Mortgage Industry News
PennyMac Correspondent Group to Launch Non-QM Products
Pennymac intends to retain servicing on all non-QM products. Continue Reading PennyMac Correspondent Group to Launch Non-QM Products
Mortgage Originations Up 19% During Q2
A total of 689,217 refinance loans were issued in the second quarter, up 16.4% from the prior quarter. Continue Reading Mortgage Originations Up 19% During Q2
Mortgage Application Activity and Forbearance Levels Go in Decline
The MBA reported the total number of loans now in forbearance decreased to 0.40% as of Jan. 31. Continue Reading Mortgage Application Activity and Forbearance Levels Go in Decline
Rocket Mortgage Debuts Program Offering Closing Cost Credits to Renters
Homebuyers with a Rocket mortgage earn 10% back on the last 12 months of rental payments Continue Reading Rocket Mortgage Debuts Program Offering Closing Cost Credits to Renters
Mortgage Rates in Further Decline
The 30-year fixed-rate mortgage averaged 6.87% as of Feb. 13. Continue Reading Mortgage Rates in Further Decline
Bank of America aims mortgages, CRE loans at women and minorities
Source: American Banker --- Two new Bank of America lending programs seek to promote homeownership among minority borrowers as well as incentivize economic development in disadvantaged communities. One is a pilot program that would offer mortgages to Black and...
Reverse mortgages: Pros and cons explained
Source: CBS News --- Are you looking for ways to increase your cash flow in retirement? If you own your home (or most of it), a reverse mortgage may be able to help. It can eliminate your existing mortgage payment and generate a regular source of income. However,...
The Real Impact Of A Housing Market Recession
Source: Forbes --- Key Takeaways: A housing market recession occurs when home sales decline for six months straight, which officially happened in July 2022. Two main forces are driving the housing market recession: increasing interest rates and increasing construction...
How long must my husband be in his new job for us to get a mortgage?
Source: The Guardian --- Q I know every lender is different but how long does my husband need to be in his new job before we can apply for a mortgage? We only need a £50,000 mortgage as we are buying my childhood home from my parents. How do we go about us buying it...
Bankers’ Hours column: Changes coming to the housing market
Source: Post Independent --- This is an issue we revisit periodically, because everybody else does. The question is regularly raised, “With stratospherically spiking home prices, and so called ‘Non-QM (Nonqualifying mortgages, meaning not conforming to Fannie Mae or...
Mortgage rates will fall to 4.5% in 2023? That’s the estimate from Fannie Mae. Here’s what that means for homebuyers
Source: CNBC --- Mortgage rates are projected to decline next year — but that doesn’t mean prospective homebuyers should necessarily delay a purchase for the prospect of lower financing costs. The rate on a 30-year fixed mortgage will fall to an average 4.5% in 2023,...
What Is a Lis Pendens?
Source: Investopedia --- What Is a Lis Pendens? A lis pendens is an official notice to the public that a lawsuit involving a claim on a property has been filed. Lis pendens is connected to the concept that a property buyer must assume any litigation that exists...
How Hard is It for Self-Employed People to Get a Mortgage?
Source: Yahoo Finance --- Many people dream of being their own boss. And with good reason –multiple studies link self-employment with higher job satisfaction and enhanced physical wellbeing. As of July 2022, 16.4 million out of 158.1 million Americans were...
What are mortgage points and how can you buy them?
Source: CBS News --- Shopping around for a mortgage can be more than a little confusing. With all the variables to consider and industry lingo to learn, it's almost like the home buying process was designed to leave you scratching your head. Like with any complicated...
How to cut the biggest bill of them all . . . your mortgage
Source: The Guardian --- Spiralling energy, food and petrol prices, amid warnings of a recession, mean most households will be thinking about how to keep other costs as low as possible. So what should homeowners do about their biggest monthly outgoing – the mortgage?...
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