California is home to the largest Arab American community in the United States. That growing economic and political visibility is evident in Southern California’s newly designated “Little Arabia” neighborhood. For VOA, Genia Dulot takes us there. Videographer and producer: Genia Dulot details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Rate lock volume has dropped by more than 60% over the past 12 months as it struggles under the weight of high mortgage rates, which closed out October at 7.06%. Amid the surging rates, the refinance market is nearing the bottom. The decline in rate lock volume was driven by a 25.1% decline in cash-out […]
Facial hair enthusiasts claimed to have set a new world record for longest beard chain during an event in Wyoming on Friday, the Casper Star-Tribune reports. Participants gathered at Gaslight Social, a bar in Casper, where they stood side by side and clipped their beards together to create a hairy chain that was measured at […]
Today, the U.S. Department of Education (Department) announced the launch of Raise the Bar: Unlocking Career Success, a new Biden-Harris Administration initiative supported by the Departments of Commerce and Labor to increase and expand access to high-quality training programs to help young Americans pursue jobs in today’s in-demand fields, and be prepared for careers of […]
Phrygian caps will be the Paris 2024 Olympic and Paralympic Games mascots as organizers look to to celebrate the French revolution’s spirit. “‘Phryges’ aim to show that sport can change everything, and that it deserves to have a prominent place in our society,” Paris 2024 brand director Julie Matikhine said on Monday. The Phrygian caps […]
Art restorers in the Italian city of Florence have begun a six-month project to clean and virtually “unveil” a long-censored nude painting by Artemisia Gentileschi, one of the most prominent women in the history of Italian art. Swirling veils and drapery were added to the “Allegory of Inclination” some 70 years after Gentileschi painted the […]
After last week’s enormous bond and stock rally, I wondered when the Federal Reserve would make a statement to try to reverse some of that momentum. Well, it didn’t take long: on Sunday Federal Reserve Governor Christopher Waller made comments at an economic conference in Australia that made their position clear. This is the second […]
Taylor Swift walked away with four prizes at MTV’s Europe Music Awards on Sunday, including best video for her 10-minute “All Too Well.” Double-award winners included Nicki Minaj for best song and best hip-hop, and the French DJ and record producer David Guetta won the best electronic award and best collaboration. The event, broadcast on […]
The box office roared back to life with the long-awaited release of “Black Panther: Wakanda Forever.” The Marvel sequel earned $180 million in ticket sales from more than 4,396 theaters in the U.S. and Canada, according to estimates from The Walt Disney Co. on Sunday, making it the second biggest opening of the year behind […]
At first, Saskia Nino de Rivera was excited about going to Qatar for a World Cup that would mark a significant professional event for her partner, a sports agent for Mexico soccer players. She even contemplated privately proposing there during a game, and posting photos once they left the country. But as the lesbian couple […]
While elevated mortgage rates, sluggish home sales and high inflation have taken a significant toll on the housing industry, it’s unlikely that these issues will cause home prices to drop next year, at least according to National Association of Realtors (NAR) Chief Economist Lawrence Yun. In fact, we may see a further uptick in home […]
Cherre, a real estate data integration and insights platform, announced its partnership with real estate valuation technology company Clear Capital this week. Cherre customers can now use Clear Capital’s property analytics, which includes insights from 93% of all listings in the U.S., internal systems, and application data with accompanying contextual data. “By combining Clear Capital’s […]
This week’s HW+ member spotlight features James Polinori, chief marketing officer at Geneva Financial. Below, Polinori answers questions about the housing industry: HW Media: What is your current favorite HW+ article and why? James Polinori: “Applying lessons learned to adapt to a competitive market” by Aaron Davis. I enjoyed Aaron’s approach in communicating to panic-stricken originators. Those of us […]
U.S. Secretary of Education Miguel Cardona issued the following statement regarding today’s district court ruling on student debt relief: “We believe strongly that the Biden-Harris Student Debt Relief Plan is lawful and necessary to give borrowers and working families breathing room as they recover from the pandemic and to ensure they succeed when repayment restarts. […]
Playwriting and theater production have opened a new world for a California man who spent 17 years in prison. Mike O’Sullivan reports on an arts program that teaches creative skills to former prisoners seeking new lives. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Blend Lab‘s third-quarter loss of $133.98 million was driven by a decline in mortgage banking and its title insurance business revenue, which occurred despite its consumer banking revenue more than doubling from the same period last year. The loss also reflects a $57.9 million impairment of intangible assets and goodwill related to the Title365 segment, […]
Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network, multiple sources told HousingWire. The transaction, confirmed by the companies, is a step to boost Movement’s presence on the East Coast amid shrinking loan origination volumes. The deal adds $2 billion in annual volume, 250 mortgage professionals and 31 branch […]
The increased fees that military veterans and active duty personnel pay for Veterans Administration (VA) mortgage loans should be allowed to expire on schedule, and congressional leaders should avoid any policies that would extend these fees, according the Community Home Lenders of America (CHLA). CHLA leadership spelled out their opposition to the increased VA home […]
Finally, some good news: the growth rate of inflation is cooling off for now, and with the CPI inflation report being positive, the 10-year yield fell noticeably, and mortgage rates will fall with that! So, the question is, are we reaching the peak of inflation and close to the end of the Fed rate hike […]
Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. The firm will focus on the non-qualified residential mortgages in the wholesale and correspondent channels. “Angel Oak is exiting its retail distribution channel and divesting its retail distribution capabilities housed in Angel […]
Home Point Capital, the parent company of wholesale lender Homepoint, posted another fat loss in the third quarter of 2022, even after hitting the “reset button” and cutting 3,000 employees. The company reported Thursday morning that reduced origination volumes – down to $4 billion – and depressed revenues resulted in a loss as it attempts to navigate a […]
Purchase application data is now below 2008 levels! But I need to explain why this level has more in common with 2014 housing data than the credit stress markets of 2005-2008, and why you should care. Understanding this data line and what it is trying to tell you will be more valuable than erroneously thinking […]
The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Rising interest rates, sparked by Federal Reserve tightening policies, is the primary cause of […]
The decision to exit the forward mortgage business hit Finance of America Companies hard in the third quarter of 2022. The company registered a $302 million loss from July to September, mainly due to non-cash transactions. It lost $168 million, or about half of the Q3 losses, in the previous quarter. FoA announced the shutdown […]
Potential homebuyers stayed on the sidelines for mortgages amid the Federal Reserve’s announcement of another interest rate hike. The Mortgage Bankers Association (MBA) survey shows that the mortgage composite index for the week ending Nov. 4 declined 0.1% from the previous week. Mortgage loan application volume plummeted 70.3% compared to the same period in 2021. […]
Even though financial losses narrowed, loanDepot’s third-quarter earnings are evidence that the company’s struggles are far from over. The California-based mortgage lender on Tuesday reported its second consecutive quarterly loss in large part to plummeting mortgage production. And it expects production to fall sharply in the fourth quarter. On the bright side, margins improved thanks […]
LodeStar Software Solutions, a provider of compliance tools for mortgage lenders, has partnered with loan origination system and software provider LendingPad, it announced on Tuesday. The aim of the partnership is to introduce LodeStar Discovery, a closing fee calculator, to mortgage loan originators using the LendingPad platform. LodeStar Discovery provides access to title and closing […]
The Federal Reserve has given the green light for the proposed merger between Flagstar Bank and New York Community Bank to go through, about 19 months after the deal was agreed to. The $2.6 billion merger deal, which was first announced in April 2021, is now expected to close on Dec. 1. The Office of the Comptroller […]
Mortgage insurer Radian Group Inc. announced it will lay off 166 employees, effective Dec. 1 from two of its offices in Pennsylvania. Out of these workers, 66 employees are from Radian’s Delaware County headquarters and 100 are from the Allegheny County office. The company employed 1,800 people at the end of 2021. Radian has joined […]
Mortgage Capital Trading (MCT) announced the appointment of Jennifer Kennelly as the new senior director of its investor services team. Kennelly’s professional career spans more than 25 years, including roles as national sales executive at LoanCare, capital markets director at Lenders One Mortgage Cooperative, managing director at Compass Analytics and positions at Freddie Mac. MCT […]
Publicly traded lending software firm MeridianLink has acquired OpenClose, a fintech company that specializes in residential mortgage software solutions for banks, credit unions and mortgage lenders. In a statement filed with the Securities and Exchange Commission, MeridianLink said it would pay $65 million in cash to buy the Florida-based company. “Combining the strengths of our […]
Revenue and net income were both down for Fannie Mae and Freddie Mac in the third quarter, and the two government sponsored entities (GSEs) expect the housing market to deteriorate further in the fourth quarter. Collectively, the GSEs have set aside $4.3 billion in credit loss builds to account for a decline in home values […]
Jimmy Kimmel is ready to host the Oscars again, completing a trilogy that started with him presiding over the chaotic “envelope-gate” ceremony. The late-night talk show host will preside over the ceremony in March, the show’s producers said Monday. “We’re super thrilled to have Jimmy score his hat trick on this global stage,” executive producers […]
Despite increased competition, wholesale lender Homepoint has rolled out a new home equity line of credit (HELOC) product. The goal is to court more brokers at a time when home equity levels remain high. Available on investment properties, single-unit owner-occupied properties and second homes, Homepoint’s HELOC product allows eligible borrowers to access between $20,000 to […]
High mortgage rates and looming economic uncertainty caused trillions in equity to evaporate from the housing market in the third quarter of 2022, according to Black Knight’s mortgage monitor report. And while additional declines are expected to be on the horizon, the good news is that the country’s housing equity position is still strong compared […]
It’s yet another casualty in the non-QM space – California-based Athas Capital Group is winding down its operations and laying off more than 200 employees due to the challenges in the secondary market. Executives at the mortgage lender announced their decision in a letter sent on Wednesday to business partners and employees, which was reviewed […]
California lender New American Funding issued pink slips to 240 employees last week, bringing the total cut this year to nearly 1,000. The force reductions come after two years or rapid expansion. “The mortgage market slowdown is unfortunately affecting our entire industry,” Rick Arvielo, CEO of New American Funding, told HousingWire in a statement. “It […]
Kenyans Evans Chebet and Sharon Lokedi made huge splashes in their New York City Marathon debuts Sunday. Chebet won the men’s race and Lokedi the women’s race in her first-ever marathon on an unseasonably warm day, with temperatures in the 70s making it one of the hottest in race history since the marathon was moved […]
South Korean team DRX were crowned League of Legends world champions on Saturday after scoring a surprise 3-2 victory over compatriots T1 in a thrilling final of the eSports tournament in San Francisco. T1, the most successful team in eSports history, started as favorites and took the lead in the first round of the competition. […]
The German version of the television show The Voice had a special guest Saturday on its final episode of the season. Rana Mansour, an Iranian American singer, performed the protest song For, (Baraye) a song dedicated to Mahsa Amini, the 22-year-old Iranian woman who died recently after being arrested by Iranian police. Amini was detained […]
Yordan Alvarez smashed a three-run homer, and the Houston Astros captured their second World Series in six seasons on Saturday with a 4-1 victory over Philadelphia. The Cuban slugger’s sixth-inning blast off Phillies relief pitcher Jose Alvarado gave Houston the lead for good as the Astros took Major League Baseball’s best-of-seven championship final four games […]
Aaron Carter, the singer-rapper who began performing as a child and had hit albums starting in his teen years, was found dead Saturday at his home in Southern California. He was 34. Representatives for Carter’s family confirmed the singer’s death. They did not provide any immediate further comment. Carter, the younger brother of Nick Carter […]
The U.S. Department of Education’s Office for Civil Rights (OCR) announced today the resolution of a complaint alleging inequitable athletics access for girls with respect to locker rooms, practice, and competitive facilities; equipment and supplies; and the opportunity to receive coaching at a high school in Salem-Keizer School District No. 24J in Oregon. details ⇒ […]
There has been a flurry of recent articles prognosticating a decrease to Federal Housing Administration (FHA) insurance premiums. Several trade groups including the Mortgage Bankers Association have corresponded with the HUD Secretary in support of cuts. One news article suggested a possible presidential announcement of FHA premium reductions prior to the November elections. A similar announcement was […]
United Wholesale Mortgage (UWM) is now the biggest mortgage lender in America, thanks in large part to a cut-rate pricing strategy that has put extreme pressure on competitors. UWM originated $33.5 billion in the third quarter, toppling its arch rival Rocket Mortgage‘s $25.6 billion in production. Purchase loans accounted for 82.7% of UWM’s mix in […]