Appeals court reverses fraud finding against BofA (5/24/2016)
Citing insufficient evidence, the court said Bank of America wasn’t liable for fraud and subject to a $1.2B penalty for its actions before the economic crisis in 2007-08.
Problems related to new TRID rules seem to be over (5/23/2016)
For the second consecutive month, the average time to close all loans was 44 days, suggesting that lenders worked out kinks in the new truth-in-lending laws.
FHA may be reopening doors to condo financing (5/23/2016)
At one time, FHA offered “spot” condo loans even if a complex wasn’t certified, and while those may or may not be coming back, some changes are in the works.
Private lenders offer new opportunities and risks (5/13/2016)
A private lender can legally charge a much higher interest rate than mainstream banks, and some private lenders approve so few mortgages each year that federal oversight laws don’t apply.
‘Finding a good Realtor’ a transaction high point (5/10/2016)
TD Bank survey: When it comes to mortgages, buyers want access to information online, better training for frontline staff and more seminars or workshops.
Downpayment insurance helps recession-leery buyers (5/4/2016)
For the first time, buyers can purchase insurance that protects their downpayment if real estate values fall. One Fla. bank offers it now but more should follow.
CFPB focuses on mortgage complaints (4/27/2016)
The national consumer advocate says people still complain about mortgage servicers with “dead ends and obstacles resolving issues.” Top one: late payment issues.
TRID delays may be over as lenders boost efficiency (4/22/2016)
Per Ellie Mae’s latest report, the average loan took 44 days to close last month – less time than it did a year ago before truth in lending rules went into effect.
Homeowners fight FHA mortgage-interest overcharges (4/18/2016)
FHA charges sellers a full-month’s interest at early-month closings, and a group of owners are suing four banks over the practice, including BofA and SunTrust.
HELOCs are back – but are they safe? (4/18/2016)
Some say home equity lines of credit helped cause the housing meltdown as owners treated their home like an ATM. But for some owners, HELOCs are a good thing.
Buyers’ top mortgage complaint? Tax data errors (4/13/2016)
A home can receive six separate tax estimates between listing and an owner’s first mortgage payment, and some estimates are more accurate than others.
Banks ramp up push for home-equity lines (4/6/2016)
Lenders are again touting cash-out refinances and home-equity lines of credit that allow homeowners to tap into their home equity when they need extra cash.
Study: College debt delays homeownership (4/6/2016)
A Fed study found that for every 10% increase in student loan debt, the probability that a first-time buyer would apply for a mortgage went down by 1%.
Fannie Mae debuts loan option for ‘green’ retrofits (4/1/2016)
Buyers who want green home options, such as solar panels, can now buy a non-green home, upgrade it and roll the installation cost into their mortgage.
5 uncommon ways to come up with a downpayment (3/30/2016)
Many people put a little money away each month toward a downpayment on a home “some day,” but additional options may help get them there faster.
Mortgage giants to reduce loan balances (3/24/2016)
About 50,000 struggling homeowners could be eligible to have their mortgage balances reduced under a new plan from Fannie Mae and Freddie Mac.
Do buyers like the new mortgage disclosure rules? (3/16/2016)
A survey of people who bought two homes – before and after the new TRID rules went into effect – found the process easier to understand but tougher to complete.
The online mortgage has finally arrived (3/7/2016)
A number of lenders now allow borrowers to apply for a loan, submit documents and track their mortgage without any human face-to-face contact.
Wells Fargo program offers downpayment help (3/2/2016)
The NeighborWorks-Wells Fargo downpayment-aid program offers help in 40 U.S. metros, including four in Fla.: Jacksonville, Miami, Orlando and Tampa.
Home loan caps could go away for veterans (3/2/2016)
VA loans are capped based on market area, but that could change as Congress considers updates to the federally backed, zero-downpayment mortgage program for veterans.
Google to end its mortgage tool in March (2/25/2016)
The Compare service offered to help consumers track down a mortgage, but Google said it wasn’t as successful as hoped – or as profitable.
BofA’s newest mortgage: 3% down, no PMI, no FHA (2/23/2016)
The new “marketplace alternative” loan that doesn’t require private mortgage insurance should attract traditional FHA borrowers, Bank of America says.
FHA steals Fannie’s thunder on low downpayment loans (2/22/2016)
Fannie Mae introduced a 3% downpayment mortgage as a way to attract first-time buyers, but FHA’s 3.5% downpayment mortgage still dominates the market.
Florida has 231 programs that help low-income buyers (2/19/2016)
Down Payment Resource says 113 agencies administer those 231 programs, and 94.4% currently have funds available to help prospective homebuyers.
It took longer to close in January (2/19/2016)
The average time in Jan. climbed to 50 total days – four days more since the “Know Before You Owe” mortgage disclosure rules took effect in Oct.
Banks start to ease 20% downpayment for jumbo loans (2/17/2016)
20% downpayments for a jumbo loan became an industry standard after the bust, but now lenders are starting to approve ones with 10% down – and sometimes less.
Reverse mortgages a good option for certain buyers (2/15/2016)
Low-income retirees with cash from a previous home sale may be able to use a reverse mortgage that allows them to avoid any monthly mortgage payments.
Lending disclosures delay 1 in 10 transactions (2/15/2016)
However, the disclosures, which went into effect last Oct., have derailed only 1% of transactions, according to a Realtor survey released by NAR.
Renovation mortgages a good fit for some buyers (2/9/2016)
Mortgages such as FHA’s 203K and Fannie Mae’s HomeStyle allow buyers to land a good deal on a fixer-upper and remodel it to fit their personal taste.
Bill to expand homeownership passes House (2/3/2016)
The NAR-supported H.R. 3700 bill eases some rules, including FHA condo loan restrictions, to help more buyers qualify for housing. It now goes to the Senate.
Home affordability still high – but for how long? (2/3/2016)
Housing is still affordable in most U.S. cities, but a report claims that could change within two years if home values keep rising at the current rate.
Subprime loans are back – but with changes (2/3/2016)
Credit firm Equifax says the number of subprime loans – borrowers have a 620 or below credit score – is rising. But lenders today focus more on ability to repay.
1 extra week for new mortgage disclosure closings (1/20/2016)
What was the impact of Oct. 3 mortgage disclosure changes? New home closings take about an extra week, according to Ellie Mae’s monthly report.
Fannie, Freddie 3% loans not very popular (12/17/2015)
Not many buyers take advantage of the low downpayment loans Fannie Mae and Freddie Mac debuted about a year ago – most still prefer FHA programs.
FHA: Loan limits won’t change in 2016 (12/10/2015)
The conforming loan range for buyers seeking a Federal Housing Administration (FHA) loan remains the same in 2016, but selected metros will see an increase.
Most mortgage loan limits stay the same in 2016 (12/2/2015)
The ceiling for conventional loans will remain at $417K next year for most U.S. metros, though a few that already have higher limits (none in Fla.) will see an increase.
New mortgage rules: A ‘Y2K’ panic that didn’t happen (12/1/2015)
Mortgage lenders and real estate agents worried that new Oct. 3 TRID rules would prolong closings and delay home sales. But overall, that hasn’t happened.
Quicken rolls out DIY mortgage applications (12/1/2015)
Quicken Loans announced a new move for the mortgage business: The self-service mortgage application. Some reports say it’s “as easy as ordering a pizza.”
FHA didn’t ease all condo financing rules (11/30/2015)
While recently announced FHA condo changes will help more buyers, challenges remain, such as the loss of spot loans and some still-rigid FHA regulations.