Ocwen Financial Corp, the parent company of PHH Mortgage Corp. and its reverse mortgage subsidiary Liberty Reverse Mortgage, announced on Tuesday that its shareholders have approved the company’s planned rebranding initiative to Onity Group. The initial phase of the rebranding will first go into effect for the parent company on June 10 and will roll […]
Despite the potential for savings, more than half of all U.S. homebuyers (54%) who took out a mortgage for their most recent home purchase received only one loan offer. This indicates that a sizable portion of borrowers do not shop around for the best mortgage deal, according to new survey results from LendingTree. Twenty-two percent […]
The Federal Deposit Insurance Corp. (FDIC) this month announced a settlement with Arkansas-based Bank of England over alleged violations of the Federal Trade Commission Act, the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA) and the Home Mortgage Disclosure Act (HMDA). The bank has been issued an order to pay a […]
Mortgage rates kept sliding toward 7% as HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.25% on Tuesday, below the rate of 7.34% one week ago. At the same time one year ago, the average 30-year conforming rate was 6.8%. Meanwhile, the 15-year conforming fixed rate averaged 6.77% on […]
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Philadelphia-based Incenter Lender Services has promoted Sara Parrish to chief operating officer amid a plan to attract independent mortgage banks (IMBs) with variable-cost services. Parrish will remain as president of CampusDoor, an Incenter subsidiary that focuses on student loans. “A big part of my job is preparing us for scale,” Parrish said in an interview with HousingWire. “We are getting […]
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Los Angeles’ Chinatown has undergone many changes, as immigrants from mainland China join those from Hong Kong, Taiwan and other parts of Southeast Asia. As Mike O’Sullivan reports, the growing community has also expanded to the suburbs, where recent arrivals find much that is familiar. Mo Yu contributed. details ⇒ BusinessMediaguide.Com portal received this content […]
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MADISON, Wis. — Schuylar Jones, a globe-trotting American adventurer whose exploits drew comparisons to iconic movie character Indiana Jones, has died. He was 94. Jones’ stepdaughter, Cassandra Da’Luz Vieira-Manion, posted on her Facebook page that Jones died on May 17. She said she had been taking care of him for the last six years and “truly […]
NEW YORK — Three years ago, Erin Decker was a middle school librarian in Kissimmee, Florida, increasingly frustrated by the state’s book bans and worried that she couldn’t make a difference remaining in her job. So, she and fellow librarian Tania Galiñanes thought of a way to fight back. “We just put our heads together and […]
LIMA, Peru — With their unmistakable red noses, extravagant shoes, colorful outfits and unique makeup, hundreds of clowns Saturday gathered in the streets of Peru’s capital to mark Clown Day. They have sought for years to gain official recognition of the day. The colorful parade in Lima, which includes awards for the best costumes, makeup, routine […]
NEW YORK — Richard M. Sherman, one half of the prolific, award-winning pair of brothers who helped form millions of childhoods by penning the instantly memorable songs for Mary Poppins, The Jungle Book and Chitty Chitty Bang Bang — as well as the most-played tune on Earth, It’s a Small World (After All) — has died. […]
The Hague, Netherlands — U.S. rapper Nicki Minaj was detained at Amsterdam’s Schiphol Airport on suspicion of possessing soft drugs before being released with a fine, Dutch media reported Saturday. The singer was to perform a show in Britain later Saturday and posted images on social media of her being questioned by officials. Police confirmed to […]
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MARSEILLE, France — Brought into the international spotlight by the ban on hijabs for French athletes at the upcoming Paris Olympics, France’s unique approach to “laïcité” — loosely translated as “secularism” — has been increasingly stirring controversy across the country. The struggle cuts to the core of how France approaches not only the place of religion […]
A group of Republicans in the U.S. Congress sent a letter to the Federal Housing Finance Agency (FHFA) that opposes a plan for the government-sponsored enterprise (GSE) Freddie Mac to purchase and guarantee single-family, closed-end second mortgages. The document sent on Friday states that, if implemented, the “misguided” and “hastily executed” proposal has the potential […]
Just about a year ago, Chicago-based multichannel mortgage lender Guaranteed Rate announced its plans to expand its reverse mortgage division — including around the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) product. Roughly five months after that announcement, the company named Ryan Ogata as the division’s new executive vice president. Ogata joined the reverse […]
NEW YORK — Documentary filmmaker Morgan Spurlock, an Oscar nominee whose most famous works skewered America’s food industry and who notably ate only at McDonald’s for a month to illustrate the dangers of a fast-food diet, has died. He was 53. Spurlock died Thursday in New York from complications of cancer, according to a statement issued […]
Connecticut Gov. Ned Lamont signed a bill into law on Tuesday that aims to improve the prospects for seniors who seek to age in place in their current homes. The law, which was supported by senior advocacy organization AARP, creates a state registry of home care providers to promote awareness and accessibility for home-based care. […]
U.S. Bank appointed John Hummel to lead its East market for retail home lending. Hummel, who previously led the correspondent and Housing Finance Agency (HFA) business at U.S. Bank, will now oversee a team of 750 sales managers and mortgage loan officers responsible for generating $7 billion in originations, according to a news release. John […]
Movement Mortgage, a multichannel mortgage lender, has appointed Joe Thompson as its new regional director. Thompson, recognized as a HousingWire Rising Star in 2018, will oversee more than 60 loan officers across Texas, Oklahoma and New Mexico. In his new role, Thompson will also be responsible for driving growth and expanding the company’s market presence […]
Women’s soccer in the U.S. has been on the rise, bringing more girls than ever into the fold. Thai American Madison Casteen embraced soccer at a young age and aims to be one of the few Asian Americans to break into the professional leagues. Warangkana Chomchuen has the story, narrated by Neetikarn Kamlangwan. details ⇒ […]
Most Americans still view homeownership as a key to building wealth, but for many, that piece of the American dream is on hold or out of reach thanks to the heavy burden of student debt. In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify […]
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Sonu Mittal In their comments, trade groups expressed concerns about private players’ participation in the secondary market and the elevated risks the product poses to the enterprise. The MBA said it recognized that the product provides access to equity at lower rates and is a “cost-effective alternative to cash-out refinances.“ Also, if created, the “quick delivery […]
A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. The study, released late last year, examined three core elements of HECM program effectiveness between 2000 […]
A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and avoid the possibility of foreclosure. This is according to a look at the reverse mortgage product category published by Newsweek. As part of its recently launched “Newsweek Vault” subsite, […]
Under the leadership of acting secretary Adrianne Todman since March, the U.S. Department of Housing and Urban Development (HUD) is focusing on launching initiatives to increase home supply, review existing rules in and ensure the agency is “getting the money out the door.“ “In Economics 101, the increase in interest rates should have been coexisting […]
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pretax net loss of $645 on each loan they originated in the first quarter of 2024 — a decrease from the average loss of $2,109 per loan in Q4 2023, according to the Mortgage Bankers Association’s (MBA) newest quarterly performance report. “While the […]
NEW DELHI — In the ever-growing Twenty20 cricket landscape, India boasts the richest and most-watched league in the world. Yet all that investment and attention hasn’t translated into international success for India’s national team. Rohit Sharma’s India squad travels to the T20 World Cup in the United States and Caribbean in search of a second title […]
To truly experience the most powerful room in housing, reserve your spot now to join us at The Gathering 2025. However, if you want a glimpse into what that room looks like in action, we compiled a handful of our sessions from this year’s event to share on demand. These select videos from our event […]
Dallas-based Certainty Home Lending, an affiliate of Guaranteed Rate, named Shadi Kamran as its new national business development executive. Kamran is based in Los Angeles and will support Certainty’s strategy and sales performance. “Our comprehensive product suite offers solutions for virtually every mortgage and home financing need,” Kamran said in a statement. “The technologically advanced […]
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Mortgage fraud risk saw a modest uptick toward the end of 2023, according to CoreLogic’s latest Mortgage Application Fraud Risk Index, although it remained largely stable on a year-over-year basis. The index reached 127 in Q4 2023, marking a 2.7% increase from the previous quarter, but compared to Q4 2022, the index decreased by 1%. Despite […]
The average cost for a retail mortgage lender to originate a loan reached $11,600 in the third quarter of 2023, up 35% — or nearly $3,000 per loan — when compared to fourth-quarter 2020, a period of low interest rates and high sales volume, according to a study published Tuesday by Freddie Mac. But the […]
MEMPHIS, Tenn. — A Tennessee judge on Wednesday blocked the auction of Graceland, the former home of Elvis Presley, by a company that claimed his estate failed to repay a loan that used the property as collateral. Shelby County Chancellor JoeDae Jenkins issued a temporary injunction against the proposed auction that had been scheduled for Thursday […]
In late 2023, just before the calendar turned, the financial markets were pricing in six Federal Reserve rate cuts in 2024. After all, inflation had cooled and the Fed appeared to be gearing up to land the plane. For a few weeks, mortgage loan officers told HousingWire reporters that they were quoting some prospective borrowers […]
Washington — A house-cured smoked salmon, red grapefruit, avocado and cucumber starter. Dry-aged rib eye beef in a sesame sabayon sauce. Salted caramel pistachio cake under a layer of matcha ganache. While President Joe Biden and his guest of honor at a White House state dinner chew over foreign policy, the female chef duo of Cris […]
Online real estate auction marketplace Xome is launching a DIY sales platform for investors. Platform users will not need to use a real estate agent to complete their transaction, according to an announcement from the firm on Wednesday. Xome is an indirect, wholly owned subsidiary of Mr. Cooper Group that provides mortgage servicers with end-to-end […]
Connecticut-based lender, servicer and asset manager Planet Home Lending has appointed Bill Shuler as executive vice president and chief information officer. In his new role, Shuler will focus on Planet’s technological growth and enhancements to its operational efficiency. “My focus has always been on creating pragmatic IT solutions that support dynamic business growth, and I am […]
The reverse mortgage industry is no stranger to novel marketing campaigns, and it has often made use of celebrity spokespeople to drum up conversation about its products. While consistency can count for a lot when it comes to marketing and messaging, novelty can also be a path toward greater engagement. New American Funding (NAF) is […]
Sandra Ho, a managing director at JPMorgan Chase, will join Wells Fargo next week as its head of home lending sales, Wells Fargo said in a statement Monday. It is a newly created role, and Ho will lead Wells Fargo’s consumer direct and distributed sales forces. She will report to Serhat Oztop, head of sales […]
Mortgage rates continued on their downward path as HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.34% on Tuesday, below the rate of 7.43% one week ago. At the same time one year ago, the 30-year average rate was 6.66%. Meanwhile, the 15-year conforming fixed rate averaged 6.71% on Tuesday, […]