Fairway Independent Mortgage Co., a mortgage broker/banker with over 100 branches nationwide, has announced a transition from operating as an FHA nonsupervised loan correspondent to a Department of Housing and Urban Development direct endorsement lender.Fairway said the transition enables it to originate and underwrite its own loans, and to increase its Federal Housing Administration originations and get more control of the underwriting process. Fairway had been operating as an FHA nonsupervised loan correspondent, and has been originating FHA loans since its inception in 1996, but until now did not have the power to underwrite these loans. Fairway said it has had a strong quality-control plan in place for the last several years. The company can be found on the Web at http://www.fairwayindependentmc.com.
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Americans who qualify for a mortgage with Better will be able to use Bitcoin or USDC as collateral to fund their down payment through a private loan.
March 26 -
Full documentation was only applied to 2.6% of the underlying pool of mortgages. Debt-to-income, however, was 23.3% when it was applied.
March 26 -
Layoffs stretch across the organization, including members of Summit's c-suite and its general counsel, the company said in a notice to California officials.
March 26 -
New questions about Fannie Mae and Freddie Mac's guarantee by experts who saw conservatorship start points to tensions in a stalled secondary offering.
March 26 -
The 30-year fixed mortgage has increased by 40 basis points since February, while the 15-year is 14 basis points lower than a year ago, Freddie Mac reported.
March 26 -
Affordability improved in February as rates dipped below 6%, but March's climb to 6.43% signals tougher months ahead. Lenders should act now on pockets of opportunity before rising rates erode recent gains.
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