Mortgages

Apart from saving more money, millennials prefer to spend their savings on a home down payment, Zonda economist Ali Wolf said.

The credit could cover the minimum down payment for the average Federal Housing Administration-insured mortgage in most large metropolitan areas.

“Builders continue to be confronted with rising input costs and a lack of available lots, causing them to slow production,” MBA’s Joel Kan said.

The announcement signals an openness to creating something many GOP lawmakers have long resisted: a federal guarantee of the trillions of dollars of mortgage bonds that Fannie and Freddie issue, a rep for P.A. senator said.

The Michigan bank is the latest company to have customer data compromised through a software vulnerability. The incident reinforces the importance of attack simulations, constant searches for intrusions and exchanges of intel with peers.

United Wholesale Mortgage's new rule, which forbids brokers from doing deals with two competitors, has brought extra attention to its smaller rival.

The acquisition, which has a $500 million enterprise value, will extend the technology vendor’s capabilities beyond the point of sale into the stubbornly manual electronic closing process.

Economists see two quarter-point hikes in 2023. But they also expect the U.S. central bank’s own forecast will show the median Fed official projecting rates staying on hold near zero throughout that year.

The Federal Housing Finance Agency is preparing to retire certain loan underwriting flexibilities after extending them one additional month to April 30.

The company posted an $88 million loss for 2020 after shutting down for nearly the entire second quarter.

Also: Fannie sets early limits, servicing retention rates fade to record lows and loan broker inquiries rise as competition heats up.

After a booming 2020, more mortgage lenders than ever before expect diminishing margins in the coming months as climbing interest rates set up heightened competition.

Mortgage brokers are telling the company that they "are looking for another large source," according to President and CEO Willie Newman.

Consumers may want to strike while the iron’s hot and apply for loans now, before rates get much higher.

The Department of Housing and Urban Development extended an implementation deadline less than a week before new standards were scheduled to go into effect.

As more borrowers between 21 and 40 leveraged the historically low mortgage rates in January, the average age rose to a report high, according to ICE Mortgage Technology.

Finance of America Reverse's product combines features of a forward mortgage, like 10 years of payments, with parts of a non-recourse reverse loan.

Mortgage rates surged 40 basis points since the start of the year as the economy improved.

The agreement calls for the bank to pay $50,000 to an unnamed consumer and requires its staff to undergo fair lending training as it relates to appraisals.