Housing Wire

JANUARY 9, 2024

For homeowners, ADUs can generate substantial rental income that assists homeowners in covering escalating property taxes and mortgage payments. Heading into 2024, there are continuing and emerging financing options, grant programs and legislation all designed to help homeowners and builders create much-needed infill housing.

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Housing Wire

OCTOBER 11, 2024

As those on a fixed income continue to wrestle with rising property taxes , the mayor of South Portland, Maine , recently recommended that area seniors explore reverse mortgages as a potential option to add financial flexibility. After enduring backlash, Mayor Misha Pride has walked back his comments.

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Property Taxes Mortgage Law Tools 433

Housing Wire

FEBRUARY 15, 2024

Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA. In 2023, 60% of the calls were related to escrow accounts, specifically shortages due to rising property taxes or insurance costs.”

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Property Taxes Insurance Mortgage Finance 505

Housing Wire

JANUARY 31, 2024

This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Age information is collected at the time of origination, but only for Home Mortgage Disclosure Act (HMDA) purposes. 30-year mortgages were never meant to be for them.

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Property Taxes Mortgage Design Finance 435

Housing Wire

JUNE 20, 2024

The Community Home Lenders of America (CHLA) is calling on both houses of Congress to adopt a mortgage interest credit as the 2017 Tax Cuts and Jobs Act (TCJA) is currently set to expire in 2025. Among the provisions established by the TCJA was a mortgage interest deduction for primary residences and second homes.

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Mortgage Bracketing Law Property Taxes 497

Housing Wire

APRIL 5, 2022

But what does virtual real estate mean for real-world mortgage professionals? Actual” real estate is defined as property consisting of land or buildings, and everything that is permanently attached to the land. Is there demand for “mortgages” to buy virtual real estate in the Metaverse? Underwriting a Metaverse mortgage.

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Real Estate Mortgage Property Taxes Law 532

Housing Wire

MARCH 21, 2024

More people seem to be aware of the potential utility that a reverse mortgage could provide for older homeowners, including as a tool to age in place and to provide greater cash flow in retirement. This is according to survey results published this week by WSFS Mortgage , a division of WSFS Bank. “[M]ost

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Mortgage Property Taxes Advertising Finance 448

Housing Wire

JUNE 10, 2024

It’s also due to growing property taxes and homeowners insurance premiums as providers exited states where risks are elevated. Bankrate calculated the average annual cost of owning a single-family home based on items such as property taxes, homeowners insurance and maintenance costs, as well as energy, internet and cable bills.

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Property Taxes Insurance Home Value Inventory 518

Housing Wire

MAY 1, 2023

The Consumer Financial Protection Bureau (CFPB) announced on Monday a proposed rule that seeks to bolster consumer protections for borrowers seeking Property Assessed Clean Energy ( PACE ) financing for home renovations. We are proposing new rules that would require sensible safeguards on these clean energy loans.”

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Property Taxes Renovations Finance Lending 394

Housing Wire

APRIL 29, 2024

The attorney general of Michigan has re-released a consumer alert about the reverse mortgage product category during financial literacy month. A reverse mortgage is a type of home equity loan extended, in most cases, to those who are 62 years of age or older,” the announcement stated.

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Mortgage Property Taxes Design Insurance 448

Housing Wire

DECEMBER 22, 2020

The mortgage application process can be a confusing one — especially if you’ve never gone through it before. Here are the top five mortgage-related terms you’ll want in your arsenal: 1. Here are the top five mortgage-related terms you’ll want in your arsenal: 1. Fixed-rate mortgage. Are you planning to buy a home in 2021?

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Mortgage Property Taxes Loan Officers Sellers 448

Housing Wire

AUGUST 23, 2024

Montana ’s unique Reverse Annuity Mortgage (RAM) program is a state-sponsored reverse mortgage, with lower interest rates and proceeds along with a higher minimum qualifying age that distinguishes it from the Home Equity Conversion Mortgage (HECM) program through the Federal Housing Administration (FHA).

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Mortgage Property Taxes Buyers Design 421

Housing Wire

JULY 5, 2024

The Mortgage Bankers Association (MBA) this week detailed its reasons for opposing a bill in the state of Florida designed “to expand projects eligible for residential Property Assessed Clean Energy ( PACE ) financing,” which was recently signed into law by Gov. Ron DeSantis. The Florida Legislature and Gov.

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Law Finance Property Taxes Renovations 434

Housing Wire

MAY 20, 2024

This may lead an older homeowner to consider a product like a reverse mortgage, but potential borrowers should be aware of the product’s details and the informational resources they can access. She said that reverse mortgages can be expensive, which is why the product should be considered in concert with other options.

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Mortgage Insurance Property Taxes Development 446

Housing Wire

SEPTEMBER 13, 2024

At the end of August, the District of Columbia Housing Finance Agency (DCHFA) announced that it had relaunched its Reverse Mortgage Insurance & Tax Payment Program (ReMIT), which originally began in 2019 and expanded in 2020 before being halted at the end of 2021. They were very vocal that there was still a need,” she said.

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Mortgage Legal HOA Property Taxes 459

Housing Wire

APRIL 21, 2023

It’s been delayed, but that’s not enough for the mortgage industry. “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.”

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Logistics Mortgage HOA Property Taxes 448

Housing Wire

MARCH 11, 2025

Deciding whether to rent or buy a home depends on several factors including finances, long-term goals and local market conditions. The study compared median monthly rents to median homeownership costs including mortgage payments, taxes and fees across the 100 largest metros. You could benefit from tax deductions.

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Property Taxes Landlords Finance Investing 159

Appraisal Buzz

JANUARY 23, 2025

Katie Brewer is the new CEO of LERETA , a provider of property tax data and flood hazard status information to mortgage servicers. Brewer is an industry veteran with more than 21 years of leadership experience in the mortgage servicing, valuation and title sectors.

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Property Taxes Valuation Real Estate Finance 195

Housing Wire

JULY 31, 2023

The Credit Union National Association (CUNA) late last week released two comment letters expressing the association’s agreement with proposed rules on bolstering borrower protections for Property Assessed Clean Energy ( PACE ) financing for home renovations.

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Property Taxes Renovations Finance Lending 369

Housing Wire

JUNE 24, 2024

As home values have risen sharply, this has made the conundrum facing the area’s seniors more difficult to navigate: If they need to downsize, they may not be able to move into a home in their price range, much less be able to obtain a mortgage at a rate that can be easily absorbed on a fixed income.

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Renovations Property Taxes Supply Chain Law 391

Housing Wire

SEPTEMBER 11, 2024

home in June 2022, you probably locked in about $1,400 a month in mortgage payments. Due largely to higher mortgage rates , that same home today would cost about $2,175 a month. Mortgage payments are only part of the affordability challenge. Other holding costs for real estate include taxes and insurance.

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Mortgage Insurance Inventory Buyers 468

Housing Wire

MAY 17, 2023

At that margin, ATTOM notes, the cost of renovations, property taxes, mortgage interest and other expenses — which in total consume 20% to 33% of the resale value — could easily cancel out any return on investment for the flipper. The big thing is the carrying cost that a lot of [smaller] investors don’t realize. “If

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Finance Marketing Renovations Investors 370

Housing Wire

SEPTEMBER 10, 2024

The low housing expenses that come with a fully paid-off mortgage are also keeping 40% of boomer homeowners in place. About half (49%) worry about property tax increases, while 42% are concerned about rising utility costs.” “There’s a wide variety of reasons homeowners made this decision,” the survey results explained.

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Property Taxes Inventory Real Estate Mortgage 482

Housing Wire

JUNE 14, 2024

Duffy has 15-plus years of senior-level experience in housing finance. Incenter’s business channels include capital markets, loan diligence, student lending, insurance, property tax, accounting and marketing solutions. JB Long assumed the role of president and Piercy became the chief growth officer.

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Property Taxes Clients Development Insurance 441

Housing Wire

JULY 27, 2023

Mortgage rates rose slightly this week ahead of the Federal Reserve Open Markets Committee ‘s rate hike. Freddie Mac’s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 6.81% as of July 27, up from last week ’s 6.78%.

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Mortgage Property Taxes Housing Market Buyers 370

Housing Wire

MARCH 10, 2022

How much does a typical low-income first-time homebuyer with a Fannie Mae -backed mortgage bring to the closing table? The typical low-income first-time homebuyer with a Fannie Mae-backed mortgage also has a 747 credit score, the research paper shows. In 2020, about 4% of Fannie Mae-acquired purchase loans went to Black borrowers.

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Property Taxes Lending Insurance Local Properties 459

Housing Wire

OCTOBER 9, 2024

And it raises questions about how more of these events could impact the mortgage industry. Rethinking the dynamic Taylor Stork, president of the Community Home Lenders of America (CHLA) and chief operating officer of Developer’s Mortgage Co. Mortgage companies have always taken it for granted that there was going to be insurance.

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Insurance Mortgage Property Taxes Construction 459

Housing Wire

OCTOBER 21, 2024

Mortgage rates, rental patterns, homeownership dreams, and housing trends across the country are all seemingly colliding in ways that create both opportunities and uncertainties. The average cost of owning a home, beyond the mortgage payment, is approximately $18,000 per year, according to a recent study by Ally Financial Inc.

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Real Estate Marketing Insurance Property Taxes 493

Housing Wire

SEPTEMBER 24, 2024

The anticipation of lower mortgage rates has frozen many buyers who think they can get a better deal if they wait a few months, not to mention sellers who are loath to give up mortgages in the 3% range. Property taxes are another factor that is slowing things down.

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Housing Market Marketing Property Taxes Inventory 458

Housing Wire

JULY 15, 2024

Landlords can receive a number of federal tax deductions. These include depreciation, mortgage interest, operating expenses and property taxes, among others. The IRS also offers a Low-Income Housing Tax Credit that can be claimed by landlords who build or rehabilitate affordable rental housing.

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Landlords Property Taxes Construction Mortgage 476

Housing Wire

JUNE 17, 2024

From rising home prices to rising mortgage rates and inflation , the millennial generation hasn’t had it easy when it comes to homeownership. During the years when boomers turned 30, the share of median household income needed to make the typical mortgage payment averaged 33.2%, the highest of any living generation,“ the report explained. “In

Housing Market 497

Housing Market Property Taxes Inventory Buyers 497

Appraisal Buzz

JULY 10, 2024

More than 1,800 homeowners nationwide were polled for TD Bank’s 2024 Mortgage Service Index in order to acquire information and examine opinions regarding the mortgage and home-buying processes, as well as sentiments regarding the housing market. Almost one-quarter (24%) of them said they needed it most when choosing a loan option.

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Property Taxes Finance Lending Housing Market 367

Housing Wire

MAY 25, 2023

Older Americans are sitting on more than $12 trillion in home equity, according to the National Reverse Mortgage Lenders Association (NRMLA)/ Riskspan Reverse Mortgage Market Index. Today’s market includes mortgage rates of above 6%, low inventory and elevated home prices, all contributing to affordability problems. last year.

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Housing Wire

OCTOBER 8, 2021

home prices are quickly shifting the affordability calculus for prospective homebuyers in 2021 — even though mortgage rates have remained near record lows. Despite average 30-year mortgage rates that have remained below 3% for most of 2021, the rapid home price increases are eroding affordability for average wage earners.

Renovations 543

Renovations Inventory Marketing Property Taxes 543

Appraisal Buzz

AUGUST 13, 2024

While the industry is no stranger to predatory and/or unfair lending practices, new advisory opinion and research study on a type of home seller financing known as a “contract for deed” has been released by the Consumer Financial Protection Bureau (CFPB).

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Contracts Investors Sellers Lending 367

Housing Wire

SEPTEMBER 17, 2024

The spread on mortgage-backed securities (MBS) trouble many industry professionals, and at a recent roundtable discussion, it spurred an interesting discussion on the degree of risk being absorbed by Fannie Mae and Freddie Mac. Taylor Stork , the president of CHLA and the chief operating officer of Developer’s Mortgage Co.

Property Taxes 432

Property Taxes Government Legal Insurance 432

Housing Wire

DECEMBER 7, 2020

The reasons for that are solid demographics and low mortgage rates , which will not change much in 2021. My housing economic mindset really starts from 1996 as mortgage rates are much lower now than in previous decades. Of course, today is a much different story; our demographics are much better, and mortgage rates are lower.

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Inventory Construction Government Housing Market 545