Housing Wire

MAY 6, 2024

Largely hidden from view and misperceived by some to be on the lower end of the hierarchy of service providers, the position seemingly lacked the luster of the real estate agent or the panache of the loan officer. During the housing crisis of 2008, the title industry suddenly emerged from obscurity into full view.

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PennyMac

FEBRUARY 13, 2024

New FHA Mortgage: A new 30-year FHA loan for a home priced and appraised at $230,769, with a principal loan balance of $222,692 (after the buyer put a minimum of 3.5% and an approximate total loan cost of $273,543.07 (paid over 25 years). Total Loan Cost (principal +interest) $493,615.06 $273,543.07 $220,071.99

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PennyMac

JUNE 2, 2022

For example, typical annual costs include things like: Insurance. Decide Whether To Loan or Buy In Cash. Track income and expenses: the basic ones to keep your eye on are rental income, security deposits, month-to-month fees like utilities, landscape or property management fees, insurance, HOA, leasing fees, and more.

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PennyMac

JUNE 28, 2022

State laws will usually dictate who is legally responsible for overseeing the closing. An escrow account is a special account that holds money for property taxes, premiums, homeowners insurance and mortgage insurance. FHA Mortgage Insurance Premium. The current rate is 1.75% of your base loan amount.

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Housing Wire

JUNE 2, 2023

“The consent order also requires the bank to hire two new mortgage loan officers to serve its existing branches in West Philadelphia and conduct a research-based market study to help identify the needs for financial services in communities of color,” the DOJ added.

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Housing Wire

JUNE 18, 2021

On Thursday, President Joe Biden signed a bill into law, declaring June 19th, or Juneteenth, a federal holiday. Loan officers across the country initially panicked — “Will there even be wire services?” — although it looks like most financial systems are still operating. It’s “a little messy,” the Orlando loan officer said. “I

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Birmingham Appraisal

SEPTEMBER 15, 2022

Other nontraditional uses for an appraisal include valuation for insurance companies, helping sellers arrive at a market value to list their home, estate planning, and tax appeals. The bank is required by law to provide a copy of the appraisal report to the borrower.

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Appraisal Inspection Appraisal Process Real Estate Agent 91

Assurance Financial

NOVEMBER 9, 2021

In some cases, you may have to take out several loans or pay for something called private mortgage insurance (PMI). Read on to learn more about how private mortgage insurance can allow you to purchase a home, even if you don’t have enough resources to make a standard down payment. What Is Mortgage Insurance on a Home Loan?

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Insurance Mortgage Home Value Finance 41

PennyMac

APRIL 2, 2020

Your FICO score will impact which types of loans you qualify for, so getting your credit into great shape is an investment that can offer great returns. By law, you’re entitled to one free credit check per year , per reporting agency, so obtaining your current score should be the first step in the home buying process.

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PennyMac

SEPTEMBER 2, 2020

VA home loans have many well-known benefits, including low rates and the exciting combination of no down payment and no mortgage insurance. Lenders are able to offer veterans these excellent terms because VA home loans are backed by the U.S. No Private Mortgage Insurance. VA loans, due to their backing by the U.S.

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Housing Wire

APRIL 13, 2022

As a driver of the economy, housing should be bolstered by: Non-bank lending institutions to lend in lower-income areas and to minorities in the same way that CRA provides for banks Reducing government-insured and guaranteed mortgage loan fees. Increasing the overall housing supply requires reforming land-use and zoning laws.

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Insurance Construction Government Lending 373

Assurance Financial

JULY 27, 2021

You need to repay the mortgage according to the terms of the loan. Most mortgages require you to make monthly payments of principal, interest and other fees, such as private mortgage insurance (PMI). How long you need to pay for insurance depends on how long it takes you to pay off at least 20% of the home’s value.

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Mortgage Government Construction Insurance 69

Will Springer Realtor

MARCH 30, 2021

Most offers include language that would require sellers to return those funds should they either default, terminate the offer or cannot provide insurable title. The difference is that the seller can receive the fee immediately through the closing agent (escrow) and not wait for closing.

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PennyMac

NOVEMBER 29, 2022

Your loan officer or real estate agent can be a valuable resource to find some of these local assistance programs to help with your first home loan. Unlike a loan, grants are money given to you by an organization or government that won’t need to be repaid. FHA loans are offered through the Federal Housing Administration.

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Housing Wire

MARCH 29, 2022

Now the country’s signature law to stop redlining is under review. The main law policing redlining is the 1977 Community Reinvestment Act, or CRA. Instead, the law required federal agencies to assign banks one of four grades based on the curve of how the bank’s lending to low- and moderate-income borrowers compared to their peers.

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Housing Wire

OCTOBER 10, 2023

That’s because real estate agents and loan officers are in survival mode and desperate to close new business. Murray adds: “Under the Obama administration, they basically just did away with marketing agreements even though many were written and performed within the laws that came out of the Bush administration.

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Real Estate Agent Loan Officers Real Estate Agents 418

Housing Wire

FEBRUARY 7, 2022

Independent mortgage banks have been “completely blindsided” by the increase in enforcement activity, said Daniella Casseres, who leads the mortgage regulatory practice group at law firm Mitchell Sander. For a borrower with tarnished credit and thus unable to get conventional financing, an FHA-insured mortgage is the go-to choice.

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