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

FHA unveils 40-year loan modification option

Housing Wire

The Federal Housing Administration (FHA) is moving to expand its COVID-19 loss mitigation “waterfall” by introducing a 40-year loan modification option and is asking the mortgage industry for input. FHA’s 40-year loan modification option has been in the works for quite some time.

Loans 415

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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

Loans 299

Conforming loan limits draw scrutiny

Housing Wire

Redwood completed more than $1 billion worth of private-label securitizations involving jumbo and business-purpose loans in the third quarter of this year alone, U.S. High balance loans divert capital and other resources to activity that does nothing to promote affordable housing.”.

Loans 307

VA removes pre-approval process for some loans?

Housing Wire

The Department of Veterans Affairs last week announced it is streamlining the loan approval process for borrowers with a VA-appointed fiduciary and for veteran borrowers who apply for a joint loan. The post VA removes pre-approval process for some loans?

Purchase loans drive mortgage applications higher

Housing Wire

Mortgage rates increased significantly across all loan types last week as the Federal Reserve ’s signaling of tighter policy ahead pushed U.S. Adjustable-rate mortgage (ARM) share of activity dipped to 3.1 % of total loan applications. Mortgage applications climbed 1.4%

Loans 372

Industry supports FHA’s 40-year loan term option — with caveats

Housing Wire

The deadline for the mortgage industry to chime in on the Federal Housing Administration ‘s (FHA) proposed 40-year loan modification rule was at the end of May. Back in early April, the FHA introduced a proposed rule for a 40 year loan modification option.

Loans 357

PennyMac, UWM raise conforming loan limit ceiling

Housing Wire

PennyMac announced this week that it is upping conforming loan limits by almost 14% through broker and correspondent channels. The post PennyMac, UWM raise conforming loan limit ceiling appeared first on HousingWire.

Loans 386

Conforming loan guide 2022: Requirements and loan limits

The Mortgage Report

Conforming loans are the most common type of mortgage. Use this conforming loan guide to learn more. Conforming Mortgages Conventional Loans Conforming Loan Limits conforming loan programs conforming loan rates conforming loan vs conventional loan what are conforming loan requirements?

Loans 80

How the PLS market is making money on delinquent loans 

Housing Wire

Lakeview Loan Servicing unveiled a rare private-label securities offering this past March involving a pool of mostly delinquent mortgages serviced by the company. Lakeview Trust 2022-EBO 2 involves a pool of 2,063 FHA-backed loans with an unpaid principal balance (UPB) of $405.2

Loans 291

Fannie Mae to sell $1.6B reperforming loan pool

Housing Wire

Fannie Mae has unveiled its third reperforming loan sale of the year, an offering of nearly 10,000 loans valued at $1.57 A reperforming loan is a mortgage that has been or is currently delinquent but has been reperforming for a period of time.

Loans 308

Rocket promises brokers 15-day loan closings

Housing Wire

Dubbed the “Fast 15 Guarantee,” eligible loans for conventional single family homes will be cleared to close in no more than 15 business days from the submission of a complete loan file, according to Rocket Pro TPO, the wholesale arm of the lending giant.

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 370

Doorway Home Loans to merge with Priority Mortgage

Housing Wire

Mortgage lenders Doorway Home Loans and Priority Mortgage Thursday announced a merger, the latest of many such deals made during a challenging mortgage market. Danilowicz will remain CEO of Doorway Home Loans, per terms of the deal.

Loans 293

VA extends deadline for loan deferment

Housing Wire

The Department of Veterans Affairs announced this week that it is extending the timeframe for borrowers to request loan deferment. According to the VA’s circular, servicers may continue offering loan deferment until July 1, 2023, thus pushing the deadline nearly two additional years.

Loans 336

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

Banks Report Weaker Demand for Home Loans

Eyes on Housing

In the first quarter of 2022, the Federal Reserve Board’s Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices showed a significant net share of banks reporting more relaxed lending standards and weaker demand for most categories of residential real estate (RRE) loans.

Banks 131

Lower-rate loans dominate PLS pipeline

Housing Wire

The loan quality of mortgage pools backing private-label securitization (PLS) deals has remained solid this year through the end of June, even as deal volume slowed appreciably between the first and second quarters. .

Loans 260

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 354

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

Share of New Home Sales Backed by FHA Loans Reaches 14-Year Low

Eyes on Housing

Conventional loans financed 74.8% Read More › Economics 30-year fixed-rate mortgage conventional loans conventional loans market share FHA FHA loans financing new home cash purchases new home sales sales by financing VA VA loans

Nonbanks are hiking conforming loan limits

Housing Wire

Earlier in the month, PennyMac Financial and United Wholesale Mortgage publicly announced that they are each raising their conforming loan ceilings by 14%, nearly two months ahead of the Federal Housing Finance Agency ‘s official decree.

Loans 301

Fannie Mae unveils $1.49 billion reperforming loan sale

Housing Wire

Fannie Mae is marketing its 25th sale of reperforming loans since its first offering six years ago and its second sale so far in 2022. The sale of reperforming loans (RPLs) is being marketed in collaboration with Citigroup Global Markets , with bids due by May 3, 2022.

Loans 282

UWM rolls out bank statement loans for self-employed borrowers

Housing Wire

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. The product is available for loans up to $3 million and up to 90% loan to value.

Banks 329

UWM targets real estate investors with new loan product

Housing Wire

This is the second new non-QM product the Pontiac-based lender has launched this month – the wholesale lender also unveiled a bank statement loan product for self-employed borrowers. The post UWM targets real estate investors with new loan product appeared first on HousingWire.

Angel Oak Home Loans hires vice president of correspondent sales

Housing Wire

Angel Oak Home Loans named Steven Valladares as vice president of correspondent sales, a move that comes as the firm increasingly works to grow its correspondent channel. The correspondent business line is focused on purchasing and servicing home loans in the secondary market.

Loans 248

As FGMC shuts down, lender partners question fate of loans in pipeline

Housing Wire

Roughly a year ago, the Austin-based fintech began to sell its loans to First Guaranty Mortgage Corporation (FGMC), a lender and investor that specializes in non-qualified mortgage loans and is controlled by behemoth investment management firm Pacific Investment Management Company (PIMCO). .

Loans 326

Nonbanks quick to implement 2022 conforming loan limits

Housing Wire

On Tuesday, the Federal Housing Finance Agency revealed the much-anticipated conforming loan limits for 2022, with the baseline number jumping by 18% to $647,200. It’s the largest-ever annual increase in the size of loans eligible to be bought by Fannie Mae and Freddie Mac.

Loans 313

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

Loan servicing solutions special reports

Housing Wire

As more homeowners exit forbearance and move into permanent loan workout solutions, servicers need to be nimble in assisting borrowers figure out their next steps. The post Loan servicing solutions special reports appeared first on HousingWire.

Loans 248

Loan officers made insane money in Q4 2020

Housing Wire

Over $4 trillion in originations made its way through the housing market last year, and new data from mortgage software firm LBA Ware revealed that by the end of 2020, loan officers played every last card in their deck to get those deals closed by New Years.

UWM sues broker shop for sending loans to Rocket, Fairway

Housing Wire

” In March 2021, UWM CEO Mat Ishbia announced on Facebook Live that mortgage brokers who did business with Rocket Mortgage or Fairway Independent Mortgage could not also send loans to UWM as of March 15. “This company had hundreds of loans.

Loans 312

FHA adds 40-year loan term to COVID-19 arsenal

Housing Wire

The Federal Housing Administration told mortgage servicers that they can now offer a 40-year loan term as a COVID-19 recovery option. The administration added that some loans funded through mortgage revenue bonds may not qualify for the new loss mitigation option.

Loans 403

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 259

Fannie Mae cues up a $1.3B reperforming loan sale 

Housing Wire

Fannie Mae this week unveiled its 24th sale of reperforming loans since its first offering in 2016. The sale of reperforming loans (RPLs) is being marketed in collaboration with Citigroup Global Markets , with bids due by March 1, 2022.

Loans 276