Purchase

The new calculation of borrowers’ monthly obligations will allow for a higher debt load from tuition, potentially opening eligibility to more Black applicants, according to public officials.

While its net income declined annually for the second consecutive year, CEO Hugh Frater touted Fannie Mae’s resiliency in a record year for providing mortgage liquidity.

The Federal Housing Finance Agency will extend the same GSE benchmarks of the past three years into 2021.

However, those who aren't current bank customers need to have $1 million in a qualifying account.

Credit unions have seen historic mortgage growth so far this year despite the pandemic, but there are concerns some institutions may be overly relying on refinancing and not focusing enough on generating new purchase business.

Refinance application activity last week was the highest in nearly seven years, with more than triple the volume from one year ago, according to the Mortgage Bankers Association.

HELOCs and second mortgages at credit unions are on the decline amid increasing refis and shifts in consumer sentiment about borrowing against their home’s value.

Credit unions have achieved success in areas like auto and consumer loans but there is still room for them to increase their home lending.

Home prices have more than recovered since the recession, but higher-than-ever medical and student debt is robbing many homeowners from realizing the benefits, while keeping others away from the market, according to Zillow.

With the ongoing issue of the affordable housing crisis, the Mortgage Bankers Association – which many credit unions are members of – got behind the Build More Housing Near Transit Act, a bipartisan bill introduced in the House of Representatives.