Mortgage technology startup Novaprime is making its public debut with the launch of an AI-powered loan platform that it claims allows lenders to sell loans to investors in just days, instead of weeks, all with a high degree of accuracy. The platform evaluates the loan purchase eligibility and data quality while also handling document management […]
In this HousingWire Executive Conversation, Tom Davis, Chief Sales Officer at Deephaven, discusses the opportunities in the non-QM investor loan space as we head into the new year. He emphasizes the importance of a diverse product portfolio including DSCR and business-purpose loans, to better serve clients. Davis also highlights Deephaven’s edge in products like their […]
Mutual of Omaha Mortgage’s reverse division has launched a new program, “Broker Protect,” that aims to offer what it calls industry-first protections to brokers doing business with the company. Mutual of Omaha approved brokers and principal agents will have access to five core protections, including a promise that the lender “will not solicit borrowers established […]
Onity Group, the parent company of PHH Mortgage Corp. and Liberty Reverse Mortgage, announced this week that it will offer $500 million in senior notes due in 2029. The proceeds from this note sale, along with additional cash from the company, will be used to pay off older debt with higher interest rates. The deal […]
The Mortgage Bankers Association (MBA) on Thursday released a new white paper, which argues that Section 8 of the Real Estate Settlement Procedures Act (RESPA) is in need of reform and modernization to better reflect “today’s highly-regulated mortgage market.” Dec. 22, 2024, will mark the 50th anniversary of RESPA being signed into law by President […]
With an unprecedented wave of retirements—over 4.1 million Americans each year, according to the Peak65 report by Alliance for Lifetime Income—understanding the intricacies of reverse mortgages is essential. Our latest research report, developed in partnership with Longbridge Financial, equips you with the knowledge to navigate this growing market and serve your clients effectively. Download the […]
Over the past few years, mortgage industry participants have made great strides in efforts to help close the gap in minority homeownership. Nationwide initiatives, such as the MBA of America’s CONVERGENCE place-based initiatives, the NAREB Building Black Wealth Tour and the Hispanic Wealth Project, bring hope to both consumers and lenders. On October 2, 2024, […]
American Identity Group, an information security company that monitors and fixes security breaches and primarily operates in the wholesale lending space, has also become well established in the title and home warranty industries. The company now aims to embed its services in forward and reverse mortgages. Representatives journeyed to San Diego last month to meet […]
According to CoreLogic, in the first quarter of 2024, homeowners across the U.S. saw a remarkable surge in their equity, gaining an impressive $28,000 on average. According to CoreLogic, total home equity skyrocketed to an astounding $33.8 trillion by May 2024—up from just $19.5 trillion in 2019, marking a staggering 73% increase. With the first […]
UWM has debuted a new cash-out refi product without mortgage insurance. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?w=1024″ tabindex=”0″ role=”button” src=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?w=1024″ alt=”_UWM’s-new-cash-out-refinance-product (1)” class=”wp-image-488384″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=1024,576 1024w” sizes=”(max-width: 1200px) 100vw, 1200px”>UWM has debuted a new cash-out refi product without mortgage insurance. Is the juice worth the squeeze? United Wholesale Mortgage (UWM) has […]
Mr. Cooper Group’s Jay Bray, left, and Mike Weinbach say that mortgage origination income that exceeded expectations in Q3 2024 isn’t likely to be the norm in the near future. When mortgage rates declined in the third quarter of 2024, Mr. Cooper Group doubled its gains in the origination business. But executives don’t expect to […]
The Mortgage Bankers Association (MBA) this week announced the hiring of veteran financial leader Astrid Vermeer as the trade group’s new senior vice president and chief financial officer. Vermeer brings more than 20 years of financial management experience to MBA’s leadership team. The organization spoke highly of Vermeer’s long track record of executive-level decision-making for […]
Stubbornly high rates have hindered mortgage demand, but at least it’s better than it was a year ago. Mortgage applications decreased 6.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly applications survey for the week ending Oct. 18. The Market Composite Index, a measure of mortgage loan application volume, […]
After two years of optimization efforts, Rate CEO Victor Ciardelli talks about the public launch of the Rate Intelligence AI-powered lending platform. Chicago-based Rate was the eighth-largest mortgage lender in the country during the first half of 2024, according to estimates from Inside Mortgage Finance. On Wednesday, the company implicitly announced its intentions to grow […]
The third-quarter financials for Pennymac Financial Services illustrate the double-edged sword of declining interest rates for mortgage companies. It can improve loan production and acquisitions but hurt their servicing portfolios. When factoring both impacts on its earnings, the California-based lender delivered a profit of $69.4 million from July to September. That was less than its […]
Guaranteed Rate Affinity announced a promotion on Tuesday as the joint venture company named 22-year industry veteran Mark Rawls as vice president of mortgage lending. Rawls is the latest addition to a leadership team of seven executives at the developing company. Guaranteed Rate Affinity was formed in 2017 through a partnership between Rate, formerly branded […]
A new study from Morningstar focused on U.S. retirement readiness illustrates that while there has been some improvement over time, general retirement preparedness is lacking. Using data from the Federal Reserve’s Survey of Consumer Finances, Morningstar researchers analyzed data from 3,442 households before projecting 1,000 possible “life paths” for each of them. The company used […]
The Federal Housing Administration (FHA) this week announced two temporary policy waivers as the response to hurricanes Helene and Milton continues. The FHA’s 203(k) rehabilitation mortgage program currently has a requirement that “when a repair is considered ‘major,’ it becomes ineligible to be financed” as part of the 203(k) limited option, ”if the repairs prevent […]
If there’s one word that best encapsulates the current political climate, it might be “polarized.” People who are active in the political process are often tribal about their beliefs on how the country should be run, and that tribalism has manifested into political polarization that seems to be striking everywhere. But with only two weeks […]
In a recent episode of “The Loan Officer Podcast,” co-hosts Dustin Owen and John Coleman discuss key tips for loan officers when engaging in small talk with prospective clients. Owen and Coleman explore common discussion topics, conversational nuances and best practices for communicating with clients from different backgrounds. These questions and responses have been lightly […]
The Consumer Financial Protection Bureau (CFPB) has finalized a rule that lays the groundwork for open banking in the U.S. financial system, including the mortgage sector. But this rule has sparked mixed reactions within the industry, reflecting both enthusiasm and concerns. Announced on Tuesday, the new rule mandates that financial providers — including banks, credit […]
In the front-line city of Sumy, Ukraine, some residents are trying to create a sense of normalcy despite constant Russian shelling. One particularly determined Sumy native has created an oasis of art in his yard. Olena Adamenko has the story, narrated by Anna Rice. Camera: Yuriy Andriushchenko details ⇒ BusinessMediaguide.Com portal received this content […]
Mortgage technology company Uplist has launched what it says is a killer new tool that will help loan officers automatically generate refinance options for their clients. The technology, called “Recapture,” is integrated with the leading pricing engines, and it provides LOs with timely, accurate data that identifies multiple refi opportunities for clients. Unlike other industry […]
Unexpected financial hardships are an unfortunate but not uncommon challenge facing many homeowners. To help overcome these obstacles, Sagent has created its Dara Loss Mitigation platform as a solution that modernizes how homeowners and mortgage servicers address financial hardship. Modernizing the hardship application process Traditionally, applying for mortgage assistance has been cumbersome, involving extensive paperwork, […]
Another regulator has sued Rocket Mortgage for allegedly discriminating against a Black homeowner by undervaluing her home during an appraisal in Colorado three years ago. And the Detroit-based lender believes it’s a “massive overreach.” On Monday, the U.S. Department of Justice—following a move made by the U.S. Department of Housing and Urban Development (HUD) in […]
As the year comes to a close, states are adding more down payment assistance (DPA) programs to help first-time buyers achieve homeownership. Down Payment Resource — a national database for connecting prospective homebuyers to financial assistance programs — recently released its newest Homeownership Program Index (HPI) report based on data collected in third-quarter 2024. The […]
Since 2019, the state of Florida has built more than 77,000 new properties in areas with a high risk of flooding. This is the most among all states, according to an analysis by climate-modeling firm First Street Foundation on behalf of the The Wall Street Journal. The construction activity is likely to place the housing […]
Mutual of Omaha Mortgage has been given more time to respond to allegations against it in a case that accuses the lender of operating manipulative websites that skew reverse mortgage reviews in its favor. The suit, brought by reverse mortgage competitor Longbridge Financial, alleges that Mutual of Omaha operates a series of websites that are […]
In a housing market shaped by uncertainty, military veterans and service members are emerging as some of the most confident and prepared homebuyers, outpacing their civilian counterparts. That’s according to a recent index released by Veterans United Home Loans to measure the financial health and optimism of veterans, active-duty service members and civilians in terms […]
In a high(er) rate environment, non-QM (non-qualified mortgage) lending continues to play an increasingly pivotal role. To explore how Acra Lending has adapted to these shifts, we sat down with Ryan Barrus, a key player in the company’s non-QM division. In this conversation, Ryan shares Acra Lending’s blueprint for broker growth, including insights on how […]
Horror movies topped the domestic box office charts, and an Oscar contender got off to a sparkling start this weekend. “Smile 2,” in its first weekend, and “Terrifier 3” in its second proved to be the big draws for general movie audiences in North America, while the Palme d’Or winner “Anora” got the best per-theater […]
NEW YORK — Cher, Mary J. Blige and Ozzy Osbourne were among this year’s Rock and Roll Hall of Fame inductees, an elite group formally introduced into the music pantheon Saturday at a star-studded concert gala. Kool & the Gang, Dave Matthews Band, Foreigner, A Tribe Called Quest, and Peter Frampton round out the 2024 class […]
Britain’s six-time Olympic track cycling champion Chris Hoy has revealed he has “two to four years” to live after he was diagnosed with terminal prostate cancer which metastasized to his bones. The announcement comes after the 48-year-old Scot said in February he was feeling “optimistic and positive” as he was undergoing treatment for an unspecified […]
KATHMANDU, Nepal — A Nepali teenager, the youngest person ever to scale all 14 of the world’s tallest peaks, says he wants to use his skills to benefit the Himalayan nation’s Sherpa community and turn out world-class athletes. Sherpas, an ethnic group living mainly in the vicinity of the world’s highest peak, Mount Everest, are known […]
California-based Provident Funding Associates LLC is getting out of the Florida condo lending business, it told broker partners on Friday. In an email sent Friday morning, Provident said that it would “no longer be accepting new applications for condominiums” effective that day. Provident told broker partners that all loans in the pipeline must be locked […]
When older homeowners wish to access a portion of their equity, there are multiple options. Of course, selling the home is generally not desirable. A cash-out refinance is also not a prudent pathway for retirees. A refinance not only saddles the homeowner with a required monthly payment but will also typically result in a higher […]
Indiana-based lender Ruoff Mortgage is making a move designed to help more homeowners get into new homes with ease. Ruoff Mortgage is teaming up with fintech company Calque to offer two “buy before you sell“ programs to customers. The Trade-In Mortgage and the Contingency Buster will be available to Ruoff Mortgage borrowers via the company’s […]
The Council of Federal Home Loan Banks (FHLBanks) lauded this week’s release of a report from the Federal Housing Finance Agency (FHFA), which highlighted the banks’ growth in support of affordable housing and community development efforts in 2023. The report detailed FHLBanks’ activity across several programs that include the Affordable Housing Program (AHP), the Community […]
ISTANBUL — With a farewell song of “Good Vibrations” by the Beach Boys, a Turkish radio station fell silent this week after nearly 30 years of broadcasts. The final Acik Radyo broadcast on Wednesday came as a court upheld the Turkish media regulator’s order to revoke the Istanbul-based station’s license over the mention of “Armenian genocide” […]
The mortgage industry today demands speed, accuracy, and satisfied customers. ICE Mortgage Technology presents their solution that also serves as an overhaul of the home financing process. They’ve built a digital platform that brings together loan origination, closing, servicing, and data analysis into an all-in-one mortgage solution. This comprehensive system is aimed at making life […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez speaks with Steve Jacobson, CEO of Fairway Independent Mortgage Corp. The pair explore best practices for building a company culture surrounded by humility and loyalty, growth strategies, community engagement and more. The duo also discusses Fairway’s status as a top 15 mortgage […]
Former Open Mortgage executive Brenda Hedeen has been hired by Utah-based Canopy Mortgage as its new chief financial officer. “I was delighted when they reached out as I’ve had my eye on this group for years … they have it all: Techcentric, innovative, cost-effective, amazing culture, truly transparent pricing, engaged leadership and outstanding retail model. […]
The Federal Home Loan Banks (FHLBanks) saw significant growth in support of affordable housing and community development in 2023, according to a report released Thursday by the Federal Housing Finance Agency (FHFA). The report detailed FHLBanks’ activity across several programs that include the Affordable Housing Program (AHP), the Community Investment Program (CIP), the Community Investment […]
The U.S. Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG) released a new report detailing what it says are the top management challenges for the department in fiscal year 2025 while also highlighting elements of progress made since the release of a prior report. The new report echoes some of […]
In a new episode of the “Real Estate Insiders Unfiltered” podcast, hosts James Dwiggins and Keith Robinson sit down with Pete Mills — senior vice president of residential policy and industry engagement at the Mortgage Bankers Association (MBA) — to discuss the housing affordability crisis in today’s complex real estate market. The group also discusses […]