Closing costs for a purchase mortgage transaction average 1.04% of the home sales price, but this can range from a low of just 39 basis points to a high of 3.06%, a report from LodeStar Software Solutions found. Processing Content On a dollar basis, the national average was $4,528 with a median home price of […]
Purchase mortgage closing costs dipped in 2025 Read More »
Total debt-to-income ratios have risen beyond prepandemic levels and the trend is particularly pronounced for nonprime in the current K-shaped economy, according to a new TransUnion study. Processing Content While DTIs are below caps in the 28/36 rule corresponding to some mortgage lenders’ front- and back-end ratio limits, the increases — along with higher utilization
K-shaped economy amplifies rise in nonprime DTI ratios Read More »
Jonathan Corr, who once headed up the nation’s largest origination system provider, Ellie Mae, has joined the board of directors of recently privatized competitor MeridianLink. Processing Content He is one of six new board members at MeridianLink, which was acquired by Centerbridge Partners and Silversmith Capital Partners in a deal which closed in October for
Ex-Ellie Mae CEO joins MeridianLink board after privatization Read More »
Now that there are formal government-sponsored enterprise guidelines for score modernization that help fulfill a legislative mandate, the Mortgage Bankers Association’s top executive has a plan he calls a safe way for the secondary market to make the purchase of credit reports more competitive too. Processing Content With the two large mortgage buyers starting to
MBA renews press for limited single report as scores compete Read More »
The Veterans Affairs mortgage benefit got high marks in a survey of current and past military members, but more than half still have at a minimum one misconception about the program. Processing Content NewDay USA, which specializes in serving this community, commissioned the online survey of 1,238 people conducted by Researchscape between Feb. 18 and
VA mortgage survey reveals gaps in benefit awareness Read More »
Approximately one-third of states do not have any deed-fraud specific statutes covering residential property titles, a new quarterly ranking from EquityProtect noted. Processing Content The EquityProtect Property Protection Scorecard classifies the 50 states, along with the District of Columbia, into five tiers, ranging from major laws acted through minimal or no action. Seven states have
A third of states lack deed fraud laws, report finds Read More »
Government-sponsored enterprise plans for legislatively-mandated credit score modernization drew mixed opinions Thursday as lawmakers held a House Financial Services Committee hearing on broader consumer data rules. Processing Content Dan Smith, president and CEO of the Consumer Data Industry Association, backed the idea of adding VantageScore at the GSEs to compete with FICO Classic, which has
Lawmakers spar over GSE credit score modernization plans Read More »
A specific area where the outside the box possibilities of nonconforming mortgages can help the market is in a profession aimed offering like for those who work in the medical field. Processing Content Kroll Bond Rating Agency recently came out with a report, “What’s up Doc — Medical Professional Mortgages, a New Niche in RMBS?”
Non-banks see opportunity in physician mortgage niche Read More »
Lenders are rethinking how they originate jumbo mortgages, leaning on automated underwriting technology to manage complicated details while navigating stricter investor overlays and a market that rewards those who can make the economics work. Processing Content The strategies vary, but the underlying issue is always the same: jumbo loans demand more from everyone in the
Jumbo lending playbook: automation, overlays and ROI Read More »
A bill proposing a new way of determining what qualifies as a conforming loan would expand the jumbo market and invite more private capital into mortgage lending — but critics warn it could also push more borrowers into higher-rate loans and worsen an already severe affordability crunch. Processing Content Rising home prices have swelled the
Should conforming loan limit math change? Read More »