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

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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 280

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 286

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 276

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 277

New-year optimism reflected in mortgage applications jump

Housing Wire

Mortgage applications jumped 16.7% drop last week , according to the Mortgage Bankers Association. The 30-year fixed mortgage rate climbed two basis points to 2.88%, but the 15-year fixed rate fell to 2.39% — a survey low. after a 4.2%

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%

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 224

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%

Forbearance loans decrease, but new requests are highest since August

Housing Wire

The total number of loans in forbearance decreased from 5.54% to 5.48% as of Dec. 6, according to the Mortgage Bankers Association. Fannie Mae and Freddie Mac loans in forbearance decreased to 3.26% – an 8-point improvement.

Loans 268

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 234

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 159

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 229

Quicken Loans Mortgage Review for 2020

The Morgtage Report

Review of Quicken Loans showing how the company compares to other top lenders. Includes mortgage rates, service, complaints, operations and products offered. Mortgage Lender Reviews Mortgage Products quicken loans customer service quicken loans mortgage lender review quicken loans mortgage rates quicken loans mortgages should i get a mortgage from quicken loans

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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 246

Refinance wave boosts mortgage applications 3.8%

Housing Wire

With mortgage rates continuing to hover near record lows, mortgage applications jumped 3.8% last week according to a report from the Mortgage Bankers Association (MBA). Mortgage rates continue to hover at record lows this fall.

Conventional loan home requirements: Is an inspection required?

The Morgtage Report

Conventional loans have a few basic property standards, but no in-depth home condition requirements. You likely want a home inspection anyway.

FHA loan limits increase for single-family and multifamily loans

The Morgtage Report

Current FHA loan limits for every U.S. Check your local FHA loan limit for 1-unit, 2-unit, 3-unit, and 4-unit homes. FHA Home Buying Mortgage News FHA Housing Loan Limits Mortgage mortgage ratescounty.

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 203

With Biden win, here’s what to expect on mortgage forbearance and student loan forgiveness in 2021

Housing Wire

Assuming these results stick, I offer here some informed speculation regarding the effects these changes in government leadership will have on three critical issues in housing: mortgage forbearance, student loan debt, and GSE conservatorship. Student loan debt is another hot issue that will likely be taken up by the new administration. Last year I wrote a detailed plan to relieve some of the nation’s student loan debt responsibly.

Loans 219

Mortgage applications drop over holidays

Housing Wire

Mortgage applications dropped 4.2% from two weeks prior , according to the latest report by the Mortgage Bankers Association. But mortgage applications dropped during the week ending Jan. The FHA share of total mortgage applications remained unchanged from 10.1%

USDA home loans: USDA loan requirements & rates for 2020

The Morgtage Report

USDA loans allow zero down payment and have lenient requirements. Plus, USDA loan rates are below average. See if you qualify for a USDA mortgage. Mortgage Products USDA Loans Housing Mortgage mortgage rates Real Estate USDA

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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 196

New year sees 2.74 million loans in forbearance

Housing Wire

After three consecutive weeks of increases , the number of mortgage loans in active forbearance fell by 92,000 the first week of 2021, according to a Friday report from Black Knight. of all mortgages, and 2.74 Fannie Mae and Freddie Mac loans in forbearance fell 3.3%

Loans 184

Renovation loans get pandemic boost as homeowners want home offices

Housing Wire

There’s a mainstay in mortgage finance poised to help in working from home. The Federal Housing Administration’s 203(k) rehabilitation mortgage insurance program is designed for borrowers to renovate when they purchase or refinance.

VA loan rates are the lowest of any mortgage program

The Morgtage Report

VA loan rates are typically the lowest on the market, even below FHA or conventional mortgage rates. Find out if you qualify for a low-rate VA loan. Mortgage Products Mortgage Rates VA Loans VA Refinance

UWM to knock 50 bps off VA IRRRL loans

Housing Wire

United Wholesale Mortgage (UWM) announced on Wednesday that it would offer a 50 bps discount on all VA interest rate reduction refinance loans (IRRRL) through Veterans Day on Nov. With interest rates at historic lows, UWM has been offering a variety of loans under 3% to borrowers.

Loans 175

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. KL: Rates are at an all-time low, but jumbo mortgages are harder to access for borrowers due to ongoing economic downturn caused by COVID-19.

Loans 150

Can I change my mortgage loan servicer?

The Morgtage Report

The only way to change mortgage loan servicers is by refinancing. Homeownership Topics Mortgage StrategyBut you should not refinance solely to get a new servicer. Here's what to know.

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Canada’s Mortgage Lenders Have Set Aside A Record Amount For Bad Loans

Better Dwelling

Canada’s real estate markets are booming, but lenders are preparing for mortgage losses. Bank of Canada (BoC) data shows the allowance for credit losses due to mortgages reached a record high in Q3 2020. Canada Canadian Debt Canadian Mortgages Canadian Real Estate Prices

Loans 101

How home construction loans work

The Morgtage Report

If you want to build your own home, you'll likely need a construction loan. Learn how construction loans work and why they're different from mortgages. Buying a home Mortgage Products Mortgage Strategy

Here’s how Quicken Loans and the Rock FOC create impactful change

Housing Wire

Quicken Loans and the Rock Family of Companies are built on 19 carefully thought out philosophies, or as they call them, ISMs, that compile all of their values into active ways they plan to inspire change. Team member volunteer event collaborating with muralist Philip Simpson.

Loans 207

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 167

Conventional loan rates and requirements for 2020

The Morgtage Report

Should you use a conventional loan? Learn about conventional mortgage rates and requirements and find out if you qualify for one. Conventional Loans Barbara Ballinger conventional mortgage Housing Mortgage mortgage rates Real Estate

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