FHA or conventional? After LLPA tweaks, the calculus changes for some

The Federal Housing Finance Agency (FHFA) officially implemented an updated pricing framework for Loan-Level Price Adjustments (LLPAs) in May to improve homeownership prospects for first-time homebuyers with lower income and weaker credit scores. It’s a simple goal, but as is often the case in U.S. … Continue readingFHA or conventional? After LLPA tweaks, the calculus changes for some

Mortgage rates trend down amid lower monetary, fiscal pressures 

Mortgage rates jumped last week amid a debt ceiling impasse and expectations of another federal funds rate hike. However, rates have started to reverse course over the last few days, following news of a debt agreement and signals that the Federal Reserve may pause hikes.  On … Continue readingMortgage rates trend down amid lower monetary, fiscal pressures 

California Senate OKs bill for affordable housing on nonprofit-owned land

The California State Senate passed a bill this week that would permit the construction of affordable housing units on land owned by faith-based institutions and nonprofit colleges, even if local zoning ordinances and laws would normally prevent construction. The bill, introduced last December by Sen. … Continue readingCalifornia Senate OKs bill for affordable housing on nonprofit-owned land

Planet acquires Platinum Home Mortgage Corporation

Connecticut-based lender and servicer Planet Home Lending has acquired the assets of Illinois-based retail lender Platinum Home Mortgage Corporation. The financial terms of the transaction have not been disclosed.  With the acquisition, Planet will inherit the majority of Platinum’s origination staff and branches throughout the country. The deal also … Continue readingPlanet acquires Platinum Home Mortgage Corporation

More than 32 million homes at risk of damages from hurricane-force winds

More than 32 million single-family homes and 1 million multi-family properties across the country are now at risk of damages from hurricane-force winds, with a combined total reconstruction cost of $11.6 trillion. And, the risk related to these types of damages has only intensified in … Continue readingMore than 32 million homes at risk of damages from hurricane-force winds

MBS issuance tumbled in Q1. Here’s how the rest of 2023 is shaping up

The private-label and agency mortgage-backed securities (MBS) markets, the primary sources of liquidity for many mortgage lenders, are taking a beating so far this year. That dour performance mirrors what’s happening in the primary mortgage market — where origination volume is down drastically year to … Continue readingMBS issuance tumbled in Q1. Here’s how the rest of 2023 is shaping up