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LoanSnap troubles continue as California revokes its lender license

Housing Wire

The company was evicted in May from its office in Southern California, with the landlord seeking unpaid rent of more than $530,000. A consent order signed by a Connecticut banking commissioner said that LoanSnap failed to notify the Nationwide Multistate Licensing System (NMLS) that its main address had changed.

Landlords 448
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FHA does a solid for mortgage credit rejects. Will it move the needle for loan officers?

Housing Wire

The FHA’s announcement in early September to waive a requirement that FHA-approved lenders flag rejected loans in the FHA Connection system is a step in the right direction since declined borrowers don’t have to overcome a stigma, loan officers said. The FHA/VA share in Q2 2023 stood at 22.9%

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Fintech lender LoanSnap evicted, faces financial and legal turmoil

Housing Wire

Its “ smart loans ,” which were built using artificial intelligence technology, are designed to help homebuyers find the best mortgage for their unique financial situation. In May 2022, it launched a cloud-based portal, LoanFlow , that gives mortgage brokers and loan officers the ability to originate loans anytime, anywhere.

Legal 487
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Navigating movement in the mortgage industry series: Post-closing matters are important too

Housing Wire

For the other locations, Seller, Buyer and Landlord will need to enter into separate assignment and assumption of lease agreements. For those locations that Buyer has no interest in, Seller will have to keep the leases and deal with the remaining lease liabilities (which may involve an indemnification escrow as described above).

Mortgage 413
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LoanSnap loses mortgage lender license in Connecticut

Housing Wire

The landlord now seeks judgment for unpaid rent in the amount of $537,304. The firm, which offers “ smart loans ” through artificial intelligence technology, developed a cloud-based portal, LoanFlow , that allows mortgage brokers and loan officers to originate loans anytime, anywhere. Perez on Oct.

Mortgage 418
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Freddie Mac posts $12.1B income in 2021

Housing Wire

In November, Freddie Mac announced it would encourage landlords to provide access to rental payment data, by recouping a portion of closing costs for properties it finances. In exchange, the landlord would use a platform to report on-time rent payments to the credit bureaus.

Landlords 418
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Winners and losers of this volatile housing market

Housing Wire

Like many loan officers, Dicker was working nights and weekends, banging out refinancings and purchase mortgages at record-low rates for clients. Landlords hold the cards. Even if mortgage rates are hovering in the 6% range, homes are still going to sell, loan officers said.