Borrowers lost homes to Ocwen, lawsuits say (4/21/2017)
The CFPB, Fla. and 20 other states are suing Fla.-based Ocwen Financial and halting certain operations for “numerous violations of Federal consumer financial laws.”
Mortgage lenders optimistic about 2017 (4/12/2017)
Survey: Independent lenders believe Gen X and millennials offer growth opportunities. The expect more jumbo loans and buyers who plan to make rental money.
Experts: FHA rules will change before Fannie, Freddie tackled (4/5/2017)
Experts see targeted legislative and regulatory changes more likely than large-scale reforms, with easier FHA changes first and tougher GSE reform maybe in 2018.
More mortgage approvals = more mortgage fraud (3/27/2017)
A major fraud index found that mortgage “defects” – fraud and misrepresentation – rose 4.1% in Feb. But overall, the rate is down 25.5% compared to 2013.
Study: It’s taking less time to close (3/21/2017)
Closing times dropped way down last month, falling from 51 days in Jan. to 46 days in Feb., according to the latest Ellie Mae Origination Insight Report.
Spring real estate buyers: Early bird gets worm (3/15/2017)
Listings should hit the market soon, but buyers still outnumber sellers – and an expected mortgage rate increase means buyers should act sooner rather than later.
Survey: With mortgages, buyers prefer the personal touch (3/14/2017)
In Ellie Mae’s latest buyer survey, 57% went through the entire mortgage process working with a real person, and 28 percent used a hybrid online-in-person system.
More consumers turn to non-banks for their mortgage (3/6/2017)
In 2011, 50% of all new mortgage loans originated from JPMorgan, Bank of America and Wells Fargo, but their share dropped to 21% by September 2016.
Don’t do these 4 risky mortgage moves (2/28/2017)
Buyers excited about purchasing a new home sometimes sabotage their final loan approval by changing jobs, applying for credit or moving money around.
Did TRID work? 50% still surprised by closing costs (2/15/2017)
Study: The TILA-RESPA Integrated Disclosure (TRID) rule’s goal was to help buyers understand their mortgage loan, but many still find the process confusing.
Mortgage words you should know (2/14/2017)
Do you know your DTI from your PITI? They can both impact your ATR. Realtors don’t have to be mortgage experts, but it helps to understand the lingo.
Fla. cities a ‘top place to score a mortgage’ (2/8/2017)
A SmartAsset study to find the 10 U.S. counties where it’s easiest to secure a mortgage found that six out of 10 are in Fla., and Sumter County ranks No. 1.
Housing forecast? Solid but many unknown variables (2/7/2017)
While real estate appears solid now, Freddie warns of “uncertainty about fiscal policy, foreign investments in U.S. real estate and size of the mortgage market.” A strong dollar and Brexit-type decisions outside the UK could have an impact.
Real and imaginary barriers holding back buyers (2/2/2017)
NAR aspiring buyer analysis: Affordability issues, student debt and downpayment confusion stopped many aspiring homeowners from reaching the market in 2016, even though demand for ownership remained high.
FHA streamline refinance: 5 strict conditions (1/31/2017)
Homeowners with FHA mortgages can refinance to a lower rate through streamline refinance. But while the process is simple, the homeowner requirements are not.
Wells Fargo settles BPO overcharge allegations (1/26/2017)
Wells Fargo doesn’t admit guilt but will pay $50M after a class action lawsuit alleged it charged owners up to $125 for broker price opinions that cost maybe $50.
When should buyers lock in a mortgage rate? (1/25/2017)
Buyers want the lowest mortgage rate possible, but today’s sporadic market makes it impossible to predict the future. Still, locking early provides peace of mind that, for many, is better than waiting and hoping rates will drop a bit.
NAR: Nixing FHA premium cut hurts up to 40,000 buyers (1/23/2017)
The cancelled FHA mortgage insurance cut will hurt up to 850,000 homebuyers, NAR said on Friday, but the association would continue advocating for a cut.
HUD suspends FHA mortgage ins. premium reduction (1/20/2017)
An announced cut in FHA mortgage insurance premiums, effective April 27, would have saved buyers money, but the reduction was canceled unexpectedly on Friday.
FHA change could save homebuyers $446 annually (1/19/2017)
A study found that FHA’s decision to lower mortgage insurance premiums on FHA loans will save the average buyer of a $185,000 home $2,232 over five years.
How can buyers get a lower mortgage rate? (1/10/2017)
Buyers can still get a lower interest rate by paying points on a loan, but they should weigh the pros and cons to determine if that’s their smartest alternative.
FHA lowers borrowers’ mortgage insurance premiums (1/9/2017)
The low-downpayment mortgage should be more appealing to first-time buyers after FHA breathed “new life into the program” by reducing costs, says NAR.
1 in 5 borrowers think they chose the wrong lender (12/20/2016)
21% of mortgage borrowers regret their lender choice; of first-timers, 27% have regrets. Along with poor communication and unmet promise complaints, however, many also got a better rate than they would have with a service-oriented bank.
‘Homeownership investors’ help with downpayments (12/9/2016)
Investors give buyers money toward a purchase without mandatory payments or interest. In return, buyers pay it back at resale plus a percentage of their profits.
Lenders say it’s easier to get a mortgage (11/30/2016)
Genworth Survey: 50% of industry executives think underwriting standards are still overly restrictive, but that’s down from 61% who said so last year.
Conforming mortgage limits go up in 2017 (11/28/2016)
For the first time since 2006, the federal government has increased the maximum amount of a conforming loan by $7,100, boosting it to $424,100 in most regions.
Buyers afraid of rising rates? Put it in perspective (11/28/2016)
Higher interest rates could hurt buyers shopping for homes at their budget’s upper limit, but rates are still historically low even after the recent increases.
FHA found financial footing – ready for more buyers (11/16/2016)
New 2016 report finds that FHA lending is good to go. It passed mandated backup-funding levels for the second year in a row, and NAR says FHA is ready to help even more borrowers secure a mortgage.
Fla. has 238 downpayment assistance programs (11/14/2016)
Only Calif. has more, though the number of programs varies by area. And while down nationally, more areas are launching programs for community service workers.
1 in 5 mortgage borrowers regret their decision (11/10/2016)
The rate is even higher – 1 in 4 – among first-time buyers. Some regrets stem from poor customer service; others feel they weren’t told about all their options.
HUD sets FHA requirements for condo financing (10/27/2016)
If a condo buyer wants FHA funding in a low-occupancy complex, the developer must show higher reserves, few dues in arrears and proof of its long-term stability.
Fannie and Freddie plan to streamline underwriting (10/25/2016)
Mortgage loans could be less expensive and underwritten faster under new Fannie Mae and Freddie Mac guidelines. The new rules could affect over half of all mortgages originated in the U.S.