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UWM turns to seller concessions with new mortgage product launch

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United Wholesale Mortgage (UWM) this week launched temporary rate buydowns, a product that allows borrowers to receive lower mortgage rates at the beginning of their loan terms by using seller concessions as part of the payment.   It’s a complementary product to the wholesale lender’s “Game On” initiative, a cut-rate pricing strategy devised to grow market […]

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Angel Oak Home Loans adopts SimpleNexus’ platforms for agency and non-QM lending

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Mortgage lender Angel Oak Home Loans has implemented SimpleNexus‘ all-in-one mortgage app to streamline its loan origination process. The Atlanta mortgage lender, which offers agency and non-qualified mortgage (non-QM) products, will implement the tech firm’s Nexus Origination and Nexus Engagement tools. A customized loan application developed for Angel Oak Home Loans will support both agency […]

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FHFA and Ginnie Mae relax proposed seller servicer requirements

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The Federal Housing Finance Agency (FHFA) and Ginnie Mae are walking back some of the more controversial proposed eligibility requirements for sellers, servicers and issuers they oversee. But the agencies will not wipe out the requirements entirely. An initially proposed 200 basis point hedging requirement will instead be 50 basis points for both agencies. Institutions […]

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Smaller mortgage lender lobby groups to merge

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The Community Home Lenders Association and the Community Mortgage Lenders of America, two Washington, D.C. lobby groups representing smaller mortgage lenders, will join forces. The new group, the Community Home Lenders of America, will conserve CHLA’s acronym. The group will operate out of one office and merge assets. Several former congressional aides and a former […]

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Quality control provider Inco-Check rebrands as QC Ally

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Inco-Check is rebranding to QC Ally, the company announced Wednesday. Inco-Check, a provider of QC and audit solutions, was founded in 2000 and acquired in May by Narrow Gauge Capital. “While celebrating Inco-Check’s legacy of high-quality audit services, this new branding reemphasizes our shared goals and collaboration with our client partners to enhance their business,” […]

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Mortgage apps decline 2.3% to the lowest level since 2000

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Demand for mortgage loans declined to the lowest level since 2000 last week due to affordability challenges and uncertainties regarding the U.S. economy, according to the Mortgage Bankers Association (MBA).  The market composite index, a measure of mortgage loan application volume, fell 2.3% for the week ending Aug. 12, compared to the previous week. It was also down […]

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66 mortgage lenders, brokers make Inc. 5000 list

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Nearly 70 mortgage lenders and brokers made it on the list of Inc. Magazine‘s 5,000 fastest-growing companies in the U.S. for 2022. The companies are U.S.-based, privately held and independent as of Dec. 31, 2018. Additionally, all these businesses had a minimum revenue of $100,000 in 2018 and $2 million last year. All the top […]

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U.S. Department of Education’s Office for Civil Rights Reaches Settlement with Victor Valley Union High School District in California

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The U.S. Department of Education’s Office for Civil Rights (OCR) today announced that the Victor Valley Union High School District in California has entered into a resolution agreement to end race discrimination in implementation of school discipline. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education

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BACK TO SCHOOL 2022: Giving Every School the Tools They Need to Prevent COVID-19 Spread and Stay Safely Open All Year Long

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“Back-to-school season is a time of possibility and promise for students, parents and families, and educators alike. To all the school leaders working to ensure your campuses can remain safely open for in-person learning throughout this new academic year, all of us in the Biden-Harris administration appreciate your dedication in making in-person learning happen. To […]

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Who’s positioned to capitalize on Wells Fargo’s mortgage retreat

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The fate of Wells Fargo & Co.’s mortgage business has been the subject of industry speculation in the wake of a Bloomberg report indicating that the lending giant plans to shrink its enormous mortgage footprint, including a likely pull-back from the correspondent lending business. Shortly after that story went live, analysts at Keefe, Bruyette & Woods(KBW) published a report stating that […]

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Education Department approves $3.9 billion group discharge for 208,000 borrowers who attended ITT Technical Institute

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Today, the U.S. Department of Education (Department) announced that it will discharge all remaining federal student loans that borrowers received to attend ITT Technical Institute (ITT) from January 1, 2005, through its closure in September 2016. The decision, which follows Departmental findings based on extensive internal records, testimony from ITT managers and recruiters, and first-hand […]

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Medical Investigator Rules Baldwin Set Shooting an Accident

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The fatal film-set shooting of a cinematographer by actor Alec Baldwin last year was an accident, according to a determination made by New Mexico’s Office of the Medical Investigator following the completion of an autopsy and a review of law enforcement reports.  The medical investigator’s report was made public Monday by the Santa Fe County […]

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Blend takes a $478M loss, cuts 25% of its workforce

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Blend Labs executives say they are being conservative in managing the company after recording a massive financial loss in the second quarter of 2022.  The California-based mortgage tech company plans to reduce costs, including cutting 25% of its workforce, and will focus on products with a higher return on investment amid an extreme market downturn. […]

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HELOCs are now “raging back”

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A combination of fast-rising home values and the fact that nearly two-thirds of borrowers with at least some home equity have mortgage rates below 4% — and would not benefit from refinancing — is helping to propel a resurgent market for home-equity lines of credit (HELOCs). HELOCs allow homeowners to tap the equity in their […]

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Mortgage forbearance rate continued to decline in July

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Servicers’ forbearance portfolio volume descended in July since mortgage forbearance rate dropped below 1% in April. The total number of loans decreased one basis point to 0.34%, according to Mortgage Bankers Association (MBA). The mortgage forbearance rate on a declining trend is positive news after the economic impacts of the pandemic hit borrowers hard. The […]

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Wells Fargo to shutter correspondent lending?

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In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo, the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business. The depository bank will likely shrink or potentially halt correspondent lending, in which Wells Fargo funds the loan arranged by […]

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Tehran Unveils Western Art Masterpieces Hidden for Decades

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Some of the world’s most prized works of contemporary Western art have been unveiled for the first time in decades — in Tehran. Iranian President Ebrahim Raisi, a hard-line cleric, rails against the influence of the West. Authorities have lashed out at “deviant” artists for “attacking Iran’s revolutionary culture.” And the Islamic Republic has plunged […]

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Salman Rushdie Remains Hospitalized; Suspect Pleads Not Guilty

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Acclaimed author Salman Rushdie remained hospitalized on Saturday with serious injuries a day after he was repeatedly stabbed at a public appearance in New York state, while police sought to determine the motive behind an attack that drew international condemnation.  Hadi Matar, 24, of Fairview, New Jersey, was arraigned late Friday, accused of attempted murder […]

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HW+ Member Spotlight: Tom O’Donoghue

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This week’s HW+ member spotlight features Tom O’Donoghue, owner at Reverse Loans Now. O’Donoghue has been in mortgage banking for more than 30 years and has been helping and committed to working with Senior Citizens for the last seven years. HW Media: What is your current favorite HW+ article and why? Tom O’Donoghue: How inflation could be a net benefit […]

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Fannie Mae unveils $997M reperforming loan offering 

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Fannie Mae has launched its fourth reperforming-loan sale of the year — an offering of 6,130 loans with an unpaid principal balance of $997 million. The offering, dubbed FNMA 2022-RPL4, represents the agency’s 27th sale of reperforming loans since the inaugural offering in October 2016, which involved a pool of 3,600 reperforming loans valued at about […]

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Film About Disabled Man Provokes Criticism of Chinese Government

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Chinese state media has stopped promoting a short film that depicted the everyday struggles of a disabled man in rural China and drew tens of millions of views before prompting widespread online criticism of Beijing’s poor disability rights record. Following the online criticism from Chinese people with and without disabilities, top Chinese video streaming website […]

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Mounting losses force loanDepot to amend loan agreements

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Mortgage lender loanDepot, based in Orange County, California, has more bad news tucked away in its latest quarterly earnings report filed with the U.S. Securities and Exchange Commission (SEC) — beyond announcing it was shutting down its wholesale division after posting a second quarter loss of $223.8 million, following on the heels of $91.3 million loss […]

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Redwood Trust, Angel Oak Mortgage awash in red ink in Q2

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Redwood Trust Inc., a real estate investment trust (REIT) based in Mill Valley California that has residential operations focused on nonagency jumbo loans, recently reported a second-quarter 2022 net loss of $100 million, after recording a net gain of $31 million in the prior quarter. Likewise, Atlanta-based Angel Oak Mortgage Inc., a real estate investment trust […]

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Homepoint takes $44M loss in Q2 amid price war

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Home Point Capital, the parent company of wholesale lender Homepoint, took a loss in the second quarter of 2022, even after reducing costs and selling mortgage servicing rights.  The company reported reduced volume and lower margins caused by surging rates and an aggressive pricing strategy from its rival United Wholesale Mortgage (UWM).  Homepoint, however, said it will not […]

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Purchase mortgage rates are back above 5%

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Purchase mortgage rates continue their roller coaster ride – they moved above 5% this week, according to the latest purchase mortgage survey from Freddie Mac. The 30-year fixed-rate mortgage increased this week to average 5.22%, up from last week’s 4.99%. A year ago this time, rates averaged 2.77%. The index compiles rates reported by lenders during the past […]

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During ‘Raise the B.A.R.’ Summit, Education Department Announces College Completion Fund Competition to Support Postsecondary Student Success

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Today, the U.S. Department of Education (Department) announced the availability of $5 million in funds to support a new College Completion Fund for Postsecondary Student Success. The funding will support grants to Historically Black Colleges and Universities (HBCUs), Tribal Colleges and Universities (TCUs), and Minority-Serving Institutions (MSIs) such as Hispanic-Serving Institutions (HSIs) – many of […]

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Lone Peak Lending joins Panorama Mortgage Group

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Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Lone Peak is the fourth lender to join Panorama this year, following the additions of Utah-based Rely Home Loans, Texas-based Prosperity Mortgage and Oregon-based Vision Mortgage Group. Donovan Stamps, a 27-year mortgage veteran with stints at Stearns Lending, SoFi […]

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Wholesale behemoth UWM bolstering cash flow with MSR sales

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When the sky is falling in the mortgage industry, generally there is something else that is rising.  For many larger nonbank lenders, including UWM Holdings Corp., the parent of United Wholesale Mortgage (UWM), what is rising in their favor is the value of mortgage servicing rights (MSRs). UWM, the nation’s largest wholesale mortgage lender, recorded net income of $215.4 […]

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Celebrity Home Loans exits correspondent channel

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Mortgage lender Celebrity Home Loans shut down its correspondent channel and laid off employees on Tuesday. Amid a market downturn, the company has decided to focus on the retail lending business.  “As one of the few retail lenders that saw production grow from Q1 to Q2, we’ve decided to keep our focus on our greatest strength: retail […]