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At their best, LoanOfficers (LOs) should act as financial guides to their customers, helping them see and help surface opportunities that they did not know existed. The Power of Reverse Mortgages for Seniors Reverse mortgages can be a great way to help seniors improve the quality of life in their sunset years.
For example, about two weeks ago, Quicken Loans advertised a “limited-time” rate of 1.99% on 15-year mortgages. According to one broker, Parkside Lending and Stearns Lending are offering a 15-year-fixed rate as low as 1.75% to some mortgage brokers, depending on the relationship. (We He pointed out that there are restrictions.
In addition, Patriot Bank is required to have at least two mortgage loanofficers to serve majority-Black and Hispanic neighborhoods in the Bank’s service area and employ a director of community lending – responsible for development of lending in communities of color.
billion in the next five years for lending and investments to low- and moderate-income (LMI) clients and census tracts, with 30% of the total tied to mortgage lending. First Financial Bank’s plan also includes investments in small-business lending and donations to organizations that create and preserve affordable housing.
“HUD’s investigation was conducted alongside the [DOJ] after a referral from the Office of the Comptroller of the Currency (OCC), the bank’s regulator.” We look forward to continuing the Bank’s efforts in the New Brunswick-Lakewood market to help meet the lending and banking needs of families, businesses, schools and organizations.”
Consolidation in the mortgage industry is likely in 2022, analysts and lending executives said. A seasoned retail and commercial banking salesman in Fort Wayne, Indiana, the 39-year-old Woodward joined Interfirst Mortgage as a loanofficer in October 2020 after a recommendation from an old college friend. The closer, the better.
HousingWire interviewed a dozen loanofficers and mortgage executives about their strategies for 2024, which mortgage products they expect to be in demand, and the magic rate needed to get sellers and buyers back in the market. A successful loanofficer in this market needs a very capable qualified assistant.
During the second-quarter earnings season, executives from publicly traded mortgage lenders detailed their forays into jumbo loans, non-qualified mortgages, reverse mortgages, home equity products and even personal loans. ” Just a little less vanilla. . ” Just a little less vanilla.
Home equity lending is a hot topic, with homeowners boasting near-record amounts of equity. Mordor Intelligence estimates that as of 2024, the home equity lending market size is estimated at nearly $31 billion, and is expected to grow to $36 billion by 2029. What is home equity lending?
Renting puts money into a landlord’s pocket, but owning a home helps you increase the value of your investment over time. When you do build home equity, it opens up cash-out options that can be used for homeimprovements, paying off debt or other projects. Homeimprovement. What Is a HELOC? Flexibility.
The interest, which is similar to a service charge you pay the bank for lending you money, must be paid as well.". Interest is determined by a number of factors: the state of the economy and other economic indicators, as well as more personal elements such as credit score, type of property and the loan-to-value (LTV) ratio."
However, borrowers will also pay more in fees with two separate loans and risk running the chance of not being able to move into their new home if their financial situation worsens and they can no longer qualify for that second mortgage. If you’re likely to buy in a rural area, we can help you with a USDA loan.
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