MCT launches co-issue loan sales marketplace

Housing Wire

released a new marketplace for co-issue loan sales this week. Co-issue loan sales, also known as flow-based mortgage servicing rights sales, are three-way transactions involving the sale of loans to one of the agencies, with a simultaneous sale of the MSRs to a separate third party.

Loans 303

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.

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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

Loans 329

“Last night, my Uber driver was a loan officer.”

Housing Wire

Garth Graham, senior partner and manager of merger and acquisition activities for the Stratmor Group , said many of the layoffs in the IMB industry so far have involved employees working in support positions, with loan officer jobs being the last to be jettisoned.

UWM follows Rocket, hikes conforming loan limits

Housing Wire

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 329

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

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 355

Rocket preemptively raises 2023 conforming loan limits for brokers

Housing Wire

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.

Loans 390

Angel Oak Home Loans cuts 15% of its workforce

Housing Wire

The latest jobs cut was at Angel Oak Home Loans , which reduced its headcount by 57 employees, comprising 15% of the total, a spokesperson told HousingWire. According to the mortgage data platform Modex , Angel Oak Home Loans originated a total volume of $2.44

Loans 343

Voxtur rolls out attorney opinion letters for VA loans

Housing Wire

on Wednesday announced that it has released an Attorney Opinion Letter (AOL) product for VA direct and VA-backed home loans as a compliant alternative to title insurance. Voxtur previously announced this year that it had produced an AOL for Fannie Mae loans. Closing AOL Lenders VA loa

Pennymac the latest lender to raise conforming loan limits

Housing Wire

Pennymac followed the tracks of Rocket Pro TPO and United Wholesale Mortgage in raising conforming loan limits ahead of the Federal Housing Finance Agency ‘s (FHFA) decision to do so in November. Mortgage conforming loan limits PennyMac Rocket Mortgage United Wholesale Mortgage

Loans 355

Celebrity Home Loans exits correspondent channel

Housing Wire

Mortgage lender Celebrity Home Loans shut down its correspondent channel and laid off employees on Tuesday. The post Celebrity Home Loans exits correspondent channel appeared first on HousingWire.

Loans 311

Legacy Home Loans launches SPCP for Black borrowers

Housing Wire

Ben Slayton’s Legacy Home Loans , the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country.

Loans 364

Angel Oak Home Loans announces exit from retail channel

Housing Wire

Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. Angel Oak is exiting its retail distribution channel and divesting its retail distribution capabilities housed in Angel Oak Home Loans, entering into a transaction with a leading mortgage lender and servicer,” a statement from Angel Oak said. “The Of the total volume, conventional loans accounted for 85.7%

Loans 264

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 377

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 343

Homepoint the latest lender to raise conforming loan limits

Housing Wire

Ann Arbor, Michigan-based mortgage lender Homepoint has raised conforming loan limits ahead of the Federal Housing Finance Agency ’s (FHFA) decision expected to November. The expansion will remain in effect until the 2023 FHFA conforming loan limits are implemented in December.

Loans 311

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

Average IMB lost $82 on each loan originated in Q2

Housing Wire

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a net loss of $82 on each loan they originated in the second quarter. The MBA estimates purchase mortgages were 70% of the total loans for the industry in the same period.

Loans 344

SPS to acquire Rushmore Loan Management Services assets

Housing Wire

SPS) has struck a deal to acquire certain assets of Texas-based Rushmore Loan Management Services LLC. million loans. According to a June ratings report from Fitch Ratings , Rushmore serviced approximately 376,000 loans totaling $64.2 Select Portfolio Servicing Inc.

Loans 329

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.

The importance of loan quality debt monitoring

Housing Wire

In the mortgage industry, the time between when a hopeful borrower submits their loan application and the loan actually closing is 50 days on average, according to the Origination Insight Report by ICE Mortgage Technology.

Loans 336

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?

VA Loans Can Help Veterans Achieve Their Dream of Homeownership

Keeping Current Matters

For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. Buying Myths Down Payments First Time Home Buyers For Buyers Move-Up Buyers

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 403

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 363

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 377

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 355

Fannie Mae finalizes first nonperforming loan sale of the year

Housing Wire

Fannie Mae has announced the winning bidder for the final mortgage pool that was part of its inaugural nonperforming loan sale of 2022 — and it’s nineteenth sale since the i na ugural offering in 2015. million, an average loan size of $301,412 and an average interest rate of 5.24%.

Loans 329

$1 million conforming loan limit reignites affordability debate

Housing Wire

The conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac will pass the $1 million mark for the first time in 2023, reigniting a debate about the government’s role in the mortgage market and its persistent affordability challenges. They’ll adopt the 2023 FHFA rates effective Tuesday, even though the official loan limits won’t take effect until January 1. United Wholesale Mortgage will honor the new limits starting November 30 for conventional and VA loans.

Loans 172

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 329

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?

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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 364

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