The Mortgage News blog is an educational service provided by the publishers of the Home Buying Institute. Each week, we bring you the latest mortgage news from around the United States and help you put it into perspective. We provide information relating to loan rates, regulations, industry developments and more.
Here are the latest stories:
There has been much ado lately about the new mortgage rules that took effect earlier this year, and how they might affect self-employed borrowers. Some have claimed the new requirements will make it harder for the self-employed to qualify for mortgage loans in 2014 and beyond. But the Consumer Financial Protection Bureau (CFPB), the federal […]
At the end of 2013, many economist and mortgage analyst were predicting a steady rise in mortgage rates throughout 2014. That may come to pass eventually. But right now, rates are actually dropping across all loan categories. The average rate for a 30-year fixed-rate home loan recently hit its lowest point since November 21 of […]
More good news for borrowers in 2014: Ellie Mae, a company that provides software for the mortgage industry, recently said that the average credit score for a closed loan dropped by more than 20 points in 2013. It’s the latest sign of easing within the lending industry.
When the QRM rule was first proposed, financial regulators proposed a mandatory down payment of 20% for home loans. But this led to a firestorm of controversy. The rule-makers have since backed off and created a different and less restrictive proposal.
There seems to be a general consensus among economists and analysts that mortgage rates will go up in 2014. That’s the bad news for borrowers. The good news is that they are expected to rise gradually over the course of the year.
It’s business as usual with the nation’s largest mortgage lender. Officials from Wells Fargo recently stated they will maintain their current lending practices and standards, despite the forthcoming QM rule that is expected to alter the mortgage industry. It’s not yet clear how others will respond to the new rules.
Summary: Good news for military service members. We expect few, if any, changes to the VA loan program in 2014. The qualification requirements that are currently in place will likely carry over into next year. The Qualified Mortgage (QM) rule that takes effect in January 2014 should have little effect on the VA program. Basic […]
What can borrowers expect next year? Will interest rates rise or fall over the coming months? These are big questions that deserve in-depth research and analysis. So we have been gathering a variety of mortgage rate predictions for 2014, from expert sources such as Freddie Mac and MBA. This article is the result.
There are new rules for mortgage debt-to-income ratios in 2014, as well as some old standards that will carry over from 2013. Mortgage lenders use the DTI ratio, as it’s known, to measure a borrower’s ability to repay the loan obligation. Simply put, if you carry too much debt in relation to your monthly earnings, […]
This article explains the basic eligibility requirements for HARP refinancing in 2014. In short, the loan must be owned or guaranteed by Fannie Mae or Freddie Mac. The homeowner must be current on payments, with a clean payment history for the last 12 months.