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Desperate for deals, mortgage pros get creative

Housing Wire

Roberts and thousands of other loan officers across the country continue to be hampered by a serious inventory shortage , which results in heavy competition for fewer deals. Niche loans consist of about 5% of Parkinson’s business. “It’s There are also advantages to working with buyers in a less competitive marketplace.

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Building the next generation of tech: Three ways to digitize home lending

Housing Wire

At each stage of the buying process, there are multiple siloed transactions, from appraisals, inspections and settlements to mortgage payments and homeowners’ insurance. Digitalization in the home lending industry does not always require companies to entirely invent new technology solutions. However, it’s important.

Lending 336
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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. Brown anticipates more consolidation in the industry on the mortgage production side, as “there’s less than one loan being done by a loan officer per month on average,” he said.

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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

VA loans offer a 100% financing option for qualifying military service members and veterans, and don’t require mortgage insurance. Mortgage professionals voiced their concerns of the potential ripple effects that might have on those cash-strapped buyers, depending on the results of the commission lawsuits.

Agents 448
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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 based think tank Urban Institute to hear their takes. In March, FHA Commissioner Julia Gordon made it a little cheaper.

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Housing industry continues to shed employees in economic downturn

Housing Wire

This week, American Financing Corporation reduced employee headcount by almost two thirds and power buyer Homeward slashed 25% of its workforce as the companies faced headwinds. This white paper will examine the growing importance of modernization in the mortgage lending industry. And don’t expect the layoffs to stop anytime soon.

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FHA borrowers are getting hammered by rising rates

Housing Wire

Over 80% percent of FHA purchasers are first-time homebuyers, and borrowers of color obtained over 40% of FHA loans last year, according to HUD. The FHA also insured more than twice as many loans to Black and Hispanic borrowers last year as the rest of the mortgage market combined.

Insurance 368