Real Estate Broker/Agency News

Purchase mortgage rates jump to 5.55%

Volatile mortgage rates jumped back to the mid-5% level this week, slowing down the housing market, according to the latest survey from Freddie Mac. The 30-year fixed-rate mortgage increased 42 basis points this week to an average of 5.55%, up from last week’s 5.13%. A year ago this time, rates averaged

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How will Biden’s student loan relief affect homeownership?

How will President Biden’s executive action to erase $10,000 in federal student loan debt affect homeownership? While industry watchers don’t expect the debt forgiveness to move the needle in a significant way, it could have a net positive impact on homeownership long term. About 45% of borrowers, or almost 20

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Tomo launches solution for the dreaded appraisal gap

For the past two years appraisal gap clauses have been de rigueur in many markets, much to the disdain of frustrated homebuyers. Mortgage startup Tomo feels, however, that it has a solution. On Wednesday, the firm launched Tomo Appraisal Coverage. Tomo says its appraisal coverage product protects home buyers from

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SoftPro integrates with Doma

Title and closing software provider SoftPro has released a new integration with Doma Title Insurance, Inc., the firm announced Wednesday. Through the integration, Doma agents who are customers of SoftPro can now issue closing protection letters, as well as commitment and policy jackets within their title insurance software. SoftPro says

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UWM enters the HELOC space

Top wholesale lender United Wholesale Mortgage (UWM) is the latest originator to join the resurgent home-equity lines of credit (HELOC) market. The Pontiac, Michigan-based lender has started to offer standalone and piggyback options, as fast-rising home values allow homeowners to tap the equity in their houses to pay debts, expenses

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Homepoint cuts rates by 75 bps for low-income borrowers

Homepoint has launched a new program to reduce rates for borrowers with lower income, the wholesale lender announced Wednesday. The initiative comes after the company reported a loss in the second quarter of 2022 amid a price war, mainly from its wholesale-only rival United Wholesale Mortgage (UWM).  Homepoint is offering a 75 basis

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