Just about a year ago, Chicago-based multichannel mortgage lender Guaranteed Rate announced its plans to expand its reverse mortgage division — including around the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) product. Roughly five months after that announcement, the company named Ryan Ogata as the division’s new executive vice president. Ogata joined the reverse […]
NEW YORK — Documentary filmmaker Morgan Spurlock, an Oscar nominee whose most famous works skewered America’s food industry and who notably ate only at McDonald’s for a month to illustrate the dangers of a fast-food diet, has died. He was 53. Spurlock died Thursday in New York from complications of cancer, according to a statement issued […]
Connecticut Gov. Ned Lamont signed a bill into law on Tuesday that aims to improve the prospects for seniors who seek to age in place in their current homes. The law, which was supported by senior advocacy organization AARP, creates a state registry of home care providers to promote awareness and accessibility for home-based care. […]
U.S. Bank appointed John Hummel to lead its East market for retail home lending. Hummel, who previously led the correspondent and Housing Finance Agency (HFA) business at U.S. Bank, will now oversee a team of 750 sales managers and mortgage loan officers responsible for generating $7 billion in originations, according to a news release. John […]
Movement Mortgage, a multichannel mortgage lender, has appointed Joe Thompson as its new regional director. Thompson, recognized as a HousingWire Rising Star in 2018, will oversee more than 60 loan officers across Texas, Oklahoma and New Mexico. In his new role, Thompson will also be responsible for driving growth and expanding the company’s market presence […]
Women’s soccer in the U.S. has been on the rise, bringing more girls than ever into the fold. Thai American Madison Casteen embraced soccer at a young age and aims to be one of the few Asian Americans to break into the professional leagues. Warangkana Chomchuen has the story, narrated by Neetikarn Kamlangwan. details ⇒ […]
Most Americans still view homeownership as a key to building wealth, but for many, that piece of the American dream is on hold or out of reach thanks to the heavy burden of student debt. In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify […]
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Sonu Mittal In their comments, trade groups expressed concerns about private players’ participation in the secondary market and the elevated risks the product poses to the enterprise. The MBA said it recognized that the product provides access to equity at lower rates and is a “cost-effective alternative to cash-out refinances.“ Also, if created, the “quick delivery […]
A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. The study, released late last year, examined three core elements of HECM program effectiveness between 2000 […]
A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and avoid the possibility of foreclosure. This is according to a look at the reverse mortgage product category published by Newsweek. As part of its recently launched “Newsweek Vault” subsite, […]
Under the leadership of acting secretary Adrianne Todman since March, the U.S. Department of Housing and Urban Development (HUD) is focusing on launching initiatives to increase home supply, review existing rules in and ensure the agency is “getting the money out the door.“ “In Economics 101, the increase in interest rates should have been coexisting […]
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pretax net loss of $645 on each loan they originated in the first quarter of 2024 — a decrease from the average loss of $2,109 per loan in Q4 2023, according to the Mortgage Bankers Association’s (MBA) newest quarterly performance report. “While the […]
NEW DELHI — In the ever-growing Twenty20 cricket landscape, India boasts the richest and most-watched league in the world. Yet all that investment and attention hasn’t translated into international success for India’s national team. Rohit Sharma’s India squad travels to the T20 World Cup in the United States and Caribbean in search of a second title […]
To truly experience the most powerful room in housing, reserve your spot now to join us at The Gathering 2025. However, if you want a glimpse into what that room looks like in action, we compiled a handful of our sessions from this year’s event to share on demand. These select videos from our event […]
Dallas-based Certainty Home Lending, an affiliate of Guaranteed Rate, named Shadi Kamran as its new national business development executive. Kamran is based in Los Angeles and will support Certainty’s strategy and sales performance. “Our comprehensive product suite offers solutions for virtually every mortgage and home financing need,” Kamran said in a statement. “The technologically advanced […]
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Mortgage fraud risk saw a modest uptick toward the end of 2023, according to CoreLogic’s latest Mortgage Application Fraud Risk Index, although it remained largely stable on a year-over-year basis. The index reached 127 in Q4 2023, marking a 2.7% increase from the previous quarter, but compared to Q4 2022, the index decreased by 1%. Despite […]
The average cost for a retail mortgage lender to originate a loan reached $11,600 in the third quarter of 2023, up 35% — or nearly $3,000 per loan — when compared to fourth-quarter 2020, a period of low interest rates and high sales volume, according to a study published Tuesday by Freddie Mac. But the […]
MEMPHIS, Tenn. — A Tennessee judge on Wednesday blocked the auction of Graceland, the former home of Elvis Presley, by a company that claimed his estate failed to repay a loan that used the property as collateral. Shelby County Chancellor JoeDae Jenkins issued a temporary injunction against the proposed auction that had been scheduled for Thursday […]
In late 2023, just before the calendar turned, the financial markets were pricing in six Federal Reserve rate cuts in 2024. After all, inflation had cooled and the Fed appeared to be gearing up to land the plane. For a few weeks, mortgage loan officers told HousingWire reporters that they were quoting some prospective borrowers […]
Washington — A house-cured smoked salmon, red grapefruit, avocado and cucumber starter. Dry-aged rib eye beef in a sesame sabayon sauce. Salted caramel pistachio cake under a layer of matcha ganache. While President Joe Biden and his guest of honor at a White House state dinner chew over foreign policy, the female chef duo of Cris […]
Online real estate auction marketplace Xome is launching a DIY sales platform for investors. Platform users will not need to use a real estate agent to complete their transaction, according to an announcement from the firm on Wednesday. Xome is an indirect, wholly owned subsidiary of Mr. Cooper Group that provides mortgage servicers with end-to-end […]
Connecticut-based lender, servicer and asset manager Planet Home Lending has appointed Bill Shuler as executive vice president and chief information officer. In his new role, Shuler will focus on Planet’s technological growth and enhancements to its operational efficiency. “My focus has always been on creating pragmatic IT solutions that support dynamic business growth, and I am […]
The reverse mortgage industry is no stranger to novel marketing campaigns, and it has often made use of celebrity spokespeople to drum up conversation about its products. While consistency can count for a lot when it comes to marketing and messaging, novelty can also be a path toward greater engagement. New American Funding (NAF) is […]
Sandra Ho, a managing director at JPMorgan Chase, will join Wells Fargo next week as its head of home lending sales, Wells Fargo said in a statement Monday. It is a newly created role, and Ho will lead Wells Fargo’s consumer direct and distributed sales forces. She will report to Serhat Oztop, head of sales […]
Mortgage rates continued on their downward path as HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.34% on Tuesday, below the rate of 7.43% one week ago. At the same time one year ago, the 30-year average rate was 6.66%. Meanwhile, the 15-year conforming fixed rate averaged 6.71% on Tuesday, […]
After two years of limited demand, private equity and insurance companies are increasing their allocations to single family residential mortgages. This increased flow of funds appears to be driven by strengthening macro factors that favor residential mortgages over other yield assets such as commercial real estate (CRE) and commercial (C&I) loans. These strong fund flows […]
NEXA Mortgage, the largest mortgage brokerage firm in the U.S., will pay its loan officers 100% of the commission splits “without any per-file fees or other hidden fees,” according to co-founder and CEO Mike Kortas. NEXA usually pays loan officers 220 basis points (bps) out of 275 bps on most loans. However, moving forward, it […]
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), is aware that some loan officers are taking creative — and, as detailed in a recent HousingWire investigation, often illegal — approaches to winning business. And he would be willing to reexamine the decade-old rule that prohibits LOs from misclassifying lead sources to lower their […]
California-based multichannel lender and servicer PennyMac Financial Services announced on Monday a proposed private offering of a $650 million aggregate principal amount of senior notes that the company says it will pay back with interest by 2030. The notes will “be fully and unconditionally guaranteed on an unsecured senior basis” by the company’s existing businesses, […]
The U.S. Department of Housing and Urban Development (HUD) on Monday published a new version of its Single Family Housing Handbook 4000.1, which includes numerous updates to its guidance for the Home Equity Conversion Mortgage (HECM) program overseen by the Federal Housing Administration (FHA). “Today’s update clarifies instructions, adds new guidance, and incorporates previously published […]
CANNES, France — While Donald Trump’s hush money trial entered its sixth week in New York, an origin story for the Republican presidential candidate premiered at the Cannes Film Festival on Monday, unveiling a scathing portrait of the former president in the 1980s. “The Apprentice,” directed by the Iranian Danish filmmaker Ali Abbasi, stars Sebastian Stan […]
Buying into homeownership is already challenging enough for many Americans, but keeping — and maintaining — a home can come with serious challenges as a person gets older. This may lead an older homeowner to consider a product like a reverse mortgage, but potential borrowers should be aware of the product’s details and the informational […]
Proof, the remote online notarization (RON) platform formerly known as Notarize, has welcomed Pennsylvania notaries into its Notarize Network, the company announced earlier this month. Previously, Pennsylvania’s notaries could access Proof’s platform via its in-house notary capabilities for enterprises and notary-sourced transactions. With this expansion, Pennsylvania notaries now join their counterparts from Florida, Nevada, Texas […]
A recently released report from the Financial Stability Oversight Council (FSOC) that identifies vulnerabilities at nonbank mortgage servicers and makes some recommendations to avoid systemic risk is a ”tall order” for state regulators but isn’t only a ”wishful list,” according to Jason Cave, senior consultant at Patomak Global Partners. Cave spent nearly three decades in […]
Cannes, France — Filmmakers Nada Riyadh and Ayman El Amir spent so much time following an all-girl theatre troupe in a remote Egyptian village that at one point someone tried to sell them a house. “He thought we were always there so we might as well live there,” Riyadh told AFP after the premiere of their […]
Anaheim, California — Disneyland performers who help bring Mickey Mouse, Cinderella and other beloved characters to life at the Southern California resort chose to unionize following a three-day vote culminating Saturday. The Actors’ Equity Association labor union said in a statement Saturday that cast members for the parades and characters departments at Disney’s theme parks near […]
RIO DE JANEIRO — A 20-minute drive separates the historic Maracana Stadium from the Complexo do Alemao, the biggest complex of favelas in Rio de Janeiro and one of the most impoverished and violent. One of its residents, 15-year-old football player Kaylane Alves dos Santos, hopes her powerful shots and impressive dribbles will allow her to […]
New listings data has been moving lower over the last few weeks. I usually wouldn’t care too much about this as its a data line that can be volatile week to week but now it’s been three weeks. The moves haven’t been significant and our weekly pending contracts data picked up this week. But, we […]
London — Film director Mohammad Rasoulof made an “exhausting and extremely dangerous” walk across a mountainous borderland to avoid being jailed in Iran on national security charges, he told The Guardian newspaper. Rasoulof said Monday he had fled Iran after a court sentenced him to eight years in jail, of which five were due to be […]
MEXICO CITY — Newly minted Michelin-starred chef Arturo Rivera Martínez stood over an insanely hot grill Wednesday at the first Mexican taco stand ever to get a coveted star from the French dining guide and did exactly the same thing he’s been doing for 20 years: searing meat. Though Michelin representatives came by Wednesday to present […]
VATICAN CITY — The Vatican on Friday overhauled its process for evaluating alleged visions of the Virgin Mary, weeping statues and other seemingly supernatural phenomena that have marked church history, putting the brakes on making definitive declarations unless the event is obviously fabricated. The Vatican’s doctrine office revised norms first issued in 1978, arguing that they […]
new york — Dabney Coleman, the mustachioed character actor who specialized in smarmy villains such asd the chauvinist boss in “9 to 5” and the nasty TV director in “Tootsie,” has died. He was 92. Coleman died Thursday at his home in Santa Monica, his daughter, Quincy Coleman, said in a statement to The Associated Press. […]
Chase Home Lending, the consumer and commercial banking arm of JPMorgan Chase & Co., has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. The guarantee means that the bank promises an on-time closing on or before the contract closing date, or it will pay the homebuyer $20,000. […]