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.
Buy now, pay later: How do mortgage pros deal with ‘phantom debt’?
Housing Wire
MAY 29, 2024
Earlier this year, New Jersey-based mortgage broker Joe Racamato, president of Silex Financial Group Inc., Traditionally, Silex Financial Group ran the initial numbers for a potential borrower to qualify for a mortgage based on what’s on their credit report, according to Racamato. Meanwhile, BNPL loans are growing rapidly. “But,
Join 144,000+
Insiders
Sign Up for our Newsletter
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Trending Sources
What’s a good debt-to-income ratio for a mortgage? What lenders want to see
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. But a higher DTI can be ok, too. Here's what you should know.
Debt-to-income ratio, taxes, and insurance: How your DTI is calculated
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.
How to get a loan with a high debt-to-income ratio
The Mortgage Report
NOVEMBER 3, 2021
High debt payments make it harder to get approved for your mortgage. But you can learn how to get a loan with a high debt-to-income ratio.
3 unique mortgage products to get today’s homebuyer qualified
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.
Unison unveils ‘hybrid’ home equity sharing loan
Housing Wire
SEPTEMBER 17, 2024
Home equity solutions provider Unison launched a new product on Tuesday that combines the features of traditional mortgage financing and emerging home equity investment (HEI) options. The company explained that the product operates as a ”hybrid between debt and equity.” home equity by the end of this year.
Equity 
441
441 
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products
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 for mortgage explained
The Mortgage Report
JANUARY 13, 2022
Learn how to calculate your Debt-to-Income (DTI). See which mortgage programs and mortgage rates may be available to you.
5 tips for finding the right mortgage lender for you
Housing Wire
JANUARY 20, 2021
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. The good news, it’s easy to find a mortgage lender. Buying a home?
The impact of student loans on buying a home
Housing Wire
MAY 24, 2024
In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify for a mortgage. Nearly 1 in 5 millennials (19%) think their credit card debt will be a stumbling block when applying for a mortgage, while 1 in 7 (14%) think the same about their student loans.
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.
Housing market hinges on mortgage rates and supply, not commission structures
Housing Wire
AUGUST 8, 2024
Incomes, wealth, life events, mortgage rates all play a role in determining housing demand, while on the supply side we have land costs, government regulations in terms of zoning rules, geographic constraints to building and builder financing costs,” Divounguy added. “Now
Consumer advocate says policy changes are needed to help FHA buyers compete
Housing Wire
SEPTEMBER 5, 2024
mortgage market in 2023, up from 14.3% Because FHA accepts lower credit scores , higher debt-to-income ratios and lower down payments than most conventional mortgages, first-time buyers have relied on them due to the ongoing affordability challenges in today’s housing market from elevated prices and mortgage rates.
FHA loan 460
460 
CFPB proposes a new category of qualified mortgages: Seasoned QM
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. The post CFPB proposes a new category of qualified mortgages: Seasoned QM appeared first on HousingWire.
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)
Highly leveraged loans on the GSEs’ books are a real fiscal danger, Calabria argues
Housing Wire
SEPTEMBER 17, 2024
The spread on mortgage-backed securities (MBS) trouble many industry professionals, and at a recent roundtable discussion, it spurred an interesting discussion on the degree of risk being absorbed by Fannie Mae and Freddie Mac. Taylor Stork , the president of CHLA and the chief operating officer of Developer’s Mortgage Co.
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%.
Loans 509
509 
Should You Focus on Saving for a Down Payment or Lowering Your Debt-to-Income Ratio?
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. Lenders also have guidelines related to debt-to-income ratio, as well as the percentage of gross monthly income that goes toward making minimum credit card and loan payments.
Lenders: Looking to simplify closings? Work with an insurance agency
Housing Wire
MARCH 22, 2023
An affordable home insurance policy not only means lower monthly payments, but also improved debt-to-income ratio and more money to put towards home improvements, property taxes or closing costs. We’ve seen savings of up to 30% in difficult markets like Texas and Florida. You can also request a policy and easily print EOI.
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.
Mortgages 430
430 
NewRez now offers Freddie Mac’s revamped downpayment assistance program
Housing Wire
MAY 8, 2023
Mortgage lender and servicer NewRez on Monday launched a special purpose credit program through Freddie Mac that will provide $3,000 or more in closing cost assistance to qualifying first-time homebuyers. Rocket Mortgage began offering the recently revamped BorrowSmart Access program in March.
Should I pay off student loans before buying my first home?
Housing Wire
MARCH 25, 2021
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. 3 underrated mortgage products to consider. Your Debt-To-Income Ratio Is High.
When rates skyrocketed, mortgage servicing reset the board. The next battle is about to begin
Housing Wire
AUGUST 26, 2024
When interest rates began skyrocketing more than two years ago, mortgage companies faced a pivotal decision regarding a crucial part of their business: the servicing portfolio. Mr. Cooper estimates it will hold about $132 billion in mortgages at 6% or higher once the acquisition is finalized. billion in debt.
Mortgages 440
440 
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
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.
Tired of renting? 6 signs you’re ready to buy your first home
Housing Wire
APRIL 7, 2021
In fact, depending on where you live, your monthly rent could be more expensive than your monthly mortgage. 3 underrated mortgage products to consider. A monthly mortgage, on the other hand, doesn’t usually increase for homeowners with fixed-rate mortgages. Not to mention, expensive. Yes, seriously.).
Opinion: A rebuttal to Steve Broebeck and the CFA’s anticompetitive price fixing position
Housing Wire
AUGUST 22, 2024
Let’s address these concerns: First, Steve’s argument presupposes buyers, especially those at the lower end of the income spectrum, can easily finance agent commissions through their mortgage. Commissions, often considered a “soft cost,” cannot be easily integrated into a mortgage.
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.
Think these credit problems are stopping you from buying a house? Think again
Housing Wire
OCTOBER 27, 2020
Your credit plays a huge part in your ability to get a mortgage. According to the most recent data from mortgage technology provider Ellie Mae, the average FICO score on a purchase loan was 752 in August 2020. Myth 2: You can’t buy a house if you have lots of student loan debt. Fortunately, that’s just not true.
UWM rolls out bank statement loans for self-employed borrowers
Housing Wire
MARCH 16, 2022
United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. No mortgage insurance will be required. The product is available for loans up to $3 million and up to 90% loan to value. 1, 2022.
Banks 388
388 
Builders rediscover a tool from the 1980s that keeps new home prices from falling
Housing Wire
DECEMBER 12, 2023
While sellers of existing homes have struggled with rising rates and softening demand, homebuilders have not only survived, but thrived in this market thanks to the use of mortgage rate buydowns , a tool more widely used by builders since their business is selling homes and clearing inventory.
FinLocker releases updated web experience for consumers
Housing Wire
APRIL 27, 2022
Amid a challenging time for would-be homebuyers, FinLocker released an updated web experience that aims to make it easier for consumers to see their progress in qualifying for a mortgage loan. The upgraded product experience improves the transparency of mortgage eligibility guidelines, the firm said. The web v3.0 The web v3.0
How to Increase Your Mortgage Pre-Approval
RIS Media
FEBRUARY 21, 2024
If you got preapproved for a home loan that’s smaller than what you think you can afford, you might be able to get a larger mortgage. Reduce your debt-to-income ratio by paying down debts and/or increasing your income. Here’s how… Improve your credit.
Pre-approval 94
94 
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."
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.
Lending 460
460 
How Long is a Pre-approval For a Mortgage Good For?
Maximum Exposure Real Estate
AUGUST 16, 2023
A mortgage pre-approval is a crucial step in the home-buying process. During the pre-approval, lenders review financial information, such as credit score, income, and debt-to-income ratio, to determine the loan amount they are willing to lend. appeared first on Maximum Real Estate Exposure.
Pre-approval 98
98 
loanDepot accuses ex-COO Tammy Richards of stealing customers’ information
Housing Wire
NOVEMBER 2, 2023
If true, that would violate federal laws, including the Dodd-Frank Act , which requires minimum standards for all mortgage products. loanDepot claims that Richards stole confidential information, including individual loan numbers, FICO scores and debt-to-income ratios.
The Do’s and Don’ts after Applying for a Mortgage
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. New debt comes with new monthly obligations. People with new debt have higher debt-to-income ratios.
Mortgage Rates 2024: Can Assumable Mortgages Get You a Lower Rate?
Marco Santarelli
MAY 27, 2024
Soaring mortgage rates in 2024? Let's face it, today's mortgage rates can sting. There's a little-known weapon in your arsenal: the assumable mortgage. An assumable mortgage is a way to take over the existing mortgage on a property instead of getting a brand-new loan.
Here’s the salary you need to buy a home in five of the largest U.S. cities
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 it looks the surge will continue into 2021 due to a tight supply of homes and low mortgage rates. . depends a great deal on where you live.
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.
Let's personalize your content