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New American Funding onboards top Chicago loan officer 

Housing Wire

New American Funding (NAF) has snagged top Chicago loan officer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.

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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. You should be finding buyers before real estate agents anyway.”

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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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How the buyer commission lawsuits could upend the relationship between agents and LOs

Housing Wire

But three multibillion-dollar class action antitrust lawsuits looming over the real estate industry may soon reshape how buyers interact with agents. You’ve got current economic conditions that are not opportunistic for a homebuyer right now, inflation is still out there and it’s all constraining buyers’ ability to spend. “You’ve

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Top LO Tim Potempa joins E Mortgage Capital

Housing Wire

loan officer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital , bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California. ” According to Scotsman Guide , Potempa was the No. million. .

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Patton Gade, top LO for VA loans, heads to UMortgage

Housing Wire

Patton Gade, the top producing loan officer for VA home loans in the U.S. Military Academy at West Point, will continue to originate loans and hold the national director of military lending position at UMortgage. He’ll join forces with fellow veteran loan originator Jay Bunte in the brokerage firm. .

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Reverse purchase financing: The financing option no one is talking about

Housing Wire

1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade. This cohort accounted for 1,950,000 properties — equating to 39% of total homes purchased! Yet staggeringly few are aware of its existence.

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