Mark Wenitzky

FirstFunding, Inc. rolls out our closed-end 2nd lien policy and now everybody wants to participate???? Take some time to read the proposal - few key takeaways that I initially noticed: 1. Freddie Mac will only purchase a second mortgage if it currently owns the first mortgage. 2. Maximum term of 20 Years 3. Max TLTV (Total Loan To Value) of 80% 4. If the first mortgage is refinanced the second mortgage must be paid in full with the first mortgage unless prohibited by law. 5. Manual Underwriting Let's keep tabs on how this progresses. Would love to hear your thoughts - especially those that saw 2nd lien financing essentially evaporate overnight back in '08 & '09.

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As first-time home buyers in a competitive market, it's essential to have access to products that truly make a difference. From thorough home buyer preparation and valuable down payment assistance to practical credit repair guidance, these essential elements pave the way for consumers to achieve homeownership. The Address Yourself program does a great job. #Addressyourself #homeownership #Home #DAPS #FTHB #Affordability #NewJerseyRealEstate #communityDevelopment #effectivepartnerships #TDemployee #Myviewsaremyown 🏡🏡

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Mortgage rates have dropped below 7% for the first time since March, causing a surge in applications not seen since January. But with rising demand comes a pressing question – what about inventory? Discover how recent economic shifts are impacting homebuyers and builders in this week’s Market Update.

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Who would've thunk it? Five of the top ten hottest real estate markets are in Upstate New York FOUR YEARS after the pandemic and subsequent mass exodus from the city. This according to Zillow's Market Heat Index. Winter is coming, but will it be enough to cool down those markets? #realestatefinancing #realestateinvestors #realestatelending #privatelending #charlotterealestate #fixandflip #constructionlending #dscr #rentalloans #multifamilylending https://lnkd.in/gcXb-KAf

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📢 Industry News Alert! 📢 The Federal Housing Finance Agency (FHFA) has announced a groundbreaking update: Fannie Mae and Freddie Mac are releasing historical VantageScore® 4.0 credit scores for loans from April 2013 to March 2023! This move aims to help lenders transition to updated credit score models, making credit more accessible and sustainable for consumers. #MortgageNews #CreditScores #FHFA #FannieMae #FreddieMac #VantageScore #HomeLoans #PresidentialBankMortgage #IndustryNews

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📢 Industry News Alert! 📢 The Federal Housing Finance Agency (FHFA) has announced a groundbreaking update: Fannie Mae and Freddie Mac are releasing historical VantageScore® 4.0 credit scores for loans from April 2013 to March 2023! This move aims to help lenders transition to updated credit score models, making credit more accessible and sustainable for consumers. #MortgageNews #CreditScores #FHFA #FannieMae #FreddieMac #VantageScore #HomeLoans #PresidentialBankMortgage #IndustryNews

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In light of the pending NAR settlement, Fannie Mae and Freddie Mac have updated their policies to provide clearer guidelines on how sellers can contribute to the buyer’s agent commissions. Buyer’s agency commissions can be paid by the seller without counting against the usual 2-9% limits of seller contributions (depending on occupancy). Dive into the details and understand what this means for your next home purchase or sale in our latest blog post ⬇️ https://lnkd.in/g7XXnQqp

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Bank of America (BofA) reported another quarterly decline in mortgage and home equity production in the first quarter of 2024. On Tuesday morning, the top-20 U.S. mortgage lender stated it produced a volume of $3.4 billion in first mortgages from January to March, down 12.5% from the $3.9 billion in the previous quarter and the same quarter of 2023. Loan production in the home equity arena was $1.8 billion in Q1 2024, a decline of 16% from $2.2 billion in the previous quarter and down 27% compared to $2.5 billion in the same period of 2023. #BankOfAmerica #BofA #MortgageNews #HomeLoans #HomeEquity

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Yes, time to Fund loans and catch a wave 🌊// Powell states things are cooling off… really? Yield and Rates drop in expectation of future Fed Rate drop ~LOCK DAY~ #bluepointmortgage #brokersarebetter #mortgagelender #mortgageprofessionals #wholesalelending #topworkplace #mortgagebroker #mortgagelender #wholesalemortgagelender #mortgagelife #wholesalelending

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Fannie Mae & Freddie Mac just made a significant announcement🔔 Following FHA's move post-NAR lawsuit, seller-paid buyer agent commissions will no longer be counted towards concessions. While FHA permits up to 6%, Fannie Mae and Freddie Mac allow a range from 2-9%, contingent upon local market norms. Both entities reaffirm this position in their recent notices. Dive into the details by clicking the link in our bio for the full blog. Connect with us for any questions or concerns as we navigate this change together. Your understanding is key, and we're here to provide support every step of the way. Let's stay connected! "If these fees continue to be customarily paid by the property seller according to local convention, they will not be subject to financing concessions limits." #RaveisMortgage #FannieMae #FreddieMac #NARsettlement #mortgageupdate #morein24 #learnmoregetmore #Connectwithus #mortgageexperts

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🚨Quick update and some great news on the state of Buyers Agent commissions in relation to the NAR Lawsuit and acceptable Interested Party Contributions (IPC) limits. Fannie Mae, Freddie Mac and the Federal Housing Administration have all clarified that they will continue to NOT count buyer’s agent commissions as part of their allowable interested party contributions (IPCs). This is great news as it gives sellers the ability to continue to fund buyer's agent commissions! Fannie Mae specifically stated that while there are no immediate changes to their Selling Guide policies, they are clarifying their IPC policy saying as long as “a seller or seller’s real estate agent continues to pay the buyer’s real estate agent commission in accordance with local common and customary practices, these amounts are not required to be counted towards the IPC limits for the transaction.” – Fannie Mae Notice This mirrors what the FHA has previously said: "As long as it remains common and customary for the Seller to pay the Buyer’s fees it will not count towards the IPC limits." AGENTS: If you have any questions or concerns, remember, The Loan Pro Joe Team is here to support you and your business. Let’s discuss how we can continue to express your value to clients! #NARLawsuit #IPC #buyersagent #sellersagent #realtor #realestate #agent #mortgage #sellercredits #homebuyertips #buyahome #housingmarket #realtorcommissions #firsttimehomebuyer #homebuying #loanprojoe

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Discover how to finance mixed-use properties that blend residential and commercial spaces. Learn about mixed-use property loans and tips for success. #MixedUseProperties

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