By KIMBERLEY HAAS The housing market traditionally cools during the holiday season as people focus on family and friends but industry leaders say it is a good time for potential sellers and buyers to weigh their options. After mortgage rates recently surged above 7%, real estate activity and consumer sentiment took a nosedive. Home delistings hit a record high in November as sellers and buyers pulled out of the market, according to journalists Lily Katz and Ben Walzer at Redfin. Markets where home prices skyrocketed during the pandemic are now cooling the fastest. In Sacramento, Calif., an average of 3.6% of active listings were delisted per week during the 12 weeks ending on November 27, up 1.6 percentage points from one year earlier.…
Fairway Independent Mortgage is rolling out a new program for first-time homebuyers in select communities, the company announced in a press release. The program, called Fairway Community Access, will offer qualifying first-timers up to $7,000 towards the down payment and $500 in the form of an appraisal credit, should appraisal be necessary. Borrowers who plan to purchase a home warranty will also receive a credit toward one year of warranty. Buyers in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia will be eligible for the program. They must currently reside in the designated community, have no ownership interest in any other property, and the home must be their primary residence. Fairway says FCA is designed to help buyers combat high-interest rates…
By DARIA BACHMANN United Wholesale Mortgage is facing more public scrutiny as court battles — and backlash from brokers — mount. The second-largest mortgage lender in the nation, UWM has come under criticism over how it treats both its employees and its customers. UWM announced in April it would force brokers to sign an agreement that they will not work with Rocket Mortgage or Fairway Independent Mortgage – or else be banned from work with UWM, the largest wholesale mortgage lender. Mortgage industry leaders called the ban “unethical and uncompetitive.” Bob Broeksmit, head of the Mortgage Bankers Association, said at the time, “MBA does not condone activities designed to thwart competition in the mortgage market and limit loan options available to borrowers.” UWM,…
