Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

MortgagePeople Movers

United Wholesale CEO: Freddie Mac now skips appraisers for some refinances

More borrowers to soon qualify for 3% down programs

Freddie Mac is lowering the amount of demand for appraisers by cutting them out of the picture for some mortgage loans.

The company’s Automated Collateral Evaluation became available on June 19, and allows borrowers to get a conventional refi without an appraisal.

Freddie Mac first announced its new process late last year, and some experts explained without the appraisal process, closing times could shrink down to just 10 days.

In his monthly 3-Points video, United Wholesale Mortgage CEO Mat Ishbia explains currently Fannie Mae offers products where appraisals aren’t necessary.

“This is a positive change for all of us in the industry,” Ishbia said. “You can either run it through Fannie Mae DU and get a PIW or Freddie Mac and get an ACE.”

Ishbia explained this option will be available for borrowers who meet certain qualifications such as those doing refinances, who have at least 80% loan-to-value ratio, primary residences and one-unit properties.

Ishbia talked about his other points, including the trending high FICO scores. He explained FICO scores are going up as key market changes take effect, and are closing faster.

In his final point, Ishbia talked about the change in area median income numbers, which will qualify more borrowers for the GSEs’ 3% down mortgage programs.

The video below shows Ishbia’s full 3-Points presentation:

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