First-time buyers grab a bigger share of the real estate market (6/25/2015)
Recent survey found first-time buyers accounted for nearly 39% percent of home purchases in May – highest since Aug. 2010.
When an elder loses a home (6/24/2015)
Elder financial abuse cases often involve poor decisions, declining mental health and other issues. But the stark results can include homelessness.
Rising mortgage rates pushing homebuyers to action (6/22/2015)
The Fed likely will raise interest rates later this year, but some analysts say rising household incomes from a stronger job market will offset higher loan rates.
HUD taking steps to increase FHA lending (6/19/2015)
When deciding whether to approve a borrower’s application, FHA looks at “loan defect codes” – but it’s paring those defect codes down from 99 to nine.
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.
U.S. regulators limit mortgage business for 6 banks (6/18/2015)
JPMorgan Chase, Wells Fargo, U.S. Bank, HSBC, Santander and EverBank haven’t fully complied with mortgage regulations, says a Treasury Dept. office.
New policy: Reverse mortgage spouses keep the house (6/17/2015)
Consumer advocates praised a new federal policy adjustment to the reverse mortgage program that allows surviving spouses to remain after a borrower’s death.
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.
Report: 1 in 4 1Q mortgages had less than 3% down (6/8/2015)
Even in retirement-heavy SW Fla., buyers, on average, brought less cash to the closing table: In Collier County, it fell to $97,674 from $107,424 a year earlier.
Fed agency issues warning about reverse mortgage ads (6/5/2015)
“The Fonz” and ex-senator Fred Thompson tout their benefits, but CFPB says TV ads mislead: Reverse mortgages aren’t a gov’t benefit and owners can’t stay forever.
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.”
U.S. House considers changes to rural housing loans (5/20/2015)
Congress is studying Rural Housing loans and program overlaps with other U.S. products, such as FHA. NAR says private lenders should be able to approve loans.
Study: Student loans don’t hinder mortgages (5/19/2015)
A TransUnion study contradicts earlier reports that heavy student loan debt makes it impossible for younger adults to qualify for a mortgage.
Fla. cities rank at top for new-purchase loans (5/14/2015)
RealtyTrac: U.S. home purchase mortgages (not refis) dropped 25% quarter-to-quarter, but many Fla. cities saw an increase – in one case as high as 72%.
Mortgage borrowers find it a bit easier to qualify (5/13/2015)
An index that ranks the ease of mortgage qualifying reached its highest point in four years in April – but it’s still well below a 2006 peak.
CFPB sues lender over mortgage overcharges (5/12/2015)
The nation’s consumer watchdog filed a lawsuit against a company that claims it helps homeowners pay off a mortgage faster by making biweekly payments.
Changes coming this summer to FHA loan program (4/30/2015)
Some borrowers may find it more challenging. Lenders will soon consider all student loan debt, for example, and document more donor info for downpayment gifts.
Study: What do Realtors really want from lenders? (4/23/2015)
Inman study asked why real estate pros recommend a particular lender, what types of lenders do they prefer, and what behavior puts a lender in the penalty box?
Reverse mortgage rules to get stricter (4/20/2015)
Recession-era home values fell, and reverse mortgage lenders, notably FHA, lost a lot of money. As a result, the bar for applications rises on April 27.
Will lenders take foreclosed owners back? (4/13/2015)
On paper, many foreclosed owners can again qualify for a home. However, some larger lenders hurt during the recession aren’t yet willing to take a chance.
Expect closing problems around Aug. 1 change date (4/13/2015)
For title companies and lenders, the mortgage system changes radically Aug. 1, and it will take time to adjust. Be prepared for unexpected problems this summer.
Study: Tight credit nixed about 4 million homebuyers (4/8/2015)
A lack of available credit hindered the real estate rebound, according to the Urban Institute, with its strongest impact on African Americans and Hispanics.
$1B foreclosure prevention program strategy shift (4/7/2015)
Some first-time buyers could receive up to $15K toward a downpayment under a proposed rule change covering the way Fla. doles out money from its Hardest Hit Fund.
CFPB’s 26-page ‘toolkit’ explains Aug. 1 changes (4/1/2015)
The federal consumer agency will change the mortgage process starting in Aug, and their new step-by-step guide explains how the new process will work.
Why aren’t more potential sellers selling? (3/31/2015)
Many move-up buyers still don’t have enough equity in their current home for a downpayment on a new property. In Fla., it impacts one in four homeowners.
Most millennials don’t understand closing costs (3/26/2015)
Survey: Two out of three younger adults don’t understand closing costs – and many don’t even know they even exist. Among all adults, it’s one out of three.
Freddie’s 3% downpayments start next week (3/19/2015)
It will get easier for some buyers to qualify for a mortgage starting Monday when Freddie Mac lowers its minimum to 3%, a move Fannie Mae took in Dec.
Downpayments in Fla. vary by county (3/18/2015)
RealtyTrac: In Sumter County, the average downpayment for a home in 2014 was less than 4%; in Dixie County it was 27%.
Mortgage docs locked in stone 3 days before closing (3/16/2015)
On Aug. 1, new mortgage rules kick in. One of the biggest impacting Realtors: Buyers will get docs three days before closing, and any change will cause a delay.
Buyers may find mortgages easier to get (2/25/2015)
Note to buyers: If a mortgage lender turned you down last year, try again. MBA survey finds looser requirements for credit scores, downpayments and other terms.
FHFA hints at aid for underwater owners (2/10/2015)
In the past, the agency has refused to consider reducing the principal on underwater properties. Nationwide, about 5.1M homeowners had negative equity in 3Q 2014.
87% of buyers qualify for some downpayment help (2/4/2015)
RealtyTrac: Every Fla. county has at least 10 downpayment assistance programs, and some have more than 20. In most Fla. counties, 84% to 97% of buyers qualify.
FHFA defends lower downpayments (1/29/2015)
The agency approved 3% downpayments on conforming mortgages, but critics say it could lead to another real estate meltdown. FHFA explains why it won’t.
The return of the 3% downpayment (1/26/2015)
An increased number of lenders have reduced downpayment requirements and/or mortgage fees; as a result, more buyers may now qualify for a home loan.
No further FHA fee reductions under consideration (1/19/2015)
According to HUD Secretary Julian Castro, buyers shouldn’t wait to see if FHA mortgages get cheaper – there won’t be additional reductions anytime soon.
Buyers turning to credit unions for mortgages (1/19/2015)
Credit unions have quadrupled market share since 2006. Navy Federal Credit Union, which serves military families, had generated almost $20M as of Sept.
Many buyers don’t comparison shop for a mortgage (1/13/2015)
CFPB study: While buyers spend a lot of time home shopping, almost half spend little time comparing mortgage products to find the best loan deal.
Lower FHA rates should be available later this month (1/9/2015)
FHA says it will first issue a mortgagee letter that explains the new rules to lenders, and the lower-cost loans should be offered to buyers by late January.
Interest-only loans return: Is that good or bad? (1/9/2015)
Mortgages that allow buyers to avoid principal payments for a while work only if home values rise. But new rules have eased fears over the meltdown-related loans.
3% down mortgages roll out at breakneck speed (1/5/2015)
A number of 3%-down mortgages have already hit the market. With fewer gray areas, the new Fed rules make it easier for lenders to make underwriting decisions.