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Mortgage Lenders

All articles tagged with #mortgage lenders

finance1 year ago

"US Mortgage Rates Hold Steady for 30-Year Terms, Spurring Refinancing and Home Purchases"

Today's 30-year fixed-rate mortgage stands at 6.375%, unchanged from the previous day. To secure the best deal, it's crucial to compare rates, terms, and fees from different lenders. Factors such as credit score, income, down payment, loan type, and economic conditions influence mortgage rates. To qualify for a mortgage, steady employment, income, assets, and a good credit score are essential. Refinancing your mortgage can be beneficial if you're seeking a lower interest rate, different rate type, or shorter repayment term. Using tools like Credible's secured website can help compare multiple lenders without affecting your credit score.

via Fox Business|
#finance#home-loans#interest-rates
finance2 years ago

"Top Mortgage Lenders, Brokers, and Language Service Providers on Inc. 5000 List in 2023"

Only 16 mortgage lenders and brokers made Inc. Magazine's annual list of the 5,000 fastest-growing private companies in the U.S. for 2023, a significant decline from the previous year. The companies on the list relied on technology or niche products to generate volume, with VA Wholesale Mortgage leading the pack with a 2,230% three-year growth rate. The mortgage industry is still adjusting to historically low rates, and many loan officers are buying leads from companies like Zillow and Realtor.com.

via HousingWire|
#finance#housing-industry#inc-5000
finance2 years ago

'Big Short' investor warns of housing market crash due to climate crisis and flood risk.

"Big Short" investor Dave Burt warned that mortgage lenders are overestimating the value of homes by failing to take into account the threat of flooding caused by the climate crisis. He warned that the housing market is in for a 2008-level price correction if this pattern continues. Burt's economic hypothesis is that climate crisis-related events could reduce the cost of homes, putting mortgage borrowers at risk of not being able to pay back the loan. He previously warned that about 20% of all houses in the US were overvalued in mortgage underwriting, which means the housing market could be worth up to $200 billion less than current estimates.

via Business Insider|
#climate-crisis#dave-burt#finance
business2 years ago

NBA Owners Mat Ishbia and Dan Gilbert in Heated Rivalry.

Mat Ishbia, CEO of United Wholesale Mortgage and owner of the Phoenix Suns, spoke about his business and personal rivalry with Dan Gilbert, owner of the Cleveland Cavaliers and Rocket Mortgage. Ishbia claimed that Gilbert doesn't like him and vice versa, and that they compete in the same town. UWM surpassed Rocket Mortgage in loan originations last year, and Ishbia claimed that Rocket Mortgage engages in behaviors that can harm mortgage brokers over the long term. Gilbert reportedly abstained from the vote that authorized Ishbia to buy the Suns earlier this year.

via Detroit Free Press|
#business#dan-gilbert#mat-ishbia
business2 years ago

Lenders face losses as housing market becomes unaffordable.

Mortgage lenders lost an average of $301 per loan originated in 2022, down from an average profit of $2,339 per loan the year before, due to soaring interest rates and declining demand. The cost per loan also swelled to a study high of $10,624, while the average loan balances for first-time mortgage holders shot up to $323,780 in 2022, marking the largest single-year increase in the history of the report.

via The Hill|
#business#housing-market#interest-rates
finance2 years ago

US mortgage lenders face financial losses due to unaffordable housing and excess workforce costs.

US mortgage lenders lost an average of $301 on each home loan they originated last year, marking the first time on record that they have taken losses, according to the Mortgage Bankers Association. The loss was due to a surge in loan rates that caused demand for purchase and refinance applications to plummet to their lowest level in decades. The cost of mortgage lending ballooned to $10,624 per loan last year, outpacing gains in loan servicing. Just 32% of firms active in the mortgage lending sector were profitable last year, down from 98% two years earlier.

via New York Post |
#finance#loan-rates#mortgage-lenders