The number of homebuyers who enjoy the process of getting a mortgage might be able to be counted on one hand. And while taking out a six- or seven-figure loan is probably never going to be fun, Rocket Mortgage has a plan to at least make it easier. The country’s largest mortgage lender announced a […]
The Consumer Financial Protection Bureau (CFPB) this week announced the approval of a new rule that aims to govern “current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.” The rule specifically targets automated valuation models (AVMs), according to an announcement from CFPB Director Rohit Chopra and […]
Anaheim, California-based nonbank Change Lending on Tuesday announced the hiring of Madison Simm as its new chief financial officer. Simm has more than 25 years of experience in financial services and has held multiple executive roles at banks and mortgage companies. He comes to Change Lending after a stint as president of real estate at […]
Mortgage rates have leveled off in the past week, according to data on HousingWire‘s Mortgage Rates Center. The average 30-year rate for conforming loans sat at 7.08% on Tuesday, unchanged from one week ago, while the 15-year rate rose 1 basis point to 6.63% during the week. There has been considerable downward movement in rates […]
The year was 2019. I was working hard to make my mark as the Midwest Regional Director for Franchise Sales for Coldwell Banker Real Estate, LLC, the national franchisor. It wasn’t a job I was overly excited about, but I knew the training and field work would help round out my resume. It was the […]
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“We strongly disagree with the Kansas and Missouri District Court rulings, which block components of the SAVE Plan that help student loan borrowers have affordable monthly payments and stay out of default. The Department of Justice will continue to vigorously defend the SAVE Plan. The Biden-Harris Administration’s SAVE Plan is the most affordable repayment plan […]
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In an era where businesses are increasingly expected to contribute to the well-being of their communities, finding the sweet spot between local engagement and national growth can feel like an impossible challenge. However, tailoring your business model to resonate with the communities you serve builds trust and unlocks benefits such as heightened brand visibility and […]
Top 10 reverse mortgage industry lender South River Mortgage is aiming to focus on its strengths. In addition to offering a proprietary reverse mortgage product option and transitioning last year from a broker to a direct lender, the company is focusing on its core business while staying engaged with the broader industry dynamics. South River […]
An executive refinance banker formerly employed by Rocket Mortgage is suing the company for treating her unfairly in the workplace. She alleges that the company refused a transfer request, cut her salary and demoted her when similarly situated white male employees were not given similar treatment, according to court documents reviewed by HousingWire. Zara Northover, […]
Nominations for the 2024 HousingWire Insiders award are open throughout the month of June. This prestigious award recognizes the operational leaders who are driving the growth and success of their organizations behind the scenes. Over the years, Insiders have shared how this recognition has positively impacted their careers and professional growth. Here’s what some of […]
The U.S. Department of Housing and Urban Development (HUD) on Monday announced $469 million in new funding that will go toward fixing up older homes, renovating existing stock with new safety features and preserving affordable housing. The funds will be allocated to state and local governments under HUD’s lead-hazard control grant programs, which are targeted […]
Paris, France — The U.N.’s cultural organization said Monday it recommended adding Stonehenge, the renowned prehistoric site in England, to its world heritage list of sites in danger, in what would be seen as an embarrassment for London. The site has been in the U.N. organization’s sights because of British government plans to construct a controversial […]
Thank you, Sejal, for the kind introduction, and congratulations on receiving the Seal of Biliteracy! And welcome, everyone to this Summit – hosted by YOUR Department of Education! First, let me give a huge thanks to our incredible team – Montserrat Garibay, and the staff of our Office of English Language Acquisition, and Dr. Melissa […]
The Independent Community Bankers of America (ICBA) issued a statement on Monday that opposes the conditional approval of Freddie Mac’s plan to buy closed-end second mortgages. The plan was approved on Friday by Freddie Mac’s regulator, the Federal Housing Finance Agency (FHFA), which said that it reached the decision to begin the pilot program following […]
The Biden administration, through the U.S. Department of the Treasury, announced the launch of multiple initiatives on Monday to increase funding sources for housing production. The announcement comes as high mortgage rates and a lack of supply have created affordability challenges. In a speech in Minneapolis, Treasury Secretary Janet Yellen will announce the new funding […]
United Wholesale Mortgage (UWM) is fighting back against a group of borrowers who filed a class-action lawsuit in April that accuses the lender of structuring a “corrupt” scheme with brokers to steer loans. On Friday, the top U.S. mortgage lender filed a motion to dismiss the case with prejudice in a district court in Michigan, […]
Chicago — One of Chicago’s most popular tourist attractions known as “The Bean” reopened to the public Sunday after nearly a year of renovations and construction. Construction started in August last year, and fencing around the iconic sculpture limited closeup access to visitors. The work on the plaza surrounding the sculpture included new stairs, accessible ramps […]
New York — Weekend number two was just as joyous for “Inside Out 2.” The Pixar sequel collected $100 million in ticket sales in its second weekend, according to studio estimates Sunday, setting a record for an animated movie in its follow-up frame in theaters. The previous best second weekend for an animated title was the […]
NORTH SOUND, Antigua — Hardik Pandya blasted Bangladesh with a 27-ball half-century and Kuldeep Yadav’s three wickets finished off India’s win at the Twenty20 World Cup on Saturday. Pandya struck four boundaries and three sixes in an unbeaten 50 to lead India to 196-5. Yadav then took 3-19 in four overs to limit Bangladesh to 146-8. […]
Tehran, Iran — Iran’s Supreme Court has overturned a death sentence against popular rapper Toomaj Salehi, who was jailed for backing nationwide protests sparked by Mahsa Amini’s death, his lawyer said Saturday. “Salehi’s death sentence was overturned,” the rapper’s lawyer, Amir Raisian, said in a post on X, formerly Twitter, adding that the Islamic republic’s top […]
EUGENE, Oregon — The U.S. Olympic team is one of a handful that will supply air conditioners for their athletes at the Paris Games in a move that undercuts organizers’ plans to cut carbon emissions. U.S. Olympic and Paralympic CEO Sarah Hirshland said Friday that while the U.S. team appreciates efforts aimed at sustainability, the federation […]
GROS ISLET, St. Lucia — Undefeated South Africa pulled off a seven-run win over defending champion England in the Super Eight playoffs at the Twenty20 World Cup on Friday. Harry Brook, who made 53, and Liam Livingstone, with 33 off 17 balls, had the chase in control for England with 25 needed off 18 balls until […]
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The Federal Housing Finance Agency (FHFA) on Friday announced that it has given conditional approval for Freddie Mac to begin purchasing closed-end second mortgages through a pilot program. The pilot program includes several limitations to the types of loans the government sponsored enterprise will be allowed to purchase. The program is only for primary residences […]
The U.S. Department of Housing and Urban Development (HUD) on Friday announced a new round of disaster relief in the state of Hawaii that is targeted for the island of Kauai following severe storms, flooding and landslides that took place there in April. On June 17, President Joe Biden issued an executive order approving a […]
In survey after survey in which Americans are asked about their preferred living situations in retirement, recent data is clear — they want to age in place in their current homes and remain in the familiar environs of their house and community. But a closer look at aging in place by NextAvenue asserts that there […]
Fannie Mae’s Economic and Strategic Research (ESR) Group said on Friday that it expects a slower recovery of the U.S. housing market than previously forecast. That’s because volatility in inflation readings and resilience in nonfarm payroll growth may provide the Federal Reserve confidence to cut benchmark rates only once in 2024. “Unfortunately, we’re still not […]
President Joe Biden and former president Donald Trump agree on few things, but a ban of the Beijing-based social network TikTok is one of them. Now with a presidential election at stake, both are joining the platform they previously attempted to take down. Will it make a difference on Election Day? Tina Trinh reports. details […]
BRIDGETOWN, Barbados — Fast bowler Jasprit Bumrah took three wickets for just seven runs as India beat Afghanistan by 47 runs in their Super Eight match at the Twenty20 World Cup on Thursday. Later, Pat Cummins took the first hat-trick of the tournament as Australia beat Bangladesh by 28 runs under the Duckworth-Lewis system due to […]
On Thursday, two U.S. regulators — the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) — announced their approval of a final rule imposing quality control standards for automated valuation models (AVMs) used by mortgage originators and secondary market issuers. AVMs, which value residential real estate used as […]
Finance of America (FOA), the leading U.S. reverse mortgage lender, has received shareholder approval upon recommendation of its board to perform a reverse stock split at a 10-to-1 ratio in a move designed to boost the company’s stock price. This is according to a company filing with the Securities and Exchange Commission (SEC) reviewed by […]
The U.S. Department of Veterans Affairs (VA) is seeking to provide more support to military veterans who want to age in place in their current homes. This includes exploration of the smart-home technology sector, according to reporting at the Federal News Network. Smart home tech, including wearable devices like smart watches, could help flag instances […]
The Community Home Lenders of America (CHLA) is calling on both houses of Congress to adopt a mortgage interest credit as the 2017 Tax Cuts and Jobs Act (TCJA) is currently set to expire in 2025. This is according to a letter the organization submitted to leaders in both the U.S. House of Representatives and […]
Oklahoma-based Adfitech, a mortgage industry partner for quality control and risk management services, has changed its name to Mortgage Connect Risk Solutions. The move reflects the company’s 2022 acquisition by Pennsylvania-headquartered Mortgage Connect LP. Mortgage Connect, a nationwide services provider for lenders, institutional investors and servicers, acquired Adfitech two years ago to expand its efforts […]
NEW YORK — Donald Sutherland, the prolific film and television actor whose long career stretched from “M.A.S.H.” to “The Hunger Games,” has died. He was 88. Kiefer Sutherland, the actor’s son, confirmed his father’s death Thursday. No further details were immediately available. “I personally think one of the most important actors in the history of film,” […]
Michael Saleh, a former senior vice president of Rocket Mortgage who spent about two decades at the company, has transitioned from the retail lending channel to wholesale by launching independent brokerage firm Zoom Home Lending. Saleh opened the Livonia, Michigan-based firm alongside Henri Houmani and Issa Al-Sheleh, who previously worked for Rocket and migrated to […]
Real estate technology firm Knock announced Thursday that its bridge loan product is being integrated into the borrower application process at Baltimore-based NFM Lending. The bridge loan estimate is being integrated into the lender’s workflow through an Encompass plugin. NFM loan officers will be automatically notified when a homeowner can tap into the equity of […]
California-based loanDepot has concluded the transaction to extend $497.7 million in senior notes due in the fourth quarter of 2025, resulting in new debt with a higher interest rate and a shorter maturity period than usually seen in the market for similar companies. A loanDepot subsidiary, LD Holdings Group LLC, will exchange its outstanding senior […]
NORTH SOUND, Antigua — South Africa had to work hard to earn an 18-run win over the fast-improving United States in the opening game of the Super Eight at the Twenty20 World Cup on Wednesday. Co-host the West Indies also lost it first match in the Super Eight stage Wednesday, beaten by eight wickets by defending […]
Brussels — Brussels has refused to host a Nations League football match between Israel and Belgium on September 6 because it could spark demonstrations, city authorities said on Wednesday. They said holding such a match while the war in Gaza was continuing “will undoubtedly provoke large demonstrations and counterdemonstrations, compromising the safety of spectators, players, Brussels […]
Members of Generation X are more concerned about their post-retirement ability to support the lifestyles they’ve grown accustomed to when compared with other generations — including baby boomers and millennials — according to the results of a recent survey conducted by Allianz Life. In the company’s 2024 Annual Retirement Study, respondents indicated that 62% of […]
The Mortgage Bankers Association (MBA) on Tuesday announced its submission of a letter to the U.S. Department of Housing and Urban Development (HUD), which urges the department to avoid reprimanding mortgage servicers for compliance lapses with the new National Standards for the Physical Inspection of Real Estate (NSPIRE) system until it is “fully accessible and […]
The Federal Housing Administration (FHA) this week announced a proposed Mortgagee Letter (ML) that would add fraud and misrepresentation to its defect taxonomy list for Title II FHA-sponsored mortgage financing. The defect taxonomy includes a list of attributes that FHA can use to identify potential defects at the loan level based on policy requirements from […]