Welcome back to Tech Pulse — a new weekly series rounding up the latest in technology, including tools, integrations and trends that impact mortgage and real estate. Here’s what happened this week: Longbridge’s Bill Packer on crafting AI that’s inclusive of seniors As AI becomes more common in financial services, Bill Packer, the chief operating officer at Longbridge […]
The expanding ubiquity of artificial intelligence (AI) across all facets of life is not showing any signs of a slowdown — and that includes its interactions with the reverse mortgage industry. Bill Packer, chief operating officer of Longbridge Financial, previously explained how senior-focused tailoring of AI systems can help overcome issues tied to perceived institutional […]
There are about 80,000 veterans in the U.S. who are behind on their mortgages and heading toward foreclosure, according to data from ICE Mortgage Technology, a number that could have been alleviated with help from the Veteran Affairs Servicing Purchase (VASP) program. But just last month, the program was abruptly discontinued by the U.S. Department of Veterans […]
Adding fuel to what the baby boomer generation has been consistently saying for some time, a new Redfin survey shows that one-third of all boomer homeowners have no intention of selling their home. This further legitimizes claims that a “silver tsunami” of housing inventory is unlikely to materialize from older homeowners. While another 30% said […]
Evergreen Home Loans on Friday announced the addition of Jon Stacy as regional manager as the company continues to expand into the Midwest. Based in Columbus, Ohio, Stacy brings more than 28 years of mortgage industry experience to the job and his prior leadership roles include a stint as president of the Columbus Mortgage Bankers […]
Former Sprout Mortgage executives may soon be off the hook in a long-running lawsuit brought by laid-off employees seeking millions of dollars in backpay. On Friday, National Mortgage News (NMN) reported that a federal magistrate judge has recommended dismissing three former executives from the case with prejudice, meaning they cannot be sued again. The named […]
Technology is accelerating change across the financial services industry, and United Wholesale Mortgage is at the forefront of mortgage innovation. With the launch of two groundbreaking platforms— the Loan Estimate Optimizer (LEO) and Mia, an AI-powered assistant for loan officers, UWM is setting a new benchmark for how technology and especially AI can transform the […]
Rachel Gustafson serves as a certified financial planner with the Financial Investment Team, a firm based in Portland, Oregon. Over the course of a 12-year career in the field, she has a specialty for helping her clients figure out the best and most efficient ways to retire. When reverse mortgages first showed up on her […]
Equity release — a class of financial products that involve unlocking home equity and converting it into cash flow — currently has global annual volume of roughly $17 billion. This class includes reverse mortgage products in the U.S., the United Kingdom and elsewhere, but a European equity release authority projects that volume will more than […]
The Federal Reserve held benchmark rates steady in the range of 4.25% to 4.5% following its two-day meeting on Wednesday, a decision with implications for the mortgage industry. The move, expected by virtually all monetary policy watchers, underscores the challenge facing the Federal Reserve — deciding when it’s appropriate to cut rates. It’s a delicate […]
Silicon Valley Bank (SVB), a division of First Citizens Bank, and lending partner Setpoint announced on Wednesday that they’re providing a $200 million warehouse facility to Austin-based mortgage tech firm UpEquity. The funding is expected to support $1 billion in originations over the next two years, helping homebuyers purchase new homes before selling their current […]
Mortgage applications decreased 2.6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 13, 2025. On an unadjusted basis, the index decreased 4% compared with the previous week. The refinance index decreased 2% from the previous week and was 25% higher than […]
Rithm Capital announced this week the closing of a $504 million securitization backed by nonqualified mortgages (non-QMs) serviced by its subsidiary Newrez, along with the issuance of $500 million in debt. In 2025, Rithm closed three securitizations of non-QM loans — a product that has gained popularity amid a challenging mortgage market. Non-QM loans are […]
As more companies embrace the incorporation of artificial intelligence (AI) into their business- and customer-facing operations, a concern has emerged among firms focused on delivering services to older people AI training typically occurs with younger staffers, who could then incorporate unconscious institutional biases that might leave seniors feeling alienated from the technology. Representatives of Longbridge […]
Lender and servicer PHH Mortgage, a subsidiary of Onity Group, is expanding its partnership with Blend Labs, the company announced on Monday. The expanded partnership includes PHH Mortgage utilizing more of Blend’s technology platform, which already powers its mortgage lending operations, to now include Rapid Refi and Rapid Home Equity. “Many homeowners today are still […]
A risk to manage when releasing Fannie Mae and Freddie Mac from conservatorship is the “race to the bottom” that led to the 2008 financial crisis, according to a new paper published by the National Housing Conference (NHC). Following consultations with more than 100 leading policy experts and stakeholders, the NHC on Tuesday released a […]
Atlanta-based Equity Prime Mortgage (EPM) named Kenny Phillips as its new Chief Sales Officer on Tuesday, succeeding his late best friend, Kevin DeLory. DeLory, EPM’s former chief lending officer for TPO and a partner in the business, passed away in early April after a bout with cancer. He was 53 years old. Phillips joined EPM […]
Growing fears of a retirement crisis in the U.S. are no secret as Americans face a future that potentially includes fewer Social Security benefits. But the uncertainty of Social Security is not the only thing that seniors should consider as they seek to safeguard their financial well-being. Over the weekend, The New York Times detailed […]
Former loanDepot CEO Frank Martell has officially moved on. SmartRent Inc., a provider of smart community technology solutions for the rental housing industry, on Monday announced that Martell will take on the roles of president and CEO effective immediately. Martell, who has been a member of SmartRent’s board of directors and served on the board’s […]
As of April 2025, the typical U.S. homebuyer’s down payment was $62,468, down roughly 1% on a yearly basis and the first annual decline in nearly two years. That’s according to a new report from Redfin that’s based on an analysis of records across 40 of the most populous U.S. metropolitan areas. In percentage terms, […]
For a long time, data has suggested that older Americans are the largest cohort of homeowners — and increasingly, new homebuyers — in the U.S. But the mortgage industry has had issues adequately serving this cohort for a long time, and this is something that needs to be addressed. This was some of the perspective […]
Mark Diamond has been sentenced to 17 years in federal prison for his crimes against elderly homeowners, but the scars from the damage he inflicted across the Chicago metro area are still visible. A recent report from a local publication, the South Side Weekly, detailed one family’s struggle to recover from Diamond’s scams. Louise Minter […]
The cost of owning a home in the U.S. has jumped sharply in recent years, reaching an average of more than $1,700 per month in 2023 — a 17% increase since 2020 — according to an analysis by First American senior economist Sam Williamson. Using the most recent U.S. Census Bureau data, Williamson found that […]
The U.S. Department of Housing and Urban Development (HUD) and Ginnie Mae on Friday signed a memorandum of understanding (MOU) with a South Korean housing finance authority, with the goal of increasing investment in U.S. agency mortgage-backed securities. The agreement, signed with the Korea Housing Finance Corp. (KHFC), “underscores a shared commitment to expanding access […]
Mortgage veteran Glenn Stearns is taking a different approach with his latest venture. Kind Lending, a national wholesale mortgage lender and his second brainchild, is built on lean operations and a focus on efficiency — a contrast with his first company, Stearns Lending, which filed for Chapter 11 bankruptcy in 2019. “This is not our […]
Evergreen Home Loans on Friday announced the appointment of Walter Gallipeau as its new area manager, marking the company’s expansion into Texas. Gallipeau confirmed the new role in a LinkedIn post on Thursday. Based in the Dallas-Fort Worth area, Gallipeau brings more than 20 years of finance and business experience to Washington state-based Evergreen. For […]
“I want more.” That was the resounding message from mortgage veteran Patty Arvielo, who, after 44 years in the industry, is still finding room for improvement — for herself, for her company New American Funding and for the next generation of leaders. By more, Arvielo means several things: She wants to see more women enter […]
The U.S. Senate on Thursday unanimously passed the Homebuyers Privacy Protection Act (S. 1467), a bipartisan bill aimed at curbing the abusive use of trigger leads in the mortgage industry—a move widely applauded by mortgage trade groups. The Senate action follows the House Financial Services Committee’s approval of a similar bill (H.R. 2808) earlier this […]
The non-QM space has long provided a valuable path for foreign nationals and global investors to purchase property in the United States. While these borrowers may follow a less traditional route, they play an essential role in the diversity and strength of the housing market. Even more importantly, non-QM serves international investors and domestic borrowers […]
A federal judge on Thursday blocked an attempt by the Consumer Financial Protection Bureau (CFPB) to reverse a $105,000 settlement with Townstone Financial, a Chicago-based mortgage broker accused of discouraging Black applicants. U.S. District Judge Franklin Valderrama ruled that allowing the CFPB to unwind the deal, finalized last year, “would erode public confidence in the […]
An order signed by a magistrate judge in the U.S. District Court for the Southern District of California has established a forward timeline for the ongoing lawsuit between major reverse mortgage industry lenders Mutual of Omaha Mortgage and Longbridge Financial. A trial is scheduled to begin in November 2026, according to court documents viewed by […]
Ohio-based digital mortgage lender Lower and Residential Wholesale Mortgage (RWM) have moved to settle a poaching lawsuit filed earlier this year in federal court in Texas. A two-page notice filed by Lower on May 16 offered few details about the settlement, but it signals the end of a brief legal battle, which was pending for […]
Veteran attorneys James Brody, Ron Gapp and Ashley Jumpp on Thursday announced the opening of Brody Gapp LLP, a national law firm that will focus on legal and compliance needs for mortgage companies and financial institutions. The firm plans to work with independent mortgage banks, credit unions, servicers and brokers across the country by offering […]
North Carolina-based Truliant Federal Credit Union announced Wednesday that it successfully utilized DocMagic’s technology to complete the first electronic home equity line of credit (eHELOC) registration with Mortgage Electronic Registration Systems‘ (MERS) national electronic database. Truliant said the home equity note was registered using DocMagic‘s digital lending technology on June 6. The MERS database tracks […]
Mortgage lending powerhouse Jennifer Beeston is defying odds in a tight lending environment, a feat she credits to “protecting” the American dream and leaning into financial literacy education. Beeston, the executive vice president of national sales at Rate, didn’t plan on a career in mortgage lending. She recalled becoming “house poor” as a young mother […]
This week at The Gathering by HousingWire, reverse mortgages took center stage on Tuesday as HW Media CEO Clayton Collins welcomed two leading industry executives to the stage. Dan Ventura, the president of reverse mortgage lending at Fairway Independent Mortgage Corp., and Chris Mayer, CEO of Longbridge Financial, spoke in front of the assembled professionals […]
Best practices for aging in place can come from a wide variety of academic and informational sources, but how often do you get these tips from the same place you browse the latest in TV and home theater technology? U.S. electronics retailer Best Buy is offering information on its technology product that could make aging […]
Xactus on Wednesday announced the completion of its integration with MSP, the loan servicing system operated by Intercontinental Exchange (ICE). The integration enables mortgage servicers to receive automated flood zone determination updates directly into their systems without manual intervention. “This integration is a market-changing development for both Xactus and mortgage servicers who rely on systems […]
United Wholesale Mortgage (UWM) has relaunched its 1% down payment program, Conventional 1% Down, in a renewed push to grow market share and loan volume in an increasingly competitive housing market. The program, announced on Wednesday, enables eligible borrowers to put down 1% on a home purchase, with UWM covering the remaining 2% of the […]
The federal bill that seeks to eliminate abusive trigger leads took a major step forward this week, advancing in the U.S. House of Representatives and reigniting hopes across the mortgage industry that it could soon become law. Late Tuesday, the House Financial Services Committee passed the Homebuyers Privacy Protection Act (H.R. 2808), which is designed […]
With a variety of change impacting the mortgage industry, including borrow demands, digital transformation, and regulatory requirements, mortgage servicers are re-evaluating the systems they use and how they interact with each other. With this in mind, servicers must leverage technology and platforms that offer seamless, real-time integration that allows for operational efficiency, data security, and […]
Rocket Pro is partnering with Vetted VA, which provides education to veterans and training to loan officers to give veterans better access to home loan benefits. The partnership, announced on Tuesday at The Gathering by HousingWire, will involve the training of Rocket staff and LOs by Vetted VA so the lender can better serve the […]
Goodbye, trigger leads? It’s not quite done yet, but a key House committee on Tuesday passed H.R. 2808, a bill to curb abusive mortgage trigger leads. In a conversation with HousingWire’s Sarah Wheeler at The Gathering, the head of the Mortgage Bankers Association (MBA) said the move has “been a long time coming” and will […]
Rising mortgage rates are beginning to take a toll on rate-lock activity. According to a report from Optimal Blue, total rate-lock volume in May decreased by 5.87% compared to last month, driven by a 255 basis-point drop in refinance application pull-through to 62.3%. Mortgage rates popped back up to 7% in the aftermath of the […]
Total Expert on Tuesday announced the debut of its AI Sales Assistant at HousingWire‘s The Gathering. The company said that the AI-powered assistant is already in private beta testing with select customers, including several top 10 lenders. Total Expert said that the AI Sales Assistant is not a chatbot retrofitted for financial services but is […]