Borrowers turn to credit unions as banks tighten up on lending

Lending from credit unions is growing as borrowers seek out more options to finance their home purchases. Between the end of 2019 and September 2020, membership of credit unions increased by 2.8%, or 3.37 million, and total membership now totals 125.11 million, according to a report by CNCB. Moreover, credit unions’ loan portfolios have grown

Read More »

Women “less familiar” with mortgage options than men

Women on average tend to be less aware than men of the various mortgage options they have when it comes to applying for a home loan. As a result, they often end up paying thousands of dollars more, according to a new LendingTree study that tracked data from the Consumer Financial Protection Bureau. The study

Read More »

Borrowers are increasingly keeping up with mortgage payments, but for how long?

The number of Americans who’re keeping up with their mortgage payments has hit a twenty-year high, according to data from the Mortgage Bankers Association. The MBA notes that delinquency rates are a key measure of economic success, and are closely watched by economists. It says the last time that a significant number of borrowers stopped

Read More »

High credit scores no longer necessary for the best rates, study finds

Experts say that home buyers don’t necessarily need an 800+ FICO score in order to be guaranteed the best rates on their mortgage. These days, some buyers in the 700 FICO score range can also secure the most attractive rates, according to a new analysis of one million loan offers by Lending Tree that was

Read More »

Cash-strapped buyers turn to crowdfunding to raise a down payment

A growing number of aspiring homeowners are turning to crowdfunding platforms as a way of raising funds to cover their down payments. Crowdfunding platforms such as HomeFundMe and Feather the Nest have recently emerged, catering specifically for the home down payment market, Realtor.com reports. The idea is that wannabe homeowners can use the platforms to

Read More »

Subprime loans are making a comeback under a new name

The subprime mortgage that were said to be responsible for the last housing crisis are making a comeback – but this time they’re being called “nonprime” loans

Home equity available to borrowers hits all-time high

Rising home values mean that homeowners are getting richer. Now, the amount of equity available to homeowners is at an all-time high, according to mortgage industry solution provider Black Knight Financial Services.

Here’s why loan officers should attend closings

Buyers should consider requesting that a loan officer is present on closing day if they want to be more satisfied with their deal, according to a new survey.

Lenders are easing standards, making it easier to obtain a mortgage

Government-backed mortgage services Fannie Mae says that lenders are easing their standards for consumers to qualify for a mortgage.

5 reasons why homeownership rates in the U.S. remain so low

Although local job markets are improving and borrowers can enjoy historically low mortgage rates, the U.S. homeownership rate remains stuck near a 50-year low because of a perverse mix of affordability challenges, student loan debt, tight credit conditions and housing supply shortages. Those are the findings of a new white paper titled, “Hurdles to Homeownership:

Read More »

RealtyBizNews: Real Estate Marketing & Beyond