Report: Buyers are putting more money down (11/24/2015)
LendingTree: The average downpayment on 30-year loans in 3Q 2015 was $48,924, up from $44,204 the previous quarter; and it’s 1.34% higher than a year ago.
Is saving for a home downpayment a priority? (11/23/2015)
Freddie Mac survey: Only 39% of U.S. renters think so, while 59% prioritize saving money for an emergency, and 51% save for retirement.
Avg. downpayments rise with tighter inventory (11/19/2015)
LendingTree: Downpayments for conventional 30-year FRMs rose slightly in 3Q to 17.63%, up from 17.34% quarter to quarter and 16.29% year-to-year.
FHA loans back on solid ground (11/17/2015)
The fed-backed mortgage program hasn’t had enough capital to meet congressional mandates since 2008 – but that officially changed yesterday.
Market moving OK under new mortgage disclosure rules (11/16/2015)
A panel discussing the new RESPA-TILA mortgage disclosure rules that went into effect on Oct. 3 said they’ve seen few “closing delays and other harmful effects” so far.
HUD eases FHA condo financing rules (11/13/2015)
The change, effective immediately, should qualify more condo complexes under FHA. That, in turn, will give more buyers access to FHA low-downpayment loans.
More homebuyers bypass banks for loans (11/9/2015)
Banks are losing some of their mortgage traction: In 2014, almost half (47%) of all mortgage loans were originated by non-banks, compared to 43% in 2013.
Fannie posts 3Q $2B profit, paying $2.2B dividend (11/5/2015)
Since being bailed out during the real estate crisis, Fannie Mae has paid back its loan and more. Freddie Mac, however, reported a loss in the third quarter.
Too many potential buyers think they won’t qualify (11/4/2015)
Most people don’t know that they can buy a home with only 3% down, Freddie says. It hopes faith-based groups and nonprofits will help spread that message.
Market keeps getting better for homebuyers (11/3/2015)
Banks continue to loan mortgage money to buyers with less-than-perfect credit. In Sept., the average approved credit score was 723 – its lowest level since 2011.
Fannie and Freddie fund mortgages. Why change them? (11/3/2015)
Pro: The mortgage giants pump trillions of dollars into housing. Con: They’re too big to fail – and taxpayers could be on the hook if the economy stumbles again.
Downpayments: Dip into stocks or ask Mom and Dad? (11/2/2015)
It’s tough to save enough money for a first home, and many buyers wonder if pulling money out of stocks is smart – or asking for a loan from their parents.
56 House members protest FHA condo finance rules (10/29/2015)
The lawmakers disagree with the FHA’s “significant restrictions” imposed on condo mortgage financing that make most of them ineligible for FHA loans.
More buyers qualify for subprime loans (10/22/2015)
A “subprime loan” today simply means borrowers have a credit score below 620. But with 4.6% of loans now subprime, it suggests more lenders are willing to take a chance.
Homebuyers dealing with longer timelines, costs (10/19/2015)
Buyers are starting to see higher mortgage fees as lenders try to recoup their development costs behind the new mortgage disclosure rules.
Study: Most buyers fail to shop for a mortgage (10/14/2015)
LendingTree survey: While most Americans seek bargains for little purchases, up to 80% don’t comparison shop for a mortgage or other major acquisition.
New rules to help lower- and moderate-income applicants qualify for mortgages (10/14/2015)
A new Fannie Mae mortgage rule makes it easier for multi-generation families to buy a home because it also considers the salaries of the non-buying relatives.
Bad credit? You still might get a mortgage (10/7/2015)
Buyers with a credit score below 620 may still qualify for a mortgage, but it takes preparation, a reasonable debt-to-income ratio and an FHA loan.
Study: Tighter mortgage rules haven’t hurt (9/24/2015)
In Jan. 2014, U.S. law made it harder to get approved for a mortgage. But a Fed study finds that the change had little overall impact on the real estate market.
Banking giant grows more cautious about FHA Loans (9/23/2015)
JPMorgan Chase says it will originate fewer FHA loans because they require only a 520 FICO score and 3.5% downpayment, and “that’s subprime lending.”
Low credit scores no longer a deal killer (9/23/2015)
Equifax, a credit-score company, says a gradually increasing number of mortgages are being approved for buyers with subprime credit scores.
U.S. consumer bureau lists mortgage complaints (9/22/2015)
The consumer watchdog says mortgage complaints continue to top its list. They include problems with foreclosures, transferred loans and specific lender issues.
What should homebuyers know about Oct. 3 changes? (9/18/2015)
The closing process changes in 2 weeks, and buyers will face updated disclosures and new rules. A just-released CFPB toolkit can help get them up to speed.
FHA tighter lending rules may hit first-time buyers (9/17/2015)
The go-to lender for many buyers now includes deferred student loan payments in approval calculations, and looks closer at downpayment gifts and job changes.
Wells Fargo mortgage goal: $125B to Hispanic buyers (9/15/2015)
Hispanic real estate pros say access to credit is the biggest ownership barrier, and Wells Fargo’s commitment could help 500,000 become homeowners.
Mortgage Bankers explain Oct. 3 TRID changes (9/11/2015)
What do lenders want you and clients to know about the Truth in Lending (TRID) rules that kick off in three weeks? MBA created informational brochures.
NAR survey: Realtors plan to extend closing dates (9/2/2015)
The pace of a real estate transactions changes on Oct. 3 when new mortgage disclosures go into effect, and many Realtors plan to extend contract closing dates.
Lenders: FHA has an edge in the quest for new buyers (9/2/2015)
Reduced FHA fees get credit for boosting the number of loans, and some experts think they’ll also boost the number of first-time and low-credit-score buyers.
Credit unions gaining ground with buyers (8/24/2015)
A TransUnion study found that more and more buyers are turning their backs on traditional banks and opting to get a mortgage from their credit union.
Survey: Which lenders are best for buyers? (8/17/2015)
LendingTree, which represents more than 350 lenders, asked buyers about rates, fees, closing costs, customer service and more. It then created a top 10 list.
Fewer options for home equity loans (8/17/2015)
TILA-RESPA changes coming Oct. 3 could lessen home equity loans that must also comply with new rules. BofA and Wells Fargo discontinued some already.
Economist: It’s not easier to get a mortgage (8/11/2015)
Realtor.com’s chief economist says lower downpayments make it easier to qualify if you have good credit, but riskier borrowers still can’t get OK’d for a loan.
CFPB wants quick transition to electronic closings (8/10/2015)
The U.S. watchdog agency says its pilot program found that consumers benefit from no-paper closings, and it’s pushing lenders to quickly adapt to the technology.
FHA to watchdog: Downpayment programs not a scam (8/5/2015)
Lenders are monitoring the fallout from a fed watchdog report that claims affordable downpayment programs tied to higher mortgage rates break federal law.
Lenders spend too much time with at-risk borrowers? (7/30/2015)
A J.D. Power study ranked customer satisfaction with mortgage firms. It found many spend too much time on risky borrowers and too little on reliable ones.
FHA fee cut attracts more first-time buyers (7/29/2015)
In 2Q, FHA loans backed 23% of financed home purchases compared to 19% one year earlier. The savings, which average $900 per year, appeal to first-timers.
CFPB stops mortgage firms that suggest U.S. backing (7/29/2015)
Three companies that offer reverse mortgages, “pay your mortgage quicker” services and more went too far and implied federal backing, the consumer bureau alleges.
Senate would fund transportation with mortgage fees (7/27/2015)
Guarantee fees (g-fees) on mortgages offset U.S. costs to back conforming loans, but a Senate bill would use the fees to pay for large transportation projects.
CFPB regulation could mothball 30-day rate locks (7/16/2015)
Tighter closing regulations effective Oct. 3 could increase the time between contract signing and closing, at least at first, and make 30-day rate locks unworkable.
Credit-risky buyers now have more options (7/7/2015)
In healthy rebounds, a few lenders will lower credit standards to attract more business, and some now consider buyers who recently went through a foreclosure.
USDA mortgage program fees to increase Oct. 1 (7/7/2015)
The USDA’s Rural Housing Service will raise the cost of home-loan guarantees in some areas where borrowers don’t need a downpayment, Bloomberg reports.
More owners turn to HELOCs to spruce up home (7/1/2015)
BMO survey: Home equity loans or lines of credit are back. One in four owners have one, though 55% of those owners have only used it once.
New Aug. 1 disclosure rules postponed until Oct. 1 (6/18/2015)
CFPB announced the change yesterday, noting that the postponement doesn’t cancel the previously announced enforcement buffer period for “good faith” compliance.
Lenders sniffing out borrowers’ ‘white lies’ (6/15/2015)
A loan applicant who says he’ll live in a home – but has no plans to do so – commits fraud. Since those loans are riskier, lenders are digging deeper for the truth.
RealtyTrac: Average downpayment at three-year low (6/4/2015)
U.S. buyers, on average, made a 14.8% home downpayment in the first quarter, a drop from 15.2% in the previous quarter and 15.5% one year earlier.
Non-banks entities are lending more mortgage money (6/1/2015)
A Harvard study finds that non-bank lenders originated 27% of all mortgage loans in 2012 but 48% in 2014 following “unprecedented and drastic growth.”