An analysis released Wednesday by Columbia, Missouri-based lender Veterans United Home Loans revealed that the home loan program through the U.S. Department of Veterans Affairs (VA) has contributed $3.9 trillion to the national economy since its inception near the end of World War II. The VA loan program — which was established in 1944 through […]
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The Federal Reserve has some positive news about inflation as it heads into its June meeting on Wednesday afternoon. The Consumer Price Index cooled slightly in May, with the all items index posting a 3.3% annual increase before seasonal adjustment, according to data released Wednesday by the Bureau of Labor Statistics (BLS). This is down from a 3.4% annual […]
Seoul — Jin, the oldest member of K-pop phenomenon BTS, was discharged from South Korea’s army on Wednesday after 18 months of duty, the first member of the group to wrap up the mandatory national service that put their music careers on hold. Jin, 31, wearing uniform and a black beret, appeared emotional as he hugged […]
The U.S. Department of Housing and Urban Development (HUD) has terminated the Federal Housing Administration (FHA) direct endorsement approval for Open Mortgage in Iowa. “HUD placed Open Mortgage on credit watch for the Des Moines HOC [homeownership center], which only impacts our loans in Iowa,” Christopher D’Auria, president and CEO of Open Mortgage, told HousingWire. […]
An article written by an Atlanta-based certified financial planner and published Tuesday by Forbes indicates that retirement may not be as difficult as many Americans think. Wes Moss, who hosts the “Retire Sooner” podcast and has 20-plus years of experience as an investment adviser, offered advice that reverse mortgage professionals and their business partners might […]
California-based loanDepot plans to extend its $497.8 million in senior notes due in the fourth quarter of 2025 at a lower maturity and a higher interest rate. The transaction reflects a business under stress but brings temporary relief to the company’s financials, analysts told HousingWire. loanDepot subsidiary LD Holdings Group LLC announced on June 4 […]
There were a total of 131 consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) between Jan. 1 and June 10 of this year that were related to the reverse mortgage industry, according to a database maintained by the bureau. This was 52 fewer complaints compared to the same period in 2023. Of these […]
Optimal Blue announced yesterday that industry veteran Joe Tyrrell would be taking the CEO role at the company. Tyrrell was a long-time executive at Ellie Mae before it was acquired by Intercontinental Exchange (ICE) in 2020. He served as president of ICE Mortgage Technology for three years before leaving to become the CEO of Medallia, a […]
The U.S. Department of Veterans Affairs (VA) on Tuesday issued a temporary fix that will allow homebuyers using VA loans to pay for their real estate agent’s commission — i.e., the buyer-broker fee. The change, a result of the National Association of Realtors’ (NAR) commission lawsuit settlement agreement, was anticipated late last month and commented on […]
In a market where every dollar matters, revenue retention areas like quality control and compliance are more critical than ever. Thus, keeping abreast of regulatory and investor updates and trends is vital to maintaining loan quality and compliance. Trevor Gauthier, chief executive officer at ACES Quality Management provides us with an update on the latest […]
WESTBURY, New York — Spinner Keshav Maharaj bowled a six-run, two-wicket final over and South Africa held off Bangladesh by four runs to stay unbeaten in cricket’s T20 World Cup on Monday. Bangladesh needed 11 from the last six deliveries to register a famous win, then needed a six off the last ball. Taskin Ahmed came […]
The parent company of top 10 reverse mortgage lender Liberty Reverse Mortgage has completed its shareholder-approved rebranding initiative, transforming the former Ocwen Financial Corp. into The Onity Group. The initiative has also transitioned the company’s New York Stock Exchange (NYSE) ticker symbol to “ONIT” as of the market opening on Monday. “Today marks the start […]
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Los Angeles-based Dunmor, a technology-enabled lender that specializes in loans for residential real estate investors, has added a pair of experienced executives in the business-purpose lending space. The company announced Monday that it hired Tuam Pham as chief marketing officer and Steve Huff as senior vice president of asset management and servicing. Pham has 23 […]
As baby boomers increasingly seek to age in place in their own homes — a scenario supported by both the preferences of older homeowners and the realities brought on by elevated mortgage rates — this is clashing with the desires of millennials who wish to enter the housing market, as the combination of limited inventory […]
The average cost of homeownership has increased by 26% over the past four years to more than $18,000 annually, according to Bankrate’s newly released Hidden Costs of Homeownership study. The increase reflects rising home prices, which went up 40% since the beginning of the COVID-19 pandemic, mainly due to a lack of inventory, according to […]
Mortgage veteran Joe Tyrrell will succeed Scott Smith as CEO of Optimal Blue, the company announced Monday. Tyrrell has more than 25 years of experience in mortgage, finance and technology, serving as president of ICE Mortgage Technology for three years after ICE bought Ellie Mae in 2020. For the past 18 months he has served […]
LOS ANGELES — Tens of thousands of people lined the streets of Hollywood on Sunday for the L.A. Pride Parade, one of the biggest events during a month of celebrations honoring the LGBTQ+ community in and around Los Angeles. Rainbow flags ruled the day as revelers cheered the lively procession that featured “Star Trek” star and […]
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New York — “Bad Boys: Ride or Die,” the fourth installment in the Will Smith-Martin Lawrence action-comedy series, opened with an estimated $56 million in theaters over the weekend, handing Hollywood a much-needed summer hit and Smith his biggest success since he slapped Chris Rock at the Academy Awards. Expectations were all over the map for […]
LOS GATOS, California — Although its video streaming service sparkles with a Hollywood sheen, Netflix still taps its roots in Silicon Valley to stay a step ahead of traditional TV and movie studios. The Los Gatos, California, company, based more than 300 miles away from Hollywood, frequently reaches into its technological toolbox without viewers even realizing […]
VERONA, Italy — Italian Premier Giorgia Meloni joined top political and cultural figures at Verona’s ancient Arena amphitheater Friday night for an open-air celebration of Italian lyric opera’s recognition by UNESCO as a global cultural treasure. Conductor Riccardo Muti presided over an orchestra of 170 musicians from Italy’s 14 opera houses, joined by over 314 choral […]
SARATOGA SPRINGS, New York — When Luis Saez first rode Dornoch at Saratoga Race Course last summer, he told trainer Danny Gargan, “You have the Derby winner.” While that did not come true, Dornoch made good on that optimism Saturday by winning the first Belmont Stakes at Saratoga, hugging the rail and holding off Mindframe to […]
VATICAN CITY — Pope Francis, who says he regularly prays “Lord, give me a sense of humor,” will welcome comedians from around the world to a cultural event in Italy to “celebrate the beauty of human diversity,” the Vatican said Saturday. Whoopi Goldberg, Jimmy Fallon, Conan O’Brien and Chris Rock will be among more than 100 […]
The United States cricket team beat Pakistan — a former world champion — on Thursday, achieving one of the biggest upsets in T20 Cricket World Cup history. This year’s tournament is being hosted by the United States and the West Indies. Saqib Ul Islam has more from the games in Dallas, Texas. details ⇒ BusinessMediaguide.Com […]
PARIS — U.S. President Joe Biden capped his visit to France by being feted with a tres-chic state visit Saturday — finishing with a flourish a trip that launches a frantic six-week diplomatic push that analysts say could radically alter Europe’s security architecture, right as the continent holds parliamentary elections that could shift the politics sharply […]
HARARE, Zimbabwe — Leaders of the United Methodist Church expressed regret over last week’s decision by the branch in Ivory Coast to leave the union following the church’s decision to repeal a long-standing ban on LGBTQ+ clergy but pledged to accept it. The developments were the latest in a series of ripple effects in conservative Africa, […]
Graphics by Dan Hultquist. This column does not necessarily reflect the opinion of HousingWire’s Almost all Home Equity Conversion Mortgages (HECMs) originated today utilize the adjustable-rate mortgage (ARM) option. In stark contrast to traditional mortgage lending, the reverse mortgage business is dominated by ARMs, representing over 99% of Federal Housing Administration (FHA)-insured reverse mortgages originated today. […]
Another round of layoffs hit hundreds of Newrez employees in Colorado, the second so far this year in the state. It follows the the lender’s recent acquisition of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS). Newrez, owned by asset manager Rithm Capital, is imposing a workforce reduction of 317 employees at its […]
Consumer attitudes toward the purchase of a home fell “markedly” in May, while the percentage of consumers who said it was a “bad” time to buy a home grew month over month from 79% to 86%, according to new survey data from government-sponsored enterprise (GSE) Fannie Mae. The Fannie Mae Home Purchase Sentiment Index (HPSI) […]
Wholesale lender OCMBC Inc., which was recently sued by direct lender Home Mortgage Alliance Corp. (HMAC) over the alleged poaching of both key personnel and a wholesale lending brand, issued a statement this week that called the allegations “baseless” and added that any employment changes have been made “independently and lawfully.” The case was first […]
Home equity continued to rise in the first quarter of 2024 as residential properties with mortgages collectively gained $1.5 trillion in equity over the past year, according to a CoreLogic report released Friday. The average U.S. homeowner with a mortgage added $28,000 in equity during the year ending in March 2024 — the highest year-over-year […]
Legal and financial troubles are piling up for mortgage fintech lender LoanSnap, with the company having been recently evicted from its headquarters in Southern California. The news was previously reported this week by TechCrunch. TechCrunch reported on Monday that while “LoanSnap has not yet shut down, according to two employees, the vibe inside the company […]
Job creation that exceeded expectations in May has reinforced the perception that the Federal Reserve will maintain the same benchmark interest rates at its June meeting and may delay any rate cuts that were planned for this year. This means that mortgage rates are likely to be higher for even longer than previously expected. The […]
Just over a year after its further expansion into the reverse mortgage business, multichannel mortgage lender Guaranteed Rate has focused on bringing a wider swath of mortgage industry professionals up to speed with the dynamics of reverse, a trend that has unfolded in other parts of the industry as more forward lenders have expressed interest […]
Bond credit-rating organization Moody’s Investors Service has reaffirmed its “above-average” rating for the reverse mortgage servicing performance of Celink, which is the current holder of the U.S. Department of Housing and Urban Development (HUD)’s Home Equity Conversion Mortgage (HECM) servicing contract and is a HECM subservicer for several major lenders. The Moody’s assessment of “SQ2” […]
Doug Duncan, the chief economist at Fannie Mae, believes pressures from fiscal and monetary policy have brought volatility to the secondary mortgage market, creating a “higher-for-longer” scenario in the U.S. economy that mortgage companies should be ready to face. “Every indicator that comes out, the market judges which way would the Fed move with it. […]
Mortgage lending in the U.S. dropped by 6.7% in the first quarter of 2024 to 1.28 million mortgages secured by residential property, the 11th drop recorded in the past 12 quarters and the lowest level since the year 2000, according to the newest U.S. Residential Property Mortgage Origination Report compiled by data provider Attom. This […]
Mortgage credit availability saw a slight increase in May, according to an analysis of ICE Mortgage Technology data by the Mortgage Bankers Association (MBA). The Mortgage Credit Availability Index (MCAI) rose by 0.1% to 94.1 in May. The index was initially benchmarked to 100 in 2012. The MCAI measures how tight or loose lending standards […]
California-based mortgage lender loanDepot (LDI) has made two additions to its sales leadership team. On Wednesday, the company confirmed that Justin Andrews has been hired as the new area sales manager in the Seattle region. Andrews comes to loanDepot with 25 years of mortgage industry experience, including a recent stint as national director of branch […]
Leading reverse mortgage lender Finance of America (FOA) has undergone a round of layoffs that are impacting multiple levels of the organization, including retail and corporate leadership positions. The news was first reported by National Mortgage News. While FOA catapulted to the top spot in the reverse mortgage industry virtually overnight last year after closing […]
Washington — When the parents of Karim Sadiq and Taj Maluk fled a wrecked Afghanistan torn apart by the 1979 Soviet invasion and infighting warlords, they didn’t imagine their children — Karim and Taj — would return to reunite the war-torn nation through cricket. Taj Maluk became the first coach of the Afghan national team. Fans […]
The U.S. Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA). The Manufactured Home Community loan product will “will help entities to preserve, stabilize, and […]
Loan repurchases continue to trend downward at both Fannie Mae and Freddie Mac, but there appears to be a separation developing in loan-repurchase patterns — with Freddie reducing its loan buybacks at a faster clip than Fannie, according to recently released data and public filings. The volume of loan repurchases at both Fannie and Freddie is down significantly […]