With ongoing liquidity challenges and a continuing lag in Home Equity Conversion Mortgage (HECM) case numbers, reverse mortgage business in 2024 started off with a bit of a whimper. Both HECM endorsements and HECM-backed securities (HMBS) issuance saw modest declines in January, although four of the top 10 HECM lenders managed to post slight gains […]
Most of last year’s top-producing loan officers at Draper and Kramer Mortgage Corp. (DKMC) are not transitioning to the company’s acquirer, New American Funding (NAF), according to multiple sources and available public data. During their departure, DKMC sales staff who are not joining NAF were informed by leadership that they will have to wait a […]
Retired couples who are Medicare beneficiaries could need as much as $413,000 saved to cover medical expenses in the latter stages of life, an increase over the previous year’s estimate of $383,000. This is according to new findings from the Employee Benefit Research Institute (EBRI). The figure is the “predicted savings target for Medicare beneficiaries […]
In a high-rate environment, Pennymac Financial Services delivered profits in 2023, mainly due to the performance of its servicing portfolio. That’s despite a net loss in the last quarter of the year attributable to the resolution of a long-standing arbitration process with Black Knight regarding its servicing technology and losses in mortgage servicing rights (MSR) fair value. “2023 was […]
United Bank will consolidate its mortgage subsidiaries into one unified mortgage business amid the housing industry struggles with elevated interest rates. United Bank has been delivering mortgage services through three channels, including two mortgage subsidiaries — Crescent Mortgage Co. and George Mason Mortgage — and an in-bank channel. “In an effort to better serve our […]
The report on the Home Equity Conversion Mortgage (HECM) book of business inside the Mutual Mortgage Insurance (MMI) Fund was another positive overall development for the program, with the estimated economic net worth of the HECM MMI at $15.368 billion, according to the Federal Housing Administration (FHA) Annual Report to Congress released in November. The […]
For the past 12 years, HousingWire’s Tech100 program has recognized the industry’s most innovative and impactful technology companies that are continuing to bring long-awaited solutions to the challenges that mortgage and real estate professionals have struggled with for decades. The award uncovers the innovators that are unleashing insight with analytics, powering growth and efficiency with […]
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Editor in Chief Sarah Wheeler sat down with Uday Devalla, chief technology officer at Sagent and a 2023 Vanguard, to talk about his focus on transforming servicing, what really counts with data and the right approach to using artificial intelligence. Sarah Wheeler: After spending several decades leading tech at lenders, including Stearns and Bank of […]
Mortgage rates continued their downward plunge this week as inflation keeps decelerating. The 30-year fixed-rate mortgage averaged 6.63% as of Feb. 1, a decrease from last week’s figure of 6.69%, according to Freddie Mac’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate averaged 5.94% this week, down from 5.96% during the […]
The board voted to fill its newly created vacancy by appointing Rampell to serve as a Class II director, effective Feb. 1, according to an Rocket Companies expanded its board of directors from eight to nine, adding an artificial intelligence (AI) and fintech expert. Rocket — under the helm of Varun Krishna, a veteran in […]
Bangkok — A dissident Russian-Belarusian rock band held in Thailand on immigration charges have left the kingdom to fly to Israel, according to a post Thursday on the group’s official Facebook page. Bi-2 have criticized Russian President Vladimir Putin and the war in Ukraine, and their arrest sparked fears they would be deported to Russia where […]
One of the biggest takeaways from the Wednesday press conference held by Federal Reserve Chair Jerome Powell is that the central bank isn’t likely to cut interest rates in March as investors had hoped. After signaling interest rate cuts for 2024 in its previous meeting, the focus shifted to when such a move might come […]
Finance of America Companies (FOA) President Kristen Sieffert is bullish on the prospects for the reverse mortgage industry’s leading lender in 2024, particularly after the company went through a series of major changes last year, including the acquisition of American Advisors Group (AAG). This is according to an interview with Sieffert featured on “Ten Minute […]
United Wholesale Mortgage (UWM) announced Wednesday that it’s allowing its broker partners to offer a temporary discount of 100 basis points (bps) for conventional rate-and-term refinances. The discount is valid on new loan locks through March 29. It’s not the first time that the Pontiac, Michigan-based lender has encouraged borrowers to refinance their loans. In December, […]
For seniors who have retired, taking on additional debt that requires a monthly payment while being on a fixed income could have ramifications on quality of retirement, and it should be considered in concert with all the facts about how it will impact a senior’s financial situation. This is according to experts who spoke to […]
TEHRAN, Iran — Lighting fires that brightened the night sky, followers of Iran’s minority Zoroastrian religion marked the Sadeh festival in several cities Tuesday, celebrating the end of the coldest winter days. Every year on January 30, Zoroastrians gather after sunset to celebrate the 50 days and 50 nights remaining until spring. Sadah, which means “the […]
Mortgage company Evergreen Home Loans is continuing its expansion across the country with the opening of new branches in Montana, the company announced on Wednesday. “We are thrilled to welcome the Montana team to our Evergreen family,” Robert Lipston, the company’s executive vice president of production, said in a statement. “We’re excited to bring our […]
When loanDepot announced that it was the victim of a cybersecurity incident in early January, it became the fourth publicly traded mortgage or title firm to absorb an attack in as many months. “There has absolutely been an increase in cyber security incidents,” said Alex Hamlin, the chief information security officer at Qualia, a digital […]
Dark Matter Technologies (DMT) tapped Tony Fox, former director of ICE Mortgage Technology, as its new chief of client engagement. Fox is responsible for directing the company’s account management and client success teams. He will report to Sean Dugan, chief revenue officer at DMT. Fox was director of client management at ICE Mortgage Technology for […]
Mortgage demand slumped last week as consumers hit the brakes on purchase applications. Mortgage applications decreased by 7.2% in the week ending Jan. 26 compared to one week earlier on a seasonally adjusted basis, according to the Mortgage Bankers Association‘s (MBA) weekly mortgage applications survey. “Applications decreased compared to a holiday-adjusted week, driven by a […]
washington — South Korean kimchi exports hit a record high amid a global surge in the popularity of Korean culture, hitting 44,041 tons in 2023, a 7.1% increase from 42,544 tons exported in 2021. Kimchi, a traditional Korean dish made by fermenting cabbage or other vegetables, was exported to 92 countries from South Korea last year, […]
Nearly three in four baby boomers aren’t using resources that would help them achieve or maintain homeownership status, according to survey data released Tuesday by nonprofit group NeighborWorks America. About 10,000 Americans turn 65 each day and all boomers will reach that milestone by 2030, according to census data. But a significant portion of this […]
Attorneys for the U.S. Department of Justice (DOJ) have filed a motion in the U.S. District Court for the Northern District of Texas that aims to temporarily halt the evidence-gathering process in a lawsuit brought by Texas Capital Bank (TCB) against Ginnie Mae. This is according to court documents reviewed by RMD. The suit, filed […]
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Two Harbors Investment Corp., a New York-based real estate investment trust, announced Tuesday its plan to launch a mortgage origination unit in the second quarter of 2024, less than a year after the company debuted in the servicing business by acquiring RoundPoint Mortgage Servicing Corp. in October 2023. But don’t expect the firm to compete with big players […]
Atlanta-based nonqualified mortgage (non-QM) lender Angel Oak Mortgage Solutions is tapping into the home equity line of credit (HELOC) market amid elevated equity levels. Unlike traditional HELOCs that require a homeowner to have at least 20% equity in their home, Angel Oak’s HELOC qualifies borrowers based on trailing 12- or 24-month bank statements and provides […]
Cincinnati-based First Financial Bank has agreed to direct $2.4 billion in the next five years for lending and investments to low- and moderate-income (LMI) clients and census tracts, with 30% of the total tied to mortgage lending. The initiative is part of a community benefits agreement with the National Community Reinvestment Coalition (NCRC), the parties announced Tuesday. The deal that runs through […]
The mortgage-servicing rights (MSR) market remains robust as we turn the corner into 2024, and though it is expected to slightly underperform 2023, the market is still projected to notch healthy trading volumes in 2024 — hovering near the $1 trillion mark for the fourth year in a row, market observers forecast. But the MSR […]
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Most economists forecast mortgage rates to decline in 2024, stoking optimism about the housing market. According to the newest Bloomberg Markets Live Pulse Survey (MLIV Pulse), the rate on the 30-year fixed mortgage will fall to 5.5% by the end of this year. Most forecasts call for rates to bounce within the 6% to 7% […]
NEW YORK — N. Scott Momaday, a Pulitzer Prize-winning storyteller, poet, educator and folklorist whose debut novel “House Made of Dawn” is widely credited as the starting point for contemporary Native American literature, has died. He was 89. Momaday died Wednesday at his home in Santa Fe, New Mexico, publisher HarperCollins announced. He had been in […]
Three years into its controversial ultimatum, United Wholesale Mortgage (UWM) continues to engage in legal battles with its broker partners selling loans to rivals Rocket Mortgage and Fairway Independent Mortgage Corp. UWM’s latest move was on Thursday when it filed a lawsuit in a U.S. district court in Michigan against Atlantic Trust Mortgage Corporation, a Florida-based broker shop with 18 loan officers, per […]
The National Reverse Mortgage Lenders Association (NRMLA) announced that it will return to the Western U.S. for its 2024 annual meeting, which will take place slightly earlier in the year than usual, according to a member alert. The 2024 NRMLA Annual Meeting and Expo will be held Sept. 24-26 at the Hard Rock Hotel in […]
In Mogadishu, the troubled capital of Somalia, elderly citizens gather every afternoon in the Bondere district for an archery contest. The activity is part of a deeper historical tradition. Jamal Ahmed Osman has more about this unique activity, in this story narrated by Kevin Enochs. Camera and video editing by Abdulkadir Zubeyr. details ⇒ BusinessMediaguide.Com […]
Tampa, Florida — Revelers clad in pirate finery packed Tampa’s waterfront this weekend as a flotilla of boats arrived for the city’s annual Gasparilla Pirate Fest. Led by Ye Mystic Krewe of Gasparilla, the invading pirates docked to make a final demand for the key to the city. Once ashore, the festivities celebrating their annual invasion […]
New Orleans, Louisiana — With their purple, gold and green colors and toy babies hidden inside, king cakes are staples of Mardi Gras celebrations in New Orleans, but apparently they’re also valuable enough to steal — at least this time of year during the Carnival season. A thief stole seven king cakes — about as many […]
Housing demand is up and it’s time to track the spring housing data and see what the selling season will bring. As I always stress, we are working from the lowest bar ever with demand, so let’s add historical context to the data. But, even with mortgage rates higher this year than last year, demand […]
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albany, new york — A performer who appeared naked in a show by world-renowned performance artist Marina Abramovic at New York City’s Museum of Modern Art is suing the museum, saying it failed to take action after he was sexually assaulted multiple times by attendees during the performances nearly 14 years ago. The suit was filed […]
MEXICO CITY — Mexico’s government has acknowledged that at least two well-known Mayan ruin sites are unreachable by visitors because of a toxic mix of cartel violence and land disputes. But two tourist guides in the southern state of Chiapas, near the border with Guatemala, say two other sites that the government claims are still open […]
CORTINA D’AMPEZZO, Italy — Mikaela Shiffrin, Aleksander Aamodt Kilde, Petra Vlhova, Alexis Pinturault, Corinne Suter. All five former overall World Cup ski champions or Olympic gold medalists have been involved in severe crashes during races over the past 15 days. And they’re not the only ones. Marco Schwarz, a former world champion who was leading the […]
MELBOURNE, AUSTRALIA — Aryna Sabalenka continued to be an irrepressible force at the Australian Open as she powered to a 6-3, 6-2 victory over Chinese 12th seed Zheng Qinwen on Saturday to successfully defend her title and add a second Grand Slam trophy to her cabinet. The Belarusian second seed has barely put a foot wrong […]
NEW YORK — Pornographic deepfake images of Taylor Swift are circulating online, making the singer the most famous victim of a scourge that tech platforms and anti-abuse groups have struggled to fix. Sexually explicit and abusive fake images of Swift began circulating widely this week on the social media platform X. Her ardent fanbase of “Swifties” […]
There were a total of 361 consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) related to the reverse mortgage industry during the calendar year 2023, according to a consumer complaint database maintained by the Bureau. Of those complaints, 167 had to do with “trouble during the payment process,” while other topics included payment […]