Articles Tagged with ''home buyers''

FHA says as many as 50,000 mortgages will be affected by new lending rules

4-5% of FHA borrowers may no longer qualify
Two weeks ago, the FHA took steps to limit risk to its single-family portfolio, announcing that it will flag some loans for manual underwriting. FHA's Chief Risk Officer Keith Becker told the WSJ just how many loans the agency thinks will be affected, adding that the FHA "felt that it was appropriate to take some steps to mitigate the risks we're seeing."
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Latest FHA shift to mitigate risks may shut out some homebuyers

Recent changes to TOTAL Mortgage Scorecard have some lenders worrying they won't close
Last week, the Federal Housing Administration took steps to mitigate risks to its single-family portfolio, announcing updates to its TOTAL Mortgage Scorecard that may flag some loans for manual underwriting. Chatter among members of the lending community suggests a number of originators are unhappy about the changes, fearing that the end result may be that some of their borrowers will be shut out of FHA financing.
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Qualia debuts eSign technology

Aims to streamline digital mortgage with proprietary software
Qualia just rolled out eSigning capabilities in its bid for a berth among the companies holding the keys to the fully digital mortgage. Qualia claims that its new eSign technology is the first built specifically for title, escrow and closing software. According to Qualia, this will allow real estate professionals to use only the Qualia platform instead of needing to use piecemeal software to cobble together a digital mortgage process.
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Zillow to launch buying and selling operations in Charlotte and Raleigh

Expands Zillow Offers to six markets
Zillow announced it is expanding its home buying and selling operations into Charlotte and Raleigh. The additions bring Zillow’s burgeoning home buying and selling operations to six markets nationwide. The program launched in Phoenix in April, then moved on to Las Vegas and Atlanta, with Denver set to open later this month.
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Single-family rental giant bets big on house flipping market

Amherst Holdings is putting up $1 billion to fund the launch and expansion of a house flipping operation called Bungalo
Amherst Holdings, one of the largest single-family rental entities in the U.S., is putting up $1 billion to back a platform it can use to sell off homes it has flipped. According to a Bloomberg article, Amherst owns or manages roughly 20,000 single-family rentals and is launching a subsidiary called Bungalo to flip properties, selling them at no-haggle prices in the hopes of attracting buyers who want a simpler home buying experience.
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Redfin: Are high taxes planting the seeds of a coastal exodus?

People are getting restless and it could mean new demand for sleepy markets
People are fleeing high taxes on the coasts for more affordable markets in the interior. According to a report from Redfin, 24% of Redfin's website users who were searching for a home in the second quarter looked to move away to a new metro area. This is a 3% increase in restlessness over last year at this time.
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The rise of renter nation and why it's here to stay

High rents, home prices and interest rates should keep people renting for a while
Nationwide, the percentage has been growing for the last 10 years, and though homeownership has been making a small comeback lately, escalating rents and continually rising home prices are keeping many households on the lease life. And it looks like it's going to stay that way for a while.
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Pen pals with your mortgage lender? Yeah, it's a thing

Life is complicated. When underwriters have questions, they might reach out to you
Did you know that underwriters often reach out to borrowers via letter? According to a piece in the Wall Street Journal, borrowers shouldn’t be surprised if they are asked to provide a letter of explanation or “comfort letter” to underwriters who are curious about mushy spots in their knowledge of the borrowers’ situations.
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