Mortgage Industry News
FICO Rolls Out Tool to Simulate Credit Score Impacts
The tool can run credit event scenarios from an applicant’s credit report data and determine the potential impact to that individual’s actual FICO Score. Continue Reading FICO Rolls Out Tool to Simulate Credit Score Impacts
Mortgage Rates Are Climbing Again
The 30-year fixed-rate mortgage averaged 6.54% as of Oct. 24, up from last week when it averaged 6.44%. Continue Reading Mortgage Rates Are Climbing Again
Mortgage Rates End 2023 in a Downward Spiral
“The rapid descent of mortgage rates over the last two months stabilized a bit this week, but rates continue to trend down,” said Sam Khater, Freddie Mac’s chief economist. Continue Reading Mortgage Rates End 2023 in a Downward Spiral
Former NASA Employee and Husband Charged in Mortgage Fraud Scheme
If convicted, they face up to five years in federal prison and a possible $250,000 maximum fine in addition to the possible forfeiture of their luxury home. Continue Reading Former NASA Employee and Husband Charged in Mortgage Fraud Scheme
Mortgage Rates Fall Further Away From 7%
The 30-year fixed-rate mortgage averaged 6.67% as of Dec. 21, down from last week when it averaged 6.95% Continue Reading Mortgage Rates Fall Further Away From 7%
Loan Modifications Affect the Mortgage Ecosystem
Source: Scotsman Guide --- The Consumer Financial Protection Bureau (CFPB) has been closely monitoring the loan default situation and is taking various steps in a bid to prevent a wave of foreclosures that could result from borrowers exiting their mortgage forbearance...
Redfin Survey: One-Third of Millennial Homebuyers Are Using Extra Savings From the Pandemic for Their Down Payment
Source: Redfin --- Private outdoor space is the number one feature buyers are looking for this year. Rising prices are the top concern, reflecting America’s hot housing market, with price growth hitting double digits every month this year. For nearly one-third (31%)...
Why You Should Not Pay Off Your Mortgage
Source: Forbes --- I’ve been investing in real estate for over 15 years, but at the beginning, like most people, I immediately began trying to pay off my mortgage, figuring the quicker I got rid of the debt, the better. Then, I finally realized something that has...
First-Time Homebuyer Loans & Programs
Source: Point2Homes --- Buying a home might seem simple, but there’s actually a lot more involved than you might initially think. For instance, in addition to a variety of new terms to understand, there’s also paperwork to complete and fees to pay before closing on...
What is Landlord Insurance, and How Does it Work?
Source: Point 2 Homes --- What is Landlord Insurance? Landlord insurance is a policy that is specifically designed to protect owners of rental properties. There are different levels of coverage, but for the most part, the policy is aimed at non-owner-occupied...
Combating Wire Fraud In The Mortgage Industry
Source: Forbes --- As real estate transactions have moved online, so have scammers who hope to intercept money that's meant for down payments and funding loans. According to the FBI's 2020 Internet Crime Report, nearly 14,000 people fell victim to real estate/rental...
Buying vs. Renting — How the 5% Rule Can Help You Decide
Source: Point 2 Homes--- The 5% rule was coined by Canadian investment portfolio manager Ben Felix. It stems from the general consensus among potential homebuyers that if you can afford to make mortgage payments that are equal or less than what you’re paying in rent,...
Rate-Conscious Homeowners Are Repeatedly Refinancing Their Mortgages. Is Another Refi Right for You?
Source: Money --- Carlos Barros was elated when he refinanced his mortgage back in May 2020, locking in a 3.125% rate and reducing his monthly payments by about $220. Unfortunately, the feeling didn’t last long. “Just a week or so after I closed on my refinance —...
Senators reintroduce bill to allow remote online notarizations
Source: Housing Wire --- Could it finally be happening? Senators Mark Warner (D-Va.) and Kevin Cramer (R-N.D.) have reintroduced federal legislation that would allow remote online legislation (RON) nationwide. Dubbed the Securing and Enabling Commerce Using Remote...
The curious case of the enduring sub-3% mortgage rate
Source: Housing Wire --- Historically low mortgage rates had their moment in the sun in 2020. They rested far below 3% for months before America’s economic rebound pushed them back up in the winter of 2021. But data released on Thursday from Freddie Mac showed that...
