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Mortgage rates and the bond market have fallen a bit recently and the spreads betweenthe 10-year yield and 30-year mortgage rate have improved over last year’s levels. In the past two years, demand has always picked up whenever mortgage rates have moved lower with some duration. Even last week, purchase apps grew week to week. […]

Holding company Better Home & Finance hired Chad Smith to be the president and chief operating officer of its mortgage business, it announced on Friday. Kevin Ryan, who previously held the position of president, will continue serving the company as chief financial officer.  Before joining Better, industry veteran Smith was the CEO of Mission Loans from December 2020 to May […]

In March, we explored the difference between Home Equity Conversion Mortgage (HECM) “expected rates” and “note rates” and why most reverse mortgages depend on these two interest rates. In April, we specifically focused on expected rates. We showed that when expected rates increase and round up to the next 1/8% (0.125%), the principal available to […]

Florida Gov. Ron DeSantis (R) signed a bill into law this week that changes certain requirements for the state’s reverse mortgage borrowers, a move that the National Reverse Mortgage Lenders Association (NRMLA) says could save money on closing costs. The new law, House Bill (HB) 7073, changes the way the state’s “documentary stamp tax” can […]

The Consumer Financial Protection Bureau (CFPB) and Freedom Mortgage were handed minor setbacks by the presiding and magistrate judges, respectively, in a case that the regulator brought in widespread violations in its 2020 submission of Home Mortgage Disclosure Act (HMDA) data. The development was first reported by National Mortgage News. The original case was filed […]

Kiavi, one of the nation’s largest private lenders for residential real estate investors, closed a $300 million unrated securitization of residential transition loans (RTLs), the company announced on Friday.  The loans bundled in the securitization were mostly investment property loans used for fix-and-flip transactions. This securitization marked Kiavi’s 17th such transaction and elevated the company’s […]

Sam Valverde, formerly the principal executive vice president of government-owned corporation Ginnie Mae, was named as its acting president as of May 6, according to an announcement issued by the organization this week. Sam Valverde, acting president of Ginnie Mae. ” data-image-caption=” Sam Valverde ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=240″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=819″ src=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=819″ alt=”Sam Valverde, acting president of Ginnie Mae.” […]

Guild Holdings Company, parent company of Guild Mortgage, recorded a 6% increase in mortgage originations and much higher revenue levels in the first quarter of 2024 than in 2023. Net income saw substantial improvements as the company continues to pursue an active acquisition strategy, according to an earnings report for Q1 released on Thursday. “I […]

Rocket Companies, the parent company of Rocket Mortgage, hired its first chief technology officer this week, bringing former Thomson Reuters and Intel executive Shawn Malhotra into the fold. The hire is Rocket’s latest move to bolster its already robust investment in artificial intelligence. Varun Krishna, Rocket Companies CEO, sat down with HousingWire CEO Clayton Collins […]

UWM Holdings Corp., the parent of United Wholesale Mortgage (UWM), returned to profitability in the first quarter of 2024 despite higher rates, a lack of inventory and a decline in the fair value of its mortgage servicing rights (MSRs).  The quarter’s positive performance was supported by increased origination volumes at improved margins and servicing sales, which resulted […]

A former top executive at Better.com has voluntarily dismissed with prejudice a lawsuit filed about two years ago against the company and its leadership, including founder Vishal Garg, that accuses the defendants of violating labor and securities laws when pursuing the firm’s goal to go public.  Attorneys for Sarah Pierce — Better’s former executive vice president for customer […]

Fannie Mae announced on Wednesday the availability of a new web-based option for its income calculator tool, which is designed to “help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don’t have traditional sources of income,” according to the government-sponsored enterprise (GSE). The new option for the […]

U.S. Sen. Mike Braun (R-Ind.), who recently submitted a series of questions to Ginnie Mae about its management of the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program following the collapse of Reverse Mortgage Funding (RMF), clinched the Republican nomination for governor of Indiana on Tuesday night, according to The Associated Press and The Washington […]

Because of an apparent error made by staff at ICE Mortgage Technology‘s Surefire customer relationship management (CRM) platform, more than 600,000 emails and texts were sent without permission to real estate agents, business partners and past clients of loan officers around the country. These messages, part of Surefire’s weekly “Markets in a Minute” deployment, mistakenly […]

Mortgage demand ticked up last week as interest rates decreased following the news of a slowing job market. Applications increased by 2.6% on a seasonally adjusted basis during the week ending May 3, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.  “Treasury rates and mortgage rates fell last week on the news of a […]

As the August implementation deadline for the business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement approaches, the window of time is shrinking for the U.S. Department of Veterans Affairs (VA) to revise its policies governing the fees that veterans cannot currently pay when using their VA loan benefit. […]

loanDepot delivered another financial loss in the first quarter of 2024, during which the mortgage lender dealt with the impacts of a cyberattack that brought down its systems.   The California-based lender recorded a non-GAAP adjusted net loss of $38 million from January to March, compared to a $26.6 million loss in the previous quarter and a $59 million […]

Carrington Mortgage Services (CMS) hired Steven Winokur to serve as vice president of marketing for third-party originations (TPO), the company announced Tuesday.  In this new role, Winokur will work to increase the company’s emphasis on diverse forms of nonqualified mortgage (non-QM) educational resources.Prior to joining CMS, Winokur served as chief marketing officer at Angel Oak […]

Finance of America Companies (FOA), which controls the outgoing brands Finance of America Reverse (FAR) and American Advisors Group (AAG), recorded a net loss under generally accepted accounting principles (GAAP) of $16 million in Q1 2024 and an adjusted net loss of $7 million for the quarter, according to a recently released earnings report. Total […]

Mortgage capital markets tech firm Polly announced on Tuesday that it has launched “Polly/AI,” which integrates artificial intelligence (AI) technology into the newest version of its product and pricing engine (PPE) and includes a “co-pilot” for loan officers that will “process, interpret, and recommend a range of outcome-driven results.” The PPE system is native to […]

Mortgage rates eased slightly last week after a cooler-than-expected jobs report. Additionally, the 10-year Treasury yield fell after Friday’s jobs report. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.51% on Tuesday, slightly below the rate of 7.57% one week ago. At the same time one year ago, the […]

Recent data from Inside Mortgage Finance shows a significant leap in broker market share, jumping to 24.3% in Q4 2023, the highest number we’ve seen since 2009. This is a true testament to the care, commitment and passion brokers across the country have for their borrowers.   The big question is, what caused this increase?  First […]

AnnieMac Home Mortgage appointed Ian Aubourg to the role of senior vice president of retail sales, the Mount Laurel, New Jersey-based lender announced Monday.  In his new position at AnnieMac, Aubourg will tap into his leadership skills to drive growth and improve the mortgage experience for clients. Aubourg has a track record of leading successful […]

Following an announcement that the U.S. Department of Housing and Urban Development (HUD)’s Office of Policy Development and Research is seeking public comment related to application and origination documents for the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program, the National Reverse Mortgage Lenders Association (NRMLA) and the Mortgage Bankers Association (MBA) have […]

U.S. home prices continued to climb in March as a persistent shortage of homes for sale helped to buoy the housing market, according to the Intercontinental Exchange (ICE) Home Price Index. And while prospective homebuyers cope with the challenges of rising housing unaffordability, existing homeowners are reaping the benefits of historically strong price gains. Nationwide […]

A coalition of four lawmakers in the U.S. House of Representatives — two Democrats and two Republicans — have come together to found the Bipartisan Congressional Real Estate Caucus, a group designed to “support policies that allow [the real estate] industry to prosper” due to its overall importance to the U.S. economy. The group, announced […]

NEXA Mortgage has sued its former president, Mat Grella, for allegedly causing the failure of a hangar-office property purchase, acting to defame the firm and his partner Mike Kortas, illegally changing corporate documents, and keeping two company cars after his termination. In response, Grella said that the allegations are a “manipulation of the truth.” The lawsuit was […]

Utah-based Capital Community Bank (CCBank) has struck a deal to acquire Security Home Mortgage (SHM), which will become an independent subsidiary division of the bank, the parties announced on Friday. The financials of the deal were not disclosed. According to the Nationwide Multistate Licensing System (NMLS), SHM provides home mortgage solutions in six states through a network of four branches and 62 […]

Finance of America Companies (FOA) announced on Monday that its reverse mortgage brands — Finance of America Reverse (FAR) and American Advisors Group (AAG) — will be consolidated under the singular Finance of America brand going forward. Scheduled to take place starting in the third quarter of 2024, the change remains subject to certain regulatory […]