While the U.S. Department of Housing and Urban Development (HUD) exists to facilitate the needs that Americans have for housing — needs that are challenged by affordability, inventory, mortgage rates and more — recent policies of the Biden administration have hindered affordability by focusing on climate-related housing issues instead of costs. This is according to […]
Atlas VMS, the appraisal and valuation company led by Erik Morin, announced this week the appointment of Joe Pravettone as chief appraiser. The company describes the hire as a “significant addition” to its leadership team. Pravettone began his valuation career roughly 25 years ago, starting as an independent fee appraiser and ultimately working for both […]
By: Cindy Long, Administrator, USDA Food and Nutrition Service Setting kids up for success. It’s what every parent, guardian, and educator wants for our nation’s schoolchildren. They understand the power that small changes have to make a big difference in the learning environment. That’s why here at USDA, we recently announced a generational investment in […]
As the U.S. reaches its peak homebuying season, mortgage rates continue to ease week over week. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.45% on Tuesday, below the rate of 7.51% one week ago. At the same time one year ago, the average rate was 6.54%.The 15-year conforming […]
Better Home & Finance Holding Co., the parent of digital lender Better, strongly improved its mortgage production and revenues in the first three months of 2024. But expenses continued to increase and the company remained unprofitable during the period. Better posted a net loss of $51.5 million from January to March, up from a loss […]
It’s an election year, and housing affordability appears to be a big concern for voters. So, it’s not surprising to see the administration and members of Congress announcing big ticket legislative initiatives to boost homeownership – like a 1st time homebuyer tax credit and the Neighborhood Investment Act to fix up older homes. The Community […]
FinLocker, the St. Louis-based developer of a leading white-label financial fitness and homeownership platform, announced the closure of a $17 million Series B funding round on Tuesday. The investment from Radian Group and existing shareholders will enable FinLocker to introduce a suite of new features and tools designed to optimize the homebuying and homeownership experience. […]
In 2023, home purchases slowed across the board due to low levels of inventory, high mortgage rates and soaring home prices. Simultaneously, the appetite for second homes also diminished substantially. Nationwide, 90,772 mortgages for second homes were originated in 2023, down 40% from a year earlier and down 65% from the height of the post-pandemic […]
The former reverse mortgage team from Norcom Mortgage in Avon, Connecticut — which elected not to move to CMG Financial following its acquisition of Norcom last month — has selected Texas-based Supreme Lending as its new home, with John Luddy serving as SVP of reverse lending. After engaging in conversations with multiple lenders following the […]
Chicago-based mortgage lender Guaranteed Rate rolled out the second wave of its Community Engagement Initiative, the company announced on Monday. Launched in 2023, the program aims to improve funded loan volumes in underserved communities nationwide. “Traditional lending practices have overlooked Black and Latino communities, as well as low to moderate-income areas,” Camilo Escalante, executive director […]
Residential sale-leaseback platform EasyKnock has acquired the assets of home equity investment firm HomePace, the company exclusively told HousingWire on Monday. Goodwin Procter, a global law firm, acted as legal adviser for the deal, but further terms were not disclosed. HomePace, founded in 2020, specializes in helping homeowners access their equity through home equity agreements. […]
A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. It recommended increased regulation and initiatives to improve these companies’ liquidity during moments of stress, but mortgage trade groups have different reactions to the proposals. The attention on nonbank mortgage companies have increased since their […]
Title firm Mother Lode Holding Co., a subsidiary of big four firm First American Financial, announced Monday that it has acquired Wisconsin Title Service Co. Inc. The terms of the deal were not disclosed. According to Mother Lode Holding Co., the acquisition includes Wisconsin Title Service Co.’s sister company, Wisconsin Title Closing Service Inc., as […]
LOS ANGELES — “Kingdom of the Planet of the Apes” reigned over the weekend box office with a $56.5 million North American opening, according to studio estimates Sunday, giving a needed surge to an uncertain season in theaters. The film from 20th Century Studios and Disney that built on the rebooted “Apes” trilogy of the 2010s […]
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New York — “The Fall Guy,” the Ryan Gosling-led, action-comedy ode to stunt performers, opened below expectations with $28.5 million, according to studio estimates Sunday, providing a lukewarm start to a summer movie season that’s very much to be determined for Hollywood. The Universal Pictures release opened on a weekend that Marvel has regularly dominated with […]
TORGIANO, Italy — The Prada Group is expanding its production footprint in Italy, including dozens of new jobs at its knitwear factory in Umbria, leaning into “Made in Italy” as integral to the brand’s ethos and developing new artisanal talent to ease the luxury group through a generational shift in its workforce. Prada CEO Andrea Guerra, […]
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NEW YORK — A newly released ad promoting Apple’s new iPad Pro has struck quite a nerve online. The ad, which was released by the tech giant Tuesday, shows a hydraulic press crushing just about every creative instrument artists and consumers have used over the years — from a piano and record player, to piles of […]
MALMO, Sweden — Switzerland on Saturday won Eurovision 2024 in the Swedish host city Malmo, beating runner-up Croatia, after having been among bookmakers’ top-three to win the competition. Billed as a feel-good celebration of European diversity, this year’s contest has been thrust into the political spotlight with calls for Israel to be excluded over its military […]
Mortgage rates and the bond market have fallen a bit recently and the spreads betweenthe 10-year yield and 30-year mortgage rate have improved over last year’s levels. In the past two years, demand has always picked up whenever mortgage rates have moved lower with some duration. Even last week, purchase apps grew week to week. […]
MALMO, Sweden — The Netherlands’ contestant in the Eurovision Song Contest was dramatically expelled from competition hours before Saturday’s final of the pan-continental pop competition, which has been rattled by protests over the participation of Israel. Competition organizer European Broadcasting Union said Swedish police were investigating “a complaint made by a female member of the production […]
PORT-AU-PRINCE, Haiti — The Vodou faithful sing, their voices rising above the gunfire erupting miles away as frantic drumbeats drown out their troubles. They pause to swig rum out of small brown bottles, twirling in unison as they sing in Haitian Creole: “We don’t care if they hate us, because they can’t bury us.” Shunned publicly […]
WASHINGTON — Liam and Olivia have for a fifth year together topped the list of baby names for brand new boys and girls born in the U.S. in 2023. And Mateo joins the top 10 baby names list for the first time. The Social Security Administration annually tracks the names given to girls and boys in […]
Holding company Better Home & Finance hired Chad Smith to be the president and chief operating officer of its mortgage business, it announced on Friday. Kevin Ryan, who previously held the position of president, will continue serving the company as chief financial officer. Before joining Better, industry veteran Smith was the CEO of Mission Loans from December 2020 to May […]
In March, we explored the difference between Home Equity Conversion Mortgage (HECM) “expected rates” and “note rates” and why most reverse mortgages depend on these two interest rates. In April, we specifically focused on expected rates. We showed that when expected rates increase and round up to the next 1/8% (0.125%), the principal available to […]
Florida Gov. Ron DeSantis (R) signed a bill into law this week that changes certain requirements for the state’s reverse mortgage borrowers, a move that the National Reverse Mortgage Lenders Association (NRMLA) says could save money on closing costs. The new law, House Bill (HB) 7073, changes the way the state’s “documentary stamp tax” can […]
The Consumer Financial Protection Bureau (CFPB) and Freedom Mortgage were handed minor setbacks by the presiding and magistrate judges, respectively, in a case that the regulator brought in widespread violations in its 2020 submission of Home Mortgage Disclosure Act (HMDA) data. The development was first reported by National Mortgage News. The original case was filed […]
Kiavi, one of the nation’s largest private lenders for residential real estate investors, closed a $300 million unrated securitization of residential transition loans (RTLs), the company announced on Friday. The loans bundled in the securitization were mostly investment property loans used for fix-and-flip transactions. This securitization marked Kiavi’s 17th such transaction and elevated the company’s […]
Sam Valverde, formerly the principal executive vice president of government-owned corporation Ginnie Mae, was named as its acting president as of May 6, according to an announcement issued by the organization this week. Sam Valverde, acting president of Ginnie Mae. ” data-image-caption=” Sam Valverde ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=240″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=819″ src=”https://www.housingwire.com/wp-content/uploads/2024/05/samvalverde_ginniemae.jpg?w=819″ alt=”Sam Valverde, acting president of Ginnie Mae.” […]
washington — President Joe Biden welcomed the reigning WNBA champion Las Vegas Aces to the White House on Thursday, celebrating what he called a “banner year” for women’s basketball. “It matters to girls and women, finally seeing themselves represented,” Biden said during the celebration held in the East Room of the White House. “It matters to […]
Guild Holdings Company, parent company of Guild Mortgage, recorded a 6% increase in mortgage originations and much higher revenue levels in the first quarter of 2024 than in 2023. Net income saw substantial improvements as the company continues to pursue an active acquisition strategy, according to an earnings report for Q1 released on Thursday. “I […]
Rocket Companies, the parent company of Rocket Mortgage, hired its first chief technology officer this week, bringing former Thomson Reuters and Intel executive Shawn Malhotra into the fold. The hire is Rocket’s latest move to bolster its already robust investment in artificial intelligence. Varun Krishna, Rocket Companies CEO, sat down with HousingWire CEO Clayton Collins […]
U.S. Secretary of Education Miguel Cardona today announced the 2024 U.S. Presidential Scholars, recognizing 161 high school seniors for their accomplishments in academics, the arts, and career and technical education fields. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
MARSEILLE, France — Joyful crowds gathered along the streets of France’s southern port of Marseille on Thursday to see torchbearers carrying the Olympic flame through the city’s most emblematic sites, a day after it arrived on a majestic three-mast ship for a welcoming ceremony. It was the first leg of an 11-week journey across the country […]
UWM Holdings Corp., the parent of United Wholesale Mortgage (UWM), returned to profitability in the first quarter of 2024 despite higher rates, a lack of inventory and a decline in the fair value of its mortgage servicing rights (MSRs). The quarter’s positive performance was supported by increased origination volumes at improved margins and servicing sales, which resulted […]
A former top executive at Better.com has voluntarily dismissed with prejudice a lawsuit filed about two years ago against the company and its leadership, including founder Vishal Garg, that accuses the defendants of violating labor and securities laws when pursuing the firm’s goal to go public. Attorneys for Sarah Pierce — Better’s former executive vice president for customer […]
Fannie Mae announced on Wednesday the availability of a new web-based option for its income calculator tool, which is designed to “help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don’t have traditional sources of income,” according to the government-sponsored enterprise (GSE). The new option for the […]
U.S. Sen. Mike Braun (R-Ind.), who recently submitted a series of questions to Ginnie Mae about its management of the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program following the collapse of Reverse Mortgage Funding (RMF), clinched the Republican nomination for governor of Indiana on Tuesday night, according to The Associated Press and The Washington […]
By: Abigail Swisher, Rural Impact Fellow, Office of Elementary and Secondary Education Spanning 37,000 miles across Alaska, the Northwest Arctic Borough School District has struggled to hire and retain enough new teachers. The eleven villages within the district – many of them above the Arctic Circle – are sparsely populated and remote. The winters are […]
Because of an apparent error made by staff at ICE Mortgage Technology‘s Surefire customer relationship management (CRM) platform, more than 600,000 emails and texts were sent without permission to real estate agents, business partners and past clients of loan officers around the country. These messages, part of Surefire’s weekly “Markets in a Minute” deployment, mistakenly […]
Mortgage demand ticked up last week as interest rates decreased following the news of a slowing job market. Applications increased by 2.6% on a seasonally adjusted basis during the week ending May 3, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Treasury rates and mortgage rates fell last week on the news of a […]
As the August implementation deadline for the business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement approaches, the window of time is shrinking for the U.S. Department of Veterans Affairs (VA) to revise its policies governing the fees that veterans cannot currently pay when using their VA loan benefit. […]
loanDepot delivered another financial loss in the first quarter of 2024, during which the mortgage lender dealt with the impacts of a cyberattack that brought down its systems. The California-based lender recorded a non-GAAP adjusted net loss of $38 million from January to March, compared to a $26.6 million loss in the previous quarter and a $59 million […]
Carrington Mortgage Services (CMS) hired Steven Winokur to serve as vice president of marketing for third-party originations (TPO), the company announced Tuesday. In this new role, Winokur will work to increase the company’s emphasis on diverse forms of nonqualified mortgage (non-QM) educational resources.Prior to joining CMS, Winokur served as chief marketing officer at Angel Oak […]