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

UWM now offering ultra-low mortgage rates on FHA loans

Housing Wire

Ahead of its initial public offering slated for mid-December, United Wholesale Mortgage is offering mortgage rates below 2% on FHA loans through its Conquest Program. on FHA loans, the company announced in a statement on Wednesday. Presented by: Citi Mortgage.

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Mortgages in forbearance fall across all loan types

Housing Wire

forbearance rate measuring the share of mortgages with suspended payments fell seven basis points to 5.83% last week, according to the Mortgage Bankers Association. Approximately 23.95% of total loans in forbearance are in the initial stage, while 74.49% are in a forbearance extension.

Loans 423

Why 28% of mortgage applicants never close the loan

Housing Wire

trillion this year, stretching the capacity limits of lenders and everyone else in the housing ecosystem, some mortgage applicants simply haven’t been worth his while. “I Lonnie Glessner isn’t normally one to turn down business. But with origination volume expected to exceed $3.4

Loans 409

Loan servicing solutions

Housing Wire

The COVID-19 pandemic continues to impact the mortgage industry, and servicers are dealing with an increased call volume as borrowers transition in and out of forbearance and make decisions regarding the future of their homes. The post Loan servicing solutions appeared first on HousingWire.

Loans 329

The purchase mortgage market continues to pick up steam

Housing Wire

Mortgage loan application volume rebounded from the week prior, increasing by 0.3% 10, according to the Mortgage Bankers Association’s weekly report. The post The purchase mortgage market continues to pick up steam appeared first on HousingWire.

First American Mortgage Solutions’ loan modification process addresses workflow volume spike

Housing Wire

For one, the mortgage industry is experiencing historically low interest rates, which have set in motion a refinancing boom that has dramatically increased lien release volume processing. Today’s servicers are working in a challenging environment due to several compounding factors.

Loans 329

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

Mortgage applications decrease 4%

Housing Wire

After two straight weeks of increases , mortgage applications dropped 4.2% for the week ending May 21, 2021, according to the Mortgage Bankers Association ‘s weekly mortgage applications survey. of total mortgage applications from 63.3%

Forbearance loans decrease for 18th straight week

Housing Wire

It dropped four basis points to 3.87% last week, according to a survey from the Mortgage Bankers Association. The share of Fannie Mae and Freddie Mac loans in forbearance also decreased three basis points to 1.99%, and Ginnie Mae loans decreased three basis points to 5.10%.

Loans 364

Share of mortgage loans in forbearance ticks up for second week

Housing Wire

forbearance rate measuring the share of mortgages with suspended payments increased for the second consecutive week in nearly five months from 5.48% to 5.54%, according to the Mortgage Bankers Association. The U.S.

Loans 422

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

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

Mortgage delinquencies shrink in Q2

Housing Wire

Delinquency rates for mortgage loans on one-to-four-unit residential properties shrank across the board to 5.47% in the second quarter, according to a Mortgage Bankers Association survey published this week.

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

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. Mortgage Tech Demo Day.

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

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. That placed Caliber just behind United Wholesale Mortgage.

Loans 355

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. According to the latest report from the Mortgage Bankers Association , 1.6 The share of Fannie Mae and Freddie Mac loans in forbearance remained the same, at 1.66%.

Loans 329

Jumbo vs. conventional loans: Which is better?

The Mortgage Report

Learn all you need to know about jumbo vs. conventional loans. Explore interest rates, requirements, and who should use which loan type.

Loans 81

Mortgage applications rise 4.6%

Housing Wire

the week prior , mortgage applications almost completely rebounded last week, gaining 4.6%, according to a report from the Mortgage Bankers Association. Refinances continued to hover around two-thirds the share of mortgage activity as they increased to 65.4% After faltering 4.8%

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

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. Awards Mortgage

Loans 331

How a noncompete ban would impact the mortgage industry

Housing Wire

If such a rule is implemented, industry veterans and labor attorneys say it could change how the mortgage industry recruits and retains talent over the next decade and beyond. The post How a noncompete ban would impact the mortgage industry appeared first on HousingWire.

Mortgage applications rebound as mortgage rates drop

Housing Wire

After two weeks of decreases, the Mortgage Bankers Association reported that mortgage applications increased 1.1% 11 amid mortgage rates that hit a new survey low. The refinance share of mortgage activity increased to 72.7%

HUD extends COVID-19 forbearance for FHA loans

Housing Wire

Department of Housing and Urban Development on Tuesday extended COVID-19 foreclosure and forbearance moratoriums for FHA and USDA loans to June 30, 2021. This announcement follows FHFA action last week to extend moratoriums for loans backed by Fannie Mae and Freddie Mac. The U.S.

Mortgage credit drops to lowest level since September

Housing Wire

Mortgage credit availability dipped 8.5% in June to 118.8 — indicating that lending standards are tightening, per the Mortgage Bankers Association’s Mortgage Credit Availability Index. Kan added that the “full impact” of new loan programs remains to be seen.

Mortgage applications rise again, despite rates jump

Housing Wire

For the second week in a row, mortgage applications increased — this time, up 2.1% for the week ending June 18, 2021, per the latest report from the Mortgage Bankers Association. The 30-year fixed mortgage rate also rose to 3.18% — the highest level in a month, according to the MBA.

Mortgage industry provides commentary on CFPB’s proposed changes to QM loan definition

Housing Wire

Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021.

Loans 352

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

Finance of America now offers renovation loans

Housing Wire

announced today the launch of Finance of America Home Improvement , a new business division offering non-mortgage financing options, including renovation loans. Homeowners in 2020 turned to renovation loans roughly as much as they did in 2019, originating $51.7

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

Mortgage applications are thinning as summer approaches

Housing Wire

For the third week in a row, mortgage applications decreased. Mortgage applications fell 3.1% in the week ending June 4, and refis took the biggest dip, according to the latest report from the Mortgage Bankers Association. of total mortgage applications from 61.3%

ServiceMac’s loan servicing solution predicts loan defaults in real-time

Housing Wire

For servicers and subservicers, compliance with federal and state regulations is a top priority, especially given today’s record high loan volumes driven by historically low rates. It’s critical to quickly evaluate the success rate of a loan by identifying and correcting errors in real time.

Loans 275

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