By maintaining a consistent posture that is informed by the dynamics of the traditional forward mortgage business, Rate’s reverse mortgage division has seen notable growth in the year after the appointment of new leadership. Ryan Ogata, Rate’s executive vice president of reverse mortgage lending, previously described how his experience in the forward lending business helped […]
The baby boomer generation is “slipping through the cracks” of the U.S. retirement system due to the rising prices of home insurance across the country, according to an analysis from online insurance marketplace Insurify. “A new source of financial strain on retiree budgets is homeowners insurance premiums, which have skyrocketed by 20% between 2021 and […]
Proptech HomeLight has raised $20 million to expand the offering of its Buy Before You Sell product to mortgage lenders and real estate agents across 40 new states, the company announced on Monday. Zeev Ventures, an early-stage venture fund, led the Series D extension, and was joined by Stereo Capital and Menlo Ventures. According to […]
Detroit-headquartered Rocket Mortgage on Monday rolled out a lender-paid 2-1 temporary buydown program for lower-income households. The program, dubbed “Welcome Home RateBreak,” is available to buyers purchasing a single-family home and earning 80% or less of their area median income (AMI). Rocket estimates the size of this segment at more than 90 million people. The […]
Mike Roberts is about to make his first early payoff (EPO) penalty in two years after finding out that one of his clients refinanced a $355,000 loan with a 7.25% rate that Roberts closed in April. “The amount that we received in yield spread was 1.72%, which equates to $6,106,” said Roberts, co-founder and president […]
When interest rates began skyrocketing more than two years ago, mortgage companies faced a pivotal decision regarding a crucial part of their business: the servicing portfolio. This period was a windfall for servicers. Rising rates typically slow down borrower prepayments, increase the fair value of mortgage servicing rights (MSRs), and enable companies to earn more […]
Los Angeles — In a sleepy summer weekend at the box office, holdovers reigned supreme as newcomers landed without a splash. “Deadpool & Wolverine” reclaimed first place at the North American box office in its fifth weekend with $18.3 million. Its cumulative international earnings now sit at over $1.2 billion. The Walt Disney Co., which owns […]
Dubai, United Arab Emirates — U.S. rapper Macklemore has announced he is cancelling an upcoming show in Dubai over the UAE’s involvement in the conflict in Sudan, charges the Gulf state has denied. The rapper best known for hits like 2012’s “Thrift Shop” made the announcement in a post on social media on Saturday. “I have […]
Herat, Afghanistan — Seated in front of a searing furnace, Ghulam Sakhi Saifi teases forth sinews of molten blue glass — the guardian of an Afghan glassblowing trade refusing to break with tradition. “This is our art, our inheritance. It has fed us for a long time,” he told AFP, resting from the work that has […]
DALLAS, Texas — Nearly a century after Babe Ruth called his shot during the 1932 World Series, the jersey worn by the New York Yankees slugger when he hit the home run to center field could sell at auction for as much as $30 million. Heritage Auctions is offering up the jersey Saturday night in Dallas. […]
SINTRA, Portugal — The doorbell to Martinho de Almada Pimentel’s house is hard to find, and he likes it that way. It’s a long rope that, when pulled, rings a literal bell on the roof that lets him know someone is outside the mountainside mansion that his great-grandfather built in 1914 as a monument to privacy. […]
Montana’s unique Reverse Annuity Mortgage (RAM) program is a state-sponsored reverse mortgage, with lower interest rates and proceeds along with a higher minimum qualifying age that distinguishes it from the Home Equity Conversion Mortgage (HECM) program through the Federal Housing Administration (FHA). Cheryl Cohen, division administrator for the housing division at the Montana Department of […]
Aging in place is seen as a leading “social barrier“ to healthy aging in America in 2024, according to a new survey conducted by Alignment Health. The survey was first reported by McKnights Senior Living. “As more seniors choose to live independently and longer in their own homes, aging in place brings its own set […]
Federal Reserve Chair Jerome Powell said on Friday that “the time has come for policy to adjust,” signaling a cut in the federal funds rate at the September meeting of the Federal Open Market Committee (FOMC) as expected by monetary policy watchers. “The direction of travel is clear, and the timing and pace of rate […]
On Thursday, Vice President Kamala Harris will formally accept the Democratic Party’s nomination for president in this fall’s general election. In July, former President Donald Trump accepted the Republican nomination for the third time, and both candidates will square off in a campaign that is sure to focus on major hot-button issues heading into November. […]
The U.S. Department of Housing and Urban Development (HUD) on Thursday announced the awarding of $3.7 million to a pair of nonprofit organizations and a low-income housing authority to provide low-income seniors with home renovations for the purposes of aging in place. These projects are described as “low-cost, low barrier, high impact home modifications,” they […]
Credit education advocate Sue Buswell, known widely in the mortgage industry for her “Sue Knows the Score” initiative, died unexpectedly this week. Buswell, a business development executive for Gridavate, was 58. Friends and former colleagues all described her as a warm, caring and generous person who genuinely loved helping educate people about credit, which she […]
A California bill that would allow home loans for illegal immigrants faces strong opposition from state Republicans. Assembly Bill (AB) 1840, which passed in the Senate Appropriations Committee last week, faces a floor vote in the state Senate and potentially a signature by Gov. Gavin Newsom to become law. Assemblymember Joaquin Arambula (D) introduced the […]
loanDepot added a first-lien home equity line of credit (HELOC) to its product suite that will enable homeowners without a mortgage to borrow from their home equity. The first-lien HELOC program will allow borrowers to access the equity in their homes with flexible terms that include a three-year draw period, an interest-only payment period of […]
The Consumer Financial Protection Bureau (CFPB) has settled a case with Florida-based Fay Servicing over illegal conduct in foreclosures. The deal includes a $2 million fine and potential limitations to the CEO’s compensation. A company spokesperson wrote to HousingWire that “Fay continues to strongly disagree with the CFPB’s claims in this matter, but we made a […]
David Heilman, principal for HomeGrown Financial in Mount Pleasant, South Carolina, didn’t feel like he had to shake up his approach to working with seniors when he became involved in the reverse mortgage industry. Having experience in the health care field prior to entering the mortgage business, it mainly meant reorienting himself from serving the […]
Mortgage rates have been on a declining trend, but demand slowed down last week largely due to fewer refinance applications, an indication that the industry should not expect a mini refi boom yet. Mortgage applications dropped 10.1% for the week ending Aug. 16 compared to the previous week, according to data released Wednesday by the […]
Source: Fannie Mae Fannie Mae calls for mortgage rates to average 6.4% by the end of this year and 5.9% by the end of next year. At HousingWire‘s Mortgage Rates Center on Wednesday, 30-year conventional loan rates averaged 6.68%. In a continuation of an ongoing trend, Fannie economists believe that new-home sales will continue to […]
On Tuesday, Sept. 3, U.S. Secretary of Education Miguel Cardona will launch the 2024 Back to School Bus Tour from Sept. 3 to Sept. 6. The week-long, multi-state road trip will showcase the many ways schools, families, and communities are doubling down on accelerating student achievement and raising the bar in public education with investments […]
A coalition of interest groups oriented around climate issues has launched a social media campaign designed to pressure the Federal Housing Finance Agency (FHFA) into adopting up-to-date energy-efficiency standards for homes backed by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Campaign for Lower Home Energy Costs launched its effort on Tuesday. The […]
NCES data also show around 2.5 million high school students are enrolled in college courses for credit details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
Xolo Maridueña is currently starring in the sixth and final season of the hit karate series “Cobra Kai,” which premiered on Netflix in July. But he also made waves last year when he was cast as the first Latino superhero lead in “Blue Beetle.” The actor spoke with Veronica Villafañe about the impact of these […]
In the newest episode of the Power House podcast, HousingWire CEO Clayton Collins chats with Randell Gillespie, the chief production officer at Lower and a 2023 recipient of the HousingWire Vanguard Award. The duo dive into several topics, including Lower’s transformed culture and leadership structure following its acquisitions of Thrive Mortgage and Universal Lending. They […]
Ryan Ogata has been leading the reverse mortgage division at Rate — recently rebranded from Guaranteed Rate — for roughly a year, but the division has seen notable growth during that time. According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), the company grew its endorsement volume by roughly […]
The American Bankers Association (ABA) last week submitted a letter to the Consumer Financial Protection Bureau (CFPB) in which it expressed “significant concerns” about a proposed rule that would ban medical debt from appearing on consumer credit reports. The proposal would bar credit agencies from sharing such debt with mortgage lenders, who in turn would […]
After dropping significantly during the first two weeks of August, mortgage rates have plateaued ahead of a key economic announcement on Friday. That’s when Federal Reserve Chair Jerome Powell is set to speak at the annual Jackson Hole Economic Symposium in Wyoming. Powell is expected to deliver an update on U.S. monetary policy to central […]
Independent mortgage banks (IMBs) are finally seeing light at the end of the tunnel after two grueling, profitless years in the mortgage industry. IMBs and mortgage subsidiaries of chartered banks on average reported a pre-tax net profit of $693 on each loan they originated in the second quarter of 2024, an increase from a loss […]
Wells Fargo has agreed to sell most of its commercial mortgage servicing portfolio to Atlanta-based Trimont. The deal is expected to make Trimont the largest servicer of multifamily and commercial loans in the U.S. The transaction includes only Wells Fargo’s non-agency, third-party commercial mortgage servicing (CMS) business. The bank will keep its agency and government-sponsored […]
KATHMANDU, Nepal — Hundreds of LGBTQ+ people and their supporters rallied in Nepal’s capital Tuesday during the annual Pride parade, the first since gay couples were able to register same-sex marriages officially in the Himalayan nation. The event brought together the sexual minority community and its supporters in Kathmandu during the Gai Jatra festival. A government […]
The state of Montana has been more heavily promoting its state-based Reverse Annuity Mortgage (RAM) program for seniors. Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity […]
A majority of Americans are seriously concerned that their retirement will be negatively impacted by the rising costs and uncertainty associated with sudden, unexpected and more frequent extreme weather events taking place across the country. This is according to the 2024 Annual Retirement Study from Allianz Life Insurance Company of North America. More than half […]
Severe storms, winds and flooding in South Dakota earlier this summer has led President Joe Biden to issue an official disaster declaration for the state, which includes assistance for borrowers of government-insured mortgage financing from the U.S. Department of Housing and Urban Development (HUD). The president declared a state of emergency in South Dakota on […]
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NEW YORK — In 1974, Harlem’s deserted streets and tumbledown tenements told the story of a neighborhood left behind. Decades of disinvestment had culminated in a mass exodus known as urban flight and residents watched as their wealthier, more educated counterparts left the New York City neighborhood in droves. But the tide turned when Percy Sutton, […]
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paris — French actor Alain Delon, who melted the hearts of millions of film fans whether playing a murderer, hoodlum or hitman in his postwar heyday, has died, French media reported on Sunday. He was 88. Delon had been in poor health since suffering a stroke in 2019, rarely leaving his estate in Douchy, in France’s […]
ULAANBAATAR, Mongolia — With its reindeer sleigh rides, camel racing and stunning landscapes with room to roam, Mongolia is hoping to woo visitors who are truly looking to get away from it all. Like most countries, its tourism industry was devastated by the COVID-19 pandemic, and it has launched a “Welcome to MonGOlia” campaign to win […]
LONDON — A fire broke out Saturday at Somerset House, a large arts venue on the River Thames in central London. Smoke billowed from the building and flames could be seen coming from the roof as firefighters on tall ladders showered it with water. The cause of the fire was not yet known, the London Fire […]
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When mortgage rates logged their sharpest decline of the year last week following an underwhelming jobs report, data showed that refinance demand surged. Despite what seems like welcome news for loan originators, who have suffered through thinning margins for two years, refinance business has yet to go up much, LOs told HousingWire. “I was going […]