Home Equity Conversion Mortgage (HECM) volume took a hit in 2024 and the HECM-backed Securities (HMBS) issuance market also saw overall reductions in output for the year, giving further context to a challenging period for the reverse mortgage industry broadly. Once again, total issuance was down in 2024, and the top 10 issuers reshuffled slightly. […]
As President-elect Donald Trump’s nominee to serve as secretary for the U.S. Department of Housing and Urban Development (HUD), Scott Turner will be questioned on Thursday by lawmakers of both parties in his confirmation hearing before the Senate Committee on Banking, Housing and Urban Affairs. But ahead of that hearing, a familiar Trump foe — […]
Mortgage rates continued their ascent this week after Friday’s jobs report showed that employers added more positions than expected in December, which is likely to cement a pause on interest rate cuts by the Federal Reserve later this month. HousingWire’s Mortgage Rates Center showed that the average 30-year conforming loan rate was 7.15% on Tuesday, […]
A Kenyan company is using the age-old art of glass blowing to recycle waste into sculptures, goblets, beads and more. Juma Majanga reports from Kajiado, Kenya. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Fannie Mae‘s latest Home Price Index (HPI) shows single-family home prices increased 5.8% from Q4 2023 to Q4 2024, a surprising increase from the previous quarter’s downwardly revised annual growth rate of 5.4%. Quarterly, home prices rose a seasonally adjusted 1.7% in Q4 2024, an increase from the downwardly revised 1.2% growth rate in Q3 […]
Rocket Companies, the parent of Rocket Mortgage, on Tuesday unveiled a refresh to its brand identity in an effort to unify Rocket’s many companies under a single umbrella. As part of this effort, Rocket is rebranding some of its businesses. Its title producer and appraisal management arm, Amrock, will now be known as Rocket Close. […]
Digital mortgage lender Lower on Tuesday announced the hiring of Adam Wiener as its new president. Wiener, who previously served as president of real estate services at Redfin, will lead Lower’s technology, marketing, data science and direct-to-consumer sales organizations. In an exclusive interview with HousingWire, Wiener shared that he started his new role on Dec. […]
The U.S. Department of Housing and Urban Development (HUD) on Monday announced that it has reached a settlement with PHH Mortgage Corp., a division of the Onity Group, over the alleged imposition of fees for borrowers making payments on their mortgages, which is in violation of Federal Housing Administration (FHA) requirements. Describing the settlement as […]
The Consumer Financial Protection Bureau (CFPB) has found that homeowners facing flooding from rivers and creeks are more likely to be underinsured against flood risk than homeowners in coastal areas, according to a report published on Monday. The report is based on a sample of mortgage applications from 2018 to 2022, and it examines flood […]
WASHINGTON — For more than 5,000 years, humans have adorned themselves with tattoos. In a new study, researchers used lasers to uncover highly intricate designs of ancient tattoos on mummies from Peru. The preserved skin of the mummies and the black tattoo ink used show a stark contrast — revealing fine details in tattoos dating to […]
Mike Rawls “Since taking on the role of CEO in 2020, Mike has skillfully led Xome to become the powerhouse Mr. Cooper Group named former vice chairman and President Chris Marshall as the new CEO of subsidiary real estate solutions firm Xome. Marshall will replace former CEO Mike Rawls, who is set to retire effective […]
Top 20 U.S. mortgage lender loanDepot announced the promotion of regional sales director Bart Evans to regional vice president for the Southeast region. Evans will help manage retail business in states like Alabama, Arkansas and Tennessee. He will report directly to senior vice president of production Paul Ramos. The new regional vice president brings a […]
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are aiming to remind homeowners and renters impacted by the ongoing wildfires in Los Angeles of various relief options. These include forbearance and other payment deferral plans, as well as disaster recovery counseling programs through the U.S. Department of Housing and Urban Development (HUD). “The number one […]
Egypt hosted a historic number of tourists last year —15.7 million, despite regional challenges — surpassing records set in 2023 and 2010. Around the city of Luxor, Cairo-based photojournalist Hamada Elrasam captured newly unearthed antiquities showcased this month. Captions by Elle Kurancid. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
In a new episode of 10 Minute Talks, HousingWire President Diego Sanchez sits down for an in-depth conversation with Rob Pieklo, president and chief operating officer of American Financial Resources (AFR). During the 10-minute conversation, Pieklo explores his new focus on developing AFR’s wholesale lending strategy, the competitive landscape of the mortgage market, and the […]
London — Hundreds of Londoners headed down to the Underground on Sunday afternoon, stripped down to their underwear and travelled around a bit, trying to look as though nothing unusual was going on. As if. This was the Official No Trousers Tube Ride, an annual event with no point other than injecting a little levity into […]
New York — On a quiet weekend in movie theaters, while much of Hollywood’s attention was on the wildfires that continue to rage in Los Angeles, Lionsgate’s “Den of Thieves 2: Pantera” debuted atop the box office with $15.5 million, according to studio estimates Sunday. Mid-January is often a slow moviegoing period, and that was slightly […]
MAPLE GROVE, Minnesota — Ice crystals clung to the eyelashes, parka hood, beanie hat and headscarf of Ruqayah Nasser as she took a break after her first-ever snow tubing runs in a Minnesota park on a -18 Celsius January morning. She had joined two dozen other members of a group founded by a Somali-American mother in […]
LOS ANGELES — After ripping through thousands of buildings, wildfires in Los Angeles were looming Saturday toward the celebrated Getty Center and its priceless collection. Nestled in the mountains above Los Angeles, the famed art museum is within a new evacuation warning zone as the Palisades Fire roars east. Dubbed a “beautiful fortress” and constructed of […]
BETHANY BEYOND THE JORDAN, JORDAN — The Vatican’s secretary of state, Cardinal Pietro Parolin, on Friday consecrated a new church at a place on the banks of the Jordan River that the Catholic Church officially recognizes as the site where John the Baptist baptized Jesus. Parolin inaugurated and consecrated the Church of the Baptism of the […]
With more than 153,000 people currently under evacuation orders in the Los Angeles area due to multiple wildfires, an estimated 10 deaths and thousands of structures burned, the reverse mortgage industry at multiple levels is mobilizing with a clear, overarching message: Impacted borrowers must get in touch with their loan servicer and insurance carrier as […]
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that it will hold a confirmation hearing on Thursday, Jan. 16, for Scott Turner to lead the U.S. Department of Housing and Urban Development (HUD). Scott Turner, the nominee to lead HUD under President-elect Donald Trump. ” data-image-caption=” Scott Turner ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/11/scottturner_hud.jpg?w=201″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/11/scottturner_hud.jpg?w=534″ src=”https://www.housingwire.com/wp-content/uploads/2024/11/scottturner_hud.jpg?w=534″ […]
ISLAMABAD — A high court in Pakistan prohibited authorities Friday from forcibly deporting Afghan musicians and singers until their asylum cases are resolved within the next two months. The ruling comes amid a crackdown on hundreds of thousands of refugees from neighboring Afghanistan who either lack legal permits to reside in the country or have overstayed […]
Wayne Brown “Kat and Wayne are both strategic problem solvers,” Duffy said in a statement. “Our clients appreciate their ability to internalize their core challenges, and apply their comprehensive industry knowledge to solving them.” Brown brings 20 years of experience to his new role, including 12 years at Freddie Mac, where he served as senior […]
While the unemployment rate was up compared to the start of the year, the job market ended the year up, with 256,000 jobs added to the economy in December according to data released Friday by the U.S. Bureau of Labor Statistics (BLS). Unemployment finished the year at a rate of 4.1%, down from 4.2% the month prior. The unemployment […]
The Consumer Financial Protection Bureau (CFPB) in December released its 2023 Mortgage Market Activity and Trends report, which included a brief look at activity from the reverse mortgage industry based on Home Mortgage Disclosure Act (HMDA) data from 2023. While the majority of the data largely excluded reverse mortgages from trends in the broader mortgage […]
Mortgage verification services firm Xactus announced this week that it appointed Mike Brown, its former chief integration officer, as its new chief product officer. This hiring underscores the company’s commitment to technology and product innovation. Brown will oversee Xactus’ product life cycle from ideation and development to launch and implementation. His hiring follows another key […]
Ridgeland Mortgage, a recently formed joint venture between loanDepot and homebuilder Smith Douglas Homes, on Thursday announced the appointment of Teresa Carlile as president. In her new role, Carlile will lead Ridgeland’s growth strategy and daily operations. “Teresa is a trusted leader in the mortgage industry, and as our first key hire, she’s an exceptional […]
Federal Housing Finance Agency (FHFA) Director Sandra Thompson will leave her post on Jan. 19, a day before the inauguration of President-elect Donald Trump, according to an agency spokesperson who spoke with Bloomberg. Thompson first joined FHFA following a 23-year tenure at the Federal Deposit Insurance Corp. (FDIC) before becoming its deputy director in 2013. […]
The Mortgage Firm, a Florida-based mortgage lender, has agreed to invest $1.5 million to settle a redlining case with the U.S. Department of Justice (DOJ), the parties announced Wednesday. The DOJ accused the company of discrimination against predominantly Black and Hispanic neighborhoods in the Miami-Fort Lauderdale-West Palm Beach metropolitan area. The complaint, filed in the […]
Freddie Mac announced on Thursday that it has hired Craig Phillips, who previously held positions at Morgan Stanley, BlackRock and the U.S. Department of the Treasury, as its executive vice president of corporate strategy and external affairs. The hiring will be effective on Tuesday, Jan. 14. Phillips will oversee external affairs efforts, such as industry […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez is joined by Varun Krishna, CEO of Rocket Companies and Rocket Mortgage, to explore his background, Rocket’s tech-focused approach to servicing and retention, and its upcoming brand transformation in 2025. This conversation has been edited for length and clarity. To kick off […]
2024 is in the rearview mirror, and with many reverse mortgage professionals naming interest rates as the key challenge that defined the year, performance metrics appear to be bearing that out. The reverse mortgage industry’s total annual Home Equity Conversion Mortgage (HECM) volume saw a dip, but there was some shuffling among the leading players […]
Forty-five percent of retirement-age survey respondents are concerned that they will outlive their savings while 25% spend nearly one-third of their monthly income on housing costs. This is according to new data released by Clever Real Estate. The survey results show stark declines in overall financial sentiment based on responses from 1,000 retired Americans at […]
Higher-for-longer mortgage rates have claimed their first victim of 2025. Ally Financial announced Wednesday that it would exit the mortgage origination business as part of a broader strategy to pursue higher returns on investments. The company also plans to explore strategic alternatives for its credit card business in the first quarter of 2025. These changes […]
Bayview Asset Management and three subsidiaries have agreed to pay a $20 million fine and implement a corrective plan following a 2021 data breach that affected 5.8 million customers. The settlement, announced Wednesday by the Conference of State Bank Supervisors, involves 53 state financial regulatory agencies. It includes Bayview and three of its affiliates, Lakeview […]
Jett Farrington Farrington will aim to expand AmeriTrust’s operations on the California-based direct lender AmeriTrust Mortgage announced a new addition to its leadership team. The company welcomed veteran mortgage executive Jett Farrington this week as its new chief operating officer. Farrington joins a C-suite leadership team consisting of CEO Chad Schoep and chief financial officer […]
Real estate investment trust Redwood has expanded its home equity platform, Aspire, to include alternative loan products amid affordability challenges in the housing market, the company announced Tuesday. The move is part of a repositioning that includes branding of its jumbo loan platform, which will continue to operate under the Sequoia umbrella going forward. Through […]
Mortgage and title clients are undergoing a significant transformation with the shift from Encompass Software Development Kit (SDK) to Encompass Partner Connect (EPC). This change — driven by ICE Mortgage Technology’s updated standards — promises enhanced efficiency, cost savings, and future-proof workflows. However, for many lenders and title agents, the path to compliance can be […]
LOS ANGELES — Peter Yarrow, the singer-songwriter best known as one-third of Peter, Paul and Mary, the folk-music trio whose impassioned harmonies transfixed millions as they lifted their voices in favor of civil rights and against war, has died. He was 86. Yarrow, who also co-wrote the group’s most enduring song, “Puff the Magic Dragon,” died […]
The U.S. Department of Housing and Urban Development (HUD) on Tuesday announced the allocation of nearly $12 billion in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for communities across 24 U.S. states and territories. This money is designed to go toward long-term recovery efforts for communities impacted by recent natural disasters. The announcement — made […]
The nation’s demographics continue to trend older while home prices experienced a run-up during the pandemic. That means most members of the baby boomer generation are sitting on as much as $17 trillion in home equity as of the second quarter of 2024, and they are largely planning to keep that wealth within their own […]
Freddie Mac on Tuesday announced the appointment of James Whitlinger as executive vice president and chief financial officer, effective Jan. 1. Whitlinger has served as interim CFO since Christian Lown’s departure in June 2024. “It’s with great pleasure that we announce Jim Whitlinger as the company’s new chief financial officer,” Freddie Mac CEO Diana Reid […]
Amid a regulatory push ahead of the White House transition, the Consumer Financial Protection Bureau (CFPB) unveiled a new rule on Tuesday to eliminate medical debt from credit reports. The regulation is expected to raise the number of mortgage approvals by about 22,000 loans per year. The rule amends Regulation V, which enforces the Fair Credit […]
Multichannel mortgage lender Lower has acquired software company Neat Labs to transform its point-of-sale technology into a fully integrated application-to-funding mortgage platform, aiming to reduce reliance on third-party vendors. The stock-based deal was finalized in December, though financial details were not disclosed. “It’s very hard to build this technology from scratch,” Dan Snyder, CEO and […]