The U.S. single-family rental market regained some momentum during the summer, but the latest data shows that higher-priced homes are driving much of the improvement while rent growth at the more affordable end of the market remains subdued.
The cost of protecting a home is becoming an increasingly significant part of America's housing affordability problem, with homeowners insurance rates climbing sharply across the country. Once viewed primarily as a challenge in hurricane-prone Florida or wildfire-exposed California, rising premiums are now affecting homeowners throughout the Midwest, Mountain West, and other parts of the nation.
The U.S. housing market experienced another setback in July as sales of newly built single-family homes fell sharply, highlighting the continued impact of elevated mortgage rates and affordability pressures on prospective buyers. Despite builders offering incentives and home prices moving lower, many consumers remain reluctant or unable to purchase as borrowing costs continue to strain household budgets.
The U.S. housing market lost additional momentum in July as rising mortgage rates and stubbornly high home prices discouraged prospective buyers from moving forward with purchases. Existing-home sales declined for the second consecutive month, reinforcing concerns that affordability continues to prevent a stronger housing recovery even as demand remains present in many parts of the country.
American consumers are once again feeling the effects of rising living costs as higher gasoline prices and climbing mortgage rates place additional strain on household finances. After several months of modest improvements in affordability, renewed increases in energy prices are creating ripple effects throughout the economy, making everything from commuting to purchasing a home more expensive.
The long-awaited "qualified mortgage" rules were released last week by the Consumer Financial Protection Bureau. The new QM rules have set forth guidelines to protect borrowers from predatory lending while shielding lenders who follow the rules from litigation. Many types of high-risk loans that were implicated in the collapse of the housing bubble, such as interest-only mortgages, stated income loans, mortgages with balloon payments, negative amortization loans, etc., are now effectively banned. I have outlined below some of the significant changes that we should be aware of.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
With the New Year started, no doubt we have all made our resolutions and are already working on keeping them. Here are some things to keep in mind that will help make this year a successful one when it comes to our jobs.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
I recently was asked by one of my students if condo assessments were ever included in the mortgage payment. I thought this was a good question. Simply because the answer is two-fold.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
The holiday season is upon us. Many are now taking their vacations yet at the same time, mortgage applications have increased. The end of the year is approaching and those wanting to purchase are either pushing to have Christmas in their new homes or even bring in the New Year there. That usually means more pressure on all of us to make a deal happen. Here are a few things to remember when it comes time management that can make your job a little easier.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
No doubt, our biggest frustration when it comes to processing our files, are the little things that we miss and ultimately causes delays. Below are some common mistakes that often occur and if we catch them beforehand, we can save ourselves a lot of time and stress.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Throughout the years I have met many mortgage processors who have a variety of experience in the industry. One thing that seems to always surprise me with some is their inability to read and understand a credit report. Processing is more than just ordering verifications and fulfilling conditions. It has always been my belief and many of you will agree that as processors, knowing how to read and understand a credit report is vital in our industry. So over the next few weeks we will be discussing some things to look for when reviewing a credit report and how to interpret that information.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
For those of us that work with many first-time homebuyers or low-to-moderate income buyers, we may from time-to-time come across a client that has a Section 8 Homeownership Voucher. This program was introduced by HUD as a way to increase homeownership for low-to-moderate income families. It works very similar to the Section 8 Rental assistance program in which the voucher will pay a portion of the borrower’s mortgage payment each month for up to 15 years or the entire term of the mortgage if one of the borrowers is disabled.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Last week we discussed several key items to look for when reviewing an appraisal for accuracy before submitting it your underwriter. This week we will leave you with several things to look for when reviewing the comparables for accuracy.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
With our ever-changing industry, as processors we need to stay ahead of the curve. So over the next couple weeks, we will bring you a total of 10 tips that will help you become a better processor, resulting in faster and more efficient closings.
Opinion-Editorial (Op-Ed) Disclaimer For NAMP® Library Articles: The views and opinions expressed in the NAMP® Library articles are those of the authors and do not necessarily reflect any official NAMP® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMP®. Nothing contained in this article should be considered legal advice.
Written By: Bonnie Wildt
I have said it before and I will say it again and that is, do not believe everything you hear or read for that matter. In this particular instance I am referring to AUS Findings. I have had countless conversations with processors and loan officer who want to know why I am asking for documentation that the AUS findings have clearly stated wasn’t needed or worse, they can’t believe I am turning a loan down that has an Approve/Eligible. So here it is again and pay particular attention to the details because just because you have an Approve/Eligible or Accept doesn’t necessarily mean you have a done deal.