General World News

UWM rolls out AI tools to analyze rivals’ offers, virtually assist borrowers

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United Wholesale Mortgage (UWM) is rolling out new artificial intelligence (AI)-powered tools designed to help brokers analyze competitors’ loan estimates and assist borrowers online. The tools aim to improve retention as refinancing activity is expected to rise. The company announced the launches during its UWM Live! event on Thursday in Pontiac, Michigan, amid intensifying competition […]

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Mortgage defects saw a dramatic decline in 2024

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The national critical defect rate for mortgages fell to 1.16% in the fourth quarter of 2024. That marked the second-lowest level on record, according to a report released Thursday by ACES Quality Management. For the entire calendar year of 2024, the average critical defect rate was 1.52%, down 9.52% from 2023. Post-closing quality control data […]

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FOA president talks business progress amid strong Q1 earnings

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One of the nation’s leading reverse mortgage lenders, Finance of America (FOA), posted strong first-quarter 2025 earnings results. The company beat its estimates for funded loan volume, posted a profit and maintains a bullish outlook for the quarter ahead. Drilling down deeper into the marketing and product landscape for the company, FOA President Kristen Sieffert […]

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BOK Financial launches mortgage finance line of business

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BOK Financial recently announced the launch of its new mortgage finance line of business, a new vertical dedicated to meeting the credit needs of nonbank mortgage originators across the country. As a top 10 dealer of mortgage-backed securities that offers trading liquidity to more than 500 counterparties, BOK Financial has supported its client base for […]

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FHA/VA purchase mortgage demand up 40% annually

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Mortgage applications increased 1.1% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 9, 2025. On an unadjusted basis, the index increased 1% compared with the previous week. The seasonally adjusted purchase index was a bright spot this week, increasing 2% from […]

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Texas Capital Bank appeals case against Ginnie Mae over reverse mortgage collateral

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After lawsuit challenging the government’s authority to extinguish stakes in securitized Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgages (HECMs) was recently decided in favor of Ginnie Mae, the plaintiff in the case has made good on its promise to appeal the decision. Texas Capital Bank (TCB) — which initially filed the lawsuit against Ginnie […]

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Mortgage delinquencies rise slightly in Q1

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The delinquency rate for U.S. residential mortgages rose slightly in the first quarter of 2025. This was partially driven by an uptick in conventional loan delinquencies and rising foreclosure inventory, particularly among loans backed by the U.S. Department of Veterans Affairs (VA). The Mortgage Bankers Association (MBA) reported Tuesday that the seasonally adjusted delinquency rate […]

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UWM sets incredibly ambitious 2028 production goal

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Mat Ishbia, CEO of United Wholesale Mortgage (UWM), the top U.S. mortgage lender, unveiled on Tuesday the company’s ambitious goal to reach $280 billion in mortgage production by 2028.  That is more than double the $137.8 billion UWM originated in 2024, a year in which the wholesale lender posted a 28% year-over-year increase despite heightened competition […]

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Mortgage rates haven’t frozen the spring housing market

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Although mortgage rates haven’t come down significantly as many Americans have wished for, lenders are reporting increased demand for home purchase loans and don’t seem overly concerned by economic conditions that are far from ideal. Data at HousingWire’s Mortgage Rates Center on Tuesday showed that 30-year conforming rates averaged 6.88%, down 1 basis point (bps) […]

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Lower acquires real estate portal Movoto

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Multichannel mortgage lender Lower has struck a deal to acquire real estate portal Movoto from parent company OJO Labs, marking another industry transaction aiming at building an end-to-end homeownership platform. Financial terms of the deal were not disclosed.  The acquisition will give Lower’s retail network—comprising 478 sponsored loan officers across 76 active branches as of […]

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PRMG and Mesa collaborate on a co-branded credit card

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Mesa has announced an exclusive collaboration with Paramount Residential Mortgage Group (PRMG), introducing a co-branded credit card that rewards homeowner loyalty on mortgage payments. The partnership, which is now available to all qualified PRMG borrowers, allows card holders to earn rewards and Mesa Points on monthly mortgage payments and accelerated points on home-related and everyday […]

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CFPB rescinds 67 guidance documents, including mortgage policies

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The Consumer Financial Protection Bureau (CFPB), which is undergoing significant changes under the Trump administration, has rescinded 67 guidance documents issued since 2011, including several that affect the mortgage industry.  “Some of the withdrawn guidance was helpful to clarify regulations, which gave lenders certainty and could also be useful if defending against private litigation with […]

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Outdated mortgage tech is draining lenders: Here’s how to stop the bleeding

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The lending playbook needs an overhaul  Let’s cut through the noise: The mortgage market isn’t changing; it’s already changed. Volatility is the norm, margins are squeezed within an inch of viability and borrowers expect a frictionless experience every time. If your entire business still revolves around purchase and refinance, you’re not just playing catch-up, you’re […]

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Bidding wars for mortgage LOs heat up again

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Bidding wars for producing mortgage loan officers are back with a vengeance — and it’s largely in the hopes of capitalizing on an upcoming refinance wave, recruiters and executives tell HousingWire. Just ask Candice McNaught, the senior vice president of business development and strategic initiatives at Connecticut-based Planet Home Lending. McNaught has the tough task of […]

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Miss this, miss out: Why non-QM loans are booming right now

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The mortgage market might still be sluggish, but for originators willing to look beyond the traditional, there’s real momentum building in the non-QM space. Tom Davis, Chief Sales Officer at Deephaven, is helping lead that charge — working with sales teams across the country to grow not just volume, but trust. In this conversation, Davis […]

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New York bill targets lender payouts in deed fraud cases

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State lawmakers in New York have introduced legislation that would block mortgage lenders from receiving title insurance payouts when real estate transactions are later found to be based on stolen deeds. S.B. 7732 was introduced May 2 and seeks to prohibit title insurers from compensating lenders for losses tied to transactions deemed “false or fraudulent.” […]

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Jonathan McKernan nominated for Treasury role as he awaits confirmation as CFPB director

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While awaiting Senate confirmation to lead the Consumer Financial Protection Bureau (CFPB), Jonathan McKernan was nominated Friday by President Donald Trump for a key role at the U.S. Department of the Treasury, according to Treasury Secretary Scott Bessent. Bessent said in an announcement that the president’s intention is to nominate McKernan as the Treasury department’s […]

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Blend talks Rocket-Mr. Cooper deal, will exit title biz

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Blend Labs, Inc. reported its Q1 2025 earnings Thursday, touting a turnaround as its financial losses narrowed, deal pipeline strengthened and it landed major clients while sharpening its focus to become “software-first.” SEC filings show that Blend’s platform revenue for the first quarter came in at $26.8 million, nearly all of which was from its […]

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DOJ to investigate Letitia James over mortgage fraud

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New York Attorney General Letitia James is the target of a criminal investigation related to mortgage fraud, following a referral by Federal Housing Finance Agency (FHFA) Director Bill Pulte, multiple news outlets reported Thursday.   The U.S. Department of Justice alleges that James falsely claimed she intended to make a single-family home in Norfolk, Virginia, her […]

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USDA’s rural manufactured housing rule has gone into effect

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The U.S. Department of Agriculture (USDA)’s Rural Housing Service (RHS) has implemented a final rule that allows for the financing of manufactured homes through the RHS Single Family Housing (SFH) Direct Loan Program and the SFH Guaranteed Loan Program. The rule makes existing manufactured homes meeting specific criteria eligible for financing under the programs, according […]

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Fed holds rates steady as it remains in wait-and-see mode

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Mortgage lenders and prospective borrowers looking for relief from high interest rates will need to wait longer. In a widely expected decision on Wednesday, the Federal Reserve kept rates steady at a range of 4.25% to 4.5% following its two-day meeting. This move continues a pause that the Federal Open Market Committee (FOMC) began in […]

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Why mortgage purchase applications have been positive all year

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In 2025, despite a lot of negative economic headlines, mortgage purchase application data has shown positive year-over-year growth for 14 consecutive weeks. In today’s MBA purchase application survey, this data reflected an 11% increase week over week and a 13% increase year over year, indicating resilient market performance. But how is this happening with terrible […]

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Mortgage applications, refinance applications rebound

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Mortgage applications increased 11% from one week earlier amid a decline in rates, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending May 2, 2025. The index increased 12% on an unadjusted basis compared with the previous week. The refinance index, which increased 11% from the previous […]

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There’s a new enforcement playbook for mortgage lenders

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As employees of the Consumer Financial Protection Bureau (CFPB) sit in home offices awaiting news of their fate, the enforcement landscape has already shifted to state regulators. And if Craig Ungaro’s experience is any indication, the dynamic will pose a very different challenge for independent mortgage banks. “There are some states very focused on unfair […]

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Reverse mortgage professionals encouraged by ramped-up outreach plans

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After last week’s National Reverse Mortgage Lenders Association (NRMLA) Western Regional Meeting in Irvine, California, attendees were generally in high spirits from spending time with their industry colleagues. But a common topic of discussion among attendees who spoke on-site with HousingWire’s Reverse Mortgage Daily (RMD) was about the session that started the day. NRMLA co-chairs […]

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Arizona governor vetoes bill to allow Bitcoin reserves in retirement funds

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Retirement is a well-known source of anxiety for individuals, businesses and governments alike. Shoring up dedicated retirement funds with good investments could be key to bolstering public- and private-sector retirement programs, but when it comes to cryptocurrency, one state’s leader does not believe these investments are appropriate. Arizona‘s S.B. 1025, would have allowed “the state […]

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Refinance closing costs vary sharply by state

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The average closing costs for a refinance mortgage in the U.S. totaled $2,403 last year, or about 0.72% of the loan amount, according to a new report from LodeStar Software Solutions. The findings mark the company’s first analysis of refinance-specific closing costs. Closing fees ranged widely by location and are influenced largely by state and […]

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HUD announces Virginia disaster aid following presidential declaration

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After a series of severe winter storms and flooding in Virginia that compounded damage sustained from Hurricane Helene last fall, President Donald Trump recently issued a major disaster declaration. Now the U.S. Department of Housing and Urban Development (HUD) is moving to make disaster aid available for those with Federal Housing Administration (FHA)-insured mortgages. The […]