Housing Wire

NOVEMBER 7, 2023

The guilty verdict of the landmark Sitzer/Burnett commission lawsuit case sent shockwaves across the real estate industry. In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. “VA loans are probably the best loans on the market.

VA loan

Housing Wire

JUNE 26, 2023

The total number of loans in forbearance at the end of Q1 stood at 65,757, coming out to 0.21% of the total loans serviced and 15% of delinquent loans. Sixteen percent of home modifications in Q1 were modifications with principal forbearance, the report said. The serious delinquency rate also decreased to 0.6%

VA loan

Housing Wire

MAY 31, 2023

The Payment Supplement Partial Claim will allow servicers to use the FHA partial claim to bring a borrower’s home loan current and temporarily reduce their monthly payments for a period of three to five years. Trade groups, servicers and industry experts support the initiative.

FHA loan

Housing Wire

NOVEMBER 17, 2021

Envisioned to provide rules of the road for mortgage servicers, industry groups and housing advocates say the Federal Housing Administration ‘s draft defect taxonomy would instead keep lenders away. The document spells out what remedies the agency may seek if it finds loan-level defects pertaining to servicing.

Marketing

Housing Wire

FEBRUARY 1, 2023

Michael Neal, principal research associate at the Urban Institute ’s Housing Finance Policy Center, said research shows that rate buydowns that are longer-term, or even permanent, coupled with other down payment assistance, can help homeowners build equity, and consequently wealth, faster.

Marketing

Housing Wire

MARCH 2, 2022

The serious delinquency rate in the Federal Housing Administration loan portfolio is now far less than its pandemic peak, and the Department of Housing and Urban Development said sustained improvement will factor in to whether it adjusts mortgage insurance premiums. Caught in the safety net.

FHA loan

Housing Wire

OCTOBER 24, 2022

Unlike Fannie and Freddie, however, Ginnie does not purchase loans. Ginnie guarantees only the principal and interest payments to purchasers of its bonds, which are sold worldwide. As of September, the 30-day delinquency rate for FHA loans stood at 3.77%, up from 3.02% as of the beginning of the year, Recursion data shows.

Principal

Housing Wire

AUGUST 16, 2022

s mortgage business has been the subject of industry speculation in the wake of a Bloomberg report indicating that the lending giant plans to shrink its enormous mortgage footprint , including a likely pull-back from the correspondent lending business. Unlike Fannie and Freddie, however, Ginnie does not purchase loans.

Mortgages

Housing Wire

FEBRUARY 8, 2022

Ellie Pepper, deputy director at the National Housing Resource Center ( NHRC ), an advocate for the nonprofit housing counseling industry, said the past still looms large for many borrowers. For example, with Federal Housing Administration ( FHA ) loans, 1.5

Loans

Housing Wire

DECEMBER 20, 2021

The money can be used for mortgage payment assistance or mortgage principal or interest rate reductions. Updated Black Knight data shows that, as of the end of October, there was $58 billion in past-due mortgage principal, interest, taxes, and insurance on first-lien mortgages, down from $64.5 21, 2020. . Up to the task?

Pre-approval

Norada Real Estate

JUNE 22, 2022

If your down payment is lower than 20%, your loan-to-value ratio for conventional financing will be higher than 80%, and your lender may require you to pay private mortgage insurance. A fixed-rate mortgage means your mortgage interest rate and your total EMI of principal and interest will stay the same for the entire term of the loan.

Finance

RIS Media

MARCH 28, 2022

The national median mortgage payment for FHA loan applicants was $1,201 in February, up from $1,142 in January and $1,009 in February 2021. The national median mortgage payment for conventional loan applicants was $1,749 in February, up from $1,582 in January and $1,391 in February 2021. “The

Mortgages

HomeLight

JUNE 22, 2023

Credit scores typically fall into one of these ratings: 580 and below: poor 580-669: fair 679-739: good 740-799: very good 800-850: excellent The minimum credit score you need to be approved for a mortgage will depend on what kind of loan you are applying for. Q: What’s included in my monthly mortgage payment?

Debt-to-income ratio

RIS Media

APRIL 29, 2022

The national median mortgage payment for FHA loan applicants was $1,254 in March, up from $1,201 in February and $1,018 in March 2021. The national median mortgage payment for conventional loan applicants was $1,819 in March, up from $1,750 in February and $1,424 in March 2021.

Mortgages

Redfin

JUNE 8, 2023

The mortgage industry has its own language, and in order to understand it, homebuyers need to learn different acronyms and jargon when shopping for a home loan. PITI stands for the loan principal, interest amount, taxes, and insurance on your home – the four major elements that make up mortgage payments.

Principal

Lab Coat Agents

NOVEMBER 20, 2024

If you are the buyer, this means you inherit the loan’s principal balance, interest rate, and repayment terms. When you assume a mortgage, you do not apply for a new loan rather take over the existing owner’s loan. FHA loans often allow for assumptions if both the seller and buyer meet the necessary requirements.

Purchase and sale agreement

Redfin

SEPTEMBER 6, 2024

This percentage covers the principal, interest, property taxes, and homeowners insurance. Additionally, the rule suggests that your total debt payments, including your mortgage, credit cards, and other loans, should not exceed 36% of your gross income. Loan type and terms Different types of loans have varying requirements and terms.

Debt-to-income ratio

Redfin

APRIL 16, 2024

Pittsburgh, PA, is known for its industrial history, natural beauty, and unique architecture. Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%.

FHA loan

HomeLight

JANUARY 27, 2021

A great agent also has relationships across the industry. Your mortgage payment is more than just the cost of the principal and interest on your loan. to 1% of the loan amount annually. Make sure you budget for the entirety of your monthly mortgage payment, not just your principal and interest! Conventional loan.

Closing costs

Marco Santarelli

MAY 28, 2025

State-Level Regulations: Each state has its own set of regulations governing the mortgage industry. Credit Scores and Loan Sizes: The average credit score and loan size within a state can also play a role. Several macroeconomic and industry forces influence mortgage rates: The Bond Market: This is a big one.

Mortgages

HomeLight

MAY 31, 2021

According to California real estate agent Mark Moskowitz , who has nearly 30 years of experience in the industry, buyers should be talking to their lenders about how to get the most out of every dollar — which leads us to question #2…. The type of mortgage loan program you go with will depend on your individual needs.

Mortgages

Redfin

FEBRUARY 10, 2021

Luckily, Redfin chief economist Daryl Fairweather gives us her keen insights into what the housing industry is doing in 2021. “ PMI is an added insurance charged by mortgage lenders to protect themselves in case you default on your loan payments. Money that is not going against the principal of your mortgage. Get Pre-approved.

Debt-to-income ratio

Housing Wire

DECEMBER 4, 2024

Still, further deterioration could pose challenges for some investors and servicers and will warrant close attention, according to industry experts. This is due to the strong correlation between unemployment rates and home loan defaults, according to Marina Walsh, the MBA’s vice president of industry analysis.

Mortgages

Realtor.com

JUNE 18, 2021

Before Thursday’s changes, the FHA program assumed that many borrowers were making monthly payments equal to 1% of their unpaid student-loan balances. Industry groups and consumer advocates say that method tended to inflate a borrower’s debt-to-income ratio and disqualify otherwise creditworthy borrowers from FHA loans.

Loans

Broke Agent Media

FEBRUARY 22, 2023

Vice President Harris and Department of Housing and Urban Development Secretary Fudge announced today that HUD, through the Federal Housing Administration (FHA), will reduce its annual mortgage insurance premium by 0.30%, from 0.85% to 0.55%, for an estimated 850,000 borrowers in 2023. What does a reduction in MIP mean for home buyers?

Mortgages

Housing Wire

FEBRUARY 7, 2022

For a 10% down payment, a hypothetical FHA borrower with a $650,000 base loan amount would pay an additional $568 per month in mortgage insurance premium. The recurring monthly fee leads some borrowers to refinance out of their FHA loan, since unlike in the conventional market, there’s no getting rid of it.

Banks

Housing Wire

MARCH 24, 2022

Lopa Kolluri, principal deputy assistant secretary at the FHA, said during the webinar that any approach will include a “thorough dialogue with [Native American tribes].” The tribal organizations argued the DPA programs do not pose undue risk to HUD, FHA or the Mutual Mortgage Insurance Fund.

FHA loan

Housing Wire

MAY 17, 2022

During her visits, one thing stood out to Golding, who served as the Department of Housing and Urban Development ’s principal deputy assistant secretary from 2015 to 2017. With her nearly two decades of experience in the housing industry, Gordon secured Biden’s nomination to lead the federal agency. Industry wishlist.

FHA loan