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

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 371
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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

Student loan debt delays homebuying timeline

Housing Wire

Over half of non-homeowning millennials (60%) say student loan debt is delaying them from purchasing a home, making them the population most affected by student debt , according to the National Association of Realtors’ 2021 impact of student loan debt report.

Loans 242

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.

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 326

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 355

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 382

Residential Construction Loan Growth

Eyes on Housing

The second quarter of 2021 marked the second consecutive quarter of loan growth for residential construction loans. These gains have lifted the year-over-year growth rate, marking an expansion of outstanding loans for home builders.

Loans in forbearance flat ahead of CFPB regulations

Housing Wire

The number of loans in forbearance stood unchanged from last week at 3.25% for the week ending on Aug. The share of Fannie Mae and Freddie Mac loans in forbearance remained the same, at 1.66%. million loans.

Loans 329

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 344

The purchase mortgage market continues to pick up steam

Housing Wire

Mortgage loan application volume rebounded from the week prior, increasing by 0.3% He also noted that volume for both conventional and government purchase applications increased last week, as did the average loan size for a purchase application, rising to $396,800.

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 329

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 421

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 344

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

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.

Conventional Loans: Greatest Share of New Sales Since 2008

Eyes on Housing

Census Bureau reveals that conventional loans financed 76.3% The share of sales backed by conventional loans in Q2 2021 increased 5.1 NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S.

Loans 105

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 386

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 312

How fix’n’flip loans could help expand housing inventory

Housing Wire

Low rates and increased demand mean prices are soaring on what stock is available – and what’s available isn’t staying on the market for long. According to Lind, one way for existing housing stock to be expanded and improved upon is through investors or developers using fix’n’flip loans. A fix’n’flip loan is designed to cover the costs of purchasing a home and renovating it. With tightened housing stock supply, the competition for home buyers is fierce this year.

Loans 290

Forever Homes and Loans

BubbleInfo

He is a mortgage originator, so I asked him how many adjustable loans he has done this year. Inventory Jim's Take on the Market Mortgage News Mortgage QualifyingAfter the TV show, Derrick and I were discussing the good old days when homes were cheap and everyone moved often.

Loans 87

LOs are only human — Tech is necessary to keep up with max loan volumes

Housing Wire

As record-low interest rates drive a refinance boom and spikes in mortgage applications, many businesses are adjusting to the present market. “We’re One of the drivers for a pivot to profit is that loans are expensive. Uncover marketing efficiencies.

Loans 329

In a super-low rate environment, how can lenders get purchase loans done without putting refis on the back burner?

Housing Wire

But as companies continue to compete on low rates, lenders are trying to balance maintaining a strong purchase presence with meeting client expectations in the refi market. 1 priority as the market continues its ebb and flow. “If

Loans 384

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 371

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 264

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 the month prior, but remained a looming reminder of the the challenges facing the market in 2021, Black Knight said.

Loans 344

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 352

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 371

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 303

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

Housing Wire

Mortgage operations were a make or break component of every lender’s 2020 strategy, putting operational professionals in the housing economy to test in a turbulent market. Rich Tucker: Our Loan Operations team is pivotal to our success as a company.

Loans 331

Refi fee is delayed, but what are lenders doing about loans that were already locked?

Housing Wire

The Federal Housing Finance Agency announced on Tuesday it is delaying the implementation of its adverse market refinance fee to Dec. But what about lenders whose refi loans were locked with closing dates after Sept. unless the loan has already been purchased.

Loans 407

Regions Bank places $1B bet on home renovation market

Housing Wire

EnerBank, a Utah-based subsidiary of publicly traded CMS Energy , has loan balances totaling $2.8 EnerBank says it works with 10,000 contractors and develops personalized loan programs for their clients. Bank of America followed closely with 17,056 home improvement loans worth $2.39

Mortgage lenders deal more purchase loans amid fewer refis

Inman

The latest numbers from Attom Data Solutions show that mortgage lenders issued more purchase loans in the second quarter of the year, but lost ground on the refinancing side.

Loans 137

What’s a loan servicer to do about compliance?

Housing Wire

Loan servicers operate between a rock and a hard place today. OK, but then the current economic climate adds levels of complexity, with loan modifications, forbearances and confusion about compliance. Outstanding FHA and VA loans make up about 20% of the market.

Loans 311