Housing Wire

JANUARY 4, 2024

While home equity can certainly be a beneficial tool for some seniors to deploy, it will not always be a definitive answer for every senior’s needs. “If you could use your home equity to make your life better — to buy hearing aids, for example — maybe that’s a good investment.” ” Molinsky told NextAvenue.

Equity 301

Equity Renovation Lending Finance 301

Housing Wire

JANUARY 31, 2024

This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Age information is collected at the time of origination, but only for Home Mortgage Disclosure Act (HMDA) purposes. 30-year mortgages were never meant to be for them.

Mortgages 344

Mortgages Equity Finance Design 344

Housing Wire

APRIL 13, 2023

The Federal Housing Administration (FHA) published a new draft version of a Mortgagee Letter (ML) on Thursday that would update the mortgage insurance requirements on single-family homes with accessory dwelling units (ADU).

Finance 360

Finance Homeowner’s association Construction Loans 360

Housing Wire

JANUARY 3, 2024

population grows older with each passing year, looking for new and novel ways to fund long-term care for the aging population could include home equity. A reverse mortgage can certainly play into this, but another growing dynamic is the divide between higher- and lower-income homeowners. As the U.S. According to data from the U.S.

Equity 344

Equity Mortgages Development Design 344

Housing Wire

MARCH 7, 2024

Finance of America Companies (FOA), parent of leading reverse mortgage lender Finance of America Reverse (FAR), narrowed its quarterly loss to $20 million and posted an overall improvement in its earnings to $164.7 Reverse mortgages are utilized by approximately 2% of the total addressable market,” she said. “As

Mortgages 323

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Housing Wire

JANUARY 12, 2024

A proprietary reverse mortgage from Finance of America Companies (FOA) now secures the home of Rhode Island ’s honorary historian laureate after the property was returned to the owner after attempts to bequeath it to a nonprofit historical society he founded. This is according to reporting from The Providence Journal.

Mortgages 345

Mortgages Finance Lending Equity 345

Housing Wire

APRIL 29, 2024

The attorney general of Michigan has re-released a consumer alert about the reverse mortgage product category during financial literacy month. The action is designed to inform consumers about the potential pros and cons of taking out these loans, according to an announcement issued by Attorney General Dana Nessel’s office on Monday. “A

Mortgages 366

Mortgages Equity Loans Closing 366

Housing Wire

MARCH 28, 2024

The state of California is maintaining its mortgage relief program funded by the 2021 American Rescue Plan, which includes assistance for reverse mortgage borrowers. When you look at who received those funds, it’s been a real success,” Rebecca Franklin, president of the California Housing Finance Agency ’s Homeowner Relief Corp.,

Mortgages 321

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Housing Wire

OCTOBER 5, 2021

Finance of America Mortgage (FAM), the multichannel lender, announced today that it is offering a refi product for homeowners with accessory dwelling units (ADUs). Most homeowners finance ADUs through home equity loans, cash-out refinancings and construction/renovation loans.

Finance 353

Finance Construction Loans Renovation 353

Housing Wire

MAY 23, 2024

Freddie Mac ’s head of single-family acquisitions, Sonu Mittal , this week defended the government-sponsored enterprise’s proposal to acquire single-family, closed-end second mortgages amid opposition by trade groups that are worried about its impacts on the secondary market. “Six Six out of 10 borrowers are below a 4% mortgage rate.

Equity 344

Equity Closing Mortgages Lending 344

Housing Wire

JANUARY 29, 2024

Despite looking a bit different at the end of 2023, there were a lot of similarities in the full-year Home Equity Conversion Mortgage (HECM)-backed securities (HMBS) issuance tables when compared to recent years. FAR Longbridge +1 3 PHH Mortgage 16.3% PHH Mortgage TMAC +2 6 Guild Mortgage 2.7% 1 position.

Mortgages 355

Mortgages Finance Equity Design 355

Housing Wire

SEPTEMBER 14, 2023

Real estate investment trust Redwood was founded in the early 1990s as the need for more private investors in the mortgage market grew. ” After 30 years, Redwood still seeks to fill voids in the mortgage market. ” Another opportunity is in the home equity space.

Equity 307

Equity Banks Investor Residential 307

Housing Wire

OCTOBER 29, 2021

The resurgence of alternative home equity tapping companies in the past few years has been of interest to the reverse mortgage industry due to the potential that business has to compete for seniors’ business. Seniors’ response to alternative equity tapping since COVID-19 onset. Eoin Matthews, CBO and co-founder of Point.

Equity 319

Equity Mortgages Principal As-is 319

Housing Wire

SEPTEMBER 14, 2021

Point, a shared equity reverse mortgage firm that gives homeowners the ability to sell a small fraction of their equity, recently announced that it has raised over $1 billion in new capital commitments from real estate and mortgage-backed securities (MBS) investors. More than $1 billion in new capital.

Equity 171

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Housing Wire

APRIL 26, 2022

A rising player in the world of crypto-mortgages and blockchain-enabled financing, LoanSnap, plans expand its reach in the market by opening its lending platform to licensed mortgage brokers across the country in the near future. It’s an open platform. We’re not huge, but we’re not small either.”.

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Housing Wire

APRIL 18, 2024

The Federal Housing Finance Agency (FHFA) this week released its annual Housing Mission Report , offering insights into the actions the agency took in 2023 on a host of issues. These are designed to support homeownership efforts for borrowers in underserved communities. The GSEs also “invested over $1.7

Closing costs 317

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Housing Wire

FEBRUARY 2, 2024

With ongoing liquidity challenges and a continuing lag in Home Equity Conversion Mortgage (HECM) case numbers, reverse mortgage business in 2024 started off with a bit of a whimper. to 106 loans), Finance of America Reverse (up 17.7% to 592 loans) and Longbridge Financial (up 7% to 258).

Mortgages 338

Mortgages Seller concession Loans Finance 338

Housing Wire

OCTOBER 31, 2022

Mortgage fintechs Sales Boomerang and Mortgage Coach reduced employee headcount by at least 20 this month as the industry struggles to stay afloat amid mortgage lenders rightsizing during one of the most challenging times. Sales Boomerang and Mortgage Coach declined to comment on the size and reason for the layoffs.

Sales 368

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Housing Wire

SEPTEMBER 27, 2023

Homebuyers faced surging mortgage costs, fees and monthly payments in 2022 amid a tightening monetary policy designed to combat persistent inflation. ” To illustrate, the median interest rate for a 30-year fixed-rate mortgage at the end of 2022 was 6.5%, per the CFPB report. . At Mortgage News Daily , it was at 7.50%.

Debt-to-income ratio 352

Debt-to-income ratio Mortgages Fixed-rate mortgage Equity 352

Housing Wire

MARCH 22, 2021

Although many homeowners and renters continue to feel the economic pressure of the pandemic , they’re growing more confident that they can pay their rent or mortgage, according to the latest consumer confidence survey by Freddie Mac. For the year, 45% expressed concern they wouldn’t make the rent or mortgage.

Mortgages 545

Mortgages Equity Finance Industrial 545

Housing Wire

JUNE 22, 2023

Wholesale mortgage lender The Loan Store (TLS) announced on Thursday the roll-out of its new home equity line of credit (HELOC) product, which is currently available in 25 states and Washington, D.C. These funds can be utilized to consolidate debts or finance home improvement projects. The Loan Store, Inc.

Loans 319

Loans Pre-approval Equity Finance 319

Housing Wire

SEPTEMBER 26, 2023

To reach a key financial goal in 2026, Blend Labs plans to diversify far beyond mortgage. On Tuesday, executives from the San Francisco, California-headquartered mortgage tech firm, which has yet to post a profit since going public in July 2021, shared the firm’s vision for growth during its first investor day. million in Q2 2022.

Banks 359

Banks Mortgages Loans Investor 359

Housing Wire

JULY 6, 2023

Finance of America (FOA) announced Thursday that its indirect subsidiary Incenter closed the sale of its title insurance businesses. The company previously announced that it would be selling its title insurance businesses in early February. for $100 million, according to a filing with the U.S. Securities and Exchange Commission (SEC).

Title 284

Title Closing Sales Finance 284

Housing Wire

FEBRUARY 8, 2024

This is according to Steve Resch, vice president of retirement strategies at Finance of America Reverse (FAR), in a new column published by The Street. “[C]omparing They also both have “systematic contribution options,” including payroll deductions for a 401(k) account and monthly mortgage payments for a home.

Equity 348

Equity Finance Loans Mortgages 348

Housing Wire

MAY 22, 2024

One profiled couple in California hired an interior designer for $20,000, and spent another $95,000 on home modifications designed to more easily accommodate natural limitations to mobility that come from aging. There are people, through no fault of their own or for systemic reasons, who may not have the money to modify.”

Renovation 387

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Housing Wire

APRIL 11, 2024

It will initially be made available for its home equity line of credit (HELOC) product first before being rolled out to other lending products. Securities and Exchange Commission (SEC) regarding a proposed initial public offering of its equity securities.

Lending 283

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Housing Wire

MARCH 23, 2022

Seeking business growth in the current rising rate environment, originators are contemplating the benefits of adding reverse mortgages to their product mix. With mortgage interest rates steadily on the rise and refinance volume dropping, originators should immediately consider tapping into products that are less interest rate sensitive.

Mortgages 348

Mortgages Equity Finance Technology 348

Housing Wire

AUGUST 2, 2022

Rocket Loans will provide financing to Rocket Solar customers who choose to have a solar electricity system installed, the company said. Prioritizing home equity solutions in a risin g rate environment. Inside Mortgage Finance reported that Rocket was the largest producing mortgage lender in the first half of this year.

Equity 364

Equity Loans Finance Title 364

Housing Wire

MAY 14, 2024

The investment from Radian Group and existing shareholders will enable FinLocker to introduce a suite of new features and tools designed to optimize the homebuying and homeownership experience. It already has more than 40,000 registered customers. million in pre-seed funding in 2016.

Pre-qualification 356

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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?

Finance 97

Finance Debt-to-income ratio FHA loan Mortgages 97

Housing Wire

MARCH 7, 2024

The mortgage relief credit would provide “middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years,” according to the announcement. This would act as an equivalent to reducing the mortgage rate by more than 1.5% on a median-priced home for two years, and it is estimated to “help more than 3.5

Construction 527

Construction Closing costs Renovation Title 527

HomeLight

NOVEMBER 29, 2023

In a market where inventory is limited, and prices are high, syncing the timing and finances of both transactions becomes a significant challenge. A bridge loan, also known as bridge financing, bridging loan, interim financing, gap financing, or a swing loan, is essentially a financial lifeline for homeowners like you.

Equity 100

Equity Loans Debt-to-income ratio Home sale contingency 100

Housing Wire

MARCH 28, 2024

Better Home & Finance Holding Co. , Approximately 91% of the company’s volume last year consisted of purchase loans, with refis accounting for 5% and the remaining share coming from home equity lines of credit (HELOCs). About 80% of the mortgages at Better are now being funded as one-day products, Garg noted.

Loan Officer 365

Loan Officer VA loan Loans Technology 365

Housing Wire

NOVEMBER 17, 2021

Written by an independent third-party auditing firm, the study produces a net present value of the total FHA forward and reverse mortgage portfolios. This equity cushion is key to producing the safety net needed to keep the fund healthy. The actuarial study is completed as an obligation to Congress and submitted each November.

Mortgages 383

Mortgages FHA loan Loans Equity 383

Housing Wire

JANUARY 5, 2023

residential mortgage-backed securities (RMBS) market continues to look bleak for 2023. Major factors that will shape the RMBS market include a dramatic reduction in origination volume and mortgage lenders exiting the business , according to a report from DBRS Morningstar on the outlook of the industry. .

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HomeLight

NOVEMBER 29, 2023

Especially in today’s market, where inventory levels are low, and prices are soaring, aligning the timing and finances of both transactions can be particularly challenging. A bridge loan is a short-term financial solution designed to “bridge the gap” between selling your existing home and purchasing your new one.

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HomeLight

NOVEMBER 21, 2023

Discover the Innovative Way to Buy Your Next Home Before Selling Your Current Home Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. Imagine it as a short-term lending solution that taps into the equity of your current home.

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