Marty Green thinks of the housing market in 2022 as two very different movies. The first half of the year, with mortgage rates in the 3s and 4s, was like “Fast and Furious.” Houses were selling at a fever pitch in a matter of days, with multiple offers, waived contingencies and buyers paying $100,000(!) over […]
FHA Commissioner Julia Gordon ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?w=1024″ width=”1200″ height=”675″ src=”https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?w=1024″ alt=”FHA Commissioner Julia Gordon” class=”wp-image-373743″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?resize=1024,576 1024w, https://www.housingwire.com/wp-content/uploads/2022/12/1200x675_FHA_borrowers.jpg?resize=600,338 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>FHA Commissioner Julia Gordon The fate of Federal Housing Administration (FHA)-backed mortgages in the ongoing downcycle housing market is being compared with a canary in […]
Starting this week, I will analyze weekly data in a Housing Market Tracker article every Monday to provide a status update on the U.S. housing market and economy. This weekly tracker will give you updates on the data lines that don’t need to wait for monthly housing data reports. The housing market is one sector […]
Starting this week, I will analyze weekly data in a Housing Market Tracker article every Monday to provide a status update on the U.S. housing market and economy. This weekly tracker will give you live updates on the data lines that don’t need to wait for monthly housing data reports. The housing market is one […]
It is not surprising that the mortgage industry can be one of the more challenging industries to work in. With constantly changing trends, increased rates and an affordability crisis currently facing many homeowners, it’s understandable that we might ask ourselves, “When will things get better?” In order to maintain and even prosper during these tough […]
“Avatar: The Way of Water” sailed to the top of the box office in its second weekend, bringing in what studios estimate Sunday will be a strong $56 million in North America — a sign that the sequel may stay afloat into the new year and approach the massive expectations that met its release. James […]
The streets of Bethlehem are crowded for Christmas again, after two years of COVID-related restrictions. In the Church of the Nativity, the faithful celebrated Jesus’s birth as the number of Palestinian Christians continues to dwindle. Christian tourists from around the world have come to Bethlehem to celebrate the birth of Jesus. While the numbers have […]
Maxi Jazz, the lead singer of the British electronic band Faithless, has died at the age of 65, the group announced Saturday. The musician and DJ, whose real name was Maxwell Fraser, passed away at his home in south London, according to the dance music act behind 1990s hits including Insomnia and God is a […]
Back when 2022 started, Kristina Kadashevych surely could not have envisioned ending the year in the city of Richmond, in the U.S. state of Virginia, performing as the sugarplum fairy (and two other roles) in Richmond Ballet’s annual holiday extravaganza, The Nutcracker. But then, the Ukrainian ballerina never could have imagined the year would turn […]
Pope Francis on Saturday led the world’s Catholics into Christmas, saying in an apparent reference to the war in Ukraine and other conflicts that the level of greed and hunger for power was such that some wanted to “consume even their neighbors.” Francis, celebrating the 10th Christmas of his pontificate, presided at a solemn Christmas […]
Washington Capitals star Alex Ovechkin scored his 801st and 802nd career goals Friday against the visiting Winnipeg Jets, passing Detroit Red Wings great Gordie Howe for second place on the NHL’s all-time list. Ovechkin, 37, drew within 93 of breaking Wayne Gretzky’s all-time record of 894 goals. Ovechkin’s second tally Friday night came into an […]
While new home sales did beat estimates in the latest Census report, with sales just floating around near the lows of the year, we can see with the monthly supply data that the builders still have way too much backlog of homes they need to build to raise their confidence. One of the realities of […]
New home sales, to the surprise of many, rose by 5.8% in November to a seasonally adjusted annual rate of 640,000, according to data published by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) on Friday. New home sales data last month was much stronger than had been anticipated; the […]
With Fannie Mae and other organizations predicting a tough outlook for 2023’s housing market, loan officers should be looking to get their name out in front of as many potential borrowers as possible in order to secure business. Even if you think you have enough business right now, you need to start leveraging social media […]
After being arrested for creating antigovernment propaganda in 2010, the Iranian director Jafar Panahi was banned from making films for 20 years. Since then, he’s made five widely acclaimed features. His latest, No Bears, opens soon in U.S. theaters while Panahi is in prison. In July, Panahi went to the Tehran prosecutor’s office to inquire […]
Hundreds of high-profile figures from the global cinema industry called Wednesday for Iran to release actor Taraneh Alidoosti, who was jailed over her support for the country’s three-month-old protest movement. Actors Emma Thompson, Penelope Cruz, Kate Winslet and Ian McKellen and directors Ken Loach and Mike Leigh were among a host of luminaries to sign […]
Powerful House Financial Services Committee Chairwoman Maxine Waters wants regulators to closely scrutinize the proposed $13 billion purchase of Black Knight by Intercontinental Exchange (ICE). In a letter sent to the Federal Trade Commission (FTC) this week, the California Democrat raised concerns about the merger, which would make ICE the largest mortgage services company in […]
Prepayment activity is expected to face seasonal headwinds into early 2023 after hitting another record low in November. “Record low refinance activity and lackluster home sale volume driven by still historically tight home affordability” was the result of prepayment dropping 15.6% to a single-month mortality rate of 0.40%. This was below the previous record of […]
Mortgage industry executives, analysts and economists have started to place their bets on where mortgage rates will settle in 2023 amid the Federal Reserve’s tightening monetary policy and the fears of an economic recession. Spoiler alert: don’t expect much, if any, relief for borrowers in the short term. It’s true that after doubling over the […]
French authorities plan to use an AI-assisted crowd control system to monitor people during the 2024 Paris Olympics, according to a draft law seen by AFP on Thursday. The system is intended to allow the security services to detect disturbances and potential problems more easily, but will not use facial recognition technology, the bill says. […]
loanDepot registered a partial win against CrossCountry in a trade secret and employment-separation dispute. The California-based mortgage lender sued its rival in April 2022 claiming that six former employees — Steve Schneider, Cindy Smolin, Samantha Siegel, Fernanda Baske, Bob Bowman, and John Noyes — left the company to join CrossCountry after accessing, downloading and taking confidential client information […]
On Wednesday, existing home sales collapsed near the lows we saw during COVID-19 and back in 2007 when the housing bubble burst. In addition, this is the fourth straight month of inventory declining, while days on the market are growingl! Confused by this? I hear you; let’s dive deeper into today’s report. From NAR: “In […]
Ohio-based Union Home Mortgage (UHM) struck a deal to acquire Michigan-based Amerifirst Home Mortgage, the companies confirmed on Wednesday. Founded in 1970, UHM is a full-service retail, wholesale and consumer-direct independent mortgage banking company. The lender originated $4.68 billion in mortgage loans over the last 12 months, according to the mortgage tech platform Modex. It has 557 active […]
Figure Acquisition Corp. I, a blank check company affiliated with fintech Figure Technologies that planned to merge with a mortgage bank, will be delisted from the New York Stock Exchange. Figure’s plan to go public through a SPAC has been scrapped with the NYSE’s decision. The NYSE notified Figure on December 19 that it is […]
United Wholesale Mortgage (UWM) has expanded temporary buydown options for jumbo loans at a time when mortgage rates are still high and borrowers have increased negotiating power. UWM is one of many lenders to roll out temporary buydowns in recent months in a bid to drum up more business. The Detroit, Michigan-headquartered lender will offer […]
Existing home sales slid for the 10th consecutive month in November, as homebuyer demand continued to cool. The seasonally adjusted sales rate for existing homes fell 7.7% month over month in November to a rate of 4.09 million, according to a report from the National Association of Realtors (NAR) released Wednesday. On a yearly basis, existing home sales […]
Lower mortgage rates helped to increase borrowers’ demand for home loans last week, which in turn drummed up optimism for the mortgage industry at the end of 2022. Economists believe that if the trend continues, the market will be able to improve in the second half of 2023. “The latest data on the housing market […]
The best way to deal with inflation is always adding more supply: if you’re trying to defeat inflation by destroying demand, you’ve already lost the battle and will hurt future production. That’s why today’s housing completion data was excellent news. During a traditional recession, builders typically show lower starts, permits, and completion data. However, in […]
When the refi market dried up in 2022, business took a drastic turn for Thuan Nguyen, CEO of Loan Factory and the top loan originator on the Scotsman Guide for the last two years. Prior to the downturn, more than 90% of Nguyen’s business came from refinances. Nguyen says he has originated $467 million in […]
Ownership of the Phoenix Suns basketball team will soon be switching hands. Billionaire mortgage executive Mat Ishbia is finalizing a purchase of the Phoenix Suns franchise in the near future, according to ESPN reporter Adrian Wojnarowski. Ishbia is chairman and CEO of Michigan-based mortgage lender United Wholesale Mortgage (UWM). He purchasing the franchise, which includes […]
Prince’s guitar, Dorothy’s ruby slippers, Jim Henson’s original handmade Kermit the Frog — these are among the 200-plus items on display at the new exhibition at the Smithsonian National Museum of American History. Maxim Moskalkov has the story. Videographer: Artyom Kokhan details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Wells Fargo, the largest depository mortgage lender in America, has agreed to pay a civil penalty of $1.7 billion to settle multiple consent orders related to automobile lending, consumer deposit accounts and mortgage lending with the Consumer Financial Protection Bureau (CFPB). According to the CFPB, the bank repeatedly misapplied loan payments, wrongfully foreclosed on homes, illegally repossessed […]
Harvey Weinstein was found guilty Monday of rape at a Los Angeles trial in another #MeToo moment of reckoning, five years after he became a magnet for the movement. After deliberating for nine days spanning more than two weeks, the jury of eight men and four women reached the verdict at the second criminal trial […]
With images of snowy villages, nutcrackers, candy canes and more, Artechouse’s “Spectacular Factory: The Holiday Multiverse” brings to life the festive feelings of the season. Maxim Moskalkov visited the event. Camera: Sergey Sokolov details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
The forbearance rate held steady in November, but there are signs of deterioration in the portfolios of servicers. The Mortgage Bankers Association (MBA) reported Monday that the total number of loans in forbearance remained at 0.70% of the servicers’ total portfolio volume in November. There were 350,000 U.S. homeowners in forbearance plans as of November 30, up […]
An underground Catholic movement started in 2002 with the secret ‘ordination’ of seven women in Germany by official male bishops. The movement has grown to 250 women globally, despite the Catholic Church’s rules preventing women from becoming priests. VOA senior Washington correspondent Carolyn Presutti takes us to several masses to explain the international controversy. details […]
Rocket Companies, the parent company of what was once the largest mortgage originator in the country, capitalized on the all-time low mortgage rates during the pandemic years, racking up record profits through an enormous amount of refinances. Last year, it originated $351 billion in total volume — with more than double the refi volume of […]
U.S. President Joe Biden and First Lady Jill Biden will host a Hanukkah reception at the White House Monday evening. There will be a menorah lighting and the menorah, created by the Whie House carpentry shop, will become the first Jewish artifact added to the White House archives. Hanukkah, the eight-day Jewish celebration also known […]
Philadelphia-based UMortgage struck a deal to acquire Dallas-based NXT Mortgage, the companies confirmed to HousingWire. UMortgage is bringing NXT’s assets, technology, and people in-house, including its founder and president, Tyler Hodgson. After the transaction is complete, which is expected to happen within the next two weeks, NXT will be part of UMortgage, adopting its business […]
“Avatar: The Way of Water ” didn’t make quite as big of a splash as many assumed it would, but James Cameron’s big budget spectacle still helped breathe life into the box office this weekend. The sequel earned $134 million from North American theaters and $300.5 million internationally for a $434.5 million global debut, according […]
When Igor Ponochevny drew his first political cartoon, he was living in Russia and working at a bank. Russia’s invasion and annexation of Crimea in 2014 inspired him to draw under the pen name Alyosha Stupin. VOA Russian spoke with the artist. Anna Rice narrates the story. Camera: Vazgen Varzhabetian. details ⇒ BusinessMediaguide.Com portal received this […]
The Federal Housing Administration (FHA) issued clarification on Thursday regarding the extent in which employees in single-family housing transactions are allowed to play dual roles — and how much they are allowed to be compensated from a single FHA-insured transaction. The clarification, issued in a Mortgagee Letter by FHA Commissioner Julia Gordon, notes that participants who […]
For most real estate industry professionals, title insurance needs no introduction. A trusted product, title insurance has been used to protect real estate transactions and property rights for over a century. However, most Americans don’t learn about title insurance until they buy their first home and amid the often stressful, frenetic activity of the closing […]
The Draper, Utah-headquartered lender Academy Mortgage Corporation has agreed to pay $38.5 million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA). The Department of Justice‘s settlement announcement on Wednesday resolves a lawsuit filed by former Academy Mortgage underwriter Gwen Thrower in the Northern District of California […]
After the booming volume of the last two years, this year has been more difficult than many expected. Production has dropped significantly, and many lender shops are focused on recruiting more loan officers to help make up the difference. “As a company, we’ve had to really right-size our teams to make sure that we’re keeping […]