, as well as the amount of money you can put down. When to Prioritize Debt. A lender will limit the percentage of your total income that can go toward debt payments. MORE
Federal Reserve Chairman Jerome Powell recently announced his support to extend the Community Reinvestment Act (CRA) to nonbanks. Therefore, the mortgage questions federal policymakers should be asking are: 1) Why do IMBs have a much better mortgage access to credit record than banks? MORE
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. MORE
DTI, your 'debt-to-income ratio,' includes taxes and insurance as part of your mortgage payment. Here's how to find your DTI with taxes and insurance. About Mortgages Buying a home MORE
The clock has effectively run out for FHFA Director Calabria to release Fannie Mae and Freddie Mac from their 12-year captivity under conservatorship following the great financial crisis. The next stage in their evolution is within reach to ensure that legacy while protecting taxpayers. MORE
The Consumer Financial Protection Bureau appears to have lost an opportunity to correct a nagging issue in its definition of a qualified mortgage. At the heart of the issue is a borrower’s ability to repay their mortgage. MORE
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? MORE
valentinrussanov/Getty Images The gig economy has blown up in the past few years, with more and more people choosing to work as freelancers, either by starting their own businesses, or by picking up nonsalaried jobs from bigger companies. Getting a mortgage as a freelancer (pre-coronavirus). MORE
Private mortgage insurance (PMI) will be required in most cases if you put down less than 20% of the purchase price when you buy a house. You will have to pay monthly premiums, but the insurance won’t protect you; it will protect your lender if you default on your mortgage payments. MORE
What's a good debt-to-income ratio for a mortgage? Most lenders want to see 43% or lower. About Mortgages Mortgage StrategyBut a higher DTI can be ok, too. Here's what you should know. MORE
As reported yesterday, The Consumer Financial Protection Bureau released a notice of proposed rule-making that would “delay the mandatory compliance date of the general qualified mortgage rule 15 months to Oct. To contact the author of this story: Dave Stevens at dave@davidhstevens.com. MORE
The MBA said several of the revised PSPA amendments could cause “unnecessary disruptions in the housing finance system,” and asked for a meeting to cover these topics. Reports that the GSEs are requiring some lenders to adjust loan deliveries as early as April. Fed Policy Mortgage MORE
Much like the changing of the calendar, buying and selling homes follows a seasonality that that those in mortgage and real estate have grown accustomed to. So, what do lenders have to do to be competitive? But at first, mortgage rates didn’t drop. MORE
In this market where homes are selling like hot potatoes, it might seem like everyone can afford to buy a house, but that’s not true. It takes time, money, energy, planning, money and more money to become a first-time homebuyer. So, what are you supposed to do? MORE
Saving enough for a down payment and closing costs may be challenging, but achieving those goals is possible with planning and foresight…even with a low income. If your credit score is too low to qualify for a mortgage with a competitive interest rate, work on boosting your score. MORE
Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. Below is a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process. MORE
And not just research on the best down payment or neighborhood to live in – you should also search the right mortgage lender. . The type of mortgage loan you qualify for is just as important as the mortgage lender you work with. How much house can you afford to buy? MORE
How much should your mortgage be? It's all about how large of a monthly mortgage payment you can comfortably afford. Learn how to find the answer. How much should my mortgage be compared to my income? How much should my mortgage be MORE
The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022. “At MORE
Before you start looking for a new home, you should get preapproved for a mortgage. This will help you figure out how much you can afford to spend and show a seller that you’re a serious and qualified buyer. Common Reasons for Denial and How to Address Them. MORE
It’s no secret credit scores can hinder a potential borrower’s ability to qualify for the best loan program, which can ultimately lead to poor borrower satisfaction. Consumers have access to credit scores, more than ever,” Hydrew said. To learn more, visit CreditXpert.com. MORE
At least, more complicated than simply paying rent to a landlord every month. Not to mention, expensive. In fact, depending on where you live, your monthly rent could be more expensive than your monthly mortgage. Are you finally ready to put down some roots? MORE
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. MORE
How much should your mortgage be? It's all about how large of a monthly mortgage payment you can comfortably afford. Learn how to find the answer. How much should my mortgage be compared to my income? How much should my mortgage be MORE
A good credit score increases the likelihood of qualifying for a mortgage because it indicates to the lender that you’re more likely to make timely payments on your loan. There are methods to improve and maintain your credit as you move toward buying a home. MORE
The Housing Policy Council sent a letter to the Consumer Financial Protection Bureau on Tuesday expressing its opposition to delaying the implementation of the Final QM Rule and expiration of the 2013 QM Rule, set to take effect on July 1, 2021. MORE
If you are looking to lower the interest rates on your monthly mortgage payments, refinancing may be the answer. But, according to a recent study by Lending Tree, even though most mortgage refinances were approved at the start of 2021, many were denied. MORE
If you’re thinking about buying a home, then boosting your FICO score should be at the top of your to-do list. Thanks to the pandemic, the three main credit bureaus — TransUnion, Equifax and Experian — are all offering free weekly credit reports until April 2021. Avoid new debt. MORE
One being, how much do you need to earn in a year to afford a mortgage in the U.S.? . Since home prices vary state-by-state, the salary you need to qualify for a mortgage in the U.S. and how much a potential homeowner would need to earn to live comfortably. MORE
Do I need to pay off my student loans before buying my first home? It’s a common question, but unfortunately, not an easy one to answer. Are you still scratching your head wondering what to do? Here’s what to expect in the mortgage application process. MORE
If you already own a home and you’re thinking about buying another to use as a vacation house or as an investment property that you can rent out, you will have to clear higher hurdles than you did when you bought your first house. Here are some important things to know. MORE
Lenders offer mortgages for borrowers with a wide range of financial circumstances. Between prime (highest-quality) and subprime (lowest-quality) home loans are a category called “Alt-A mortgages.” . Alt-A mortgages generally don’t meet those criteria. MORE
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% The post Is the FHFA about to delay the refi fee? MORE
Canadian mortgage debt indicators are looking better, but the state-owned housing agency is putting a big asterisk beside them. Canada Mortgage and Housing Corporation (CMHC) data shows the mortgage debt to income ratio made a sharp drop in Q2 2020. MORE
Mortgage rates are at an all-time low, but that’s just too bad for the thousands of potential home buyers who’re missing out on the action due to tighter lending standards. According to Bloomberg News , housing credit availability has reached its lowest level since February 2014. MORE
Your credit plays a huge part in your ability to get a mortgage. Still, it’s not the end-all, be-all—and many borrowers believe they need picture-perfect credit to buy a home. Myth 2: You can’t buy a house if you have lots of student loan debt. MORE
Mark Dodson was having a promising start to the year. His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. But by March there were whispers that the non-QM space was going to vanish soon. MORE
The Consumer Financial Protection Bureau is proposing a new category of qualified mortgages called Seasoned QM, which would require loans to meet certain performance requirements over a 36-month seasoning period. MORE
Black homebuyers’ mortgage applications are 2.5 times as likely to be rejected as the submissions of white home shoppers. That compares to 6% Hispanic applicants, 4 % white and 4% Asian applicants. MORE
You may think that cleaning out your bank account to make a large down payment on a house would be a smart move, but that’s inaccurate. Mortgage reserves are expressed in terms of the number of months you can cover all those costs. . Why Might Mortgage Reserves Be Required? MORE
The Mortgage Report
MARCH 22, 2021
What's a good debt-to-income ratio for a mortgage? Most lenders want to see 43% or lower. About Mortgages Mortgage StrategyBut a higher DTI can be ok, too. Here's what you should know.
The Mortgage Report
JANUARY 12, 2021
DTI, your 'debt-to-income ratio,' includes taxes and insurance as part of your mortgage payment. Here's how to find your DTI with taxes and insurance. About Mortgages Buying a home
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Housing Wire
APRIL 7, 2021
At least, more complicated than simply paying rent to a landlord every month. Not to mention, expensive. In fact, depending on where you live, your monthly rent could be more expensive than your monthly mortgage. Are you finally ready to put down some roots?
RIS Media
JANUARY 29, 2021
When you apply for a mortgage, the lender will look at your income and debt, as well as the amount of money you can put down. When to Prioritize Debt. A lender will limit the percentage of your total income that can go toward debt payments.
The Mortgage Report
APRIL 26, 2021
How much should your mortgage be? It's all about how large of a monthly mortgage payment you can comfortably afford. Learn how to find the answer. How much should my mortgage be compared to my income? How much should my mortgage be
The Mortgage Report
APRIL 26, 2021
How much should your mortgage be? It's all about how large of a monthly mortgage payment you can comfortably afford. Learn how to find the answer. How much should my mortgage be compared to my income? How much should my mortgage be
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.
Housing Wire
JANUARY 25, 2021
Much like the changing of the calendar, buying and selling homes follows a seasonality that that those in mortgage and real estate have grown accustomed to. So, what do lenders have to do to be competitive? But at first, mortgage rates didn’t drop.
Housing Wire
AUGUST 18, 2020
The Consumer Financial Protection Bureau is proposing a new category of qualified mortgages called Seasoned QM, which would require loans to meet certain performance requirements over a 36-month seasoning period.
Housing Wire
FEBRUARY 17, 2021
Black homebuyers’ mortgage applications are 2.5 times as likely to be rejected as the submissions of white home shoppers. That compares to 6% Hispanic applicants, 4 % white and 4% Asian applicants.
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?
Housing Wire
MARCH 23, 2021
Wherever there is commerce, there will be fraud, and the mortgage industry is no exception. The transition to a largely remote workforce during the COVID-19 pandemic only gave criminals more of an incentive to attempt to deceive lenders or misrepresent qualifications.
Housing Wire
JANUARY 13, 2021
One being, how much do you need to earn in a year to afford a mortgage in the U.S.? . Since home prices vary state-by-state, the salary you need to qualify for a mortgage in the U.S. and how much a potential homeowner would need to earn to live comfortably.
Housing Wire
MARCH 4, 2021
The Consumer Financial Protection Bureau released a notice of proposed rulemaking on Tuesday to delay the mandatory compliance date of the Qualified Mortgage final rule from July 1, 2021 to October 1, 2022. “At
Housing Wire
MARCH 25, 2021
Do I need to pay off my student loans before buying my first home? It’s a common question, but unfortunately, not an easy one to answer. Are you still scratching your head wondering what to do? Here’s what to expect in the mortgage application process.
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% The post Is the FHFA about to delay the refi fee?
Keeping Current Matters
DECEMBER 21, 2020
Once you’ve found the right home and applied for a mortgage, there are some key things to keep in mind before you close. Below is a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.
Housing Wire
OCTOBER 27, 2020
Your credit plays a huge part in your ability to get a mortgage. Still, it’s not the end-all, be-all—and many borrowers believe they need picture-perfect credit to buy a home. Myth 2: You can’t buy a house if you have lots of student loan debt.
Better Dwelling
NOVEMBER 16, 2020
Canadian mortgage debt indicators are looking better, but the state-owned housing agency is putting a big asterisk beside them. Canada Mortgage and Housing Corporation (CMHC) data shows the mortgage debt to income ratio made a sharp drop in Q2 2020.
Housing Wire
MAY 21, 2021
Federal Reserve Chairman Jerome Powell recently announced his support to extend the Community Reinvestment Act (CRA) to nonbanks. Therefore, the mortgage questions federal policymakers should be asking are: 1) Why do IMBs have a much better mortgage access to credit record than banks?
RIS Media
JUNE 3, 2021
If you are looking to lower the interest rates on your monthly mortgage payments, refinancing may be the answer. But, according to a recent study by Lending Tree, even though most mortgage refinances were approved at the start of 2021, many were denied.
Housing Wire
MARCH 4, 2021
As reported yesterday, The Consumer Financial Protection Bureau released a notice of proposed rule-making that would “delay the mandatory compliance date of the general qualified mortgage rule 15 months to Oct. To contact the author of this story: Dave Stevens at dave@davidhstevens.com.
Housing Wire
NOVEMBER 12, 2020
If you’re thinking about buying a home, then boosting your FICO score should be at the top of your to-do list. Thanks to the pandemic, the three main credit bureaus — TransUnion, Equifax and Experian — are all offering free weekly credit reports until April 2021. Avoid new debt.
Housing Wire
JUNE 4, 2021
In this market where homes are selling like hot potatoes, it might seem like everyone can afford to buy a house, but that’s not true. It takes time, money, energy, planning, money and more money to become a first-time homebuyer. So, what are you supposed to do?
Realty Biz
OCTOBER 21, 2020
Mortgage rates are at an all-time low, but that’s just too bad for the thousands of potential home buyers who’re missing out on the action due to tighter lending standards. According to Bloomberg News , housing credit availability has reached its lowest level since February 2014.
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.
Housing Wire
MARCH 24, 2021
The MBA said several of the revised PSPA amendments could cause “unnecessary disruptions in the housing finance system,” and asked for a meeting to cover these topics. Reports that the GSEs are requiring some lenders to adjust loan deliveries as early as April. Fed Policy Mortgage
Housing Wire
OCTOBER 21, 2020
The Consumer Financial Protection Bureau appears to have lost an opportunity to correct a nagging issue in its definition of a qualified mortgage. At the heart of the issue is a borrower’s ability to repay their mortgage.
RIS Media
MAY 17, 2021
Before you start looking for a new home, you should get preapproved for a mortgage. This will help you figure out how much you can afford to spend and show a seller that you’re a serious and qualified buyer. Common Reasons for Denial and How to Address Them.
Housing Wire
MARCH 30, 2021
The Housing Policy Council sent a letter to the Consumer Financial Protection Bureau on Tuesday expressing its opposition to delaying the implementation of the Final QM Rule and expiration of the 2013 QM Rule, set to take effect on July 1, 2021.
RIS Media
NOVEMBER 2, 2020
You may think that cleaning out your bank account to make a large down payment on a house would be a smart move, but that’s inaccurate. Mortgage reserves are expressed in terms of the number of months you can cover all those costs. . Why Might Mortgage Reserves Be Required?
Housing Wire
DECEMBER 31, 2020
The clock has effectively run out for FHFA Director Calabria to release Fannie Mae and Freddie Mac from their 12-year captivity under conservatorship following the great financial crisis. The next stage in their evolution is within reach to ensure that legacy while protecting taxpayers.
Housing Wire
MARCH 30, 2021
It’s no secret credit scores can hinder a potential borrower’s ability to qualify for the best loan program, which can ultimately lead to poor borrower satisfaction. Consumers have access to credit scores, more than ever,” Hydrew said. To learn more, visit CreditXpert.com.
Housing Wire
MAY 14, 2021
A good credit score increases the likelihood of qualifying for a mortgage because it indicates to the lender that you’re more likely to make timely payments on your loan. There are methods to improve and maintain your credit as you move toward buying a home.
RIS Media
FEBRUARY 4, 2021
If you already own a home and you’re thinking about buying another to use as a vacation house or as an investment property that you can rent out, you will have to clear higher hurdles than you did when you bought your first house. Here are some important things to know.
Realtor.com
NOVEMBER 2, 2020
valentinrussanov/Getty Images The gig economy has blown up in the past few years, with more and more people choosing to work as freelancers, either by starting their own businesses, or by picking up nonsalaried jobs from bigger companies. Getting a mortgage as a freelancer (pre-coronavirus).
RIS Media
MAY 5, 2021
Private mortgage insurance (PMI) will be required in most cases if you put down less than 20% of the purchase price when you buy a house. You will have to pay monthly premiums, but the insurance won’t protect you; it will protect your lender if you default on your mortgage payments.
Housing Wire
NOVEMBER 10, 2020
Mark Dodson was having a promising start to the year. His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. But by March there were whispers that the non-QM space was going to vanish soon.
RIS Media
JANUARY 29, 2021
Lenders offer mortgages for borrowers with a wide range of financial circumstances. Between prime (highest-quality) and subprime (lowest-quality) home loans are a category called “Alt-A mortgages.” . Alt-A mortgages generally don’t meet those criteria.
RIS Media
APRIL 28, 2021
Saving enough for a down payment and closing costs may be challenging, but achieving those goals is possible with planning and foresight…even with a low income. If your credit score is too low to qualify for a mortgage with a competitive interest rate, work on boosting your score.
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