Ireland’s president has led tributes to Mark Sheehan, guitarist with Irish rock band The Script, after his death at 46. The band said Sheehan died in a hospital Friday after a brief illness. In a statement, The Script called him a “much-loved husband, father, brother, band mate and friend.” Formed in Dublin in 2001 by […]
Wells Fargo has finalized the sale of a $50 billion block of mortgage-servicing rights (MSR), a deal that is expected to close later this year, according to bank officials. One expert in the MSR sector, who asked not to be named, said the bidding for the offering appears to have closed in late February or early […]
Wells Fargo and JP Morgan Chase, the country’s top depository lenders, saw mortgage production volume further decline in the first three months of 2023, signaling another tough quarter for the mortgage industry. Wells Fargo, the fourth-largest U.S. mortgage lender by volume, originated $6.6 billion in mortgages in the first quarter of 2023, which was down […]
Homeownership remains at the core of the American Dream. After all, it improves financial security, enhances family and community stability, and builds intergenerational wealth. The Federal Reserve’s 2019 Survey of Consumer Finances found that the median net worth of a homeowner is approximately $255,000 — more than 40 times that of a renter. First-time homebuyers are the […]
First Federal Bank will acquire the mortgage division of BNC National Bank, which will give the Florida-headquartered community-based bank a nationwide consumer direct mortgage platform. The two banks announced they have signed a definitive agreement for First Federal to acquire certain assets and liabilities of BNC National Bank’s mortgage division on Wednesday. The purchase, which […]
San Francisco-based fintech Polly has hired Parvesh Sahi, a former executive from ICE Mortgage Technology, as chief revenue officer to scale the business in a highly competitive mortgage environment. Sahi will be involved in all aspects of the corporate strategy, business development, sales and account management, the firm said Thursday. Sahi brings to the role […]
The Federal Housing Administration (FHA) published a new draft version of a Mortgagee Letter (ML) on Thursday that would update the mortgage insurance requirements on single-family homes with accessory dwelling units (ADU). The proposal is designed to offer additional flexibility for calculating market rent and using ADU rental income to help qualify for FHA-insured mortgage […]
Mortgage rates have declined over the last several weeks, and it’s helping to lure buyers back into what started out as a slow spring home buying season, Melissa Cohn, regional vice president of William Raveis Mortgage, said. And, the recent rate declines are sparking optimism among economists and loan officers. “On conventional loans, some rates […]
I have often found that where technology and financial services come together, the no’s are necessary. As such, shouldn’t we learn to make them happen productively? Saying no is an inevitability — or rather, it should be. Anyone who has tried to accommodate the ‘yes’s’ all the time could tell you that it is impossible […]
In today’s market, relationships matter more than ever. Strong partnerships with real estate professionals is a start, but mortgage professionals should also invest time and energy in connecting with their community at large. After all, the wider your sphere of influence, the more opportunities you have for business. But how do you embed yourself in […]
The Consumer Price Index data released Wednesday showed again that the breakaway 1970s-style inflation is not happening, even with an expanding economy and an unemployment rate under 4%. The headline inflation data came in lower than anticipated. While we have made progress in cooling down the inflation data, which is running into tough year-over-year comps […]
Top wholesale lender United Wholesale Mortgage (UWM) is yet again ramping up efforts to gain more market share at the cost of potential profits. On Wednesday, the Detroit-based lender announced that it is reviving the conventional 1% down loan option, which allows homebuyers to purchase a home with a 1% down payment. Known as the […]
Olufolajimi Abegunde, a Nigerian citizen living in Atlanta, and Javier Luis Ramos-Alonso, a Mexican citizen living in Seaside, California, were each convicted in 2019 in federal court in Tennessee of participating in a sophisticated international email-hacking scheme that bilked its targets out of hundreds of thousands of dollars. Among those targets were a Memphis-based real […]
Mortgage rates tumbled downward by nearly 1% last week on the heels of a lackluster jobs report, which helped to spur renewed interest in mortgage loans by potential homebuyers. The uptick in mortgage applications was a welcome change for the struggling housing market, which has been plagued by affordability issues that have kept many would-be […]
With the mortgage industry still rightsizing, mortgage professionals are worried about regulation of the industry and inflation that thins already tiny margins. Industry players are largely pessimistic about the economic climate and expect interest rates to trend up in the near term future, according to the HousingWire Q2 2023 LenderPulse survey. Roughly 30% of 155 […]
Hundreds of thousands of Russians opposed to Putin’s war in Ukraine have left to find refuge in Baltic countries, where they have joined Belarusians who have fled Lukashenko’s repression. Ricardo Marquina has more from the Lithuanian capital, Vilnius, in this report narrated by Marcus Harton. details ⇒ BusinessMediaguide.Com portal received this content from this noted […]
Consumer price increases cooled further in March, which is welcome news for the Federal Reserve, which made the challenging choice at its March meeting to continue with its federal funds rate hikes despite the failures of Silicon Valley Bank and Signature Bank. The Consumer Price Index (CPI) rose by 5.0% in March, before seasonal adjustment […]
Misinformation is spreading on TikTok about the Federal Housing Administration‘s (FHA) recent increase to the maximum mortgage modification term, causing confusion for homebuyers. The FHA announced a final rule last month that allows mortgagees to increase the maximum FHA-insured mortgage loan modification term from 360 months to 480 months following a default. That change is slated […]
Forbearances granted by the U.S. Department of Agriculture (USDA), the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) due to pandemic-related financial hardships will soon come to an end, according to an announcement on Tuesday. The forbearances are now slated to end on May 31, according to the announcement. […]
The Federal Trade Commission (FTC) has opened a new front in the fight against Intercontinental Exchange‘s (ICE’s) planned acquisition of Black Knight. The agency petitioned a California federal court to issue a temporary restraining order (TRO) and preliminary injunction (PI) that prevents ICE from going forward with the deal to buy Black Knight. The goal […]
Al Jaffee, Mad magazine’s award-winning cartoonist and ageless wise guy who delighted millions of kids with the sneaky fun of the Fold-In and the snark of “Snappy Answers to Stupid Questions,” has died. He was 102. Jaffee died Monday in Manhattan from multiple organ failure, according to his granddaughter, Fani Thomson. He had retired at […]
The instruction to feed the hungry is a common philosophy among most major world religions. Muslims are no exception, especially while the observe the fasting month of Ramadan. VOA’s Irfan Ihsan reports. Alam Burhanan and Ronan Zakaria contributed. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Friday, April 7, marked a day for celebration. After four years of Congress hiking Veterans Administration (VA) so-called “Bluewater Navy” mortgage loan fees as an offset to pay for other critical veterans’ benefits, Congress has finally let those excessive VA mortgage loan fees expire. This good news for homebuyers comes on top of FHA action in […]
Rate lock volume jumped 43% in March on the back of seasonal tailwinds, falling interest rates and stronger purchase market performance. Lock volumes increased across the board, led by purchase locks jumping 44% in March — well above the 30% average February to March gain seen across the past 5 years, Black Knight’s originations market […]
A group of historians from India’s leading universities have slammed recent revisions to school textbooks that include removing or trimming references to Islamic rule in the subcontinent and to the anger among some Hindu extremists at independence leader Mahatma Gandhi’s pursuit of Hindu-Muslim unity. Education authorities have said the history, political science and sociology texts […]
The housing market welcomed the news of lower mortgage rates last week after four reports showed that the labor market isn’t as tight as it seems and that the fear of 1970s-entrenched inflation was a lousy narrative. The 10-year yield finally broke below a critical technical level it had difficulty breaking for many months and we […]
A British performance of “The Bodyguard” musical ended in unrequited love for some audience members who couldn’t refrain from singing along to the anthemic finale. The show at the Palace Theatre in Manchester screeched to a halt Friday when two unruly patrons were ejected for joining the lead in singing “I Will Always Love You,” […]
Muslims across South Africa are observing Ramadan with prayer and fasting. But some also see the holy month as an opportunity to reach out to those in need within their communities. Zaheer Cassim spoke to residents in Johannesburg and has the story. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Given Friday’s job report, those who have been concerned with entrenched 1970s inflation — which would lead to double-digit mortgage rates — can put their disco shoes back in the closet. I have tried to explain that the 1970s inflation isn’t a reality, and Friday’s report should ease the fear that wage growth is spiraling […]
Rate lock volume activity in the residential mortgage industry increased across the board in March after dipping in February, according to data compiled by the Mortgage Capital Trading, Inc. (MCT) MCTlive! Lock Volume Indices report. In March, purchase lock activity increased 23% compared to February, according to the report, while rate/term refinance volume grew by […]
The spring homebuying season is here, but a large majority of consumers are pessimistic about making the purchase, citing unfavorable mortgage rates and rate lock-in effects as the cause, according to Fannie Mae. The government-sponsored enterprise’s Home Purchase Sentiment Index (HPSI), which tracks the housing market and consumer confidence to sell or buy a home, […]
Signs of a slowdown in the labor market have emerged, sparking hope that the Federal Reserve may stop its ongoing tightening monetary policy, which has spurred increasing mortgage rates. But industry observers say it’s prudent to wait for inflation figures in order to bet that the Fed’s rate hikes are over. The slowdown in the labor market […]
Shrinking wholesale lender Homepoint is closing its mortgage origination business and will sell its origination-focused assets to competitor The Loan Store, the company announced on Friday. Michigan-based Homepoint is “winding down” its tenure as a direct participant in the mortgage origination business and becoming an investor in the market, as the company will hold an […]
Since Title IX was signed into law more than 50 years ago, it has enabled tremendous strides in educational opportunity free from sex discrimination, including in athletics, for millions of students across the country. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
After a few years of nothing less than an automation revolution in the title industry, market uncertainty and declining volume are now testing just how effective our efforts have been. If the primary purpose of employing technology is to streamline the workflow, reduce unnecessary expenses and drive greater productivity, the efforts of title agents and […]
The Federal Deposit Insurance Corporation (FDIC) has decided, in a “gradual and orderly” move, to sell a portfolio of $114 billion in mortgage-backed securities (MBS) it retained after seizing control of failed regional banks Signature Bank and Silicon Valley Bank (SVB). The face values of SVB’s portfolio is approximately $87 billion, while Signature Bank’s assets […]
Mortgage rates fell again this week, but the primary cause was not the banking crisis fiasco. It was the expectation that the U.S. economy is slowing down. According to Freddie Mac’s Primary Mortgage Market Survey, the 30-year fixed-rate mortgage declined to 6.28% as of April 4, down from 6.32% the previous week. The survey focuses […]
Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks received a disappointing sales report card for 2022, which was led by a rapid rise in mortgage rates, low housing inventory and affordability challenges. These companies reported a net loss of $301 on each loan originated in 2022, down from an average profit of $2,339 […]
Black Knight‘s Optimal Blue released a product comparison feature in the company’s cloud-based Loansifter product, pricing and eligibility (PPE) engine for mortgage brokers. Dubbed the “product comparison,” the feature provides a side-by-side breakdown of various mortgage options. The new addition is geared toward giving brokers the flexibility to come up with reports for their clients […]
China feels it has the “right to redefine the global world order,” Chinese dissident artist Ai Weiwei told AFP on Wednesday ahead of the opening in London of his first design-focused exhibition. The show at the Design Museum features hundreds of thousands of objects collected by the Chinese artist since the 1990s, from Stone Age […]
Fannie Mae and Freddie Mac announced on Wednesday new updates to their equitable housing finance plans, which outline the expansion of accessible and affordable housing available to underserved communities. Fannie Mae is expanding a series of pilot programs, launching new initiatives and applying new research to its understanding of its consumer housing journey roadmap. Freddie […]
The U.S. Department of Housing and Urban Development (HUD) announced several new relief provisions on Wednesday that are designed to assist Arkansa homeowners that were impacted by the tornadoes that swept through the region at the end of March. Relief provisions are available immediately, including a 90-day moratorium on foreclosures for homeowners with mortgages insured […]
loanDepot’s founder Anthony Hsieh won his battle to nominate Steve Ozonian as a member of the lender’s board of directors. However, the two-month nomination dispute had its consequences: Hsieh was fired from the executive chairman position – but remains the chairman and largest shareholder. loanDepot announced Monday it will promptly increase the size of its […]
Cambodian communities in California organized a parade and cultural festival ahead of this month’s solar new year. For VOA, Genia Dulot has our story from Long Beach. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Mortgage rates declined last week as headlines on the bank crisis slowed, which could have spurred borrowers’ demand for home loans. But that did not happen, as the affordability issues that remain on the horizon challenged mainly first-time homebuyers. Overall, mortgage applications declined 4.1% last week on a seasonally adjusted basis, down from one week […]