A new 1 percent home loan product has quietly hit the market to help qualified, cash-strapped borrowers overcome one of the biggest obstacles to homeownership: downpayment. With significant variation in details, the 1 percent down mortgages offered by Quicken Loans and Guaranteed Rate stem from their partnerships with Freddie Mac and are structured as part of Freddie’s Home Possible Advantage program. In Quicken’s version, the borrower pays...
There’s a growing concern about price discounts on Ginnie servicing rights, and a strong belief that the agency is once again getting anxious about so many nonbanks being such large players in the market.
Exclusive data compiled by Inside Mortgage Finance show the FHA’s share of the primary MI market was 39.9 percent in the first quarter of 2016, compared to 33.5 percent in the first quarter of last year.
A few weeks back, Walter Investment CEO and vice chairman Denmark Dixon resigned, but was given a $2.25 million cash payment as part of a separation agreement from the company.
Outreach and lender-education efforts by industry groups, such as the National Association of Realtors and the National Association of Home Builders, have boosted refis as well...
A top mortgage-industry executive called for the establishment of criteria for adjusting FHA mortgage-insurance premiums to limit taxpayer exposure and allow private capital to play a larger role in the mortgage market. In a recent blog, Patrick Sinks, president/CEO of Mortgage Guaranty Insurance Corp., noted growing talk in the mortgage industry of another possible FHA premium reduction following last year’s 50 basis point cut. However, before that happens ...
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