The National Association of Mortgage Brokers (NAMB), a trade association representing mortgage professionals and homebuyers since its establishment in 1973, announced its agenda for 2023 at it NAMB National conference. According to a statement, NAMB pledged to advocate for a range of initiatives, including: The Trigger Leads Prohibition Act, which protects consumers’ data from being […]
Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve’s (Fed) meeting to announce the new target for the federal funds rate. According to the latest survey from the Mortgage Bankers Association (MBA), the mortgage composite index for the week ending Oct. 28 fell 0.5% from the […]
As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. These borrowers are hoping that rates will decline enough in the next few years that a refinance will bring their payments down permanently. Options for borrowers include temporary rate buydowns […]
Mortgage tech firms Mortgage Coach and Polly have teamed up on a new application programming interface (API) integration that guides borrowers through a visual representation of their loan options. The goal is to help drum up business for lenders during an extremely challenging time in the industry. Mortgage Coach, founded in 2009 and based in […]
WorkWave, a cloud-based SaaS provider, announced Tuesday the acquisition of TaskEasy, a service provider for rental property owners. The acquisition aims to provide WorkWave field service customers with local service jobs, allowing them to grow their business while streamlining sales, marketing and advertising expenses. TaskEasy, meanwhile, will get access to WorkWave’s customer base, according to […]
Last year, Rocket Mortgage, America’s top mortgage lender, benefited greatly from record low mortgage rates — racking up more than double the refi volume of any lender. But with rates rapidly climbing past the 7% level, the Detroit-based lender is now in a tough spot as it attempts to pivot to purchase mortgages and persuade […]
Migos rapper Takeoff is dead after a shooting early Tuesday outside a bowling alley in Houston, a representative confirmed. He was 28. Takeoff — whose name was Kirsnick Khari Ball — was part of Migos along with Quavo and Offset. A representative for Migos, who was not authorized to speak publicly, confirmed to The Associated […]
Rocket Companies on Tuesday launched a loyalty program to attract potential homebuyers into its ecosystem amid one of the most challenging mortgage markets in decades. Rocket Rewards will distribute points toward financial transactions across the Rocket Platform, such as using the company’s mortgage calculator, reading educational articles or watching informative videos. In the first phase of the […]
Mortgage tech platform Haven raised $8 million in Series A funding to scale its mortgage servicing infrastructure, taking advantage of a higher-rate environment. Fifth Wall led the funding with participation from Fidelity National Financial, RWT Horizons, and 1Sharpe Ventures as well as existing investors Conversion Capital, BoxGroup, AME Cloud Ventures and Operator Partners, the firm […]
Mortgage fintechs Sales Boomerang and Mortgage Coach reduced employee headcount by at least 20 this month as the industry struggles to stay afloat amid mortgage lenders rightsizing during one of the most challenging times. Workforce reduction came on October 20, and eliminated positions include director of marketing, two enterprise account managers, one enterprise sales manager, […]
The international market for Native American fashion is growing. VOA correspondent Scott Stearns caught up with Indigenous designers at a Native American fashion show in the Western U.S. state of Colorado. Videographer: Scott Stearns, Jodi Westrum details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
This is projected to be a record year for consolidation among mortgage lenders, largely due to the dramatic shift from a refinance boom to a purchase mortgage market and the total origination volume, which has shrunk to about half the size from 2021. By the end of 2022, roughly 50 merger or acquisition (M&A) transactions […]
With the Fed meeting this week to raise rates again, the speculation is what happens after. Are we getting closer to the end of the Fed rate hike cycle? At that point it will be all about the economic data. I don’t see the Fed changing their tune on rate cuts until the labor market […]
Today, the U.S. Department of Education (Department) released final regulations that streamline and improve the rules for major targeted debt relief programs. The regulations expand eligibility, remove barriers to relief, and encourage automatic discharges for borrowers who are eligible for loan relief because their school closed, they have a total and permanent disability, or their […]
During the Day of the Dead celebrations that take place in late October and early November in Mexico, the living remember and honor their dearly departed, but with celebration — not sorrow. Marigolds decorate the streets as music blares from speakers. Adults and children alike dress as skeletons and take photos, capturing the annual joy-filled […]
Mexican artisans are struggling to preserve the traditional manufacture of paper cut-out decorations long used in altars for the Day of the Dead. Defying increasingly popular mass-production techniques, second-generation paper cutter Yuridia Torres Alfaro, 49, still makes her own stencils at her family’s workshop in Xochimilco, on the rural southern edge of Mexico City. As […]
At least 120 people were killed in a crush during a Halloween celebration in South Korea’s capital Seoul late on Saturday. Here are details of some of the worst stampedes over the last three decades: April 1989: Ninety-six people are killed and at least 200 injured in Britain’s worst sports disaster after a crowd surge […]
Former employees at Finance of America Mortgage LLC (FAM) are transitioning to American Pacific Mortgage (APM), as the company will shut down by the end of the year, a source with knowledge of the process told HousingWire. Specifically, California-based APM has hired former FAM staff members in Northern California offices, the source said. The same source explained that there’s […]
Jerry Lee Lewis, the untamable rock ‘n’ roll pioneer whose outrageous talent, energy and ego collided on such definitive records as “Great Balls of Fire” and “Whole Lotta Shakin’ Goin’ On” and sustained a career otherwise upended by personal scandal, died Friday morning at 87. The last survivor of a generation of groundbreaking performers that […]
Mortgage lender Homestar Financial Corporation on Friday announced appointing Gurp Bhandal as executive vice president of national production. Bhandal’s professional career spans more than 20 years in financial services. Prior to HOMESTAR, he served as the executive vice president of retail production at AmeriSave Mortgage Corporation and area lending manager roles at Citi. HOMESTAR cited […]
U.S. Secretary of Education Miguel Cardona issued the following statement on the appointment of 14 new members of the National Board for Education Sciences: details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
The emerging real estate brokerage model includes more than just mortgage, title and insurance. To compete, many brokerages are expanding to concierge services, iBuying, innovative financial offerings, home repair and more. That creates challenges from training agents to marketing to consumers. Join real estate CEOs from RE/MAX, Keller Williams and Fathom Realty to discuss: How […]
California-based Pennymac Financial Services delivered an increased profit in the third quarter of 2022, mainly due to the performance of its servicing portfolio. However, the company has been looking at the challenges ahead and has started to estimate the impacts of a recession on its businesses while monitoring the need for more cost savings initiatives. Profits came […]
Everyone knows that the current market is a challenging environment for housing professionals, as high rates mean fewer originations and even less refi business. But according to Shant Banosian, Guaranteed Rate’s top-ranked loan officer, now is the time for LOs to show up and work hard. “In my opinion, this next 12 to 18 months […]
LoanLogics on Thursday announced changes to its executive leadership positions, with Dave Parker stepping in as new CEO upon the departure of CEO Bill Neville. Neville said he is leaving LoanLogics, a data-driven mortgage audit, income calculation and loan quality software provider, in the “capable hands” of Parker. “Dave Parker understands the business side of […]
While mortgage rates surged in the summer, the serious mortgage delinquency rates returned to pre-pandemic levels in August. Inflation, however, could be a big hit to delinquency rates, and may increase the overall delinquencies in coming months as household budgets tighten. The number of borrowers classified as seriously delinquent, who are 90 or more days […]
Homebuyer affordability, the silver lining in a cooled down housing market, took a huge hit in September as surging mortgage rates led monthly payments to rise. The national median payment applicants applied for increased by 5.5% to $1,941 in September, up from last month’s $1,839, according to the Mortgage Bankers Association (MBA). MBA’s PAPI, which […]
Today, the U.S. Department of Education (Department) announced final rules that will better protect veterans and service members from predatory recruitment practices, implement access to Pell Grants for incarcerated students in high-quality prison education programs, and increase accountability when colleges and universities change ownership. details ⇒ BusinessMediaguide.Com portal received this content from this noted web […]
Nonbank mortgage lender and servicer Pennymac Financial Services imposed a new round of layoffs to its employees this week, ahead of its third-quarter earnings report on Thursday. The California-based company had several rounds of layoffs this year, including a workforce reduction of 236 employees in March, another 207 staff members in May and additional 32 […]
MortgageHippo, a digital mortgage proptech that offers a no code/low code digital mortgage platform to lenders, on Monday announced that it was rebranding to Revvin. The new name is based on the sound an engine makes when the running speed is increased by pressing the accelerator, signifying efficiency. According to a statement from Revvin, the […]
Nonbank mortgage lender and servicer Mr. Cooper Group reported a net income of $113 million in the third quarter thanks to servicing earnings shining through in a high-interest rate environment. Its profit, however, dropped 25%, offset by lower originations income from the second quarter. Mr. Cooper had a $56 million pretax operating income in the third […]
Bilt Rewards, which operates a loyalty program and credit card that converts rent payments into points, raised a new round of funding that it says gives the firm a valuation of $1.5 billion. The company, which works with some of the country’s largest multifamily developers and property managers, secured $150 million in a growth round […]
Mortgage rates have been on an upward trend for more than two months, and would-be homebuyers are increasingly hitting the brakes on their home purchase plans. The Mortgage Bankers Association (MBA) survey shows that the mortgage composite index for the week ending Oct. 21 fell 1.7% from the prior week when it reached its 25-year […]
Single-family rental behemoth Invitation Homes is seeking a joint venture partner to take advantage of the latest drop in home prices, according to a report by Bloomberg. The company is working with commercial brokerage Eastdil Secured to find a partner for a $1 billion joint venture, according to Bloomberg’s sources. The search for a partner […]
Adidas ended its lucrative partnership with the rapper Ye, formerly known as Kanye West, over his offensive and antisemitic remarks, which drew widespread criticism from Jewish groups, celebrities and others on social media who said the German sportswear company was being too slow to act. The sneaker giant became the latest company to cut ties […]
A New York City charity art exhibition includes more than 150 war-themed posters designed by Ukrainian artists to show the true impact of Russia’s war on their country. Nina Vishneva has the story, narrated by Anna Rice. Camera: Alexander Barash details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Today, the U.S. Department of Education (Department) announced one-time executive actions that will bring most loans managed by the Department closer to forgiveness, including credit toward the Public Service Loan Forgiveness (PSLF) Program for borrowers who have qualifying employment. This action will coincide with the July 2023 implementation of permanent fixes to PSLF through regulation. […]
America is in a “full damage control mode” while the Federal Reserve attempts to control inflation, inflicting pain on the mortgage industry – and that’s when “bad policies have a habit of rearing their ugly head,” according to Mortgage Bankers Association (MBA) president and CEO Bob Broeksmit. The main threat now comes from the Consumer […]
Today, U.S. Secretary of Education Miguel Cardona joined a roundtable with parents from Fort Foote Elementary School in Fort Washington, Maryland, about what the school is doing to help their students catch up. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
Leslie Jordan, the actor whose wry Southern drawl and versatility made him a comedy and drama standout on TV series including “Will & Grace” and “American Horror Story,” has died. The Emmy-winner, whose videos turned him into a social media star during the pandemic, was 67. “The world is definitely a much darker place today […]
On stage in Nashville on Monday, Mortgage Bankers Association Chairwoman Kristy Fercho passed the torch to Matt Rocco, who will take over as chairman in 2023. Rocco, the CEO of Grandbridge Real Estate, a commercial real estate investment bank subsidiary of Truist Bank, said he’s laser-focused on strengthening the MBA’s affordable housing initiatives amid an […]
The Federal Housing Finance Agency (FHFA) on Monday announced that it is replacing the Classic FICO credit model, which Fannie Mae and Freddie Mac have relied on for nearly 20 years, for the FICO 10T and VantageScore 4.0. “They will provide more accurate credit scores, and we believe the market, including investors, will be provided […]
Ginnie Mae President Alanna McCargo on Monday announced changes to the re-pooling seasoning requirement for re-performing loans, which it says will increase issuer liquidity. The government mortgage insurer will shorten the seasoning requirement from six months to three months and allow issuers the option to pool re-performing loans into TBA-eligible Ginnie Mae II Multi-Issuer Pools. […]
In May, I wrote about the signs to watch for a real estate market slowdown. It’s now October, we’ve had the biggest spike in mortgage rates we’ve seen in decades, and all the signs of a slowdown are here: Inventory is rising. The price of new listings is dropping. More homes are taking price reductions. […]
The mortgage-servicing rights market just keeps on ticking even as the overall housing market takes a licking. And while depository banks that are fueling that growth, concern is mounting over Ginnie Mae MSRs held by nonbanks. Mortgage advisory firms Prestwick Mortgage Group and partner Mortgage Capital Trading (MCT); Incenter Mortgage Advisors; and MIAC Analytics are out with a total of 10 bulk mortgage-servicing […]