Remove Definition Remove Insurance Remove Property Taxes
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CFPB warns consumers about home equity contracts, comparing their features to reverse mortgages

Housing Wire

The companies advertise no monthly payments and require consumers to assume all costs for property taxes, hazard insurance, and property maintenance, and require a large settlement payment, similar to the loans originated in the early 2000s that were negative amortizing and required a balloon payment at the end of the loan term, the report said.

Contracts 370
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Severe storm fallout could destabilize the intersection of mortgage and insurance

Housing Wire

The home insurance marketplace has been facing a reckoning. With the death toll from Helene crossing the grim milestone of 230 this week — and with thousands of impacted homes without flood insurance wiped away — this could lead to a ripple effect that drives homeowners insurance premiums even higher.

Insurance 459
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‘Rules of the Game’ presentation returns to tackle reverse pros’ misconceptions

Housing Wire

The trouble with definitive statements The first topic the pair covered was the trap that some reverse mortgage professionals might fall into by making “definitive statements.” These include property taxes , homeowners insurance and — if applicable — homeowners association (HOA) fees.

HOA 428
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What Metaverse real estate means for mortgage professionals

Housing Wire

Virtual” real estate shares much of the same general definitions of actual real estate. Section F: While there is no need for homeowners insurance, “mortgage” insurance and prepaid interest may still make sense in this scenario. Section G: We already ruled out homeowners insurance and included mortgage insurance.

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Nashville breaks into list of top migration destinations for first time since 2021: Redfin

Housing Wire

Nashville has relatively low property taxes, insurance costs and utility prices, along with no state income tax, all of which definitely help if you’re looking for a lower cost of living.” This could have a negative impact on home prices in those markets.

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Mortgage industry takes another stand against the FHFA’s DTI fee

Housing Wire

“There is a reason the revised general Qualified Mortgage (QM) definition excludes the DTI ratio: Studies demonstrate that as a stand-alone measure, DTI is not a strong indicator of a borrower’s ability to repay.”

Logistics 448
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PA judge decides reverse mortgage gets first-priority in foreclosure dispute

Housing Wire

The judge cited the definition of first mortgage in Blacks Law Dictionary, which calls it a mortgage that has priority over another mortgage (a junior mortgage) on the same property. The association and the trial court suggest that we should look at the entire history of the property, the judge wrote. [The]

Mortgage 286