BNY Mortgage Co., Newburgh, N.Y., has announced the introduction of Prime Advantage, which the company termed the first fixed-rate jumbo reverse mortgage.The product is designed for older borrowers who want access to more cash than a traditional reverse mortgage provides and the "added financial certainty" of a fixed interest rate for the life of the loan. "With interest rates more than doubling over the past three years, many homeowners are uncomfortable with an adjustable rate," said Robert Sivori, co-president of BNY Mortgage. "Prime Advantage eliminates this uncertainty by providing an opportunity to lock in a fixed rate at closing. It also provides the flexibility to eliminate lender closing costs and gives borrowers the comfort of knowing exactly how much money they will owe at any point in time." The company also offers a variable-rate Prime Advantage loan. Its parent company, EverBank, can be found online at http://www.everbank.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18