As a majority of older adults continue to express an overwhelming preference for aging in place in their homes, any decision needs to be made with a full understanding of a particular senior’s needs, capabilities, and access to essential services and people. This was an idea shared by Wayne State University gerontology professor Amanda Leggett […]
Mortgage-related consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) fell between the first and second quarters of this year, according to a review of the CFPB’s consumer complaint database conducted by HousingWire. A total of 5,652 mortgage-related complaints were submitted to the bureau between Jan. 1 and March 31, 2024. That total fell […]
By: Abigail Swisher, Rural Impact Fellow, Office of Elementary and Secondary Education Sam Smith – then a student at Daviess County High School in Owensboro, Kentucky – saw that his classmates were struggling in the wake of the pandemic, so when Kentucky Lieutenant Governor Jacqueline Coleman asked if Sam and his peers on the Commissioner’s […]
As Federal Reserve policymakers meet this week amid a high likelihood they’ll keep benchmark interest rates unchanged, the recent downward movement in mortgage rates leveled off. HousingWire‘s Mortgage Rates Center showed that the average 30-year conforming loan rate was at 7.01% on Tuesday. That figure was unchanged from the same time last week. The 15-year […]
As the mortgage and real estate markets continue to face challenges, nearly 800,000 low down payment home purchases in 2023 leveraged private mortgage insurance (PMI), with first-time homebuyers accounting for 64% of the total. This is according to a new report published by U.S. Mortgage Insurers (USMI). “Private mortgage insurance continues to help buyers qualify […]
Mr. Cooper Group has priced the issuance of $750 million in debt to refinance outstanding mortgage servicing rights (MSR) facilities, an announcement that comes only four days after making public its billion-dollar acquisition of Flagstar Bank‘s servicing assets. On Monday, the mortgage lender and servicer said that its debt offering to qualified investors through subsidiary […]
The NAHB analyzed census data and found that the median age of a U.S. home has grown from 31 years in 2005 to 40 years in 2022. The builder trade group also concludes that “over the long run, the aging of the housing stock implies that remodeling may grow faster than new construction.” The homes […]
Mortgage technology solutions provider CoreLogic on Tuesday announced that its AutomatIQ Borrower tool is expanding to include asset and liabilities analysis capabilities. The company aims to make the product a “one-stop analysis solution for mortgage lending financial institutions,“ it said in its announcements. AutomatIQ Borrower is designed to provide greater integrity and reliability in the […]
Officials in Montana continue to promote the specialized Reverse Annuity Mortgage (RAM) program for the state’s seniors, with one official saying that it could be a big difference-maker for those in Montana looking to age in place while gaining access to additional cash. The program was passed by the Montana Legislature in 1989 and offers […]
Home equity lending in 2023 grew by only 1.5% compared to the prior year, while outstanding debt increased by 8.3% in the same time period, according to a study released Monday by the Mortgage Bankers Association (MBA). The data includes total originations of open-ended home equity lines of credit (HELOCs) and closed-end home equity loans. […]
There are plenty of challenges for renters and homebuyers this year, especially when it comes to affordability. But technology — particularly leveraging generative AI — can help solve these challenges in new ways. At least, that was the premise of the FHFA’s 2024 TechSprint last week, which focused on innovative housing use cases for gen AI. […]
Mortgage lenders loanDepot and Movement Mortgage have agreed to end a one-year dispute over the poaching of employees, according to a document filed Friday in a district court in Delaware. In June 2023, California-based loanDepot accused its competitor of damaging its business by hiring more than 25 of its employees in a three-month period. According […]
The mortgage world is fast-paced and constantly evolving, driven by shifts in laws and economic conditions. Both lenders and borrowers need to grasp these changes to skillfully move through the maze of mortgage regulations. This guide will walk you through the need-to-knows, helping you thrive in today’s mortgage scene without getting bogged down in legalese. […]
By: Matt Nosanchuk, Deputy Assistant Secretary for Strategic Operations and Outreach, Office for Civil Rights, U.S. Department of Education All students deserve access to learning environments that are inclusive and free from discrimination and that nurture their intellect, wellbeing, and creativity, preparing them for success in school and beyond. Books have been the gateway to […]
Midyat, Turkey — Through a basement door in southeastern Turkey lies a sprawling underground city — perhaps the country’s largest — which one historian believes dates back to the ninth century before Jesus Christ. Archaeologists stumbled upon the city-under-a-city “almost by chance” after an excavation of house cellars in Midyat, near the Syrian border, led to […]
NEW YORK — Edna O’Brien, Ireland’s literary pride and outlaw who scandalized her native land with her debut novel “The Country Girls” before gaining international acclaim as a storyteller and iconoclast that found her welcomed everywhere from Dublin to the White House, has died. She was 93. O’Brien died Saturday after a long illness, according to […]
CHADDS FORD, Pa. — At first glance, it looks like an aerial photo of a cemetery destroyed by war, with charred coffins ripped from broken concrete vaults and arched marble tombstones flattened by a bomb blast. Then, the viewer begin to discern details: the coffins and vaults are actually parts of a keyboard. Instead of names […]
HOUSTON — The gold bikini-style costume that Carrie Fisher wore as Princess Leia while making “Return of the Jedi” in the “Star Wars” franchise has sold for $175,000, according to the auction house that handled the sale. The costume was made famous when Fisher wore it at the start of the 1983 film when Leia was […]
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HONG KONG — Three of the world’s top auction houses are racing to expand in Hong Kong, eager to woo young Asian buyers even as the global art market retreats from pandemic-era highs. In the span of two months, Sotheby’s, Christie’s and Bonhams will each see the culmination of yearslong efforts to upgrade their regional headquarters […]
NEW DELHI — The Charaideo Moidam royal burial complex and shrines, built by northeast India’s Ahom dynasty, has been inscribed as a new World Heritage Site, the United Nations’ cultural agency said on Friday. UNESCO experts, who are deliberating on a list of sites nominated for the World Heritage Site tag, announced the decision in Indian […]
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SAN JUAN, Puerto Rico — Puerto Rico’s governor on Wednesday signed a law that prohibits discrimination against people wearing Afros, curls, locs, twists, braids and other hairstyles in the racially diverse U.S. territory. The move was celebrated by those who had long demanded explicit protection related to work, housing, education and public services. “It’s a victory […]
Coinciding with the effective date for a previously announced reverse stock split, the price for shares of leading reverse mortgage lender Finance of America (FOA) stood well above the minimum threshold the New York Stock Exchange (NYSE) requires to maintain trading activity. As of the close of trading on Friday — the day the reverse […]
The U.S. Department of Education’s Office for Civil Rights (OCR) announced today the resolution of a complaint alleging antisemitic harassment of students at a school in the Carmel Unified School District in California. The district entered into an agreement to ensure its compliance with Title VI of the Civil Rights Act of 1964 (Title VI) […]
Like most of its peers, top-five mortgage lender Newrez is prioritizing the use of artificial intelligence (AI) to provide call center representatives with real-time information on its policies, procedures, and guidelines to improve customers’ experience, according to its president, Baron Silverstein. “From a prioritization perspective, we’re right now, with my management team, focused on customer […]
NORWICH, Conn. — Veteran diplomat Martin S. Indyk, an author and leader at prominent U.S. think tanks who devoted years to finding a path toward peace in the Middle East, died Thursday. He was 73. His wife, Gahl Hodges Burt, confirmed in a phone call that he died from complications of esophageal cancer at the couple’s […]
The Federal Housing Administration (FHA) on Friday published Mortgagee Letter 2024-15, which extends a foreclosure moratorium on the Hawaiian island of Maui through Jan. 1, 2025, for FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECMs). The moratorium, initially scheduled to expire on May 6 after a previous extension, was pushed into August earlier this […]
LOS ANGELES — Hollywood’s video game performers voted Thursday to go on strike, throwing part of the entertainment industry into another work stoppage after talks for a new contract with major game studios broke down over artificial intelligence protections. The strike — the second for video game voice actors and motion capture performers under the Screen […]
Virginia-based Atlantic Coast Mortgage announced this week that residential and wholesale banking software company CRMNow’s mortgage-oriented customer relationship management (CRM) product, Nextwave CRM, will be used by its loan originators across the 30 states it operates in. “Nextwave CRM was the clear choice to drive our customer-centric culture and CRM initiative,” Patrick Collins, chief strategy […]
Home insurance premiums have risen by as much as $865 this year for homeowners who originally purchased their policies in 2021. In response, the mortgage industry and federal regulators are aiming to determine the best courses of action to mitigate the financial burdens on both homeowners and insurance carriers. This is according to a new […]
On a recent episode of the Power House podcast, HousingWire CEO Clayton Collins chatted with Craig Montgomery, chief strategy officer at Lower and former chief production officer at CrossCountry Mortgage. Collins and Montgomery discussed Lower’s plans for growth, its strategic partnerships and how it looks to adopt an originator-first mindset to push the company toward […]
YouTube star Lily Hevesh has been mesmerizing viewers with domino creations for 15 years. Last weekend, at the National Building Museum in Washington, she completed her most ambitious project yet: she brought down an installation of 100,000 dominoes and set a world record. Maxim Adams reports. Camera: Dmitry Shakhov, Artem Kohan. details ⇒ BusinessMediaguide.Com portal […]
Mr. Cooper Group has struck a deal to acquire a third-party origination (TPO) platform and $356 billion in mortgage servicing rights (MSRs), advances and subservicing contracts from Flagstar Bank, owned by New York Community Bancorp (NYCB). As part of the deal, the Dallas-based servicer and lender will pay $1.4 billion in cash, funded via available […]
Attorneys general in 14 states have joined together to send a letter to Federal Housing Finance Agency (FHFA) director Sandra Thompson that urges the termination of the agency’s title waiver pilot program. The letter, which was sent on Monday, was spearheaded by Tennessee Attorney General Jonathan Skrmetti and co-signed by attorneys general in Alabama, Arkansas, […]
Reverse mortgage industry veteran George Morales has been appointed as the new chairperson of the dedicated reverse mortgage development workgroup (DWG) inside the Mortgage Industry Standards Maintenance Organization. MISMO is a subsidiary of the Mortgage Bankers Association (MBA), which signaled its intent for more reverse mortgage involvement late last year. The reverse mortgage workgroup, which […]
If you’ve heard it once, you’ve heard it a thousand times: older Americans overwhelmingly support aging in place in their own homes, with some recent survey data indicating at or over 90% of seniors supporting retirement living in their own homes. But sometimes the cost of renovations can exceed the amount of cash that a […]
By: John Garcia, Senior Advisor to the Assistant Secretary, Office of Planning, Evaluation and Policy Development The U.S. Department of Education (Department), under the leadership of U.S. Secretary of Education Miguel Cardona, is committed to ensuring an inclusive and accessible higher education system. As part of that commitment, the Department has developed various tools and […]
In the Pacific Northwest, there is a marching group that has thrilled parade audiences for more than 70 years. The Seattle Chinese Community Girls Drill Team has brought a sense of community and identity for generations of Chinese American girls. VOA’s Natasha Mozgovaya reports. details ⇒ BusinessMediaguide.Com portal received this content from this noted web […]
Mortgage and real estate executives attending HousingWire‘s Artificial Intelligence (AI) Summit in Dallas on Tuesday have already begun to collect some lessons learned from Friday’s global tech outage as the world is still dealing with its consequences. Different companies were impacted to different degrees by the problem, but executives said it validates their decision to […]
Texas Capital Bank, after being granted an extension to respond to the federal government’s request to change the venue of the trial between the bank and Ginnie Mae, has filed an objection to the request saying that a “forum selection clause” cited by government attorneys is not enforceable. “Having lost its attempt to dismiss [TCB]’s […]
AARP, the interest group advocating for the wellbeing of older Americans, revealed in a policy paper this month its priorities for a national plan on aging that sufficiently recognizes the changing demographics of the U.S. population, and the trend that will see 20% of all Americans become at least the age of 65 by 2030. […]
Real estate lending shop Dunmor has promoted two employees to senior leadership positions. Andy Thienkosol, a veteran in business-purpose lending (BPL), has been named chief operating officer of the California-based lender. Melissa Perez, a former director of operations at First Republic Bank, has joined Dunmor as senior vice president of operations. Thienkosol previously served as […]
Blueprint Solutions, a mortgage technology company that offers income verification tools for the industry, announced this week that it is implementing Fannie Mae’s Income Calculator into its two primary software offerings. This will help the company’s clients to more efficiently access the Fannie Mae tool, the company said. Blueprint offers two variations of mortgage income […]
Credit: Fannie Mae The company’s Economic and Strategic Research (ESR) Group noted that many large metro areas in the Sun Belt now have inventory levels that match or even exceed for-sale inventories of 2019, prior to the COVID-19 pandemic, which has caused Fannie Mae to downwardly revise its forecasts for housing starts and Home price […]