What is a bridge loan?

Housing Wire

If you’re a first-time homebuyer (or you already own a home), you’ve heard of mortgage loans. You have your conventional loans, FHA loans, VA loans, USDA loans and so on. Yes, we’re talking about a bridge loan. The post What is a bridge loan?

Loans 426

Loan servicing solutions

Housing Wire

The post Loan servicing solutions appeared first on HousingWire. Sponsored Content Loan servicing Loan Servicing Solutions loan servicing special reports Magazine Special Reports

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MAXEX unveils green energy home improvement loans

Housing Wire

MAXEX , a digital exchange platform for buying and selling residential loans, announced on Wednesday the launch of two new lending programs in collaboration with JPMorgan Chase for green energy home improvements. Both programs are offered for loan values from $400,000 to $3 million.

Loans 342

Loans in forbearance gain after 6 weeks of decline

Housing Wire

According to the report, the portfolio-held and private labeled security loans were largely responsible for the recent increase, with forbearance share gaining from 7.1% to 7.3% – a total of 28,000 new loans in forbearance.

Loans 400

Fannie Mae, Freddie Mac conforming loan limits increase for 2021

Housing Wire

The Federal Housing Finance Agency announced new conforming loan limits for Fannie Mae and Freddie Mac for 2021: $548,250. In 2016, the FHFA increased the Fannie and Freddie conforming loan limit for the first time in 10 years, and since then, the loan limit has gone up by $131,250.

Loans 429

FHA raises loan limit by nearly $25,000 for 2021

Housing Wire

Given massive year-over-year gains in home prices , the Federal Housing Administration (FHA) is increasing its 2021 loan limit in most of the U.S. to $356,362, an increase of nearly $25,000 over 2020’s loan limit of $331,760. In 125 counties, FHA’s loan limits will remain unchanged.

Loans 421

Making every loan a green loan

Housing Wire

In the decade since Fannie Mae launched the industry’s first multifamily green initiative, the GSEs and FHA have provided over $150 billion in multifamily green loans, conserving energy, water, and reducing carbon emissions in properties across the country.

Loans 300

Why 28% of mortgage applicants never close the loan

Housing Wire

I have a refinance client in California and they own a geodesic dome home,” said Glessner, a senior loan officer at Draper & Kramer Mortgage in Englewood, Colorado. Lonnie Glessner isn’t normally one to turn down business. But with origination volume expected to exceed $3.4

Loans 408

Should I pay off student loans before buying my first home?

Housing Wire

Do I need to pay off my student loans before buying my first home? 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.

Loans 404

Caliber Home Loans plans $2B-plus IPO

Housing Wire

Texas-based mortgage lender Caliber Home Loans is the latest mortgage firm to ride the IPO wave, filing paperwork to potentially go public this year at a valuation north of $2 billion, according to a new report. The post Caliber Home Loans plans $2B-plus IPO appeared first on HousingWire.

Loans 365

HUD extends COVID-19 forbearance for FHA loans

Housing Wire

Department of Housing and Urban Development on Tuesday extended COVID-19 foreclosure and forbearance moratoriums for FHA and USDA loans to June 30, 2021. This announcement follows FHFA action last week to extend moratoriums for loans backed by Fannie Mae and Freddie Mac. The U.S.

Mortgages in forbearance fall across all loan types

Housing Wire

With more borrowers exiting forbearance in the prior week, the share of loans in forbearance declined across all loan types. Approximately 23.95% of total loans in forbearance are in the initial stage, while 74.49% are in a forbearance extension. The U.S.

Loans 423

Finance of America now offers renovation loans

Housing Wire

announced today the launch of Finance of America Home Improvement , a new business division offering non-mortgage financing options, including renovation loans. Homeowners in 2020 turned to renovation loans roughly as much as they did in 2019, originating $51.7

FHFA sets extensions and expirations on loan flexibilities

Housing Wire

The Federal Housing Finance Agency (FHFA) announced on Wednesday that due to “low usage” it is no longer extending expirations on certain temporary loan origination flexibilities for Fannie Mae and Freddie Mac.

Loans 317

UWM now offering ultra-low mortgage rates on FHA loans

Housing Wire

Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program. on FHA loans, the company announced in a statement on Wednesday.

All loan types continued to experience drop in forbearance

Housing Wire

forbearance rate measuring the share of mortgages with suspended payments fell 16 basis points to 5.67% last week, with four of the five loan types dropping by double-digit basis points, according to the Mortgage Bankers Association. The U.S.

Loans 377

ServiceMac’s loan servicing solution predicts loan defaults in real-time

Housing Wire

For servicers and subservicers, compliance with federal and state regulations is a top priority, especially given today’s record high loan volumes driven by historically low rates. It’s critical to quickly evaluate the success rate of a loan by identifying and correcting errors in real time.

Loans 212

Share of mortgage loans in forbearance ticks up for second week

Housing Wire

While the rate of forbearance increased across all loans and servicer types, for the first time in 25 weeks, the share of Fannie Mae and Freddie Mac loans in forbearance increased to 3.36% — a 1-basis-point gain. The U.S.

Loans 422

IMBs nearly triple their net gain per loan in second quarter

Housing Wire

Independent mortgage banks and mortgage subsidiaries of chartered banks reported a net gain of $4,548 on each loan they originated in the second quarter of 2020 – nearly tripling the average first-quarter gain of $1,600 per loan, according to a report by the Mortgage Bankers Association.

Loans 332

Forbearance loans decrease, but new requests are highest since August

Housing Wire

The total number of loans in forbearance decreased from 5.54% to 5.48% as of Dec. Fannie Mae and Freddie Mac loans in forbearance decreased to 3.26% – an 8-point improvement. Ginnie Mae loans in forbearance decreased 21 points to 7.68%.

Loans 423

Guide to HFA loans: What is an HFA loan and who qualifies?

The Mortgage Report

What is an HFA loan? About Mortgages Conventional Loans Mortgage Products HFA loan HFA loan advanatge hfa loan advantage program hfa loan preferred hfa preferred program What is an HFA loan

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Guide to HFA loans: What is an HFA loan and who qualifies?

The Mortgage Report

What is an HFA loan? About Mortgages Conventional Loans Mortgage Products HFA loan HFA loan advanatge hfa loan advantage program hfa loan preferred hfa preferred program What is an HFA loan

Loans 99

UWM to knock 50 bps off VA IRRRL loans

Housing Wire

United Wholesale Mortgage (UWM) announced on Wednesday that it would offer a 50 bps discount on all VA interest rate reduction refinance loans (IRRRL) through Veterans Day on Nov. With interest rates at historic lows, UWM has been offering a variety of loans under 3% to borrowers.

Loans 298

JPMorgan Chase tightens standards for jumbo loans in Manhattan

Housing Wire

JPMorgan Chase has tightened mortgage terms on jumbo loans for co-operatives and condominiums in Manhattan amid shrinking buyer demand, Bloomberg reported on Friday. Chase announced that, beginning this week, it would limit jumbo loans to 70% of the sale price.

Loans 408

Ginnie Mae loans lead drop in forbearance to 4.66%

Housing Wire

Servicers’ total number of loans in forbearance fell a whopping 24 basis points to 4.66% of portfolio volume during the first full week of April, according to a survey from the Mortgage Bankers Association – one of the biggest drops in the history of the series.

Loans 322

Why VA mortgage loans go to the bottom of the stack

Housing Wire

Since the client began the search for her dream home earlier this year, her Veterans Affairs mortgage loan offers have been rejected over a dozen times. Williams, the broker-owner of We Save Loans , said her client has all but given up on buying an existing home with VA financing.

Loans 366

Latest Senior Loan Officer Opinion Survey Indicates Easing Credit Standards

Eyes on Housing

The latest results from the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) present standards on bank lending practices as they occurred in the first quarter of 2021.

Nonbank lenders profited $4,200 per loan in 2020

Housing Wire

Nonbank lenders and mortgage subsidiaries of chartered banks reaped the rewards – they nearly tripled their profit per loan last year. Since the MBA began tracking the stat in 2008, net production income by year has averaged 58 basis points ($1,299 per loan).

Loans 284

Renovation loans get pandemic boost as homeowners want home offices

Housing Wire

For over 40 years with Section 203(k) of the National Housing Act, FHA has been protecting lenders with fully-insured mortgage loans even as renovations are underway. The post Renovation loans get pandemic boost as homeowners want home offices appeared first on HousingWire.

How one lender is tackling demand for jumbo loans in 2021

Housing Wire

We wanted to introduce a program that provides borrowers with the larger loan amounts they need to purchase or refinance a high-value property. The Jumbo Prime program is designed for qualified borrowers who may have larger loan amounts than allowed under conventional loan terms.

Loans 338

Veterans United Home Loans to host virtual career showcase Sept. 2

Housing Wire

Mortgage Research Center , which does business as Veterans United Home Loans , is holding a virtual career showcase Wednesday, September 2, for all interested job applicants. The post Veterans United Home Loans to host virtual career showcase Sept.

Loans 333

UWM offering 61 bps on conventional loans through March 8

Housing Wire

To generate buzz for its upcoming independent public offering , United Wholesale Mortgage (UWM) is offering a special deal on conventional mortgage loans to select borrowers for the next two months.

Loans 366

First American Mortgage Solutions’ loan modification process addresses workflow volume spike

Housing Wire

Secondly, the coronavirus pandemic has created a critical need to provide timely and compassionate borrower relief in the form of forbearance and loan modifications. Today’s servicers are working in a challenging environment due to several compounding factors.

Loans 227

Here’s how Quicken Loans and the Rock FOC create impactful change

Housing Wire

Quicken Loans and the Rock Family of Companies are built on 19 carefully thought out philosophies, or as they call them, ISMs, that compile all of their values into active ways they plan to inspire change. Team member volunteer event collaborating with muralist Philip Simpson.

Loans 312

Watersone Mortgage’s COO on finding a way to “yes” for each loan file

Housing Wire

Shortly after his promotion from SVP – Loan Operation to Chief Operating Officer, Tucker received a HousingWire’s 2020 HW Insiders award. Rich Tucker: Our Loan Operations team is pivotal to our success as a company.

Loans 222

Student loans hinder saving for a down payment, NAR finds

Housing Wire

According to the National Association of Realtors 2020 Profile of Home Buyers and Sellers, 47% of potential homebuyers said student loan debt was the biggest obstacle in saving for a downpayment. The post Student loans hinder saving for a down payment, NAR finds appeared first on HousingWire.

Loans 382

Quicken Loans’ Austin Niemiec on Rocket Pro TPO rebrand impact

Housing Wire

On the heels of going public, Rocket Companies’ broker channel, Quicken Loans Mortgage Services (QLMS), made waves throughout the industry when it announced it would be rebranding to Rocket Pro TPO in an effort to closer align itself with the brand that has become ever-present in the lending space. Dan Gilbert started Quicken Loans as a small brokerage in the Detroit area 35 years ago and grew it into the nation’s largest mortgage lender.

Loans 260

How does the FHFA 7% loan cap on GSEs affect originators?

Housing Wire

As you probably know by now, the Federal Housing and Finance Agency has limited GSEs to a 7% cap on loan purchases for second home and investment properties. Due to tight inventory and increased competition, investors need to close on loans quickly.

Loans 306

Mortgage industry provides commentary on CFPB’s proposed changes to QM loan definition

Housing Wire

In June, the bureau released two proposals regarding the QM Patch, which allows loans sold to Fannie Mae or Freddie Mac to exceed the 43% debt-to-income ratio the Bureau had established in its Ability to Repay/Qualified Mortgage rule.

Loans 359

2020 ends with 3.4 million loans in delinquency

Housing Wire

With nearly 2 million extra overdue loans in the pipe, that’s approximately 3.4 million loans in total at December’s end. million loans in delinquency appeared first on HousingWire.

Loans 337