LoanCity, a wholesale mortgage lender based in San Jose, Calif., has expanded its alternative-A program, increasing loan limits to $3 million for first mortgages and to $600,000 for alt-A second mortgages.The new program includes "piggyback" loan combinations to $2 million with a single underwrite, the company said. Loan types include 15- and 30-year fixed-rate mortgages and a variety of adjustable-rate mortgages, all with interest-only options and 100% loan-to-value ratios. The program can be used for primary residences, second homes, and investment properties. "Our enhanced alt-A program addresses the market demand for larger loan sizes for both firsts and seconds and gives brokers the flexibility and the pricing they'll need to do business in a more competitive environment," said Rick Soukoulis, chief executive officer of LoanCity. "Best of all, our program is easy to use, and thanks to our advanced automated underwriting engine, delivers decisions and stipulations in conforming loan time frames." The company can be found online at http://www.loancity.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.
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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