According to a recent article on HousingWire, the average 30-year-fixed rate mortgage decreased to 3.05 percent during the week ending Dec. 23, down from 3.12 percent the week before, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the average 30-year fixed-rate mortgage was 2.66...
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The demand for mortgage processing stayed high in 2021 and shows signs of a steady increase in 2022 too. Aidan Paringer of BNTouch, states that “from integrated home buying services, virtual loan officers, digital mortgages, voice assistants, to crowdfunded mortgages and changing Millennial qualifications, the wants, needs, and expectations...
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A non-qualified mortgage loan, commonly known as a Non-QM loan, is a type of mortgage loan where alternative methods are used for income verification. It could be through bank statements or done by using assets as income. The Non-QM loan is the option available for investors, foreign nationals, and...
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Underwriting is a crucial stage in the mortgage process. It helps lenders decide whether or not to approve the loan. In addition, the underwriter ensures that the lender doesn’t close mortgages the borrower can’t afford. Therefore, lenders face minimal risk. Underwriting tends to be expensive for lenders since it...
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From loan boarding to final closure, mortgage origination entails several steps that result in the borrower receiving a house loan. Unfortunately, the process poses a number of challenges for both the lender and the borrower due to the industry’s strict laws and structure. Lenders need to invest in the...
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The mortgage procedure involves everything from mortgage origination through closure. Unfortunately, due to the changes in the industry policies and the increased demands of borrowers, the mortgage process proves to be tedious for lenders. Also, if they have to process a huge volume of applications at one go, they...
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Everything that has a beginning also has an end. Mortgage Processing is no exception. After closing the mortgage, the mortgage lender must undergo a crucial process, which the industry calls as mortgage post-close audit. A mortgage post-close audit is a process where the auditors evaluate the entire mortgage process...
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The post- covid 19 era has seen a spike in interest for homes. People are changing locations and need to buy a home, while others explore the possibilities of investing in real estate through mortgage. The increasing need has significantly increased the number of borrowers who seek mortgage. On...
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In a recent article published on HousingWire, FHFA Acting Director Sandra Thompson announced expansions to the eligibility requirements for refinancing programs geared towards low-income borrowers. Desktop appraisals, temporary flexibility was implemented in March 2020 to keep the mortgage industry afloat amid lockdowns and social distancing. This will now become...
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The fall season is a great time for people to move locations and look to buy homes. The demand for home purchases has been high over the past several weeks. Mortgage lenders have had to deal with a large number of applications from borrowers. A mortgage lender needs to...
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