As reverse mortgage lenders and servicers find innovative ways to incorporate artificial intelligence (AI) into their operations, compliance issues are likely to pop up. Jim Brodsky, a founding member of Washington, D.C.-based law firm Weiner Brodsky Kider PC, says that AI should be categorized as an assistant but not a replacement for humans. Licensed mortgage […]
MISMO, the mortgage industry’s standards organization, launched a new artificial intelligence governance toolkit on Thursday, which is designed to help lenders, servicers and other housing finance companies manage AI-related risks while supporting innovation. The Framework for Responsible AI in the Mortgage Ecosystem, known as FRAME, is now available to MISMO member companies through MISMO Connect. […]
For many lenders, UAD 3.6 (Uniform Appraisal Dataset) may still feel like something the appraisal world needs to own and lenders only need to monitor, but that sentiment may leave some organizations underprepared. UAD 3.6 is not a back-office update. It is a meaningful shift in how appraisal data is structured, delivered and interpreted, and […]
Unlock Technologies completed a $358.5 million securitization backed by home equity agreements (HEAs), marking the company’s first transaction of 2026 and the largest HEA securitization completed in the market this year. The financial technology company announced on Tuesday that its Unlock HEA Trust 2026-1 transaction closed on May 21 and securitized approximately $358.5 million of […]
On Wednesday morning, Figure Technology Solutions announced it would acquire fix-and-flip lender Kiavi, a move executives say will add about 40% to Figure’s first-lien volume and extend its lead in real-world asset tokenization. The move marks Figure’s first acquisition and is expected to close in August, according to a company spokesperson. Under the agreement, Figure […]
Every mortgage AI demo this year ends the same way: the loan closes itself. The most valuable AI deployments in mortgage end differently, with the underwriter finishing in a fraction of the time what once took most of the day and still signing their name to the result. That gap, between what the industry is […]
Rocket Companies has priced the issuance of $1.5 billion in senior notes in an oversubscribed transaction, with proceeds to refinance an existing term loan, the company announced Tuesday. The Detroit-based parent of Rocket Mortgage priced $900 million in 6.125% senior notes due in 2031 and $600 million in 6.5% senior notes due in 2034. The […]
Figure Technology Solutions will acquire Kiavi in a $717 million deal that increases its exposure to real estate investor loans and the first-lien mortgage market, the companies announced Wednesday. Under the deal, Figure will acquire Kiavi’s technology and operating platform, while a joint venture between Figure and global investment firm Sixth Street will purchase Kiavi’s […]
PennyMac Financial Services Inc. announced on Tuesday that Tiffany To, the CEO and co-founder of AI and operational intelligence software company Ontollo, has joined its board of directors. David Spector, chairman and chief executive officer of PennyMac, said To’s experience in AI, business transformation and enterprise technology will help support the company’s continued investment in […]
Mortgage applications increased 10.8% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending June 5, 2026. Last week’s results included an adjustment for the Memorial Day holiday. On an unadjusted basis, the index increased 21% compared with the previous week. The refinance index […]
Every technology adoption cycle reaches a point where the question shifts from “should we?” to “how fast can we?” In mortgage lending, AI has reached that moment. Lenders are deploying AI tools for document processing, income analysis, borrower communication and, increasingly, credit decisioning. The productivity gains are real, the efficiency improvements are measurable and the […]
The Mortgage Bankers Association (MBA) on Tuesday announced the launch of a new member forum dedicated to reverse mortgages and other senior-focused mortgage products. The Senior Mortgage Solutions Network (SMSN) will provide MBA members a venue to discuss emerging trends, policy developments and business challenges tied to lending to older homeowners. Its scope includes Home […]
MISMO, the real estate finance industry’s standards organization, released an update to its Property and Valuation Services (PaVS) Procurement Dataset Specification on Tuesday, aiming to modernize how valuation services are ordered across the mortgage ecosystem. The updated specification replaces legacy form-based ordering with a standardized, data-driven framework for exchanging valuation service orders. It is designed […]
All 11 Democrats on the Senate Banking Committee have introduced legislation that would “automatically and fully fund” the Consumer Financial Protection Bureau, seeking to shield the agency from future funding cuts and political interference. The bill, introduced June 4 and led by Ranking Member Sen. Elizabeth Warren, would require mandatory transfers to the CFPB equal […]
Mortgage credit availability inched higher in May, driven by a modest loosening in jumbo loan programs, according to the Mortgage Credit Availability Index (MCAI) from the Mortgage Bankers Association (MBA) that analyzes data from ICE Mortgage Technology. The MCAI rose 0.1% to 108.0 in May. The index, which was benchmarked to 100 in March 2012, […]
Rocket Companies plans to issue $1.2 billion in debt, with proceeds earmarked to pay upcoming maturities and other debt obligations, the company announced Tuesday. The move comes as nonbank mortgage lenders continue to manage liability profiles built during the low-rate era and address “maturity walls” in 2025-2027. In this case, Rocket intends to sell $600 […]
Mortgage activity slowed in May as rising interest rates dampened both purchase and refinance demand, according to Optimal Blue‘s May 2026 Market Advantage report. The report, released Tuesday, found that total mortgage rate lock volume fell 9% from April, although it remained 7% higher than a year earlier. Purchase loans continued to dominate the market, […]
For decades, financial systems operated on a quiet assumption: most information entering the system was fundamentally real. Documents might arrive incomplete. Borrowers might omit details. Fraud existed at the margins. But lending infrastructure was built around a world where verification happened slowly enough for human judgment and institutional friction to absorb uncertainty. The system was […]
The nation’s housing shortage is often framed as a challenge for first-time buyers and growing families. But another group is increasingly feeling the impact — older homeowners who want to downsize yet find themselves with few practical options. Across the country, many seniors remain in large family homes long after their children have moved away. […]
Like many mortgage professionals, Vipul Hapani can see the wave of industry consolidation forming on the horizon and knows it is only a matter of time before it reaches his shores. As the broker-owner of Waxhaw, North Carolina-based Vema Mortgage—the third-largest brokerage originator in the U.S. in 2025, according to HousingWire Mortgage Rankings—Hapani hasn’t yet […]
Homeowners tapped their housing wealth at the fastest pace for any first quarter in four years as more borrowers turned to home equity loans and lines of credit instead of refinancing their existing mortgages, according to Intercontinental Exchange (ICE)’s June 2026 ICE Mortgage Monitor report. The June report, released Monday — which tracks delinquency and […]
California Attorney General Rob Bonta on Friday announced a $4.6 million settlement with California-based mortgage servicer Select Portfolio Servicing (SPS). Under the agreement, which is subject to court approval, SPS will pay $1.6 million in civil penalties and provide $3 million in consumer restitution to affected borrowers. The settlement also requires the company to overhaul […]
Two Harbors Investment Corp. postponed a special shareholder meeting to vote on its existing agreement to be acquired by CrossCountry Mortgage LLC. The delay will allow Two Harbors to solicit more votes while engaging directly with UWM Holdings Corp. (UWMC) on a potential all-cash acquisition proposal. The upcoming shareholder vote, originally scheduled for June 11, will now take place […]
In a 2026 mortgage market defined by higher-for-longer interest rates and softening home values, the traditional reverse mortgage playbook is facing headwinds. But top-producing originators are finding an avenue for growth by selling the product as a wealth management tool for affluent, asset-rich retirees rather than a lifeline of last resort. Gabe Bodner, a reverse […]
The share of first-time buyers in the U.S. housing market has fallen to 21%, the lowest on record. The historical norm is closer to 40%. That gap isn’t a blip, nor is it a rate-cycle artifact that corrects itself when the Fed moves. It’s a structural condition, and it sits at the root of why […]
President Donald Trump said Friday that his administration is still considering a public offering of shares in mortgage finance giants Fannie Mae and Freddie Mac, despite naming the government’s top housing regulator to temporarily lead the nation’s intelligence agencies. Bloomberg reported that while speaking to journalists aboard Air Force One, Trump dismissed suggestions that plans […]
Mortgage Forward announced Friday that it has agreed to acquire the third-party origination (TPO) division of First Federal Bank, including QRL Financial, in a deal the companies say will expand Mortgage Forward’s national mortgage lending platform and broaden its product offerings. The companies confirmed that they have signed a definitive agreement for the acquisition, although […]
A former employee of the District of Columbia Housing Authority who later became a real estate developer has pleaded guilty to federal charges — stemming from a yearslong scheme to secure millions of dollars in financing from private mortgage lenders. The announcement was made by the office of Jeanine Pirro, the U.S. Attorney for the […]
Netcapital Inc. struck a deal to acquire all of the mortgage banking assets and assumed liabilities of Resmac Inc. from parent company RezyFi Inc., a move that would create a new residential mortgage subsidiary and potential spinout. Netcapital, a Boston-based capital markets technology firm, announced Thursday that it signed a nonbinding letter of intent (LOI) […]
Mortgage lenders are rolling out new credit scoring models, but in the secondary market, investors and credit rating agencies are awaiting additional performance data while developing workarounds to keep loans moving through the system. Susan Hosterman, senior director for North America RMBS and covered bonds at Fitch Ratings, said the company can currently rate securitizations […]
The country’s largest reverse mortgage brokerages based on February activity continued to set the pace in March across the Home Equity Conversion Mortgage (HECM) space, according to endorsement data released Thursday by Reverse Market Insight (RMI) and published by HECMWorld.com. The top five brokerages by HECM endorsement count were unchanged during the year ending in […]
The Consumer Financial Protection Bureau (CFPB) said it has been working with Bilt Rewards to address consumer issues that arose during the company’s transition to a new banking partner, opting for a collaborative approach rather than a formal enforcement action. According to a statement from the agency on June 2, agency officials met with Bilt […]
Ari Karen, a partner at Mitchell Sandler PLLC, has submitted a motion to withdraw as counsel for borrowers who filed a class-action lawsuit against loanDepot in July 2025 amid a dispute over conflicts of interest. loanDepot filed a motion in November 2025 to disqualify Karen and his law firm, citing the “presence of significant ethical […]
American homeowners are sitting on $17 trillion in equity. The average mortgaged borrower holds $295,000. By any historical standard, these are people with options. And yet, when a $14,000 roof replacement or HVAC failure hits, a growing share of them won’t tap a single dollar of that equity. Borrowers who locked in rates below 4% […]
Legislation under consideration in Congress would create a bipartisan commission of experts tasked with developing long-term reform options for Social Security and Medicare. Rather than advancing immediate policy changes, the panel would study the financial outlook for the programs and submit recommendations for lawmakers to consider. The proposed Commission on Sustaining Medicare and Social Security […]
President Donald Trump on Tuesday signed an executive order calling for creation of a voluntary review framework for the nation’s most advanced artificial intelligence (AI) models before public release. It also directs federal agencies to expand AI-powered cybersecurity programs and establish a new government-industry clearinghouse for software vulnerabilities. “Advanced AI capabilities make our Nation stronger, […]
The Federal Trade Commission (FTC) on Wednesday announced that it secured a court order to shut down an alleged mortgage relief scheme. The regulator says the scheme referenced federal homeowner assistance programs to collect upfront fees from financially distressed borrowers while failing to deliver promised loan modifications. A judge for the U.S. District Court for […]
Splitero announced Tuesday that it has completed a $296 million home equity investment (HEI) securitization, marking the company’s second public transaction in the growing asset class. The securitization, which closed May 27, issued four classes of securities through Splitero Trust 2026-1. The deal included $202.6 million in Class A-1 notes rated A (low) (sf), $56.8 […]
All American Home Mortgage (AAHM), a wholly owned subsidiary of Tri-Star Management Inc., has acquired the Las Vegas branch of Liberty Home Mortgage and hired the branch’s team, expanding its presence in a key Western housing market, the company announced Tuesday. The deal adds a group of experienced originators and operations staff to the Nevada-based […]
Mortgage applications decreased 2.5% from one week earlier, according to data from the Mortgage Bankers Association (MBA)’s weekly mortgage applications Survey for the week ending May 29, 2026. This week’s results include an adjustment for the Memorial Day holiday, the association noted. On an unadjusted basis, the index decreased 13% compared with the previous week. The […]
Onity Group Inc. won regulatory approval for a revised sale of most of its reverse mortgage servicing rights to Finance of America (FOA), the company said Tuesday. Under the new agreement, Onity will sell MSRs on about 20,000 Home Equity Conversion Mortgages (HECMs) with an unpaid principal balance of $5.1 billion as of March 31. […]
Rocket Pro is continuing its promise to deliver a monthly “Power Play” announcement on the first Tuesday of every month by introducing three new broker-focused incentives, one of which will lead to a $100,000 prize. Part of Rocket Pro’s June Power Play, the third month of the initiative, includes the launch of “The Big Pitch,” described […]
President Donald Trump has appointed Bill Pulte as the Acting Director of National Intelligence (DNI). Pulte will also remain in his current roles as Director of the Federal Housing Finance Agency (FHFA) and chairman of Fannie Mae and Freddie Mac. “William has deep experience managing the most sensitive matters in America, the safety and soundness […]
There is an ongoing debate in mortgage lending about whether the industry is fundamentally broken or simply experiencing another cycle of technological evolution. Over the past decade, lenders have invested heavily in automation, OCR, verification services, title integrations and income validation tools. Artificial intelligence is now emerging as the next expected leap in efficiency. Yet […]
Mutual of Omaha Mortgage remained the nation’s largest reverse mortgage lender in May, even as overall Home Equity Conversion Mortgage (HECM) endorsements continued to decline, according to a report released Monday by HECMWorld.com that utilizes data from Reverse Market Insight (RMI). Mutual of Omaha recorded 423 HECM endorsements during the month, upping its total to […]