VanDyk Mortgage Corporation has signed a contract to use Black Knight‘s MSP system to expand its servicing operations, the company announced Wednesday. Black Knight, which provides integrated technology, services, data and analytics to the mortgage lending, servicing and real estate industries, has contracts providing its MSP servicing system to companies, such as multi-channel fintech platform […]
Mortgage application volume for the week ending June 3 dropped 6.5%, sliding to the lowest level in 22 years, driven by weakness in purchase and refinance applications. Despite the recent decline in mortgage rates, they were not low enough to spur refinance activity, which led to the decline of the Mortgage Bankers Association‘s (MBA’s) Market […]
Freddie Mac has announced a cash tender offer for some $2.2 billion in outstanding notes across eight vintage credit-risk transfer (CRT) transactions conducted through the agency’s Structured Agency Credit Risk, or STACR, program. The offering price for the notes outstanding in the current offering, STACR 2022-TO2, ranges from $1,000.63 to $1,017.81 per thousand dollars of outstanding principal […]
Equifax informed Fannie Mae and Freddie Mac last week that a “coding issue” may have resulted in erroneous consumer credit scores and credit data the company reported for about three weeks. It is not clear how many of Fannie Mae’s acquired mortgage loans were potentially impacted, but the problem could have affected credit data from […]
Consumers’ concerns about housing affordability are squeezing would-be homebuyers out of the market, according to Fannie Mae‘s Home Purchasing Sentiment Index, which tracks the housing market and consumer confidence to sell or buy a home. The index score dropped by 0.3 points to 68.2 in May, inching toward its 10-year and pandemic-low of 63, recorded […]
The Federal Housing Finance Agency‘s (FHFA) inaugural mission report, released Monday, offers a glimpse into the fair lending performance of Fannie Mae and Freddie Mac, showing the agencies continue to back fewer loans to Black and Latino applicants, despite an uptick in applications submitted by those minorities. The regulator, which supervises Fannie Mae and Freddie […]
Fannie Mae is unveiling its sixth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $754.4 million note offering backed by a reference pool of single-family mortgages valued at $25 billion. The offering is slated to close June 10, according to a presale review by the Kroll Bond Rating Agency (KBRA). The latest transaction, CAS 2022-R06, […]
Frank Nothaft, chief economist at CoreLogic and before that, the top economist at Freddie Mac, has died. He was 66. At CoreLogic, Nothaft headed the office of the economist, providing analysis, commentary and forecasting trends in global real estate, insurance and mortgage markets. Prior to joining CoreLogic in 2015, Nothaft had a nearly 30-year career […]
Figure Technologies co-founder and CEO Mike Cagney ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?w=1024″ width=”1207″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?w=1024″ alt=”Mike Cagney – HW+” class=”wp-image-318432″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg 1207w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=150,87 150w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=300,174 300w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=768,445 768w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=1024,594 1024w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=600,348 600w” sizes=”(max-width: 1207px) 100vw, 1207px”>Figure Technologies co-founder and CEO Mike Cagney Fintech lender Figure Technologies and multichannel originator Homebridge Financial Services last August announced a merger that they claimed would usher in monumental […]
#2022 ” data-image-caption=”” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=1024″ alt=”2022 Layoff” class=”wp-image-335200″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> It’s a tough time for mortgage lenders. A rapid rise in mortgage rates and a big drop in origination volume has led to thousands of industry job losses […]
The deadline for the mortgage industry to chime in on the Federal Housing Administration‘s (FHA) proposed 40-year loan modification rule was at the end of May. While four prominent trade groups voiced support, they also proposed some tweaks. The Mortgage Bankers Association, Housing Policy Council, National Association of REALTORS and the American Bankers Association agreed […]
Over the next decade, the distinction between non-QM and QM loans will be blurred and the government-sponsored enterprises (GSEs) may have to accommodate the growing market of non-W2 borrowers. That is what mortgage executives and analysts forecasted for the non-QM market on Friday during IMN’s third annual Non-QM Forum in California as they took note […]
Two years ago, the regulator of the nation’s biggest banks moved alone to rewrite the Community Reinvestment Act (CRA), the country’s premier anti-redlining law. That effort, under the Trump administration, ultimately fizzled. The Office of the Comptroller of the Currency formally rescinded its plan in December of 2021. In an example of how dramatically the […]
Top-10 residential lender and servicer Mr. Cooper has cut another 420 jobs, the second major layoff it has made this year. In a disclosure made public Thursday afternoon, the company said the cuts amounted to 5% of its employee base. Most of the job losses will hit the originations side of the business. About 16% […]
United Wholesale Mortgage’s CEO Mat Ishbia is a finalist to buy the Denver Broncos, which have been up for grabs since February 2022. As first reported by 9NEWS, four contenders are currently in the running to snatch the team: Ishbia and his brother Justin Ishbia, who owns 22% of UWM; Josh Harris, owner of NBA […]
After a month of very little change in April, the construction sector had a solid month of job growth in May, according to the U.S. Jobs Report released on Friday. Construction gained 36,000 jobs in May, with residential building adding 5,000 jobs and residential specialty trade contractors gain 11,700 jobs. Employment in the construction sector […]
An LO with a client at the closing table ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?w=1024″ width=”1200″ height=”720″ src=”https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?w=1024″ alt=”HW-LO-mortgage” class=”wp-image-321719″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?resize=150,90 150w, https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?resize=300,180 300w, https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?resize=768,461 768w, https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?resize=1024,614 1024w, https://www.housingwire.com/wp-content/uploads/2021/09/HW-LO-mortgage.png?resize=600,360 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>An LO with a client at the closing table The question was on the minds of many at the Waldorf Astoria in Dana […]
Movement Mortgage will pay $75,000 to resolve allegations of racial discrimination, in violation of the Fair Housing Act, identified by undercover testers from the National Community Reinvestment Coalition. The agreement resolves a complaint the NCRC filed in October 2021 with the Department of Housing and Urban Development. NCRC alleged the Fort Mill, South Carolina-based retail […]
CrossCountry Mortgage is suing Guild Mortgage for poaching a former Las Vegas branch manager and allegedly convincing her to steal proprietary information, the latest escalation in a brewing legal battle between the retail mortgage lenders. CrossCountry alleges that San Diego-based Guild Mortgage offered Mirajoy Casimiro, former branch manager and loan originator at CrossCountry, a lucrative […]
Even though J.P. Morgan CEO Jamie Dimon is famously no fan of crypto, the bank dove into the enigmatic world of blockchain-based finance in 2020 with the launch of Onyx, a business unit devoted to exploring and expanding the use of blockchain technologies. Soon after Onyx was formed, the bank launched Onyx Digital Assets, a blockchain-based […]
Purchase mortgage rates this week averaged 5.09%, essentially flat from the prior week, according to the latest Freddie Mac PMMS. A year ago at this time, 30-year fixed rate purchase rates were at 2.99%. The government-sponsored enterprise index accounts solely for purchase mortgages reported by lenders during the past three days. “Mortgage rates continued to inch downward this […]
United Wholesale Mortgage will pay $2.75 million to settle claims, dating as far back as 2018, contending it didn’t compensate its account executives for working overtime. Former and current UWM account executives eligible for a portion of the settlement must have worked at the wholesale lender between Oct. 12, 2018, and Dec. 23, 2021. An […]
Between February 2020 and January 2022, we witnessed something in the mortgage industry that we thought we’d never see — 30-year fixed-rate mortgages under 3.5%. These rates drew a record number of people refinancing their homes, with cash-out refinances reaching $1.2 trillion in 2021. Then, in what felt like an instant, in Q1 2022 mortgage […]
Two top wholesale lenders are up in arms as a result of charges on loans sold to the government-sponsored enterprises (GSEs) arising from a recession-era idea that those loans are riskier. The lenders, Homepoint and United Wholesale Mortgage, say Fannie Mae and Freddie Mac started tacking on an extra charge for third-party originated, or wholesale, […]
Pewaukee, Wisconsin-based lender Waterstone Mortgage Corporation named Paul Garrigues as the company’s new chief financial officer. Garrigues will oversee all corporate accounting functions and provide financial direction for Waterstone Mortgage’s branches nationwide. The executive brings more than 40 years of accounting experience in the financial services, banking and mortgage industries. Before landing at Waterstone Mortgage, […]
Mortgage apps dropped 2.3% for the week ending May 27, decreasing to the lowest level since December 2018, as measured by the Mortgage Bankers Association’s (MBA) Market Composite Index. “Mortgage rates fell for the fourth time in five weeks, as concerns of weaker economic growth and the recent stock market sell-off drove Treasury yields lower,” […]
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Mortgage lenders and real estate investment firms this month entered tight housing markets in the Midwest and the Northwest to better reach prospective homebuyers, despite a challenging mortgage market. While many lenders laid off some of their staff to cut costs, others continue opening offices to capitalize on demand from homebuyers. Among them are Geneva […]
There is no single silver bullet that will rectify the pernicious impact of bias in residential real estate valuations — it is a complex problem that requires a multifaceted solution. But there is the promise of a better future on the horizon. The housing industry and Biden administration have begun a full throttled effort to […]
Donna Corley, head of the single-family division at Freddie Mac, is stepping down from her post at the government-sponsored enterprise. Corley will stay on until Nov. 25 as executive vice president and special advisor, reporting to Michael Hutchins, president of Freddie Mac. Hutchins will take over active management responsibilities for the single-family division until the […]
The Manufactured Housing Institute (MHI) appreciates that the Biden administration has created a White House Task Force on Manufactured Housing. We also commend the administration for the White House initiative announced a week ago Monday to “Ease the Burden of Housing Costs,” which a Housing Wire article noted is designed to reduce regulatory hurdles. So, […]
At least two financial institutions brought back adjustable-rate mortgage (ARM) products this week amid surging mortgage rates and double-digit home price growth. Michigan-based wholesale lender Homepoint rolled out a jumbo ARM product offering a maximum loan amount as much as $2.5 million, with a maximum loan-to-value ratio of 80%. Homepoint’s jumbo ARMs have a seven- […]
Freddie Mac will now automatically verify borrower employment 10 days ahead of closing, which it says is more efficient than obtaining that information through oral or written verification. The option will be available starting June 1. To verify the borrower’s employment, Freddie Mac’s asset and income modeler will draw data from bank accounts for direct […]
A Florida-based loan officer faces more than 30 years in federal prison if convicted on charges alleging she falsified divorce papers and child support payment information to help unqualified borrowers secure a loan, according to a Department of Justice indictment. Evelisse Hernandez is charged with four counts of bank fraud and four counts of […]
Purchase mortgage rates this week averaged 5.10% continuing a decline from last week amid a housing market slowdown, according to the latest Freddie Mac PMMS. A year ago at this time, 30-year fixed rate purchase rates were at 2.95%. The government-sponsored enterprise index accounts solely for purchase mortgages reported by lenders during the past three […]
Keller Mortgage, part of the kwx holding company, laid off operations positions in a conference call on Monday May 23, according to more than a dozen employees. Pink slips will arrive for affected employees on May 27 and no later than June 1. The layoffs included closing managers, underwriter managers, processors, post closers, funders, and […]
The Federal Housing Finance Agency (FHFA), which oversees the bulk of the mortgage market, now has a U.S. Senate-confirmed director: Sandra Thompson. The Senate today confirmed Thompson’s nomination to head the FHFA by a 49 to 46 vote. Thompson, a longtime regulator, has been leading the agency on a temporary basis for nearly a year. […]
One of the largest loan-servicing companies in the nation, Lakeview Loan Servicing LLC, is facing at least a dozen civil lawsuits, all seeking class-action status, in the wake of a major cyberattack that compromised the personal data of the mortgage borrowers the company serves. That data breach, revealed by Lakeview in mid-March, targeted the personal […]
Despite a decline in mortgage rates last week, mortgage application volume was down 1.2% on a seasonally adjusted basis for the week ending May 20. The decline, as measured by the Mortgage Bankers Association’s (MBA’s) Market Composite Index, continued to be led by a drop in the refinance share of mortgage activity, which has been […]
A Fannie Mae survey published in mid-May found that mortgage lenders see value in appraisal modernization, specifically in the implementation of non-traditional appraisals and inspection-based appraisal waivers. However, they have several more pressing priorities when it comes to what they’re investing in. Out of 200 senior mortgage executives surveyed, who represent 188 lending institutions, 94% […]
Indecomm Global Services, a New Jersey-based mortgage automation and services provider, aims to court more lenders through its new automation-enabled origination solution, GeniusWorks, which is intended to cut the cost of middle-office origination functions: set-up, processing and underwriting. GeniusWorks operates in conjunction with Indecomm’s suite of automation solution softwares to take loan files at set-up […]
When writing about the ’80s banks and passbooks, I started to see a pattern emerge concerning customers and refinance loans and rates. They were so high; then so low. I started thinking about farming. Farmers know that you can’t keep putting the same plants in the same dirt season after season. You kill your soil. […]
Despite the turbulence in the U.S. economy fueled by inflation, international tensions and rising mortgage rates, the private-label securities (PLS) market recorded a strong first quarter, at nearly $43 billion in issuance, and is projected to finish 2022 with record volume. That $43 billion mark represents the second-highest issuance total since the global financial crisis […]
California-based nonbank mortgage lender Pennymac Financial Services will lay off 207 additional employees in June and July following a workforce reduction filing of more than 230 employees in March. According to Worker Adjustment and Retraining Notification (WARN) notices submitted to the Employment Development Department (EDD) on April 28 and May 9, the company plans to […]
Potential homebuyers in today’s market are facing a number of challenges, including increasing mortgage rates and a sizeable supply and demand imbalance that is pushing home-price appreciation to very high levels throughout the country. MBA’s Purchase Application Payment Index (PAPI) has increased by 32% thus far this year, indicating that payments have risen much faster […]