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Mortgage Rates Fell 67 Bps In November. Production Was Still Down 10%

In the mortgage business, November typically represents the start of the slow season. While mortgage rates cooled down significantly from October, it wasn’t enough to overcome seasonal, historic trends and low levels of inventory. Lock volume declined 10% last month from October, driven by a 12% drop in purchase locks,

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Fintech Upright Launches DSCR Rental Loan

Cleveland, Ohio-based fintech Upright has launched a debt service coverage ratio (DSCR) rental loan to investors, the company announced on Monday.  DSCR rental loans are non-qualifying mortgages (non-QMs) used by real estate investors to qualify for a loan based on their property’s cash flow without personal income verification.  “Many customers at first

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Will Home Prices Continue To Grow In 2024?

A few months ago I published a video where we asked, “How much will home prices gain by the end of the year?” Using a headline like that should come with a trigger warning. We could see that home prices were inching up, but there are many who think that

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Ex-Employee Sues UWM For Racial Discrimination

A former account executive is accusing United Wholesale Mortgage (UWM), the top mortgage lender in the country, of racial discrimination, hostile workplace environment, harassment and retaliation, according to a lawsuit filed on Dec. 8 in a district court in Michigan.   Corey Tucker, a Black man who began at UWM in December 2021,

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