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  • Freddie Mac takes aim at FHA with widespread expansion of 3% down mortgages

    It’s been more than three years since Freddie Mac rolled out a conventional mortgage that only required a 3% down payment for certain borrowers. But now, Freddie Mac is about to supercharge its 3% down program and launch a widespread expansion of the offering that puts Freddie Mac in direct competition for mortgage business with the FHA. Click the headline for the full story.

REwired

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Open commentary on everything impacting the U.S. housing economy. The opinions expressed here represent the author's alone.

Should borrowers be charged AMC fees and appraiser fees separately?

There are two sides to mortgage lending valuations at play here
The appraisers I speak to paint the AMCs as part of some large conspiracy to nickel-and-dime their way to big profits. The AMCs I speak to believe they are vital to maintaining the arms-length regulatory requirements set forth by Dodd-Frank. Are the AMCs hiding something? Maybe, maybe not. But, there is certainly something missing.
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HW's Women of Influence nominations are now open!

Applications open through April 27
HousingWire is now accepting nominations for its annual Women of Influence awards. First introduced in 2010, this award honors women in the housing and mortgage finance industry who are changing the game. The women chosen for this award are movers and shakers in the housing economy. They may all work in different areas, such as lending, servicing, real estate and investing, but they all have one thing in common: excellence.
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King County is king, and counting

Seattle continues to lead in home price growth
Seattle's rate of real estate appreciation has topped the national charts for more than a year and, based on the latest quarterly forecast from Veros Real Estate Solutions, will stay there for the next 12 months. Here is a breakdown on real estate growth in Washington's King County.
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What lenders can learn from tax preparation software

Ways to automate, streamline and standardize borrower income calculation
For most underwriters, calculating income is a manual process, often characterized by inefficiency, inaccuracy and lack of standardization. When is someone going to be able to provide self, tax software kind of functionality for our mortgage underwriters? The answer: we’re on the precipice.
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Closing condos under litigation: Fannie Mae now gives lenders a way out

Loan Officers: Lend with confidence!
Fannie Mae finally updated their litigation requirements on condominium projects! The guidelines now allow the lender more flexibility to determine, with confidence, whether litigation is minor or major, what is considered minor, and provide a way for lenders to warrant the project despite the litigation. Here's how.
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Closing the gap on the real estate closing process

Time for a tech upgrade?
[Op-ed] Today, homebuyers can tour homes, see the neighborhood and research the history of a property all from the comfort of their couch. Technology has streamlined the front end of the purchase process, but the actual closing remains largely stuck in the past. How can collaborative software solutions help update the closing process so that tech savvy consumers who have looked at homes and even virtually furnished them with a smartphone are confronted with an outdated process when it is time to buy?
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Keep credit scores independent and reliable for the mortgage market

What would a credit-bureau controlled credit score look like?
[Expert commentary] Tucked into the U.S. Senate’s recently passed financial regulatory reform bill is a provision that has nothing to do with regulatory relief for community banks, freeing up capital in financial institutions, or enhancing consumer protections. FICO explains what it thinks a credit-bureau generated credit score would mean for mortgage finance.
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Five mortgage marketing tips for professionals

Getting the most out of your mortgage marketing
Most of the time, social media is littered with automated posts that are the same on every other LO's accounts and these posts get little to no engagement. I think we can all agree that in today's online world we need our marketing to stand out and be different. Here are 5 tips to get the most out of your mortgage marketing.
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