Contact
(209) 201-4184
[email protected]
NMLS # 189412
Loan Factory, Inc.
NMLS # 320841
Licensed in CA & OR
Mortgage Timeline Established Feb. 2023
3/15/2024
The National Association of Realtors (NAR) reached an agreement to resolve nationwide claims brought by home sellers.
*NAR to pay $418 million over approximately four years (NAR).
*Sellers now have the option to compensate real estate agents differently, no longer conforming to the status quo of 4%–6% commission.
*Broker compensation can no longer be displayed on the MLS but can be negotiated between the respective agents.
*Starting in mid-July 2024, MLS participants working with buyers must enter into written agreements with their buyers to ensure transparency about services and pricing.
*Berkshire Hathaway Inc.’s HomeServices of America & it’s firms are not released under this settlement due to ongoing litigation.
2/1/2024
Keller Williams agrees to pay $70 million to settle real estate agent commission lawsuit nationwide. (AP)
*KW agrees to make it clear that commissions are negotiable and that there isn’t a set minimum that clients are required to pay nor one set by law.
*KW who work with homebuyers must disclose the compensation structure, including cooperative compensation, which is when the seller’s agent offers to compensate the buyer’s agent.
*Agents will no longer be required to be members of NAR.
2/1/2024
Redfin announces its ‘Sign & Save’ program in 50 markets, including Sacramento. Possible refund of 0.25%–0.5% of the purchase price at closing for signing a buyer agency agreement contract.
1/31/2024
The Federal Reserve leaves interest rates unchanged. They also did not have enough confidence in the economy to cut rates by March.
11/29/2023
FHFA Announces Conforming Loan Limit Values for 2024: Increase from $726,200 to $765,550 for VA & one-unit conventional loans. UWM will honor new loan limits starting today.
11/8/2023
Fannie Mae has decreased the minimum down payment on the purchase of owner-occupied, 2-4 unit multi-family homes from 15% down to 5% for duplexes and 25% down to 5% for triplexes and fourplexes.
The program is live at UWM today but cannot close until after 11/18 so that DU can be re-run.
10/11/2023
Conforming Loan Limit Increased from $726,000 to $750,000. Only applies to Conventional loan & VA loan, not FHA or USDA. The actual date is 2024, but United Wholesale Mortgage (UWM) will start honoring the new loan limit and they’ll sell the loan in 2024. See 11/29/2023 for new update.
9/5/2023
Anywhere Real Estate agrees to pay $83.5 million to settle lawsuits.
Brands include: Century 21, Coldwell Banker, ERA, Sotheby’s International Realty, Corcoran, and Better Homes and Gardens Real Estate.
7/5/2023
United Wholesale Mortgage: Accepting borrowers with 580+ credit score up to 97.75% LTV. Previously, required a minimum 620 credit score.