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?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

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.

Fifth Third Converts 70% of HAMP Trials to Permanent Status

Fifth Third Mortgage Co., the mortgage unit of Fifth Third Bancorp (FITB), so far converted 70% of its trial Home Affordable Modification Program (HAMP) plans into permanent modifications.

“Fifth Third Bank is determined to keep customers in their homes,” said Steve Alonso, executive vice president of consumer lending, mortgage and business banking for Fifth Third Bank. “We are working tirelessly to convert eligible customers in the government’s Home Affordable Modification Program.”

Fifth Third uses HAMP on its Fannie Mae– and Freddie Mac-owned mortgages. The company uses a similar program for Housing and Urban Development (HUD)-owned mortgages it services.

The Cincinnati-based bank also uses its proprietary program for bank-owned mortgages rather than HAMP.

“While HAMP does have benefits to the customer, Fifth Third’s…program is tailored, through a menu of options, to each customer’s specific financial situation — not just the customer’s mortgage payment-to-income as in GSE and HUD modification programs,” the company said. “The program allows the Bank to offer flexible-term and rate concessions to bank-owned mortgages.”

In addition to modifications, the company is also pursuing refinancing options. Fifth Third in July said it refinanced more than 23,500 mortgages totaling almost $4bn since the launch of the Freddie Mac Relief Refinance Program in April 2009.

Write to Diana Golobay.

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