12% of home sales fall through due to low appraisals



As competition for limited housing inventory intensifies, buyers are bidding up home prices. But many have found that the tactic of making an aggressive bid to beat out other offers backfires, as the appraised value of the home falls well below the agreed price. The National Association of Realtors’ latest Confidence Index Survey, based on […]

Fannie Mae to allow third-party homeownership education courses



Fannie Mae has said it will allow third-party operators to provide the homeownership education courses that many buyers are compelled to take to secure a mortgage. The organization said the third-party homeownership education providers will have to be aligned with the National Industry Standards for Homeownership Education and Counseling or with the Department of Housing […]

Consumer complaints over credit reporting and loan originations jumped during pandemic



Consumer complaints over credit reporting and loan originations jumped significantly during the past 18 months, as the COVID-19 pandemic hit and interest rates plummeted to historic low levels. A lengthy report from the Consumer Financial Protection Bureau looked at the relationship between U.S. Census characteristics and the share of consumers who made official complaints about […]

Report warns mortgage industry is unprepared for climate change



A report has raised concerns that stakeholders in the U.S. mortgage market, including lenders, investors and insurers, are woefully unprepared for accelerating climate change and the risk it brings. Not only are lenders and others unprepared to mitigate their risk, but according to the report from the Mortgage Bankers Association’s Research Institute for Housing America, […]

Mortgaged homes gain almost $3 trillion in equity in Q2



American homeowners with mortgages gained a combined $2.9 trillion in equity during the second quarter, up 29.3% from the same period one year ago. That amounts to an average equity gain of $51,500 per borrower over the last year, according to a report from CoreLogic this week. In its report, CoreLogic determines the amount of […]

Mistakes to avoid before closing on a home



Avoid these mistakes before closing on home loan

Rapid home equity growth calms foreclosure crisis fears



As government backed foreclosure moratoriums edge closer to expiration, the number of borrowers who’re still under some kind of bailout program is declining fast. But the future is not as bleak as some may have feared for those who’re still in trouble. Data from Black Knight shows there were 1.618 million American borrowers still in […]

UWM details plan to offer in-house appraisal services



United Wholesale Mortgage has said it’s rolling out a new program that allows lenders to work directly with appraisers, instead of using an independent appraisal management company. The new program is called Appraisal Direct and will roll out on October 1 nationwide. Under the program, it will oversee the entire appraisal process, from scheduling the […]

LendingHome rebrands as “Kiavi” and moves into investor loans



Mortgage financing and rental loan provider LendingHome is rebranding itself as “Kiavi” as it looks to expand into providing lending options for real estate investors. The company said the name Kiavi is derived from the Italian word “chiave”, which means “key” in English. The company says it has seen a big jump in demand for […]

What to Know About a 203k Rehab Loan



203k FHA Loans Explained Are you considering buying a home that needs work? When buying a fixer-upper, one of your primary considerations should be how you will finance the project. One of the better options is what’s known as an FHA 203k loan. FHA 203K Mortgage is the term that designates funding dedicated to purchasing […]