No Rush To Pay Off Your Adjustable-Rate Mortgage Before Reset

June 17, 2024 mpsingh No Comments Personal finance Mortgage, pay, Rush

During my days of purchasing homes with mortgages, I had a fondness for adjustable-rate mortgages (ARMs). The appeal lay in securing a lower interest rate compared to a 30-year fixed-rate mortgage. Further, it’s better to align the fixed-rate duration with my planned homeownership tenure. With the average duration of homeownership being approximately 12 years, opting [...]read moreNo Rush To Pay Off Your Adjustable-Rate Mortgage Before Reset

Mortgage Rates Have More Room to Fall on New Inflation Data

June 14, 2024 mpsingh No Comments Real estate Data, fall, inflation, Mortgage, rates, Room

Key Fed inflation metric expected to drop June 28 following unexpected decline in May wholesale prices and jump in jobless claims to highest level since August 2023. At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will [...]read moreMortgage Rates Have More Room to Fall on New Inflation Data

Mid-Year Housing Market Update + Mortgage Rate Forecast

June 14, 2024 mpsingh No Comments Real estate forecast, Housing, Market, Mortgage, Rate, Update

We’re almost halfway through 2024, and the housing market is at a standstill. Mortgage rates are high, inventory is low, buyers have fewer choices, and many homeowners refuse to put their properties up for sale. But could things change in the second half of this year if interest rates fall and inventory improves, even if [...]read moreMid-Year Housing Market Update + Mortgage Rate Forecast

Two major reverse mortgage lenders to sponsor financial planner conference

June 14, 2024 mpsingh No Comments Real estate Conference, financial, lenders, Major, Mortgage, Reverse

The Alliance of Comprehensive Planners (ACP), a trade association for financial planners, will be holding its annual conference this October in Savannah, Georgia, and the event will feature two of the nation’s leading reverse mortgage lenders as key sponsors. Plano, Texas-based Finance of America (FOA), currently the industry leader in the reverse mortgage space, and [...]read moreTwo major reverse mortgage lenders to sponsor financial planner conference

South River president on reverse mortgage business, data science and priorities

June 14, 2024 mpsingh No Comments Real estate Data, HWmember, Mortgage, president, Reverse, Science, South

Chris Clow/RMD: How has reverse business this year been going, and how do you foresee business progressing by the time we get to December? Tyler Plack: We just finished out May, and I thought the May results were very good. I’m excited about where we’re headed. Some of our corporate goals have been to increase [...]read moreSouth River president on reverse mortgage business, data science and priorities

NAHREP recognizes top 250 Latino mortgage originators

June 14, 2024 mpsingh No Comments Real estate Freddie Mac, Mortgage, Top

The National Association of Hispanic Real Estate Professionals (NAHREP) this week released the 10th edition of its annual Top 250 Latino Mortgage Originators rankings, honoring the top-performing Latino mortgage originators across the country. For the second year running, DHI Mortgage earned the top position in the report among all companies, followed by Guaranteed Rate and [...]read moreNAHREP recognizes top 250 Latino mortgage originators

Mortgage underwriting algorithm at heart of Wells Fargo’s racial disparity lawsuit

June 13, 2024 mpsingh No Comments Real estate heart, HWmember, lawsuit, Mortgage

In court filings, the plaintiffs argue that Enhanced Credit Score disproportionately sent Black and Latino applicants to higher-risk classes, subjecting them to more underwriting scrutiny than other applicants and resulting in higher denial rates. Enhanced Credit Score generates a score that measures each applicant’s likelihood of default. “Wells Fargo discriminated against the minority applicants by [...]read moreMortgage underwriting algorithm at heart of Wells Fargo’s racial disparity lawsuit

New homes remain in demand as mortgage applications rise in May

June 13, 2024 mpsingh No Comments Real estate demand, Homes, Mortgage, Mortgage Bankers Association, remain, rise

New-home purchase mortgage applications rose 1% month over month and 13.8% year over year in May, according to data released Thursday by the Mortgage Bankers Association (MBA). The data is derived from the trade group’s survey of homebuilders. The MBA also estimated that sales of new single-family homes reached a seasonally adjusted annual rate of [...]read moreNew homes remain in demand as mortgage applications rise in May

Refi business is picking up on falling mortgage rates

June 13, 2024 mpsingh No Comments Real estate Mortgage, Mortgage Bankers Association, mortgage rates, rates

Mortgage applications shot up 15.6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly application survey for the week ending June 7. On an unadjusted basis, the market composite index increased 26% compared with the previous week. The refinance index increased 28% from the previous week and was also 28% higher [...]read moreRefi business is picking up on falling mortgage rates

Success Mortgage CEO nominated as MBA vice chairman

June 12, 2024 mpsingh No Comments Real estate CEO, MBA, Mortgage, Mortgage Bankers Association, success

The Mortgage Bankers Association (MBA) on Wednesday announced that Owen Lee, CEO at Success Mortgage Partners (SMP), has been nominated to serve as the association’s vice chairman for the forthcoming 2025 membership year. Lee’s nomination was announced by Mark Jones, the 2024 MBA chairman and president of Union Home Mortgage, who describing Lee as “an [...]read moreSuccess Mortgage CEO nominated as MBA vice chairman