Mortgage approval should get easier, lenders say (9/19/2014)
Big lender survey: Fewer borrowers want a mortgage, and banks will probably ease their underwriting standards soon if they want to add new business.
New lending disclosures need work, groups say (9/18/2014)
NAR and other groups sent a letter to a fed agency noting some problems with the scheduled 2015 update to the Truth in Lending/RESPA disclosure.
Once-troubled reverse mortgages poised for rebound (9/16/2014)
Analysts expect strong growth in Sun Belt states, such as Fla., but regulators hope to cut back on historically high default rates that cost the gov’t billions.
Fannie: Minimum wait times shorter after foreclosure (9/11/2014)
Fannie Mae nixed loan-to-value (LTV) requirements. All applications will soon have a four-year waiting period – two years with extenuating circumstances.
Are the banks causing a housing slowdown? (9/10/2014)
It’s hard for someone without pristine credit to get a mortgage these days. Banks say they’re afraid to fund lower-score loans because of tighter federal laws.
FHA to eliminate ‘post-payment’ interest charges (9/3/2014)
A FHA-borrowers’ push to close near the end of the month may end because FHA will stop charging them a full-month’s interest when they close earlier.
Gov’t partnership to lower mortgages of military (8/29/2014)
Five big big banks agreed to help active-duty troops understand a 2003 law’s rules that allow them to have mortgage rates and some other debt fees capped at 6%.
FHA to eliminate “post payment” interest charges (8/27/2014)
Rule effective for FHA mortgages closed on or after Jan. 15, 2015. Agency will also ensure that borrowers with ARMs receive earlier notice of rate changes.
Boomerang buyers head back into the market (8/26/2014)
About 10% of this year’s buyers will be owners that had a foreclosure or short sale between 2007 and 2013 – a percentage that could rise over the next few years.
USDA/rural housing maps change Oct. 1 (8/19/2014)
The size of qualified rural areas will generally get smaller. Buyers can check a home’s future status online and take action soon if a home will lose eligibility.
Amerisave on the hook for alleged mortgage scheme (8/18/2014)
A mortgage company with offices in Fla. was ordered to pay $19.3M for allegedly running a bait-and-switch lending scheme that advertised low interest rates.
Banks lend record number of million-dollar mortgages (8/14/2014)
Upscale homebuyers – those seeking mortgages greater than $1 million – are getting loans, but that easing of credit hasn’t trickled down to first-time buyers.
Cash home sales hit four-year low (8/14/2014)
CoreLogic: 34.4% of May home sales were cash transactions – the lowest pace in four years. Cash sales were 37.4% one year earlier and 36.9% in April.
Realtor.com adds instant pre-approval tool (7/30/2014)
Buyers on realtor.com can now check a box on a property listing page to request loan pre-approval from a lender. A self-estimated FICO score starts the process.
As FHA fees go up, the number of deals goes down (7/29/2014)
NAR: Up to 250,000 home sales failed to close due to higher FHA fees, and most lenders said it’s even higher, since some people don’t even bother to apply.
Buyers may have more luck with a large lender (7/28/2014)
Mortgage executives say that some lenders are tightening standards more than others. Only the nation’s larger lenders say they’re easing access to credit.
‘Seller-assisted financing’ makes a comeback (7/28/2014)
As home sales slow in some markets, some sellers may again consider hooking potential buyers by offering to lower their mortgage rate.
Housing buoyed by 20-year high for vets’ loans (7/23/2014)
Seeking a new market niche? U.S. troops’ withdrawal from war zones means many are coming home and ready to buy. VA home loans rose 19% in 2013.
JPMorgan threatens to stop FHA loans (7/23/2014)
The bank’s CEO wants clearer rules for underwriting requirements since it paid over $600M in federal fines for originating FHA loans later found to be flawed.
More Dodd-Frank financial rules coming soon (7/21/2014)
Only about 44% of the rules are finalized or close to it as the SEC loses some court battles. In a survey, most Americans say they welcome more rules.
Fed agency eases rules for inherited homes (7/17/2014)
The ability-to-repay rule for mortgage decisions no longer applies to some sales that involve family members, such as a death, divorce or living trust sales.
New PMI requirements could burden homebuyers (7/15/2014)
A tighter post-recession rule proposed by the FHFA to make private mortgage insurance safer could also make PMI more expensive or harder to secure.
First-time buyers: Take a class, save on your loan (7/7/2014)
An FHA program coming soon will give mortgage credit to first-time buyers willing to take a homeownership class.
Rental payment histories may count in credit scores (7/2/2014)
Two of three big credit agencies, Experian and TransUnion, may soon include on-time rent payments in their credit scores. But renters have other options too.
FHA’s HAWK program a good start but not enough (7/1/2014)
NAR: Homeowners Armed with Knowledge (HAWK) helps first-time buyers who willingly attend classes, but FHA’s fees and mortgage insurance are still too high.
Mortgage preapprovals make comeback in hot markets (6/23/2014)
A preapproval, which includes a credit check, carries more weight than a pre-qualification, and some smaller lenders now offer them to get a competitive edge.
The one expense homebuyers underestimate (6/11/2014)
TD Bank: 65% of homeowners with private mortgage insurance say the added cost of PMI meant a higher monthly mortgage payment than they initially expected.
E-mortgages will speed closings, cut costs (6/3/2014)
Fannie Mae: Electronic closings will do more than help the environment – they’ll cut about $1,100 in transaction costs and shorten the process from 52 to 30 days.
PMI isn’t just an inconvenience – it can harm buyers (6/2/2014)
Survey: 65% of buyers ended up paying more than planned when forced to take out private mortgage insurance (PMI); 40% had to cut back elsewhere.
Realtors to condo boards: Get FHA certification (5/27/2014)
Many buyers discover that they cannot get FHA financing in about 90% of U.S. complexes because the condo board has not taken steps to be certified.
HUD awards $40 million in housing counseling grants (5/23/2014)
A number of mortgage programs offer better terms to buyers willing to undergo counseling, and HUD says 31 Fla.-based agencies will receive funding.
Hopes fade for bill to end Fannie, Freddie (5/16/2014)
A bill to make Fannie and Freddie private rather than 100% government-owned appears stalled. The initiatives’ future is unclear after November elections.
FTC charges online lender website for deceptive ads (5/9/2014)
Subject to court approval, GoLoansOnline.com will pay a $225,000 civil penalty for alleging that ARMs were really FRMs and other deceptive tactics.
FHA may nix ‘antiquated’ mortgage prepayment penalty (5/8/2014)
If an FHA-mortgaged home seller closes on May 1, he still pays interest on the loan through May 31. However, that should change by early 2015.
Americans shut out of housing as FHA fees jump (5/7/2014)
FHA has more than doubled its mortgage insurance fees since 2010. Some critics, including NAR, say that has hurt homeownership, and fees should be lower.
Is that home’s commute a mortgage killer? (5/5/2014)
The distance from a listing to work can concern more than just potential homebuyers. In some cases, lenders now consider it before approving a mortgage.
Rule tweak could allow more down payment help (5/1/2014)
The U.S. tightened mortgage requirements, but a proposal could ease those rules a bit for nonprofit lenders serving lower-income homebuyers.
A top reason buyers aren’t buying? Fear of rejection (4/22/2014)
Survey: 46% of potential buyers think they won’t qualify for a mortgage, so they don’t try; and 43% incorrectly believe it’s harder now than it was a year ago.
Mortgage availability hits 3-year high (4/14/2014)
Six months ago, pundits said it would be harder to qualify for a mortgage after Jan.’s qualified mortgage (QM) rule kicked in – but maybe they were wrong.
Foreclosed owners could buy home again in 12 months (4/11/2014)
If a major event led to foreclosure, FHA’s “Back to Work” program could help buyers who can afford a mortgage payment and are willing to accept counseling.
Could that 3.5% down payment loan be overpriced? (4/9/2014)
Critics say hidden Fannie/Freddie fees are federal homebuyer surtaxes – and they’re not needed since risk is mitigated through higher mortgage insurance rates.
First look: New TILA-RESPA compliance guide (4/8/2014)
On Aug. 1, 2015, mortgage loans become easier for consumers to understand but not easier for lenders to create. U.S. consumer agency issues rules for new forms.
Realtors to FHA: Your insurance rates drive buyers away (4/3/2014)
NAR President Steve Brown reached out to the FHA in a letter. He hopes to persuade the agency to lower its annual mortgage insurance premiums.
Ellie Mae outage temporarily stalls some closings (4/3/2014)
The mortgage technology developer faced a series of outages and service disruptions that delayed loan closings on Monday and Tuesday.
More banks lower FICO score requirements (3/31/2014)
In a push to generate business, lenders are lowering credit score requirements to qualify more buyers. In Feb., Wells Fargo dropped its minimum from 640 to 600.
A new weapon for bidding wars (3/24/2014)
In some metro areas, mortgage buyers level the competition with cash buyers by getting “pre-vetted” for a loan and avoiding some contingency clauses.