PMI Mortgage Insurance Co., Walnut Creek, Calif., has introduced a new product, Premium Advantage, that will enable borrowers to finance their mortgage insurance premiums on up to a 100% loan-to-value basis.PMI said Fannie Mae has agreed to structure transactions on deals that use the new rate plan, and it described the joint announcements as part of a PMI and Fannie Mae alliance called "Gateway to Homeownership in a New Century." Taia Lockhart, vice president of emerging markets at PMI Mortgage Insurance, said Premium Advantage will help borrowers reduce monthly payments and will aid PMI's customers by enabling them to qualify more first-time homebuyers. The new plan will be made available through Fannie Mae's Desktop Underwriter for transactions up to 100% LTV, including the base loan amount plus the financed portion of the mortgage insurance premium.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
March 28 -
The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28