Mortgage applications for home purchases and refinances increased for the first time in five weeks but remain at low levels. For the week that ended Aug. 25, mortgage applications picked up 2.3% from the prior week, according to data from the Mortgage Bankers Association. “Mortgage rates were mostly unchanged last week, with the 30-year fixed […]
Mat Ishbia, chairman and chief executive officer at United Wholesale Mortgage (UWM), provided more than half of the mortgage company’s outstanding shares as a guarantee to secure loans ahead of the acquisition of the Phoenix Suns, according to a Bloomberg report. According to the report, Ishbia pledged stock he controls to back two loans that were finalized days before his […]
American Bank of Oklahoma has agreed to invest $1.5 million in credit opportunities for neighborhoods of color in the Tulsa metropolitan area as a settlement with the Department of Justice in an alleged redlining case. The bank denies the allegations. The DOJ complaint, filed in federal court, claims that the bank failed to provide mortgage lending services from 2017 through […]
The ICE — Black Knight merger creates an end-to-end digital infrastructure that will reorder incentives and change how work occurs. New competitive pressures on long protected positions will force many to reinvent operations and rethink the markets they serve. The digital future is unknowable, but we do know that information power moves to consumers, value resides in […]
Leading officials within the Spanish Football Federation asked suspended president Luis Rubiales to resign Monday because of his behavior at the Women’s World Cup, including kissing a player on the lips after Spain won the championship match. The heads of the regional bodies that make up the federation (RFEF) made the request in a collective […]
Non-bank originator Change Lending lost its Community Development Fund Institution (CDFI) certification, according to a report from Barron’s. Change Lending was removed from the CDFI Fund’s list of certified program lenders last week, the outlet reported. Its parent company, The Change Company CDFI, remains as one of the certified program originators. The CDFI certification is […]
Better Home & Finance Holding, the digital lender that debuted on Nasdaq last week, reported a net loss of $135.4 million in the first half of 2023, an improvement from nearly $400 million in the same period last year, according to its 8-K filing with the Securities and Exchange Commission (SEC) on Monday. Better is […]
Intercontinental Exchange Inc. (ICE) and Black Knight announced late Friday an agreement with the Federal Trade Commission (FTC) for the $11.7 billion merger deal to go through. The settlement comes months after the FTC sued ICE alleging antitrust concerns surrounding a buyout of Black Knight. According to the agreement, ICE is expected to complete the […]
The President and First Lady will mark the start of the school year by visiting students at Eliot-Hine Middle School in Washington, D.C. When President Biden took office, less than half of K-12 students were going to school in person. Today, thanks to the President’s swift actions and historic investments, every school in America is […]
Retail lender Guild Mortgage announced Monday the acquisition of First Centennial Mortgage, a privately-held Illinois-based lender with 15 branches predominantly in the Midwest and a presence in 17 states. The terms of the deal were not disclosed. Guild has been acquiring lenders to expand in local markets in a purchase mortgage-focused environment. Since December 2022, Guild has closed deals with Inlanta Mortgage, Legacy […]
The Venice Film Festival celebrates its 80th edition next week, but a Hollywood strike means many stars may be missing, leaving the spotlight to controversial directors like Roman Polanski and Woody Allen. The festival, which kicks off on Wednesday, has become a key launchpad for Oscar campaigns, helped by glamorous shots of stars arriving by […]
Olympic champion Neeraj Chopra became the first Indian to win a gold medal at the World Athletics Championships when he nipped Pakistan’s Arshad Nadeem in the men’s javelin on Sunday with an 88.17-meter effort in the final. Chopra won Olympic gold in Tokyo but managed only a silver at the worlds in Eugene, Oregon, last […]
Sony Pictures reported that “Gran Turismo” opened with $17.3 million over the weekend, while Warner Bros. estimated that “Barbie,” in its sixth week of release, took in $17.1 million. Those totals could change when final ticket sales are counted Monday. Due to a few wrinkles, it’s all but certain that “Barbie” sold more tickets […]
Authorities in Iran have begun legal proceedings against a prominent pop singer over his latest song urging women to take off their mandatory headscarves, the judiciary said Sunday. The action against Mehdi Yarrahi comes almost a year after the death in custody of Iranian Kurd Mahsa Amini, 22, triggered months of protests around the country. […]
Popular U.S. game show host Bob Barker, a household name for a half-century as host of “Truth or Consequences” and “The Price Is Right,” died at his home in Los Angeles, said a publicist. Barker — also a longtime animal rights activist — died Saturday morning, according to publicist Roger Neal. Barker was 99. “I am […]
Oliver Anthony, the previously unknown singer whose Rich Men North of Richmond went viral and topped the charts over the past week, hit out Friday at politicians, particularly on the right, for co-opting his message. In a more than 10-minute clip posted on YouTube, the songwriter from Virginia reflected on his breakout success, and said […]
Zillow‘s mortgage arm launched a down payment assistance program where the company will cover 2% of the borrower’s down payment at closing, allowing buyers to pay just 1% upfront. The program is available for eligible borrowers in Arizona and will expand to additional markets, Zillow Home Loans said in a release. The 2% portion of the […]
In a hawkish tone, Jerome Powell said that Federal Reserve (Fed) officials are prepared to raise the federal funds rate further and hold it at high levels until they are confident that inflation is moving sustainably down to the 2% target. And that’s unclear at this point. There are some sources of pressure on U.S. prices — among […]
Israel’s far-right national security minister lashed out at supermodel Bella Hadid on Friday for criticizing his recent fiery televised remarks about Palestinians in the occupied West Bank. In an interview earlier this week with Israel’s Channel 12 following two deadly Palestinian attacks against Israelis in the occupied territory, National Security Minister Itamar Ben-Gvir argued that […]
The president of the Spanish football federation faces an emergency meeting of its general assembly on Friday amid media reports that he will hand in his resignation following an uproar for kissing a Women’s World Cup champion. Luis Rubiales is expected to stand before representatives of Spain’s regional federations, clubs, players, coaches and referees in […]
Homebuyer affordability remained unchanged in July from June, according to Mortgage Bankers Association‘s (MBA) Purchase Applications Payment Index (PAPI). The index measures how new monthly mortgage payments vary across time, relative to income, drawing from data from MBA’s weekly applications survey. The national median payment applied for by purchase applicants was $2,162 in July, up […]
Strong consumption data combined with slowing inflation points to a “soft landing” for the economy, Fannie Mae‘s Economic and Strategic Research (ESR) Group said Thursday. But the government sponsored enterprise still expects a recession next year. “In order to achieve a soft landing, economic growth will have to slow to a rate that is below […]
Mortgage rate shot up again last week as the bond market continues to grapple with a growing economy in the run up to the next Federal Open Market Committee meeting. Investors are concerned that the central bank will continue raising the funds rate, pushing borrowing costs even higher. For many, there is worry that the Fed […]
Today, the U.S. Department of Education (Department) announced settlement agreements with five law schools after a Federal Student Aid (FSA) investigation revealed that the schools improperly disbursed Title IVfunds to students enrolled in unaccredited Master of Laws (LL.M.) programs. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department […]
Ebrahim Golestan, a renowned Iranian writer and filmmaker, has died at his home in Britain at the age of 101. His daughter Lili, the director of Tehran’s Golestan Gallery, confirmed news of his death this week. On Instagram, she wrote “Father, you have left us. Farewell.” Golestan was born in Shiraz and left Iran […]
Rep. Maxine Waters, the ranking member of the House Committee on Financial Services, is concerned about the Federal Trade Commission settlement agreement that will allow Intercontinental Exchange Inc. (ICE) and Black Knight to merge. “In addition to potentially creating a housing finance conglomerate that would dwarf all other players in the industry, I remain concerned […]
New York-based digital lender Better.com announced Wednesday the closing of its business combination with the special purpose acquisition company (SPAC) Aurora Acquisition Corp,, ending a two-year journey to make the business public. Better HoldCo, Inc. and Aurora are creating Better Home & Finance Holding Company, which will have Class A common stock listed on the Nasdaq under the ticker “BETR” starting […]
Two weeks since the first report of a wildfire in Lahaina, Hawaii, the scope of the tragedy is coming into focus. Search teams looked through every single-story residence in the disaster area and found the remains of 115 people. The death toll is likely to grow as teams now look through multi-story residences and commercial […]
Mortgage applications fell for the fifth consecutive week as the 30-year fixed-rate mortgage rose to 7.31%, its highest level since December 2000. For the week that ended August 18, mortgage applications fell 4.2% from the prior week, according to data from the Mortgage Bankers Association. This decrease in applications comes on the heels of a drastic […]
Foreclosure inventory hit a 15-month low in July representing the continued strength of mortgage performance. Loans in active foreclosure fell to 220,000 – the fewest since just after the end of federal foreclosure moratoria – and were down 63,000 or 22% from February 2020, prior to the pandemic, according to Black Knight’s mortgage performance statistics. […]
The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs). On June 1, six federal agencies requested comments from the public on a rule designed to ensure the credibility and integrity of models used in real estate […]
The total number of loans now in forbearance decreased by 5 basis points to 0.39% of servicers’ portfolio volume in July from 0.44% May, according to the Mortgage Bankers Association’s (MBA) monthly loan monitoring survey. The MBA estimates about 195,000 homeowners are in forbearance plans. Mortgage servicers have provided forbearance to about 7.9 million borrowers […]
The Biden-Harris Administration today announced that it has fully launched its updated income-driven repayment application tool on StudentAid.gov and that student loan borrowers can now officially enroll in the Saving on A Valuable Education (SAVE) plan, the most affordable repayment plan ever created. The plan is part of President Biden and Vice President Harris’ broader […]
Ohio-based lender Union Home Mortgage denied sex discrimination claims made by a former employee whose employment was terminated while she was pregnant. The lender acknowledged employment termination but denied any unlawful conduct. Elizabeth Martin, a former loan officer assistant of UHM, filed suit against the lender alleging sex and/or pregnancy under the Missouri Human Rights […]
The past year hasn’t been particularly good for tech or housing. As a consequence, the number of real estate, mortgage and general housing tech firms to make the annual Inc. Magazine list of the 5,000 fastest growing private companies in America declined in 2023. In all, 37 companies made the cut this year, down from […]
Last week, mortgage rates hit a 21st-century high, the 10-year yield closed slightly higher than my peak forecast for 2023, and housing inventory growth was still slow. Purchase application data didn’t budge much on the week-to-week data. Weekly active listings rose by only 4,401. Mortgage rates went from 7.19%% to 7.37%. Purchase apps were flat […]
The DC superhero film “Blue Beetle” led weekend ticket sales with a modest $25.4 million opening, according to studio estimates Sunday, dethroning “Barbie” from the top spot after a record-setting run that left movie theaters colored pink for a month. The “Barbie” phenomenon is far from over. Greta Gerwig’s film, which earlier this week became […]
The decorated French general in charge of the ambitious, big-budget restoration of fire-ravaged Notre Dame Cathedral in Paris, Jean-Louis Georgelin, has died. He was 74. President Emmanuel Macron paid tribute Saturday to one of France’s “greatest soldiers, greatest servants,” who “stone by stone, was restoring the wounded beauty” of Notre Dame. Before being pulled from […]
Iranian cinema directors have ridiculed a six-month suspended prison sentence handed down to Saeed Roustayi and his producer for showcasing their movie at last year’s Cannes Film Festival without authorization, saying the move was designed to divert attention from the upcoming anniversary of the eruption of nationwide protests. They also said international reaction to the […]
A Swiss citizen was arrested in military-ruled Myanmar for creating a film that allegedly insulted Buddhism, state media reported Saturday. Didier Nusbaumer, 52, was arrested on Aug. 8 along with 13 Myanmar nationals, including a 12-year-old girl, Myanma Alinn newspaper said. Insulting Buddhism is a punishable offense in Buddhist-majority Myanmar, where religious nationalism has surged […]
The U.S. Department of Housing and Urban Development (HUD) this week announced a package of regulatory and administrative waivers that will allow the use of HUD funding to assist with the recovery of Maui after the island endured a series of devastating wildfires. The waivers come as thousands of government-backed mortgages on the island have […]
North Korean taekwondo athletes and officials were traveling through Beijing on Friday morning, apparently the country’s first delegation to travel abroad since the nation closed its borders in early 2020 at the start of the COVID-19 pandemic. The group of around 80 men and women wearing white track suits with “Taekwondo-Do” printed on the back […]
Australia already captivated a nation as co-hosts of the Women’s World Cup. Now there’s one more thing to play for, even if it’s not the fairytale ending the team had wanted for this tournament. The Matildas play Sweden on Saturday for third place in Brisbane. Australia lost 3-1 to England in the semifinals on Wednesday, […]
The 10-year yield closed today above my key level of 4.25%: Does that mean mortgage rates will hit 8%? To understand what’s happening, here’s how I look at the bond market and mortgage rates in my forecast for 2023. In my 2023 forecast, the range on the 10-year yield was between 3.21%-4.25%, emphasizing that the […]
Martin Scorsese has backed a petition against the jailing of prominent Iranian movie director Saeed Roustaee for screening a film at the Cannes Film Festival. Scorsese, the Oscar-winning director of “Taxi Driver” and “Goodfellas,” reposted a campaign launched by his daughter Francesca this week after news of Roustaee’s prison sentence emerged. “Please sign this petition […]