Housing Wire

AUGUST 31, 2023

And as a loan officer (LO), why should I care? A look into GSE appraisal modernization efforts The GSEs have each offered appraisal waivers on eligible loans for several years. For an LO working to get the loan to the finish line, this can be a huge time saver. Why do we need them? Who is eligible to take advantage of them?

Loans 368

Loans Inspection Mortgages Lending 368

Housing Wire

JANUARY 5, 2023

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 418

Loans Mortgages Due diligence Loan Officer 418

Housing Wire

NOVEMBER 9, 2022

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 532

Loans Equity Mortgages Principal 532

Housing Wire

MAY 9, 2023

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those loans are going to be 20 points underwater, for the 3% to 3.5%

Loans 385

Loans Mortgages Debt-to-income ratio Banks 385

Housing Wire

JUNE 30, 2023

The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2023-14 this week, which increases the threshold from $75 million to $120 million for multifamily loans to be considered large loans. FHA’s other requirements in the MAP Guide related to Large Loans remain unchanged.”

Loans 384

Loans Finance Development Design 384

Housing Wire

APRIL 10, 2023

After four years of Congress hiking Veterans Administration (VA) so-called “Bluewater Navy” mortgage loan fees as an offset to pay for other critical veterans’ benefits, Congress has finally let those excessive VA mortgage loan fees expire. Mortgage loan fees should not be higher than needed to safely run government-backed lending.

Mortgages 403

Mortgages Loans FHA loan VA loan 403

Housing Wire

MAY 23, 2023

The growing wave of loan-repurchase requests from Fannie Mae and Freddie Mac has yet another major wrinkle, industry sources reveal, and this new problem, if accurate as alleged, threatens to disrupt future merger and acquisition (M&A) activity in the mortgage-finance industry.

Loans 378

Loans Purchase and sale agreement Mortgages Due diligence 378

Housing Wire

JUNE 5, 2023

Providing presentations on whether to opt for a conventional loan, Federal Housing Administration (FHA) loan, Fannie Mae ’s HomeReady or Freddie Mac ’s HomePossible loans while winning over contracts in a multiple bid environment are key to creating client stickiness, Lotsoff added.

Loan Officer 384

Loan Officer Mortgages Loans FHA loan 384

Housing Wire

JUNE 12, 2023

Today, nearly nine out of every 10 mortgages originated is a purchase loan, the report notes. While rate locks on purchase loans rose from April, they also dipped to their lowest level yet relative to 2018 and 2019 averages as rates rose late in the month,” Andy Walden , vice president of enterprise research at Black Knight, said.

Mortgages 425

Mortgages Loans Lending Marketing 425

Housing Wire

MAY 23, 2023

Fannie Mae and Freddie Mac executives recognize that the wave of loan-repurchase requests represents an added challenge for lenders who already have a stretched balance sheet. However, Fannie Mae’s position is that the loan-repurchase increases are an economic problem, not an underwriting process issue.

Loans 481

Loans Mortgages Industrial Marketing 481

Housing Wire

AUGUST 14, 2023

The change of pace is probably off-putting in more ways than one, but a slowdown in refi and loan volume can mean a chance to build a new pipeline of revenue through the non-qualified mortgage (non-QM) market. As more borrowers fall outside the conventional lending parameters, the demand for non-QM loans increases.

Loans 303

Loans Mortgages Banks Lending 303

Housing Wire

MAY 4, 2023

Pontiac, Michigan-based United Wholesale Mortgage (UWM) announced on Wednesday that its brokers can request a dedicated loan coordinator, adding a level of loan processing support when needed. In addition, UWM announced brokers can also connect their loan origination platform to the lender’s system.

Loans 376

Loans Mortgages Loan Officer As-is 376

Housing Wire

FEBRUARY 1, 2023

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 403

Loans Construction Mortgages Loan Officer 403

Housing Wire

JUNE 30, 2023

According to the company’s statement, “The relevant loans, some dating back 15 years, make up less than a half percent of our total federal loans originated during this time frame. Like its peers, Movement has the authority to originate and underwrite loans without first having the government review them.

Loans 384

Loans Mortgages Land FHA loan 384

Housing Wire

APRIL 7, 2023

Shrinking wholesale lender Homepoint is closing its mortgage origination business and will sell its origination-focused assets to competitor The Loan Store , the company announced on Friday. Arizona-based The Loan Store, also a pure wholesale lender, will be led by Phil Shoemaker, Homepoint’s president of originations.

Loans 525

Loans Mortgages Equity Investor 525

Housing Wire

APRIL 5, 2023

Mortgage rates declined last week as headlines on the bank crisis slowed, which could have spurred borrowers’ demand for home loans. But the decline in demand for mortgage loans was more evident in the government market, which consists of Federal Housing Administration (FHA), U.S. and USDA loan applications decreased to 23.6%

Mortgages 410

Mortgages Loans Fixed-rate mortgage Banks 410

Housing Wire

AUGUST 29, 2023

Mat Ishbia , chairman and chief executive officer at United Wholesale Mortgage (UWM), provided more than half of the mortgage company’s outstanding shares as a guarantee to secure loans ahead of the acquisition of the Phoenix Suns , according to a Bloomberg report. billion, secured two loans with JP Morgan Chase & Co.

Loans 355

Loans Mortgages Banks Sales 355

Housing Wire

APRIL 26, 2023

Borrower demand for home loans increased across the board, despite rates being at their highest level in over a month. Plenty of buyers, but not enough homes for sale,” California-based mortgage loan officer Dan Stone, who works with hundreds of mortgage lenders, told HousingWire. retail residential mortgage applications.

Mortgages 402

Mortgages Loans Fixed-rate mortgage Loan Officer 402

Housing Wire

MARCH 25, 2021

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. But there’s another type of loan, not too many people are familiar with that can make the home buying process much easier.

Loans 542

Loans FHA loan Mortgages VA loan 542

Housing Wire

MAY 18, 2023

On average, IMBs reported a net loss of $1,972 on each loan originated from January to March, a 35% improvement from the reported loss of $2,812 per loan in the fourth quarter of 2022, according to the Mortgage Bankers Association (MBA).

Loans 389

Loans Mortgages Banks Sales 389

Housing Wire

MAY 22, 2023

Rocket Mortgage introduced a new 1% down home loan program aiming to target more than 90 million borrowers. The Detroit-headquartered lender will cover the remaining 2% needed to reach the required threshold for conventional loans, Rocket Mortgage said Monday. Rocket reported $8.1

Loans 417

Loans Mortgages Closing As-is 417

Housing Wire

APRIL 12, 2023

On Wednesday, the Detroit-based lender announced that it is reviving the conventional 1% down loan option, which allows homebuyers to purchase a home with a 1% down payment. While UWM is reviving this loan option for borrowers, the 1% down loan is not a new option for borrowers. UWM originated $33.5

Mortgages 421

Mortgages Loans Agents Marketing 421

Housing Wire

AUGUST 17, 2023

Independent mortgage banks (IMB) reported an average net loss of $534 on each loan originated from April to June, down from $1,972 per loan in the first quarter of 2023, according to the Mortgage Bankers Association (MBA). The volume by count per IMB averaged 1,553 loans in Q2, an increase from 1,264 loans in Q1.

Loans 361

Loans Mortgages Sales Banks 361

Housing Wire

JULY 31, 2023

The CFPB unveiled its proposal in May to implement a Congressional mandate establishing consumer protections for residential PACE loans under Regulation Z, which implements the Truth in Lending Act (TILA). “In We are proposing new rules that would require sensible safeguards on these clean energy loans.”

Loans 328

Loans Mortgages Residential Renovation 328

Housing Wire

MARCH 30, 2023

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 373

Loans Construction Mortgages Lending 373

Housing Wire

APRIL 4, 2022

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. Comments from the mortgage industry are due by May 31.

Loans 523

Loans FHA loan Mortgages Real-estate owned 523

Housing Wire

SEPTEMBER 7, 2022

The wholesale arm of Rocket Mortgage on Tuesday raised anticipated agency conforming loan limits to $715,000, a sign that the nation’s largest mortgage lender is confident the maximum loan limit set by the federal government will rise by at least 10% in 2023. 6, the lender said Tuesday.

Loans 470

Loans Mortgages Lending Equity 470

Housing Wire

JULY 21, 2023

Citywide Home Loans , a Utah-based mortgage lending company, agreed to settle a $1.2 While Citywide Home Loans denies liability for the incident, it is still settling the lawsuit to end the claims. Ultimately, Citywide Home Loans will pay valid claims for economic losses due to the data breach up to $5,000 and lost time up to $200.

Loans 345

Loans Mortgages Lending Finance 345

Housing Wire

JANUARY 31, 2023

Scott Miller, a former mortgage loan originator at Sprout Mortgage , knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. In turn, thousands of loan originators could soon be looking for a new lender to hang their license. They weren’t so small that they couldn’t handle us.”

Mortgages 392

Mortgages Loans Loan Officer FHA loan 392

Housing Wire

MAY 1, 2023

The Community Home Lenders of America (CHLA) submitted a letter to the Consumer Financial Protection Bureau (CFPB) in support of changes to the loan originator compensation rule, telling CFPB Director Rohit Chopra that the current rule’s “inflexibility” in certain areas is a “detriment” to consumers.

Loans 356

Loans Mortgages Finance As-is 356

Housing Wire

MAY 1, 2023

We’ve asked Phillip McCall, president and chief operating officer at ACES Quality Management , how lenders can keep up with new and upcoming regulations to maintain loan quality in this very competitive environment. Ensuring that creativity doesn’t compromise compliance takes serious research and constant QC system updating.

Loans 348

Loans Mortgages Lending Principal 348

Housing Wire

AUGUST 12, 2022

Fannie Mae has launched its fourth reperforming-loan sale of the year — an offering of 6,130 loans with an unpaid principal balance of $997 million. A reperforming loan is a mortgage that has been or is currently delinquent but has been reperforming for a period of time. million in unpaid principal balance; pool 2 is at $342.5

Loans 387

Loans Purchase and sale agreement Mortgages Principal 387

Housing Wire

JANUARY 27, 2023

Most retail lenders are desperately seeking high producing loan originators to make up for the losses that occurred in 2022. The lender runs its business based on a “no-loan-officer” model in which all of its 45 employees are licensed and delegated to a specific role in closing a loan.

Lending 392

Lending Loans Loan Officer Mortgages 392

Housing Wire

MARCH 23, 2023

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 436

Mortgages Loans Fixed-rate mortgage Banks 436

Housing Wire

MAY 1, 2023

These loans, which are often used to finance environmentally-minded renovations, like the addition of solar panels, have led to financial instability for some borrowers. The proposed rule would implement a Congressional mandate establishing consumer protections for the residential PACE loans.

Loans 331

Loans Renovation Lending Finance 331

Housing Wire

MAY 25, 2022

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. Loan closings could not proceed until the VA issued its approval, which resulted in a drawn-out process.

Pre-approval 440

Pre-approval Loans VA loan Closing 440

Housing Wire

SEPTEMBER 8, 2022

Fiercer competition in the wholesale channel spurred United Wholesale Mortgage (UWM) to increase the ceiling on conforming loans on Wednesday, ahead of the Federal Housing Finance Agency’s (FHFA) decision in November. Last year , lenders didn’t raise conventional loan limits until Sept.

Loans 388

Loans Mortgages Lending Finance 388