Seoul — As a South Korean baseball fan, Shin Jae-woong had many reasons to watch the Los Angeles Dodgers and San Diego Padres open the Major League Baseball season this week in Seoul. These are the first ever regular season MLB games in baseball-loving South Korea. And the games feature multiple Korean stars, including Padres infielder […]
In Tuesday’s report, the 5-unit housing permits data hit the same levels we saw in the COVID-19 recession. Once the backlog of apartments is finished, those jobs will be at risk, which traditionally means mortgage rates would fall soon after, as they have in previous economic cycles. However, this is happening while single-family permits are […]
The U.S. Department of Housing and Urban Development (HUD) Office of Housing Counseling (OHC) has made a series of updates to its Housing Counseling Program Handbook, including extensive additions, consolidations and reorganizations to a section focused on the Home Equity Conversion Mortgage (HECM) program. This is according to a January meeting of the Housing Counseling […]
New York-based Rithm Capital has changed the compensation package of its top executive, Michael Nierenberg, by reducing his annual base salary, bonus and time-based equity award. But the company also increased the performance-based share of the total equity award. As a result, Nierenberg’s target annual compensation rose from $15 million to $17 million, according to […]
Mortgage capital markets tech firm Polly announced its application programming interface (API) integration with CoreLogic, which will enable lenders to streamline the digital mortgage process. Polly’s product and pricing engine (PPE) was built with an API-adjacent product strategy, which can create opportunities for optimal system-to-system integration that helps improve lender efficiencies, Polly said in a […]
Strong employment numbers and hotter-than-expected inflation data won’t provide the Federal Reserve greater confidence to ease its monetary policy in the near term, Fannie Mae’s Economic and Strategic Research (ESR) group said this week. As a result, 30-year mortgage rates will remain higher for longer than expected. In contrast to its previous forecast that mortgage […]
Lewisville, Texas-based property services company MCS announced last week that it acquired Five Brothers Asset Management Solutions, a deal which brings MCS into the reverse mortgage industry for the first time, according to an announcement by the company. MCS contends that the deal creates “a national property preservation and services market leader that combines complementary […]
Mortgage rates remained flat this week ahead of the next meeting of the Federal Open Market Committee (FOMC). HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.07% on Tuesday, down from 7.08% one week earlier. At the same time one year ago, the 30-year fixed rate averaged 6.69%. Meanwhile, […]
President Joe Biden will be in Las Vegas on Tuesday, where he will offer additional remarks about the policies and priorities of his administration’s push to address housing issues for renters and buyers alike. Biden will also highlight the money offered to states in the 2021 American Rescue Plan Act to boost affordable housing supply. […]
As we started 2024, the signals in the U.S. real estate market were for inventory growth, sales growth and home-price growth across the U.S. At the time, I observed that even if mortgage rates stayed flat, the momentum seemed to be in the cards for broad, slow growth in the market. However, mortgage rates didn’t […]
The Federal Housing Administration (FHA) announced on Monday that it has raised lending limits for its Title I Manufactured Home Loan Program, a move designed to align the FHA with market forces and to encourage more lenders to participate in the program as the Biden administration makes a renewed push on affordable housing. The move […]
Digital lender Better.com launched its One Day Home Equity Line of Credit (HELOC) product that will provide approval decisions to consumers within 24 hours of locking their interest rate. Better launched its first HELOC product about a year ago. The One Day HELOC product is the latest upgraded version as the New York-headquartered lender looks […]
A national syndicated columnist has taken a closer look at the reverse mortgage product category after reviewing data from the Consumer Financial Protection Bureau (CFPB) about the industry’s advertising practices, and she says that the product can have utility for older Americans as long as a prospective borrower properly understands it. Julie Jason, an investment […]
The U.S. Department of Housing and Urban Development (HUD) on Monday announced that it would be bringing its Innovative Housing Showcase back to the National Mall in Washington, D.C., this June. The event is designed to highlights housing solutions and “advancements in housing design, technology and sustainability.” Taking place on June 7-9, the event is […]
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details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
LOS ANGELES — Usher was named entertainer of the year at the 55th annual NAACP Awards on Saturday night, which highlighted works by entertainers and writers of color. After Usher accepted his award at the Shrine Auditorium in Los Angeles, the superstar R&B singer spoke about being thankful about the journey of his successful career that […]
Warsaw, Poland — A Russian-Belarusian rock band that denounces Moscow’s Ukraine invasion returned to the stage this week, voicing defiance after being detained in Thailand in January and threatened with deportation to Russia. The band, Bi-2, formed in the 1980s in Belarus when it was part of the Soviet Union, left Russia in protest over the […]
It’s spring 2024 and we have a Federal Reserve meeting this week. The 10-year yield is at the same critical point as last year before the Fed went hawkish and sent mortgage rates to 8% and the 10-year yield to 5%. Could this happen again? This is the week the balls are all in the […]
The National Association of Realtors (NAR) settlement of commission lawsuits nationwide is expected to force mortgage lenders and loan officers to find new ways of approaching listing agents and borrowers, give LOs a more significant role in the home-buying process, and encourage housing professionals to pursue dual-licensing, industry experts told HousingWire. Mortgage pros have closely […]
David Peskin, formerly from Senior Lending Network and Reverse Mortgage Funding (RMF), has purchased an ownership stake in top 10 reverse mortgage lender HighTechLending (HTL) and will lead the company’s new pursuits alongside co-owner and COO Erika Macias. Peskin spoke to RMD about the move. He shed light on why now was the right time […]
Homeowners 62 and older saw their collective home equity levels drop in the fourth quarter of 2023 by roughly $119 billion to $12.84 trillion, the third quarterly fall in the last year. This is according to the Reverse Mortgage Market Index (RMMI), a measure of senior-held home equity from the National Reverse Mortgage Lenders Association […]
Production gains and losses for IMBs and mortgage subsidiaries of chartered banks over the past five years. Courtesy of the Mortgage Bankers Association “This year was exacerbated by the current lack of housing inventory and mortgage rates that increased to their highest levels of the year, keeping refinancings volumes low. These factors contributed to a […]
Sara Holtz “I am energized by the opportunity to build on the company’s momentum to drive meaningful transformation for Optimal Blue’s valued clients and the borrowers they serve,” said Holtz in a prepared statement. She brings more than 20 years of experience to the position, with her latest stint at ICE Mortgage Technology involving leading […]
Seoul — South Korea’s “Squid Game” actor O Yeong-su has been found guilty of sexual misconduct, a local court said Friday, after he was charged with assaulting a woman in 2017. The 79-year-old in 2022 became the first South Korean to win a Golden Globe Award for best supporting actor in a series for his performance as a seemingly […]
SANTA FE, N.M. — Defense attorneys for Alec Baldwin urged a New Mexico judge on Thursday to dismiss a grand jury indictment against the actor in the fatal shooting of a cinematographer on the set of the Western movie “Rust.” The indictment in January charged Baldwin with involuntary manslaughter in the death of cinematographer Halyna Hutchins […]
California mortgage tech firm Blend Labs narrowed its loss in 2023 by expanding its consumer banking footprint and growing its mortgage consumer base. The San Francisco-based company reported a non-GAAP net loss of $101.3 million in 2023, down from a non-GAAP net loss of $182.2 million in 2022, according to data shared in its fourth-quarter […]
Lisa Moriello, the national retail reverse mortgage sales manager at multichannel lender loanDepot, recently spoke to RMD about how business in 2024 seemed to be off to a promising start. Diving deeper into the current reverse mortgage business environment, she offered additional perspectives on multiple topics. These include the integration of forward mortgage professionals into […]
By: Richard Cordray, Chief Operating Office, Federal Student Aid, U.S. Department of Education This spring, Federal Student Aid (FSA) will begin improving how individual borrowers manage and repay their federal student loans. Through multiple phases, we will bring online an entirely new federal student loan servicing environment – a goal we have pursued for more […]
The U.S. Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. The lawsuit was previously reported by National Mortgage News and Law360. The proposed class-action lawsuit […]
This month’s Academy Awards ceremony saw a big first for Ukraine as Mstyslav Chernov’s “20 Days in Mariupol” won the best documentary Oscar. The film is a first-person account of being in the eastern Ukrainian city during the first weeks of Russia’s invasion. Khrystyna Shevchenko talked with Chernov. Anna Rice has that story. details ⇒ […]
Michael Hild, who served as CEO of now-defunct reverse mortgage lender Live Well Financial, is seeking a one-year delay of a deadline to file a motion for a new trial based on what his attorney describes as “new evidence.” This is according to court documents reviewed by RMD. After his arrest by the FBI in […]
Nonbank mortgage originator Change Lending will become a member of the Federal Home Loan Bank of San Francisco (FHLB-SF). The Anaheim, California-based originator’s application was approved on Wednesday after it fulfilled all statutory requirements for membership, including those related to capital, profitability and liquidity, the company reported. Change’s membership will become effective upon its acquisition […]
The presiding judge in the bankruptcy case involving Reverse Mortgage Investment Trust (RMIT) — the parent company of former leading reverse mortgage lender Reverse Mortgage Funding (RMF) — has approved a request to transfer the company’s bankruptcy status to Chapter 7 from its current Chapter 11 status. This is according to court documents reviewed by […]
Guild Mortgage released its fourth-quarter and full year 2023 earnings report this week, showing that it narrowed its focus on purchase originations and increased its market share on the forward lending side, but it still sustained a loss. After its acquisition last year of Cherry Creek Mortgage, Guild increased its involvement in the reverse mortgage […]
United Wholesale Mortgage (UWM) will begin to cover the upfront cost of hard credit report pulls for its broker partners as it aims to expand market share. The new initiative will ease the impact of out-of-pocket expenses for mortgage brokers after the costs for credit reports increased this year, the company said in making the […]
Good news! The national economy is growing; unemployment is low; corporate revenues are up. For housing and mortgage professionals, however, these apparent boons spell trouble. They signal that the economy is still running hot — or at least more than lukewarm — and that inflation may still need more cold water from the Federal Reserve […]
A decline in interest rates buoyed mortgage demand for another week. Mortgage applications increased by 7.1% on a seasonally adjusted basis during the week ending March 8, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. It was the second increase in a row. “Mortgage rates dropped below 7% last week for most loan […]
The Nigerian film industry, often referred to as Nollywood, is the second largest moviemaker in the world in terms of volume, and is making strides both in terms of art and in popularity at the box office. Timothy Obiezu reports from Abuja. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
loanDepot greatly reduced its costs in 2023 while revenues were in free fall amid a contracting market. It wasn’t enough to bring the California-based lender company profitability, but it narrowed its losses. Operationally, loanDepot entered 2024 by dealing with a cyberattack that brought its systems down and a forecast for market conditions to improve. loanDepot recorded a non-GAAP […]
The White House this week submitted its fiscal year 2025 budget proposal to the House of Representatives and the Senate, outlining the priorities of the administration in providing a budgetary blueprint for the entirety of the U.S. federal government. Within the congressional justifications for the U.S. Department of Housing and Urban Development (HUD) are a […]
The housing priorities outlined by the White House and President Joe Biden last week before and during the State of the Union address are crucial for alleviating a serious burden facing many Americans, and the plan emphasizes actions that can be taken to impact the current housing market. This is according to comments shared with […]
The largest U.S. nonbank mortgage lenders continue to gain market share as the industry consolidates and a number of smaller players exit the space due to a lack of strong franchises to retain sufficient volume, Fitch Ratings reported Tuesday. Fitch expects additional consolidation in the industry as profitability remains constrained by a challenging origination environment. […]
WASHINGTON — The U.S. House of Representatives is expected to approve legislation Wednesday that would force the popular TikTok video app to either separate from its Chinese-owned parent company ByteDance or sell the U.S. version of the software. The bipartisan Protecting Americans from Foreign Adversary Controlled Applications Act “gives TikTok six months to eliminate foreign adversary […]
In anticipation of Tuesday’s inflation reading, mortgage rates eased compared to last week. HousingWire’s Mortgage Rate Center showed the average 30-year fixed rate for conventional loans at 7.08% on Tuesday, down from 7.17% one week earlier. At the same time one year ago, the 30-year fixed rate averaged 6.83%. Meanwhile, the 15-year fixed rate averaged […]