General World News

Housing Market Tracker: Purchase apps jump 25%

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Here’s the housing market rundown for the last week: Purchase application data had a solid week-to-week gain of 25%. That’s a big jump, but context is critical.  Housing inventory decreased by 566 units, which is not a significant decline. Mortgage rates fell, but the bond market didn’t break what I see as a critical level, […]

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Housing inventory under 1M again as sales collapse

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On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. And existing home sales crashed in 2022 from a peak of around 6.5 million in January down to about 4 million in December, We now have total inventory levels […]

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Micheal Jones on a chief financial officer’s biggest challenges in 2023

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The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2023 HW Finance Leaders are open now through Friday, January 27, 2023. Click here to nominate your organization. When it comes to the challenges faced by C-suite executives in housing, no one has had to bear the […]

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Actor Julian Sands Missing In Southern California

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British actor Julian Sands, best known for his appearance in the film A Room with a View, has been missing for several days after hiking in a Southern California mountain range. Search and rescue teams have looked for him, but their efforts have been called off because a series of storms has created adverse trail […]

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Singer-songwriter David Crosby Dies at 81

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David Crosby, one of the most influential rock singers of the 1960s and ’70s with the Byrds and Crosby, Stills, Nash & Young, has died at age 81, Variety reported Thursday, citing a statement from Crosby’s wife. “It is with great sadness after a long illness, that our beloved David (Croz) Crosby has passed away,” […]

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Department Awards Grants to Improve Opportunities and Outcomes for Nation’s Postsecondary Students

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U.S. Secretary of Education Miguel Cardona today announced 38 awards totaling more than $30 million to colleges and universities from five competitive grant programs of the Fund for the Improvement of Postsecondary Education (FIPSE), which aims to improve higher education opportunities and outcomes for students from underrepresented communities. details ⇒ BusinessMediaguide.Com portal received this content […]

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loanDepot and Black Knight partner on integrated loan origination system

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Nonbank California lender loanDepot will start moving some of its backend operations to Black Knight‘s cloud-based version of the Empower loan origination system this year as the firm continues its efforts to cut costs. Black Knight’s loan origination system will complement and integrate with loanDepot’s proprietary technology system, mello, which rolled out in 2017, Black […]

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Guaranty Home Mortgage hires EVP to expand retail channel

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Tennessee-based mortgage lender Guaranty Home Mortgage Corporation hired Andy Voyles as executive vice president and director of retail lending. The mortgage lender hopes to boost volume in the channel.  Voyles will be responsible for growing the retail division overseeing sales, operations and marketing as well as building on the existing framework, the company said Wednesday. […]

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Homebuilders are pushing through inventory backlog

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As the housing market slowed from its frenzied peak in 2022 due to soaring mortgage rates, homebuilders pulled back. An estimated of 1.533 million housing units were started in 2022, down 3.0% compared to 2021, according to a report released Thursday by U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Homebuilders closed out 2022 […]

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Coldwell Banker franchise affiliate acquires Point Mortgage

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Coldwell Banker franchise affiliate Coldwell Banker Real Estate Group acquired California lender Point Mortgage, the firms announced on Wednesday.  Founded by Peter Mendiola and Johnny Margarini in 2000, Point Mortgage sponsors 126 MLOs and is licensed in 30 states with 27 branches across the country, according to the NMLS.  “This new association brings our company […]

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Lower debuts white label mortgage platform

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Columbus, Ohio-headquartered lender Lower rolled out mortgage as a service platform that enables consumer finance, banking and real estate companies to offer its mortgage products.  Lower’s platform is aimed to offer a “digital-first home financing experience quickly and easily” with white-label options available that can be embedded into the partner’s process through application programming interface […]

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Lower mortgage rates, higher inventory boost demand for home loans 

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Like its competitors, Tennessee-based First Community Mortgage, Inc. (FCM) reduced the company’s size through 2022 amid a tough mortgage market. At the start of 2023, the company is investing in training the sales team on tactics to start growing the business again. Surprisingly, the landscape is helping. “There is certainly optimism in the air as mortgage applications have started […]

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U.S. Department of Education Announces $63 Million to Expand Community Schools and Increase Social, Emotional, Mental Health, and Academic Support for Students, Educators, and Families

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Today, the U.S. Department of Education (Department) announced $63 million in new five-year Full-Service Community Schools (FSCS) grants to support 42 local educational agencies, non-profits, or other public or private organizations and institutions of higher education working to expand existing community schools or establish new programs in eight new states and territories, including Alabama, Alaska, […]

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How Prosperity Home Mortgage plans to make up for lost volume in 2023  

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Chantilly, Virginia-headquartered mortgage bank Prosperity Home Mortgage saw mortgage origination volume plummet by 40% last year — at a time when mortgage rates had more than doubled, home prices remained elevated and the market suffered from a shortage of inventory.  Prosperity, a full-service mortgage banker operating in 49 jurisdictions in the U.S., plans to invest […]

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Splitero raises $12M to expand home equity investment operations

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San Diego, California-based startup Splitero, which is focused on home equity investments (HEI), has raised about $12 million in a Series A funding round to expand its operations.  Fiat Ventures led the investment round of $11.7 million, the parties announced Tuesday. Gemini Ventures, Joint Effects, PBJ Capital, Permit Ventures, Dream Ventures, Goodwater Capital, Spark Growth Ventures, and Oyster Fund participated in the investment round.  According to […]

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How should LOs prepare for the market ahead?

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The latest numbers have many in the industry starting the year on a hopeful note, with the possibility that we’ll see mortgage rates returning to the 5% range in 2023. “The 5% market’s a healthy market,” said Anna Ruotolo, branch manager and senior loan officer at Synergy One Lending. “A 5% market will be good. […]

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Italian Film Legend Gina Lollobrigida Dies at Age 95 

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Italian film star Gina Lollobrigida, who achieved international film stardom during the 1950s and was dubbed “the most beautiful woman in the world” after the title of one her movies, died in Rome on Monday, her agent said. She was 95. The agent, Paola Comin, didn’t provide details. But Lollobrigida had surgery in September to […]

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Miss USA R’Bonney Gabriel Wins Miss Universe Competition

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R’Bonney Gabriel, a fashion designer, model and sewing instructor from Texas who competition officials said is the first Filipino American to win Miss USA, was crowned Miss Universe on Saturday night. Gabriel closed her eyes and clasped hands with runner-up Miss Venezuela, Amanda Dudamel, at the moment of the dramatic reveal of the winner, then […]

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Let’s Waltz! Vienna Ball Season Back in Full Swing

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After COVID-19 restrictions had wiped out Vienna’s glamorous winter ball season for two years in a row, 50-year-old Wahyuni couldn’t wait any longer to get dolled up and put on her dazzling floral-patterned ballgown to once again waltz the night away. “We love to come here, because the very nice decorations are made out of […]

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Waterstone Mortgage promotes Rico Garcia to VP

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Wisconsin-based mortgage lender Waterstone Mortgage Corp. promoted Rico Garcia to vice president of enterprise risk from director of quality control, portfolio risk management and vendor management. In his new role, Garcia will supervise the quality control, title services, portfolio risk management and compliance teams at the company. In addition, he will work with other teams […]

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Single-family rental market slammed by headwinds

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The nation’s single-family investment-property sector and the lenders serving those borrowers face some major challenges in 2023 as rent growth is slipping, vacancy rates growing, home-value growth faltering, and a possible recession looms.  For the non-QM lenders serving the single-family investment-property space who have managed interest-rates well to stay ahead of the market, however, there’s […]

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China’s Reopened Borders Raise Hopes for Soccer Resurgence

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After three years of isolation and financial struggles in Chinese soccer, the country is reopening its borders and economy to the outside world. With it, frustrated fans, financially challenged clubs and unpaid players in the Chinese Super League might receive some long-awaited good news. The 2022 season was unrecognizable from the 2019 edition, the last […]

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DOJ announces $31M settlement with City National Bank in redlining case

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Los Angeles-headquartered City National Bank agreed to pay $31 million in relief to impacted individuals and communities to settle a redlining case with the U.S. Department of Justice (DOJ), the parties announced Thursday.  City National was accused of the illegal practice of avoiding the provision of mortgage services to majority-Black and Hispanic neighborhoods. In this […]