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Loan America sues Sprout for allegedly failing to purchase loans

Housing Wire

California-based Loan America, Inc. Loan America, a full-service mortgage company, relies on warehouse loans or lines of credit for loan funding, similar to many other non-QM lenders. According to the lawsuit, Loan America and Sprout would agree on prices and rates for any loan that Sprout was interested in purchasing.

Loans 394
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ICBA, affiliates urge CFPB to improve construction loan disclosures

Housing Wire

In addition, current language regarding TRID disclosures focuses primarily on home purchase and mortgage refinance loans and does not adequately address the unique requirements of construction loans, the ICBA said.

Loans 274
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UWM rolls out construction-to-permanent loans

Housing Wire

Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete. The loan will cover an 11-month maximum build period with a one-month modification. “The UWM, which originated $33.5

Loans 417
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Home equity loan vs. HELOC – What’s the difference?

Housing Wire

Home equity loans and home equity lines of credit (HELOCs) are both loan products that are secured by the equity on a borrower’s home. What is a home equity loan? Home equity loans have a fixed interest rate and a set schedule of fixed payments for the life of the loan. Read on to find out. Pros and cons.

Loans 526
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With mortgage rates dropping, the conforming and jumbo loan spread narrows

Housing Wire

The bank crisis has also reduced the spread between conforming and jumbo loan rates. ” According to Jones, the federal funds rate is expected to remain elevated through the end of the year, meaning that a higher interest rate environment is “here to stay for the time being, including for home loans.”

Mortgages 367
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Ex-Wyndham Capital Mortgage exec launches Cornerstone Home Loans 

Housing Wire

Donny Kirby, former vice president of national direct-to-consumer sales at Wyndham Capital Mortgage , spent more than 12 years at Charlotte, North Carolina-based company before leaving to start a mortgage broker shop, Cornerstone Home Loans. We all know that home affordability is an issue for everyone right now.

Mortgages 306
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Fannie Mae executes CIRT deals on $31B of single-family loans

Housing Wire

The deals, which include over $31 billion in single-family mortgage loans, are designed to reduce risk to taxpayers by increasing the role of private capital in the mortgage market. The covered loan pool for CIRT 2023-2 was acquired between February and March of 2022, while CIRT 2023-3 was acquired between January and March of last year.

Loans 288