A recent episode of “The Loan Officer Podcast” features a high-profile guest masterclass. Host Dustin Owen sits down with Lower CEO Dan Snyder to explore his journey from studying law to founding a mortgage fintech platform, along with key entrepreneurial tips for aspiring originators. This interview has been edited for length and clarity. To start […]
Source: Mortgage Bankers Association The trade group’s national Purchase Applications Payment Index (PAPI) measures how new monthly mortgage payments vary over time relative to income and uses data from MBA’s By at least one measurement, affordability is improving for prospective homebuyers, even as home prices continue to rise and mortgage credit availability remains relatively low. […]
The Federal Housing Finance Agency (FHFA) on Thursday said it will aim to simplify the process of funding affordable housing projects through the Federal Home Loan Banks (FHLBanks). The advisory bulletin came in response to comments by sponsors that have called the process too cumbersome. “Each of the 11 FHLBanks operates an Affordable Housing Program […]
In the halls of the Colorado Convention Center on Monday, it was hard not to overhear mortgage bankers gnashing their teeth over the rumored price hikes for Fair Isaac Corp (FICO) scores. “They’ve got us by the balls,” said one mortgage pro in an interview between sales meetings at Mortgage Bankers Association (MBA) Annual 2024 […]
NEW DELHI — As India gears up for Diwali, the Hindu festival of lights, people are divided over whether they should celebrate by setting off firecrackers, which worsen the country’s chronic air pollution. Diwali, which will be celebrated Thursday, is marked by socializing and exchanging gifts with family and friends. Many Indians light earthen oil lamps […]
washington — President Joe Biden and his wife, Jill, who dressed as a giant panda, hosted trick-or-treaters on the White House South Lawn on Wednesday for the last time. The first lady had participated in the National Zoo’s announcement earlier this year that pandas would be returning to Washington. They arrived in the nation’s capital in […]
New York-based asset manager Rithm Capital, the owner of multichannel lender Newrez, reported a 58% increase in refinances to $3 billion in the third quarter of 2024 after mortgage rates dropped due to the Federal Reserve’s 50 basis-point rate cut. But executives expect things to calm down moving forward. “I think we’re going to get […]
You don’t often hear about someone with an affinity for nuclear physics finding their way into the reverse mortgage field, but that’s exactly the journey we’re charting in this edition of “Origins” from HousingWire’s Reverse Mortgage Daily (RMD). Rick Schluter, a New Jersey-based reverse mortgage specialist with Mutual of Omaha Mortgage, became engrossed in physics […]
A California regulator has revoked the residential mortgage lending license of LoanSnap, the latest in a series of difficulties for the fintech lender. According to a filing from the California Department of Financial Protection and Innovation dated Oct. 18, LoanSnap had its license revoked after it failed to renew its surety bond. That policy, which […]
Despite rampant political polarization, a majority of people affiliated with the Democratic and Republican parties agree that the state of retirement in the U.S. is concerning. This is according to a recent survey conducted by the National Institute on Retirement Security (NIRS). An overwhelming majority of Republicans (81%), Independents (79%) and Democrats (78%) agree that […]
When asked whether loan buybacks were a more significant issue last year than now, Freddie Mac executive Sonu Mittal says emphatically, “It depends on who you ask.” Freddie Mac has seen a nearly 55% reduction in repurchase requests from its peak in the first quarter of 2023. But public filings analyzed by Inside Mortgage Finance […]
LUCKNOW, INDIA — Millions of Indians began celebrating the annual Hindu festival of lights, Diwali, by symbolically lighting a record 2.51 million earthen oil lamps at dusk on Wednesday on the banks of the Saryu River in a northern Indian city they believe to be the birthplace of the deity Lord Ram. Diwali is the most […]
A new episode of “The Loan Officer Podcast” aims to teach mortgage originators how to leverage tools and grow their businesses. Host Dustin Owen and Lauren Walton, a senior loan officer at Lower-backed Gerber Group, sit down to teach viewers how to move from the call-center model to retail lending as a top-ranked and self-sourced […]
PHNOM PENH, CAMBODIA — Archaeologists in Cambodia have unearthed a dozen centuries-old sandstone statues in a “remarkable discovery” at the Angkor World Heritage Site near the city of Siem Reap, authorities said Wednesday. The statues — depicting “door guardians” — were discovered last week near the north gate leading to the 11th-century Royal Palace at Angkor […]
A 60 basis point increase in mortgage rates in October has strangled mortgage demand, particularly for refinancings, according to the latest survey data from the Mortgage Bankers Association. Mortgage applications overall decreased 0.1% from one week earlier, per the MBA‘s weekly applications survey for the week ending Oct. 25. The Market Composite Index, a measure […]
Former House Speaker John Boehner, pictured on the big screen, shares his perspectives on the 2024 election during the MBA Annual event in Denver on Tuesday. (Photo by Chris Clow) If the U.S. presidential election were held today — one week prior to Election Day — then Donald Trump would retake the White House and […]
LOS ANGELES — Teri Garr, the quirky comedy actor who rose from background dancer in Elvis Presley movies to co-star of such favorites as Young Frankenstein and Tootsie, has died. She was 79. Garr died Tuesday of multiple sclerosis “surrounded by family and friends,” publicist Heidi Schaeffer said. Garr battled other health problems in recent years […]
Employment data for October is set to be released Friday, and it will go a long way in determining the path for mortgage rates, which have surged upward in the past month. At HousingWire’s Mortgage Rates Center on Tuesday, the average rate for 30-year conforming loans was 6.72%. That’s up 10 basis points (bps) from […]
Earlier this year, Lewisville, Texas-based property services company MCS announced that it acquired Five Brothers Asset Management Solutions, a deal that brought MCS into the reverse mortgage industry for the first time. Soon after, CEO Craig Torrance offered an early look at what he hoped to achieve with the move. Roughly six months later, Torrance […]
In Shanghai, police, not trick-or-treaters and partygoers, are taking to the streets this week as the city approaches Halloween. The strengthened police force accompanies official notices prohibiting citizens from “role-playing” on Halloween, signaling the government’s paranoia over the social instability the holiday’s festivities could bring. Videos online show police cars lining the streets of Shanghai, […]
If you didn’t know it before, you’re likely to be reminded every day between now and Nov. 5 that this is a close election for the balance of power in Washington, D.C. This theme persisted through the first full day at the Mortgage Bankers Association (MBA)’s Annual Convention and Expo in Denver this week. Programming […]
Industry-leading reverse mortgage lender Finance of America (FOA) announced this week that nearly all of the holders of outstanding senior notes that were set to mature in 2025 will participate in a new bond exchange offer that was first announced in June and amended last month. Under the amended offer, the current unsecured notes, due […]
Abuja, Nigeria — Africa’s football governing body has sided with Nigeria in that country’s dispute with Libya over a canceled qualifying game. The Confederation of African Football (CAF) awarded Nigeria a 3-0 victory over Libya following accusations Libya deliberately breached competition guidelines. Libya’s football federation is appealing. The decision by the CAF puts Nigeria at the […]
While we can’t share their names, we can share their stories. It’s the same one, over and over again. An individual, often for the first time, is engaging in one of the most important transactions of their lifetime: homeownership. Already intimidated by the multitude of financial requirements that come with securing a mortgage, the borrower becomes […]
Mortgage technology company Gateless is offering its flagship automated underwriting platform to a new lender. The Loan Store — a wholesale lender based in Arizona — will now use the Gateless Smart Underwrite platform, according to a recent announcement. The artificial intelligence-based platform, the latest addition to the Gateless AI mortgage tool suite, aims to […]
On Monday, the Federal Housing Finance Agency (FHFA) announced that all approved lenders will have access to a fee-based alternative to repurchase Freddie Mac’s performing loans with defects, expanding a pilot program launched earlier this year. In addition, the FHFA announced that government-sponsored enterprises (GSEs) will give 60 days of advance notice for increases to […]
In a significant move designed to expand homeownership access, the Federal Home Loan Bank of New York (FHLBNY) announced the adoption of an alternative credit scoring model to boost mortgage credit availability. The wholesale bank will now allow members to pledge mortgage collateral using the VantageScore 4.0 system. FHLBNY will partner with 330 lenders across […]
It might be fitting that Bob Broeksmit struck a more conciliatory tone during his speech to kick off MBA Annual than he did last year, when he said the mortgage trade organization was “playing offense” to “stop the madness.” After all, the general election is a little over a week away and the MBA has […]
Fluctuating interest rates and a fast-changing market Last month, we saw the Federal Reserve deliver their long-awaited decision to lower interest rates with a 50 basis points cut, and 30-year mortgage rates reached as low as 6.08% according to ICE’s 30-year fixed conforming rate index. This increased refinance incentive, and mortgage applications reached their highest […]
Since Russia’s invasion of Ukraine in 2022, a musical group of American Christians calling themselves the Texas Country Boys have been playing charity events in Ukraine. Tetiana Kukurika met with the band members to find out why Ukraine is so important to them. Anna Rice narrates her story. (Camera: Sergiy Rybchynski; Produced by: Vitaliy Hrychanyuk and Anna […]
Roughly 16% of women workers are “very confident” that their retirement prospects will lead them to have a satisfactory lifestyle, illustrating that women remain at greater risk than men for achieving a sustainable retirement. This is according to a new survey-based report from the Transamerica Center for Retirement Studies. “Women have made great strides in […]
The mortgage industry has long been promised a technological revolution to streamline workflows, reduce operational costs, and enhance efficiency. Yet, despite significant investments in new technologies, the cost to originate loans has dramatically increased. Companies still grapple with cyclical hiring and firing, and the anticipated return on investment (ROI) from technology implementations still needs to […]
WARNGAU, Germany — Farmers and their horses walked in a festive parade through the small Bavarian town of Warngau on Sunday to honor their patron saint, St. Leonhard. Their manes neatly combed, the massive horses were decorated with ribbons and greenery as they pulled the adorned carriages to a local church as part of the procession […]
The most challenging period for the mortgage industry appears to be in the rearview mirror, as the Mortgage Bankers Association (MBA) forecasts $2.3 trillion in origination volume for 2025—representing a robust 28.5% growth over 2024. “We are in a much better place now than a year ago. Let’s keep that in mind when we look […]
New York — “Venom: The Last Dance” showed less bite than expected at the box office, collecting $51 million in its opening weekend, according to studio estimates Sunday, significantly down from the alien symbiote franchise’s previous entries. Projections for the third “Venom” film from Sony Pictures had been closer to $65 million. More concerning, though, was […]
Baalbek, Lebanon — Since war erupted between Israel and Hezbollah, the famed Palmyra Hotel in east Lebanon’s Baalbek has been without visitors, but long-time employee Rabih Salika refuses to leave — even as bombs drop nearby. The hotel, which was built in 1874, once welcomed renowned guests including former French President Charles de Gaulle and American […]
Bangkok — Thousands of well-wishers lined the banks of Bangkok’s Chao Phraya River Sunday to watch King Maha Vajiralongkorn ride a glittering royal barge procession to mark his 72nd birthday. A flotilla of 52 ornately decorated boats, paddled by more than 2,000 oarsmen decked out in scarlet and gold, carried the king and Queen Suthida in […]
Rome — A major Vatican meeting gathering clerics and laity across the globe to discuss the future of the Catholic Church closes this weekend, thwarting discussion of women becoming priests or deacons in the world’s largest Christian denomination. But that didn’t stop a half-dozen Catholic women from “ordination” in a secret ceremony in Rome that was […]
los angeles — Phil Lesh, a classically trained violinist and jazz trumpeter who found his true calling reinventing the role of rock bass guitar as a founding member of the Grateful Dead, died Friday at age 84. Lesh’s death was announced on his Instagram account. He was the oldest and one of the longest-surviving members of […]
Clients who wish to use ICE Mortgage Technology‘s legacy Software Development Kit (SDK) technology on Encompass will be afforded a six-month grace period from the original Oct. 31, 2025, transition deadline to the API-based platform before being charged. The company characterized the new transition timeline not as a delay, but rather an “extension” afforded to […]
In prior conversations with HousingWire’s Reverse Mortgage Daily (RMD), leaders of equity sharing companies contend that their products are different from reverse mortgages largely because they are not debt-based instruments. But a court case playing out in the U.S. Court of Appeals for the Ninth Circuit features plaintiffs who argue that they are — at […]
In the latest episode of the Power House podcast, HousingWire CEO Clayton Collins sits down for a conversation with Uplist President Jeff Bell to explore coaching, loan monitoring, recapture strategies and more. These questions and responses have been lightly edited for length and clarity. Clayton Collins: Give us a glimpse into how you’ve developed as […]
The National Reverse Mortgage Lenders Association (NRMLA) has elected its board officers and co-chairs for the 2024-2025 term, including a slate of new officers along with both new and returning co-chairs. Mike Kent, senior vice president of reverse asset management and industry relations at PHH Mortgage Corp., has been reelected as co-chair. This will be […]
Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too. ” data-image-caption=” Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too. (Image […]
The strongest market agitator in the first half (H1) of 2025 is not likely to be either U.S. unemployment or inflation caused by monetary or fiscal policy. Based on the latest readings, inflation is consistently decreasing, reacting as expected to the Federal Reserve’s interest rate hike campaign that sent mortgage rates higher than they have […]