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Housing Market Tracker: Spring inventory falls

Housing Wire

Just when I thought it was safe to say we were getting more traditional spring housing inventory , we hit a snag last week, as active inventory and new listings declined. Weekly housing inventory The numbers this week are unfortunate: inventory should be growing like it does at this time every year.

Inventory 482
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FHA does a solid for mortgage credit rejects. Will it move the needle for loan officers?

Housing Wire

Department of Housing and Urban Development ( HUD ) called FHA Connection, a database used to insure and generate FHA case numbers associated with the borrower’s home loan application. When the borrower is denied for an FHA mortgage loan, an MCR report had to be created for that denial.

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DataDigest: What happens when insurance carriers abandon America’s biggest housing markets

Housing Wire

When clients find their dream house and are ready to make an offer, Todd Armstrong’s next call isn’t necessarily to the seller’s agent or the buyer’s loan officer. “We Tight inventory and soaring home prices have pushed more homebuyers to more affordable areas in California. Insurance policies for homeowners are skyrocketing.

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How loan originators survived a cutthroat mortgage business in 2023

Housing Wire

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.

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How Reverse for Purchase can help baby boomer borrowers

Housing Wire

If we then look at data from the Federal Housing Administration (FHA), there were 2,063 Home Equity Conversion Mortgage (HECM) for Purchase loans endorsed in 2022 — less than 1/10th of 1% of homes sold last year. Few loan officers make the purchase product a main part of their business.

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Don’t expect a drastic housing market turnaround in 2023, Fitch Ratings says

Housing Wire

Builders feel more confident in the market, housing inventory data is positive and buyer demand for mortgages has increased — but don’t be fooled. Mortgage rates are now at their lowest level since September 2022, and are about a percentage point below the peak mortgage rate last fall, according to the Mortgage Bankers Association.

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FHA or conventional? After LLPA tweaks, the calculus changes for some

Housing Wire

Are low-FICO, first-time homebuyers better off with a conventional mortgage and reduced LLPA fees, or an FHA loan with none at all? We spoke to multiple loan officers and Washington, D.C.-based In 2022, only 7.6% of purchase loans that Fannie Mae closed were above 95% LTV, according to the Urban Institute.