Jun 11, 2019 14:45 ET
Scotsman Guide Media
FHA report shows growing number of riskier loans
A quarterly report from the Federal Housing Administration (FHA) revealed that the average credit score for an FHA mortgage borrower in the second quarter of this year was 665 — the lowest figure since 2008.
California could bring radical change to single-family home neighborhoods
By LIAM DILLON
MAY 13, 2019 | 9:10 AM
If you live in a single-family home in California, it’s likely everyone else in your neighborhood does too.
That could change under a state measure that would require California cities and counties to permit duplexes, triplexes and fourplexes on much of the residential land now zoned for only one house. The proposal was recently added to Senate Bill 50, legislation by Sen. Scott Wiener (D-San Francisco) that also would allow midrise apartment construction near mass transit and small apartment complexes and townhomes in wealthy communities in large counties including Los Angeles.
Freddie Mac speeds rollout of manufactured-home financing
May 2, 2019 16:10 ET
With housing inventory still lagging, Freddie Mac has announced that its CHOICEHome financing program for manufactured houses is now available to eligible lenders across the country.
Healthy economy posts lowest unemployment since 1969
May 3, 2019 15:15 ET
The economy added 263,000 jobs in April, pushing the jobless rate to its lowest level in 50 years, according to the latest report from the U.S. Bureau of Labor Statistics.
By Ray Brousseau, president, Carrington Mortgage Services LLC | bio
Too often, the common wisdom tells us the underserved market is a vast mortgage wasteland, a place filled with delinquencies and foreclosures, an arena to be avoided. The better idea, it’s argued, is to stick with the “safe” borrowers — those with weekly paychecks and thick files who are most likely to fly through the application process.
Escape the Wild West
Private lenders are adopting set underwriting standards to protect borrowers
Commercial mortgage brokers tend not to associate hard money, or private money, with a strict set of underwriting guidelines. Long regarded as the wild west of the lending world, the hard money realm historically followed a model of letting each lender establish a standard as they go. Hard money came to be known for its flexible underwriting — the fewer guidelines, the better.
New home sales pick up the pace on lower mortgage rates
Housing market strongest in a year
Sales of new homes rose in February to the highest level in almost a year as lower mortgage rates enticed buyers.
WSJ: New FHA standards could flag 50,000 loans yearly
Wall Street Journal
March 26, 2019
Updated standards from the Federal Housing Administration (FHA) regarding high-risk mortgages could affect up to 50,000 loans annually, according to the Wall Street Journal.
Home-affordability outlook is rosy but could be short-lived
March 25, 2019
For mortgage originators with clients who’ve been waiting for the right time to buy a home, it may be a rosy spring buying season, according to First American Financial Corp.