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.
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.
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.”
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.
Average rate on 30-year mortgage rises to 3.91% (9/18/2015)
However, the weekly survey ended before Thursday’s Fed announcement not to raise interest rates yet, which could impact the short-term direction of FRMs.
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.
Rate on 30-year mortgage inches up to 3.9% (9/11/2015)
FRMs moved a bit higher this week as the mortgage industry waits to see if the Federal Reserve raises short-term interest rates at its meeting next week.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.