Hey Millennials! Have questions about how your credit scores work? #OwnerFinanced, #DreamHome, #ForSale, #Property, #Mortgage, #FSBO, #JVpro

Hey Millennials! Have questions about how your credit scores work?

Take this quiz to see how much you understand

The exact intricacies of a credit score continue to be one of the most confusing financial concepts for Millennials.

This elusive three-digital number holds the power to some of the most financially expensive purchases in a consumers life, including a house, and yet according to a recent poll from LendEDU, young American consumers only have an intermediate understanding of that all-important number.

LendEDU polled 500 millennials between the ages of 17 and 37 to test their knowledge of credit scores, and interestingly enough, the respondents weren’t too far off in describing their credit score range compared to what their actual credit score is.

The one cohort that did struggle, however, was the low end of the credit score spectrum, as seen in the graph below. More millennials actually had “poor" credit scores than those who described their credit scores as “poor."

The struggle with credit scores mostly happens when it comes to knowing the factors that go into calculating a credit score.

The poll found that 43.69% of millennials believe that you can improve your credit score by increasing your credit utilization, while 36.27% believe their credit score could be improved by maxing out, but paying a credit card on time.

LendEDU cautioned borrowers to not do the previous two things. “One can only hope that the nearly 80% of millennials that gave the two aforementioned answers are not actively practicing those two behaviors in an attempt to increase their credit scores,” it stated.

Only a small 17.23% gave the correct answer and knew they had to decrease their credit utilization in order to improve their score.

Other key areas of confusion include that 8.42% of poll participants believe race is included in calculating a credit score, while another 8.22% say gender factors into a credit score.

Plus, 8.82% of millennials think that their political affiliation counts toward their credit score.

But all of this is wrong, with none of these personal traits included in formulating a consumer"s credit score.

One area respondents got right is length of credit history. Approximately 72.14% of millennial respondents were able to correctly state that age of credit history is used in the calculation to determine credit score. This is actually true. As your credit history grows older, your credit score will rise with it.

LendEDU also set the record straight on the need to carryover debt. When asked if you need to carryover debt month-to-month in order to have a good credit score, 27.66% of respondents wrongly answered, “Yes, carrying debt is necessary for a good credit score." Carrying debt is NOT necessary to develop and maintain a good credit score.

The report clarified that while taking on debt can be effective if consumers want to build good credit quick, they can also build good credit by keeping a low credit utilization and paying off your balances in full each month.

For those who want to now test their knowledge of credit scores, check out this past credit score quiz from HousingWire. Think twice before thinking you’re an expert. Few people aced the quiz.

The info below helps display all the data listed above.

43.69% of millennials

believed they could improve their credit score by increasing their credit utilization

36.27% of millennials

believed they could improve their credit score by maxing out, but paying a credit card on time

 

Only 17.23% of millennials

knew they could improve their credit score by decreasing their credit utilization

79.36% of millennials

have checked their credit score before

57.58% of millennials

have a FICO credit score that is either “fair" or “poor"

74.35% of millennials

could identify the correct definition of a credit score

4.81% of millennials

would rather have a low credit score

CREDIT SCORE, CREDIT SCORE TIPS, LENDEDU, MILLENNIAL, MILLENNIAL HOMEBUYER

About Us | JVpro | We Buy and Sell Houses | Owner Financed

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Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

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Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

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Mr. Cooper launching mortgage-linked credit card, #JVpro, #OwnerFinanced, #DreamHome, #ForSale, #Property, #Mortgage, #FSBO

Mr. Cooper launching mortgage-linked credit card

Rewards customers with cash back applied to mortgage principal balance

Mr. Cooper, the nonbank that officially left the name Nationstar behind on Monday, is already the most unique name in the mortgage business.

As part of the company’s rebranding efforts, Mr. Cooper rolled out a number of features designed to improve its customers’ experience with the nonbank, including moving its customer service operations back to the U.S.

But one of the features the company is rolling out along with its rebranding effort is something almost unheard of in the mortgage business – a mortgage-linked credit card.

When using the Mr. Cooper Home Rewards credit card, customers can earn cash back that will be applied to the principal balance on their mortgage.

The Mr. Cooper Home Rewards credit card will provide customers with 1% cash back on “most everyday purchases.” That money is then applied to the borrower’s mortgage principal.

The company tells HousingWire that the credit card offering is first of its kind for a nonbank, although as one commenter points out below, GMAC Mortgage did offer a similar credit card before the housing crisis.

So, offering a credit card around a mortgage is not entirely unheard of in the industry, but this is certainly one of the first to do so since the crisis.

Earlier this year, Chase Mortgage rolled out an added incentive on its Sapphire card designed to attract Millennials to get a mortgage through the bank. Under that program, existing Sapphire credit card customers who get a mortgage with Chase will get 100,000 Chase Ultimate Rewards points, which can be used for travel, gift cards, cash back and more.

But Mr. Cooper’s offering is different because the rewards go directly to the borrowers’ mortgage balance.

“We’re excited to soon offer our customers an easy way to put a little extra toward the principal balance of their home loan with Mr. Cooper,” Kevin Dahlstrom, chief marketing officer at Mr. Cooper, said. “The Mr. Cooper Home Rewards Credit Card is one of several new products we"ll be rolling out to help our customers realize their dream of homeownership and give them a more rewarding home loan experience along the way.”

Details on the card beyond that are sparse at this point. The company tells HousingWire that more information on the card will be coming soon.

[Update: This article is updated to reflect that GMAC Mortgage offered a similar credit card before the housing crisis.]

CREDIT CARD CREDIT CARDS MR. COOPER NATIONSTAR NATIONSTAR MORTGAGE NATIONSTAR MORTGAGE HOLDINGS REWARDS

 

About Us | JVpro | We Buy and Sell Houses | Owner Financed

We Buy and Sell Houses via No Credit Qualifying Owner Financing (480) 999-9594. Sell Your House Fast. Own Your Dream Home Today.

Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

We Specialize In Buying & Selling Real Estate – Quickly And Easily!

#JVpro, #iHelpSell, #OwnerFinanced, #RyanHillestad, #RealEstate,  #ForSale, #HomeSale, #Property, #Mortgage, #CurbAppeal, #JustListed, #DreamHome, #MillionDollarListing, #Investment, #HomeSweetHome, #CashCow, #Blessed, #FixandFlip, #FSBO, #FreeCMA, #Hustle, #OpenHouse, #Housing, #HomesForSale, #RyanDaHawaiian,

Owner Financed Homes, Sell My House, Sell Your Home Fast, MLS Listings, I Buy Houses, I Sell Houses, Sell Your House Fast, Rent To Own, Foreclosure, Bankruptcy, Pre-Foreclosure, Fire Damaged, Probate, Divorce, Realtor, Real Estate, Free Cash Offer

 

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Yahoo to pay $5.5 million for botched billion-dollar bracket contest with Quicken Loans, #JVpro, #OwnerFinanced, #DreamHome, #ForSale, #Property, #Mortgage, #FSBO

Yahoo to pay $5.5 million for botched billion-dollar bracket contest with Quicken Loans

Judge rules Yahoo violated contract with initial prize promoter

Remember the Billion Dollar Bracket Challenge?

If not, here’s a quick refresher. Three years ago, Quicken Loans created a national uproar when it partnered with Yahoo and Warren Buffett’s Berkshire Hathaway to launch the Billion Dollar Bracket Challenge, a contest involving picking the winners of the NCAA tournament games – all of the winners.

To win the billion dollars, you simply needed to accurately predict the winners of all 63 games in the college men’s basketball tournament and beat the listed odds of 9,223,372,036,854,775,808 to 1. That’s nine quintillion, by the way.

As it turned out, no one won the billion dollars in 2014, the contest’s first and only incarnation.

Now, three years later, Yahoo will be paying out for the contest, but not for the reason you might think.

The Billion Dollar Bracket Challenge died in 2015 after a prize promoter, SCA Promotions, sued Yahoo for supposedly backing out of a contract to run the billion-dollar challenge.

SCA sued after Yahoo launched the billion-dollar challenge with Quicken and Berkshire Hathaway, instead of with SCA.

Basically, the issue was who came up with the idea first.

Quicken Loans appears to have escaped this whole legal kerfuffle unscathed. Yahoo, on the other hand, wasn’t so lucky.

A court ruled Monday in SCA’s favor, ordering Yahoo to pay the company $5.5 million for bailing on the bracket contract.

Reuters has the full story:

Yahoo Inc owes a prize promoter $5.5 million for backing out of a contract to pay $1 billion for predicting every winner in the 2014 NCAA men"s basketball tournament, and entering a similar contract with Quicken Loans Inc and Warren Buffett"s Berkshire Hathaway Inc (BRKa.N), a court decided on Monday.

The 5th U.S. Circuit Court of Appeals in New Orleans said SCA Promotions Inc was entitled to half of its $11 million contract with Yahoo as a cancellation penalty.

As the Reuters article notes, the appeals court overruled a lower court’s ruling that would have seen SCA pay $550,000 back to Yahoo.

Again, from Reuters:

“It has been a long battle over what we thought was a simple contractual provision,” Jon Patton, a lawyer for SCA, said in an interview. “We’re pleased the court of appeals got this right.”

Glad that’s all behind us now, sooooo how about firing up that billion-dollar challenge again in 2018?

BERKSHIRE HATHAWAY BILLION DOLLAR BRACKET BILLION DOLLAR BRACKET CHALLENGE QUICKEN LOANS YAHOO

 

About Us | JVpro | We Buy and Sell Houses | Owner Financed

We Buy and Sell Houses via No Credit Qualifying Owner Financing (480) 999-9594. Sell Your House Fast. Own Your Dream Home Today.

Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

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#JVpro, #iHelpSell, #OwnerFinanced, #RyanHillestad, #RealEstate,  #ForSale, #HomeSale, #Property, #Mortgage, #CurbAppeal, #JustListed, #DreamHome, #MillionDollarListing, #Investment, #HomeSweetHome, #CashCow, #Blessed, #FixandFlip, #FSBO, #FreeCMA, #Hustle, #OpenHouse, #Housing, #HomesForSale, #RyanDaHawaiian,

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The game changer for end-to-end digital mortgages: eClosings, #JVpro, #OwnerFinanced, #DreamHome, #ForSale, #Property, #Mortgage, #FSBO

The game changer for end-to-end digital mortgages: eClosings

Notarize CEO: It"s teleportation for the mortgage industry

Nearly everything about the industry’s prized digital mortgage is streamlined expect for the final, and one of the most important, steps at the end.

The entire online process comes to an abrupt halt when it"s time to close a loan, forcing borrowers to still meet up and cross the T’s and dot the I’s on an official document with a notary present.

And while this process is evolving digitally, as noted here, it wasn’t until recently that the process truly became end-to-end thanks to a new company: Notarize.

Notarize took the current eClosing process and brought it to the next level by allowing buyers to never have to leave their home or wet sign a single document.

Compared to the previous option that requires either some in-person contact or a notary to eSign closing documents via a shared tablet, the company’s solution allows borrowers to FaceTime or Skype with the notary, making it the first eClosing borrowers can complete remotely, with a notary not having to physically be present.

The concept finally came to market earlier this month when Notarize closed the first of this type of loan with United Wholesale Mortgage.

Notarize also said it has partnerships with four other mortgage lenders, including Lenda, Mid America Mortgage, Eagle Home Mortgage, and WEI Mortgage.

In an interview with HousingWire, Notarize CEO and Founder Patrick Kinsel expanded on the process behind finally getting to a true eClosing and what the future looks like for eClosings.

Kinsel explained that mortgages aren"t the only type of notarization that the company does, but it did prove to have the most pain points when it comes to notarization.

“Mortgages make up 40% of the notary market,” said Kinsel, “And we think it’s where we can solve the strongest pain point. It’s a center of focus for us, and we can really innovate there. We are excited for the future and to really help borrowers and people understand the terms of their loan better.”

“The fact that only a fraction of 1% of the 10 million mortgage closings executed in the U.S. in 2016 were eMortgages, was a clear indicator that the industry lacked the right solution,” said Kinsel.

When Kinsel was first getting Notarize started about 19 months ago, he explained that Virginia was the only state so far that had passed a law to allow the presence of a notary to be established over video and audio. Since then, Texas, Nevada and most recently, Ohio, have passed legislation to bring remote notarization into the state.

And the list hopefully doesn"t stop there. Kinsel stated they’ve been at the forefront of getting the legal process going in states.

The key detail in these four states approving remote notarization is that the reach expands beyond the four states. The notaries in Virginia, Texas, Nevada and Ohio will be able to use Notarize’s platform to serve customers from all 50 states, regardless of where they’re located at the time of the signing.

For example, the first eClosing that Notarize executed actually happened in Illinois.

However, Kinsel added that the best model is for local notaries to perform local transactions.

Notarize is trying to get more bills passed across the country to expand its operations outside of Virginia, along with the three other states.

When it comes to industry backing, Notarize already has the support of Fannie Mae andFreddie Mac. Notarize has been verified by both for eNotes, eClosing and eVaulting.

“Freddie Mac is focused on innovation as a medium to help lenders achieve their goals around efficiency and deliver a better customer experience. We see the digitization of the mortgage process as one way to reduce errors, speed the closing process and offer a complete solution to consumers,” said Samuel Oliver, vice president of strategic delivery for Freddie Mac’s Single-Family Business.

“Lenders have long sought the digital mortgage, and today the industry takes a big step forward with Notarize"s closing of the first ever fully online mortgage with electronic documents,” said Oliver. “With the vast majority of counties now accommodating eRecording of mortgages and more states adopting electronic notarization, we’re seeing a transformation across the industry. Freddie Mac intends to continue to support the digital mortgage space.”

Even though Notarize does have a lot of support behind it, it does face some challenges.

“A mortgage is a mission critical transaction,” said Kinsel. “You have a rate that’s approved for a limited period of time. Our technology has to work. We have made huge investments in what happens if a call drops or what happens if people are on different devices. You have to get it right. We are investing a ton of time and resources in this, and we want to tell a lender that we got it.”

The closing process involves a lot of parties, who all have to agree. And some people may even have to change their systems to accommodate the technology, Kinsel explained.

“Because this touches everybody, we are really investing in helping people make this transition. This change needs to be managed and helped along the way,” he said.

And the overall process for eClosings to be the new normal isn’t likely to take long, according to a recent interview with UWM CEO Mat Ishbia.

Since a lot of other states are okay with remote notarization on non-mortgage-related things, Ishbia said they feel that many more states will come on very soon.

“eClosings will be more of a standard practice next year and I think the majority of closings will be done this way by the end of 2019,” said Ishbia.

DIGITAL MORTGAGES, ECLOSING, NOTARIZE, PATRICK KINSEL, UNITED WHOLESALE MORTGAGE

About Us | JVpro | We Buy and Sell Houses | Owner Financed

We Buy and Sell Houses via No Credit Qualifying Owner Financing (480) 999-9594. Sell Your House Fast. Own Your Dream Home Today.

Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

We Specialize In Buying & Selling Real Estate – Quickly And Easily!

#JVpro, #iHelpSell, #OwnerFinanced, #RyanHillestad, #RealEstate,  #ForSale, #HomeSale, #Property, #Mortgage, #CurbAppeal, #JustListed, #DreamHome, #MillionDollarListing, #Investment, #HomeSweetHome, #CashCow, #Blessed, #FixandFlip, #FSBO, #FreeCMA, #Hustle, #OpenHouse, #Housing, #HomesForSale, #RyanDaHawaiian,

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Hey Millennials! Have questions about how your credit scores work? #JVpro, #OwnerFinanced, #DreamHome, #ForSale, #Property, #Mortgage, #FSBO

Hey Millennials! Have questions about how your credit scores work?

Take this quiz to see how much you understand

The exact intricacies of a credit score continue to be one of the most confusing financial concepts for Millennials.

This elusive three-digital number holds the power to some of the most financially expensive purchases in a consumers life, including a house, and yet according to a recent poll from LendEDU, young American consumers only have an intermediate understanding of that all-important number.

LendEDU polled 500 millennials between the ages of 17 and 37 to test their knowledge of credit scores, and interestingly enough, the respondents weren’t too far off in describing their credit score range compared to what their actual credit score is.

The one cohort that did struggle, however, was the low end of the credit score spectrum, as seen in the graph below. More millennials actually had “poor" credit scores than those who described their credit scores as “poor."

The struggle with credit scores mostly happens when it comes to knowing the factors that go into calculating a credit score.

The poll found that 43.69% of millennials believe that you can improve your credit score by increasing your credit utilization, while 36.27% believe their credit score could be improved by maxing out, but paying a credit card on time.

LendEDU cautioned borrowers to not do the previous two things. “One can only hope that the nearly 80% of millennials that gave the two aforementioned answers are not actively practicing those two behaviors in an attempt to increase their credit scores,” it stated.

Only a small 17.23% gave the correct answer and knew they had to decrease their credit utilization in order to improve their score.

Other key areas of confusion include that 8.42% of poll participants believe race is included in calculating a credit score, while another 8.22% say gender factors into a credit score.

Plus, 8.82% of millennials think that their political affiliation counts toward their credit score.

But all of this is wrong, with none of these personal traits included in formulating a consumer"s credit score.

One area respondents got right is length of credit history. Approximately 72.14% of millennial respondents were able to correctly state that age of credit history is used in the calculation to determine credit score. This is actually true. As your credit history grows older, your credit score will rise with it.

LendEDU also set the record straight on the need to carryover debt. When asked if you need to carryover debt month-to-month in order to have a good credit score, 27.66% of respondents wrongly answered, “Yes, carrying debt is necessary for a good credit score." Carrying debt is NOT necessary to develop and maintain a good credit score.

The report clarified that while taking on debt can be effective if consumers want to build good credit quick, they can also build good credit by keeping a low credit utilization and paying off your balances in full each month.

For those who want to now test their knowledge of credit scores, check out this past credit score quiz from HousingWire. Think twice before thinking you’re an expert. Few people aced the quiz.

 

About Us | JVpro | We Buy and Sell Houses | Owner Financed

We Buy and Sell Houses via No Credit Qualifying Owner Financing (480) 999-9594. Sell Your House Fast. Own Your Dream Home Today.

Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

We Specialize In Buying & Selling Real Estate – Quickly And Easily!

#JVpro, #iHelpSell, #OwnerFinanced, #RyanHillestad, #RealEstate,  #ForSale, #HomeSale, #Property, #Mortgage, #CurbAppeal, #JustListed, #DreamHome, #MillionDollarListing, #Investment, #HomeSweetHome, #CashCow, #Blessed, #FixandFlip, #FSBO, #FreeCMA, #Hustle, #OpenHouse, #Housing, #HomesForSale, #RyanDaHawaiian,

Owner Financed Homes, Sell My House, Sell Your Home Fast, MLS Listings, I Buy Houses, I Sell Houses, Sell Your House Fast, Rent To Own, Foreclosure, Bankruptcy, Pre-Foreclosure, Fire Damaged, Probate, Divorce, Realtor, Real Estate, Free Cash Offer

 

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Freddie Mac extends appraisal-free mortgage program to purchase loans, – #JVpro, #OwnerFinanced, #DreamHome, #ForSale, #Property, #Mortgage, #FSBO

Freddie Mac extends appraisal-free mortgage program to purchase loans

Creates “better experience” for lenders and homebuyers

Freddie Mac announced Friday it is making buying a home a better experience for lender and homebuyers – by cutting the appraiser out of the process.

The company is now offering a new product which will cut the appraisal process out of qualified home purchases and refinances. This could save borrowers an estimated $500 in fees and could reduce closing times by as much as 10 days.

The new Automated Collateral Evaluation assesses the need for a traditional appraisal by using proprietary models and utilizing data from multiple listing services and public records as well as the historical home values in order to determine collateral risks.

“By leveraging big data and advanced analytics, as well as 40+ years of historical data, we"re cutting costs and speeding up the closing process for borrowers,” said David Lowman, Freddie Mac executive vice president of single-family business.

“At the same time, we"re providing immediate collateral representation and warranty relief to lenders,” Lowman said. “This is just one example of how we are reimagining the mortgage process to create a better experience for consumers and lenders.”

Lenders can determine if a property is eligible for ACE by submitting the data through Freddie’s loan product advisor. This will then assess credit, capacity and collateral to determine the quality of the loan. Lenders will receive the risk assessment feedback in real time.

ACE will be available for home purchases beginning on September 1, 2017.

Earlier this summer, the company announced it began using this product on qualified refisbeginning June 19, 2017.

“When we launched loan advisor suite in July 2016, we set out to give our customers certainty, usability, reliability and efficiency,” said Andy Higginbotham, senior vice president of strategic delivery and operations for Freddie Mac"s single-family business. “ACE is our most recent capability to deliver on that vision."

Fannie Mae also updated its policy on appraisals this year, and clarified its “existing policy that allows an unlicensed or uncertified appraiser, or an appraiser trainee to complete the property inspection. When the unlicensed or uncertified appraiser or appraiser trainee completes the property inspection, the supervisory appraiser is not required to also inspect the property.”

 

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Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

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#JVpro, #iHelpSell, #OwnerFinanced, #RyanHillestad, #RealEstate,  #ForSale, #HomeSale, #Property, #Mortgage, #CurbAppeal, #JustListed, #DreamHome, #MillionDollarListing, #Investment, #HomeSweetHome, #CashCow, #Blessed, #FixandFlip, #FSBO, #FreeCMA, #Hustle, #OpenHouse, #Housing, #HomesForSale, #RyanDaHawaiian,

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Realtors predict California housing market headed for a slow down

Affordability constraints remain key problem for homebuyers

As California moves into the second half the year, home sales are projected to cool down, according to the latest report from the California Association of Realtors.

The forecast comes after a year already plagued with low housing inventory and rising home prices.

“As we enter the second half of the year, we are likely to see some slowdown in sales that extends beyond the typical seasonality change,” said CAR President Geoff McIntosh.

“While the rate of closed sales indicates that California’s housing market has continued to move forward, tight supply continued to push up prices and lower affordability, which can ultimately undermine the housing market by putting homeownership out of reach for too many households,” said McIntosh.

Looking solely at the data for July, California’s housing market stayed solid, with gains year-over-year in both sales and price.

Closed escrow sales of existing, single-family detached homes in California remained above the 400,000 benchmark for the 16th consecutive month and totaled a seasonally adjusted annualized rate of 421,460 units in July.

CAR noted that the statewide sales figure represents what would be the total number of homes sold during 2017 if sales maintained the July pace throughout the year.

The July figure is 1.1% lower than the revised 443,120 level in June. But, it is up 0.9% from home sales the same period last year (417,680).

The report added that year-to-date sales are running 2.9% ahead of last year’s pace, but are beginning to slow.

Earlier this month, CAR reported that only 29% of California households could afford to purchase the $553,260 median-priced home in the second quarter of 2017.

And according to this latest report, the median-priced home is only going up, coming in at $549,460 in July.

While it declined to its lowest point since April 2017, the statewide median price remained above the $500,000 mark for the fifth straight month and remained close to the most-recent peak.

“Despite a dip from the recent record high in June, the statewide median price continued to rise at a high single-digit rate in July, and was growing at the second fastest pace in 2017,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young.

“Tight inventory remained the fuel to upward momentum in home prices, particularly in the Bay Area and other high-priced markets,” said Appleton-Young. “With supply expected to be tight for the rest of the year, home prices should grow moderately in the next few months.”

CALIFORNIA ASSOCIATION OF REALTORS CAR GEOFF MCINTOSH HOME SALES, JVPRO

 

About Us | JVpro | We Buy and Sell Houses | Owner Financed

We Buy and Sell Houses via No Credit Qualifying Owner Financing (480) 999-9594. Sell Your House Fast. Own Your Dream Home Today.

Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

We Specialize In Buying & Selling Real Estate – Quickly And Easily!

#JVpro, #iHelpSell, #OwnerFinanced, #RyanHillestad, #RealEstate,  #ForSale, #HomeSale, #Property, #Mortgage, #CurbAppeal, #JustListed, #DreamHome, #MillionDollarListing, #Investment, #HomeSweetHome, #CashCow, #Blessed, #FixandFlip, #FSBO, #FreeCMA, #Hustle, #OpenHouse, #Housing, #HomesForSale, #RyanDaHawaiian,

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Inc. 5000: These are the 5 fastest growing companies in mortgage finance

Recognize any repeat companies?

The latest list is out from Inc., spotlighting the 5,000 fastest growing companies in 2017. Given mortgage origination volume is forecasted to be more than $1 trillion this year, it would be surprising if there wasn’t a slew of mortgage finance companies on the list.

The Inc. 5000 list, which is put together each year to showcase the fastest-growing private firms in America, contains some familiar names, and even five-time-repeat names. However, there are also a lot of new mortgage finance names that made the cut this year.

Below is a spotlight of only the top five. Check here for the full list.

One mortgage company significantly outshined the rest of the mortgage companies, coming in at No. 188. The next closest mortgage finance company sat at No.1129. Mortgage Financial Services, a provider of mortgages to homebuyers and operational support to loan officers, was founded in 2007 and brought in $27.4 million in 2016, and this is with only 211 employees. The company’s three-year growth of 2,318% was enough to rank it as the 188th fastest growing company.

The other four companies in the top 5 all ranked around the low 1,000s.

A break down of the top five can be found in the chart below. Some of the names on the list should come as no surprise.

Movement Mortgage, which rounded out the top five, is less than 10 years old and is already making a major imprint on the housing finance market between financing more than $12 billion in residential mortgages and launching a new digital mortgage app all in 2016 alone.

According to the lender’s inaugural Movement Impact Report

✎ EditSign

to stakeholders on its business operations, growth and community investments, it also has big plans for the future. The annual letter stated, “Moving forward into 2017, we commit to taking the next steps toward our vision to finance one out of every 10 homes purchased in America while transforming our industry, culture and communities.”The Inc. 5000 list credited Movement Mortgage with 316% growth over the last three years and $579.9 million in revenue in 2016. Check below for details on the other top companies.

Company:	Rank:	3-year growth:	Revenue:
Mortgage Financial Services	188	2,318%	$27.4 m
Highlands Residential Mortgage	1129	371%	$60.8 m
Ruoff Home Mortgage	1210	340%	$74.2 m
Equity Prime Mortgage	1272	321%	$62.9 m
Movement Mortgage	1295	317%	$579.9 m

 

Source: Inc.

EQUITY PRIME MORTGAGE, FASTEST GROWING COMPANIES, HIGHLANDS RESIDENTIAL MORTGAGE, INC. 5000, MORTGAGE FINANCIAL SERVICESMOVEMENT MORTGAGE, RUOFF HOME MORTGAGE

About Us | JVpro | We Buy and Sell Houses | Owner Financed

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Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

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J.D. Power names companies with top mortgage servicer satisfaction

Overall satisfaction down from last year

After several years of steady improvements, mortgage servicer satisfaction decreased due to customers having significant declines in their overall brand perceptions, according to J.D. Power’s 2017 U.S. Primary Mortgage Servicer Satisfaction Study.

Brand perceptions worsened due to customers indicating their mortgage servicer is more focused on profit than on their customers, creating long-term effects on the company’s future business.

The study measured customer satisfaction with the mortgage servicing experience in six factors: new customer orientation, billing and payment process, escrow account administration, interaction; mortgage fees and communications. Satisfaction is calculated on a 1,000-point scale.

“The past few years have not been easy for mortgage servicers as they’ve struggled with regulatory and market pressures, but still managed to deliver on customer satisfaction,” said Craig Martin, J.D. Power senior director of mortgage practice. “Now, as that trend starts to shift and customer satisfaction levels off, it is critical that mortgage servicers continue to balance the demands of this tough marketplace with the needs of their customers.”

“Based on our research, mortgage servicers have three very clear areas of opportunity to help drive success: effective onboarding, high-functioning self-service tools and call center best practices that optimize customer contact in step with changing customer demographics and needs,” Martin said.

Quicken Loans once again took the top position, marking the fourth consecutive year, with a score of 840. Regions Mortgage followed with a score of 819 and Huntington National Bank came in third with 795.

But the top three most improved servicers are Bank of America with a score of 767, Nationstar Mortgage with a score of 703 and Ditech Financial with 694. These companies increased by 26, 29 and 37 points respectively.

CUSTOMER SATISFACTION, J.D. POWER, MORTGAGE SERVICER SATISFACTION, QUICKEN LOANS, JVPRO

 

About Us | JVpro | We Buy and Sell Houses | Owner Financed

We Buy and Sell Houses via No Credit Qualifying Owner Financing (480) 999-9594. Sell Your House Fast. Own Your Dream Home Today.

Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

We Specialize In Buying & Selling Real Estate – Quickly And Easily!

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Here’s the No. 1 new home market in the U.S.

Builders started more than 30,000 homes in past year

The Dallas-Fort Worth market is the No. 1 market in the nation for new homes, according to a new report from Metrostudy, a provider of primary and secondary market information to the housing industry.

Dallas-area housing starts increased 3.4% from the first to the second quarter of 2017, the study showed. This makes a total 31,049 new home starts within the past 12 months ending in the second quarter. Housing starts jumped 14% from the second quarter of 2016 to the second quarter of 2017.

Builders in the Dallas area closed 29,865 homes over the past 12 months. This is an increase of 15.2% from the annual closings through the second quarter last year.

“The increase in second quarter closings reflects stronger sales during the first quarter than the end of 2016, however, many builders and communities have hit a price ceiling,” said Paige Shipp, director of Metrostudy’s Dallas-Ft Worth market studies. “With the median new home price in DFW at $320,600, new homebuyers are stretched to the limit of what they can afford.”

“While resale home prices continue to increase, new home prices are stagnant, as compared to 2016,” Shipp said. “In an effort to spur sales, some builders are either reducing prices or minimizing price increases all while costs, including land, labor and materials, march higher.”

The study showed that while housing starts are down for homes under $200,000, higher priced homes increased.

Although the homes in the first-time buyer market decreased, the increase in homes from $200,000 to $250,000 shows builders are actively battling rising home prices to add more starter homes to the market.

 

About Us | iHelpSell | We Buy and Sell Houses | Owner Financed

We Buy and Sell Houses via No Credit Qualifying Owner Financing (480) 999-9594. Sell Your House Fast. Own Your Dream Home Today.

Home Buyers Program

If you are unable to qualify for a traditional mortgage you have come to the right place. We pride ourselves on giving our buyers the ability to purchase homes with fair terms without having to qualify for traditional bank financing.

Home Sellers Program

Selling your home with seller financing will allow you to sell faster and for a larger profit than selling traditionally. Whatever your reasons are for selling, seller financing is a proven effective selling method that will ensure you get the highest possible price for your home. 

We Buy Ugly Homes Too

Yes, we buy ugly homes, in any condition and in any shape. We will make you an all cash offer on your house regardless of how many repairs it needs. Avoid banks, inspections, and long processes to sell your house. We pay cash for homes and close fast.

We Can Help With The Following

Pre-Foreclosure | Foreclosure | Probate | Bankruptcy | Fire Damaged | Divorce | Inherited A Home | Relocating | Lost Your Job

Retiring | Not Enough Equity | Undesirable Neighborhood | House Needs Renovating | Need To Catch Up On Bills

Liens or Judgments | Property Taxes | Mortgage To High | Tired Of Being A Landlord | Expired Listing

Troublesome Tenants | Slow Market | You Live In A Distressed Neighborhood

JVpro – Providing a Successful Path to Home Ownership!

We Specialize In Buying & Selling Real Estate – Quickly And Easily!

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