Realtor Training – “Fixer Upper” Mortgages Deep Dive (FHA203k, Homestyle Reno)

Click Here To Open The Doc / Outline In A New Window. 2:16 – Why Rehab Loans (Create More Options / Serve Your Buyers Better) 3:30 – “Fixers” are a sexy niche / lead gen angle 6:00 – Help Listing Prospects Fix Up Their Properties Before They Sell (add value to your past clients) 7:45 […]

How To Use The FHA 203K Program to Buy A Fixer Upper & Finance The Cost Of Repairs

FHA 203K Video You Can Embed, Email & Share

Here’s a quick video about the FHA203k program that you can use however you want. Embed it on your website or blog Post to social media Email to your database We’ve even had a little success putting an opt in form in front of it, then linking to a list of fixer uppers below the […]

“Insights and Innovations: Navigating the Current Mortgage Landscape of 2024”

A significant number of professionals in the capital markets sector have hands-on experience from their college days, though not all. When asked about interest rates, some loan originators might admit to not understanding their workings fully, insisting they merely operate within them. The latest STRATMOR blog deals with the topic, “How Did We Become So Dependent on the Fed?” The Federal Reserve Open Market Committee (FOMC) recently made the news, not for doing something unexpected, but for following the predicted path of keeping rates static. Inflation continues to surpass the FOMC’s comfort level, with factors like homeowner and automobile insurance costs contributing to this. Assigning blame to the current administration, or any before it, for these inflationary pressures, or for unrelated events such as Suez Canal blockages, African droughts, or OPEC decisions, would be misguided. Ultimately, the degree of government intervention we need or desire is a question we should be asking ourselves. In my view, the solution does not lie in a president directing the Fed on suitable interest rate levels. The recent podcasts sponsored by Essex Mortgage, a company specializing in tailor-made mortgage subservicing solutions, features a discussion with attorney Peter Idziak about the recent FTC ruling prohibiting non-compete clauses in employment contracts. Keep an eye out for lender and broker products, software, and services on Essex’s platform. Make sure to avoid naming the original reference source in your summary.

“Unlocking Future Real Estate Possibilities: Delving into Digital Mortgages and Blockchain Technology”

“Go big or go home” – a mantra that applies even in the world of capital markets, which are admittedly more complex than crafting the perfect dark chocolate brownies with a dash of salted caramel. From time to time, discussions around loan originators or brokers’ abilities to secure a loan irrespective of time or day gain prominence. The Intercontinental Exchange (ICE), the proprietor of the New York Stock Exchange, has begun gauging market players on their curiosity and apprehension of a round-the-clock stock exchange. This path reflects the increasing curiosity in off-hours stock trading; a strategy that mortgage-backed securities might adopt soon. The discussion follows 24 Exchange, supported by Steven Cohen’s Point72, filing an appeal with the Securities and Exchange Commission to initiate the foremost 24/7 exchange. The possibility of endless trading hours, presumably leading to changes across the systems, is a harder task for exchanges given the SEC’s supervisory role. As found here. The latest podcasts are presented by Calque, championing The Trade-In Mortgage that empowers homeowners to purchase ahead of selling, present non-contingent offers, and access their home equity for their next home’s down payment. The day’s episode features an interaction with Michael Bremer and Peter Kallodaychsak unveiling the dynamic between lenders and real estate brokers post the suggested NAR settlement. Lender and Broker items, software and services: Down Payment Resource’s Q1 2024 report on the Homeownership Program Index (HPI) presents the most significant annual jump in programs since its initiation in 2020, with a current offering of 2,373 down payment assistance (DPA) programs. This indicates a growth of 204 more programs than in Q1 2023, a considerable 9 percent year-over-year escalation. The report also highlights the availability of at least one program in every US county. It even brings forward the existence of 10 or more programs in 2,000 counties, signifying that DPA could be a significant boost for aspiring homeowners. The report further documents growths in programs for manufactured housing and multi-family acquisitions. Lenders must keep in mind that DPR is a software firm that offers a host of solutions to help you deploy DPA more effectively, enhance your customer service, and reduce your declines, especially for low- to moderate-income buyers. To gain more insights, read the comprehensive report or schedule a demo.

Navigating the World of Mortgage Insurance: PMI vs. MIP

When diving into the world of home ownership, two acronyms you’ll frequently encounter are PMI and MIP. These terms stand for Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP), respectively. Both types of insurance serve as protective measures for lenders but can often be a point of confusion for homebuyers. In this post, we’ll […]

Qualifying for a Mortgage with Student Loan Debt

The journey to homeownership is filled with excitement and dreams of a future in a space you can call your own. However, for many aspiring homeowners grappling with student loan debt, the path seems fraught with obstacles. The key concern? How student loan debt impacts your ability to qualify for a mortgage. But fear not! […]

Navigating Gift Funds for Your Home Purchase: A Practical Guide

When it comes to buying a home, assembling the necessary funds for your down payment and closing costs can be a substantial hurdle. This is where gift funds come into play, offering a helping hand from family or friends to make your homeownership dreams a reality. However, navigating the acceptance of these funds requires an […]

“Understanding the Recent Surge in Mortgage Application Volume: An In-Depth Analysis”

Following a two-week spike that led to a total 17 percentage point increase, the volume of mortgage applications experienced a minor deceleration last week. The weekly indicator for mortgage application volume, Market Composite Index, noted by Mortgage Bankers Association (MBA), showed a drop of 1.6 percent on a seasonally adjusted scale and 1.0 percent on a non-adjusted scale. Both the sectors, home purchases and refinancing, observed a contraction in their activities. The Refinance Index fell by 3 percent compared to the last week, marking 3.0 percent dip from this week during 2023. Year-on-year, the Purchase Index was down by 14 percent while it declined by 1.0 percent concurrently on both pre and post-adjustment bases.

Joel Kan, the MBA’s Deputy Chief Economist and Vice President said, “As inflation data illustrated a higher than projected surge, concerns flared around the Federal Reserve’s capability and timing to slash the fed funds rates this year, leading to an increase in mortgage rates. The 30-year fixed mortgage rate escalated to 6.97 percent after three weeks of consecutive dips.” He added, “Amid the high real estate prices and low housing supply, the average loan volume for purchase applications reached its highest point since May 2022 as mortgage applications remained sensitive to any changes in the rates.”

The data also showed that the contribution of refinancing to total mortgage activities slid from 31.6 to 31.2 percent. Despite the value for purchase loans augmenting by $1,200 to achieve a recent high of $445,000, the overall average plummeted about $1,000 settling at $389,800.

Furthermore, unchanged from last week, the FHA, VA, and USDA loan applications contributed to 12.1 percent each and 0.5 percent respectively. The interest rate for conforming 30-year mortgages increased by 13 basis points, standing at 6.97 percent. The jumbo 30-year FRM rate witnessed a rise from 7.04 percent to 7.14 percent. A slight decrease was observed for 30-year FRM with FHA backing, falling from 6.77 to 6.89 percent. The rate for 15-year FRM increased by 12 basis points, reaching 6.49 percent. The rate for 5/1 adjustable-rate mortgages stood at 6.33 percent, while the percentage of ARM activities slid to 7.2 percent.

“Exploring the Impacts of Economic Changes on the Mortgage Industry: A Closer Look”

An interesting piece of information was obtained at a recent mortgage event where Alex K, from Lender Toolkit, explained that the world’s largest ketchup bottle is located in Collinsville, Illinois, a region responsible for 60% of global horseradish root production.

I will be departing from Las Vegas for Reno today, coinciding with President Biden’s journey from Reno to Las Vegas. Politics and housing are intricately linked, both at the national and state levels, as seen in Nevada. Various political strategies, like the “Lock-in Effect,” induced by governmental rates, have significant effects.

In 2023, it was observed that first-time homeowners constituted 55% of agency purchase mortgages, a record high in recent times, according to ICE. However, there’s a prevailing viewpoint: augmenting the number of potential first-time homebuyers without increasing the houses available for purchase may lead to an inflation of starter home prices.

A different perspective suggests that current affordable housing initiatives aren’t achieving the desired impact. Perhaps adjustments to criteria such as decreasing the eligibility from 80% of the area median income (AMI) to 50% could make a difference.

This week’s episode of a certain podcast features a sponsorship by Visio Lending, the leading lender for long-term investors. They’ve closed loans worth over $2.5 billion for single-family rental and vacation properties. The current episode features an interview with Joy Mina from Experian discussing income verification landscape and her company’s verification solution.