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America is in a “full damage control mode” while the Federal Reserve attempts to control inflation, inflicting pain on the mortgage industry – and that’s when “bad policies have a habit of rearing their ugly head,” according to Mortgage Bankers Association (MBA) president and CEO Bob Broeksmit.  The main threat now comes from the Consumer […]

On stage in Nashville on Monday, Mortgage Bankers Association Chairwoman Kristy Fercho passed the torch to Matt Rocco, who will take over as chairman in 2023. Rocco, the CEO of Grandbridge Real Estate, a commercial real estate investment bank subsidiary of Truist Bank, said he’s laser-focused on strengthening the MBA’s affordable housing initiatives amid an […]

The Federal Housing Finance Agency (FHFA) on Monday announced that it is replacing the Classic FICO credit model, which Fannie Mae and Freddie Mac have relied on for nearly 20 years, for the FICO 10T and VantageScore 4.0.  “They will provide more accurate credit scores, and we believe the market, including investors, will be provided […]

Ginnie Mae President Alanna McCargo on Monday announced changes to the re-pooling seasoning requirement for re-performing loans, which it says will increase issuer liquidity. The government mortgage insurer will shorten the seasoning requirement from six months to three months and allow issuers the option to pool re-performing loans into TBA-eligible Ginnie Mae II Multi-Issuer Pools. […]

In May, I wrote about the signs to watch for a real estate market slowdown. It’s now October, we’ve had the biggest spike in mortgage rates we’ve seen in decades, and all the signs of a slowdown are here: Inventory is rising. The price of new listings is dropping. More homes are taking price reductions. […]

The mortgage-servicing rights market just keeps on ticking even as the overall housing market takes a licking. And while depository banks that are fueling that growth, concern is mounting over Ginnie Mae MSRs held by nonbanks. Mortgage advisory firms Prestwick Mortgage Group and partner Mortgage Capital Trading (MCT); Incenter Mortgage Advisors; and MIAC Analytics are out with a total of 10 bulk mortgage-servicing […]

Conference season is here in full force. After a one-to-two-year break from in-person events due to the COVID-19 pandemic, it can be challenging to navigate the slew of mortgage conferences that hit the industry each fall.  For some, conference season never stops. In a recent episode of the Housing News podcast, HW Media CEO Clayton […]

Amid one of the most challenging mortgage markets since the great financial crisis, Finance of America Mortgage LLC (FAM) will shut down by the end of the year following its decision to exit the wholesale channel and the collapse of a forward retail deal with Guaranteed Rate earlier this month. The board of directors of […]

Drop in refis, soaring interest rates and rise in homeowner costs to utilize equity drove prepayment to the lowest level since November 2000. Prepayment activity dropped 14.9% to a single-month mortality (SMM) rate of 0.57% in September – below the recent record of 0.59% set in January 2019, according to a report by Black Knight.  […]

Ginnie Mae on Friday announced that it has extended the mandatory implementation date of its controversial risk-based capital requirement (RBC) for nonbanks to Dec. 31, 2024. The rule — which reduced the minimum risk-based capital ratio from 10% to 6%, but put a 250% risk weight on the MSR asset and the dollar-for-dollar deduction from capital […]

In times as tough as these, mortgage lenders must be proactive in borrower outreach and find consumers’ home finance needs if they’re going to close a deal, a new report by mortgage relationship data company Sales Boomerang concludes. Based on decreases in borrowers’ mortgage inquiries, early payoff (EPO) of mortgages and new home listings in […]

Online bank Ally Financial recorded a $136 million impairment related to its investment in struggling digital mortgage lender Better.com, bank executives said Wednesday during the company’s third-quarter earnings call. The bank disclosed to shareholders and analysts that the $136 million impairment was a “nonmarketable equity investment” related to its mortgage business. “Following the impairment, our […]

Nations Direct Mortgage, a residential lender in both the retail and wholesale channels, on Wednesday announced appointing Jack O’Brien as its senior vice president and national sales director. Prior to joining Nations Direct, O’Brien held leadership positions at LoanDepot, was Northeast regional sales manager at Fifth Third Bank; principal at J.H. O’Brien & Associates and […]

A doubling of 30-year fixed rate mortgage rates, shrinking profit margins and a risk of recession presents a challenging environment for independent mortgage banks (IMBs), but smaller IMBs are better positioned to weather challenges, claimed the Community Home Lenders of America (CHLA), a lobby group that represents smaller mortgage lenders. Large IMBs with portfolio holdings […]

Fitch Ratings in late October 2022 set negative outlooks for four nonbank mortgage lenders. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?w=1024″ width=”4429″ height=”2953″ src=”https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?w=1024″ alt=”New York, NY, U.S.A. – Fitch Ratings: Fitch Ratings Inc. is an A” class=”wp-image-366713″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg 4429w, https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?resize=1536,1024 1536w, https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?resize=2048,1365 2048w, https://www.housingwire.com/wp-content/uploads/2022/10/Fitch-Ratings.jpeg?resize=600,400 600w” sizes=”(max-width: 4429px) 100vw, 4429px”>Fitch Ratings […]

In June of this year, I raised the fifth recession red flag, putting the housing market in a traditional recession where sales, incomes, jobs, and production would be falling, which is happening now. And unfortunately, one of those productions items is housing completions data — which looks terrible in the latest report. As someone concerned […]

U.S. debt purchasers are positioned to benefit from rising delinquencies due to improvement in portfolio supply from an increase in non-performing loan (NPL) sales, according to a recent report from Fitch Ratings. This increase in delinquencies is attributed as a byproduct of mounting recessionary pressures, with higher interest rates and inflation raising the risk of […]

Optimal Blue, a division of Black Knight, launched its first hedging and trading platform CompassEdge, unifying its existing risk management and loan sale platform CompassPoint within a single system. CompassEdge is designed to support every originator – regardless of range, size or type – and provide pipeline risk management tools and analytics with dynamic loan […]

Mortgage demand continued its downward trend last week, reaching the lowest level in 25 years, according to the latest survey from the Mortgage Bankers Association (MBA).  That indicates lenders may still face substantial declines in their origination volume in the last quarter of 2022. Depositary banks such as JP Morgan, Wells Fargo and Bank of America have already delivered double-digit contraction in […]

Loan quality and audit services company QC Ally announced on Tuesday that Kristin Broadley has joined the company as its new chief innovation officer. In this role, Broadley will help expand QC Ally’s tech-enabled loan quality initiatives and audit services. Broadley’s professional career spans more than two decades. Her most recent role was vice president […]

To say that mortgage lenders are facing challenging times would be a considerable understatement. The federal funds rate, which is set as a range between an upper and lower limit, currently stands at 3% to 3.25%. The last time that the rate reached 3.25% was in 2005 — and we all know how that story […]

Racial Equity Accelerator for Homeownership, a collaboration between Urban Institute and Federal Home Loan Bank (FHLB) of San Francisco, on Monday released a report that examines how the adoption of alternative data can benefit Black households within the mortgage lending landscape. The report found a 30-percentage point gap in homeownership between Black and white households […]

With how important and critical information is in the current housing environment, we’re excited to share these session highlights from HousingWire Annual in Scottsdale, A.Z. with you through this free virtual event. The HousingWire Annual Remix includes replays of the top sessions at the event like the fireside chat with FHFA Director Sandra Thompson and […]

The Howard County Food Bank in Columbia, Maryland, gained valuable volunteers and donations from Planet Home Lending as the organization partnered with Farmlink to deliver farm-fresh produce to the food bank. Volunteers from Planet Home Lending didn’t just donate canned goods and other grocery items — they got their hands dirty, pulled weeds, fertilized plants […]

Servicers’ forbearance rate declined marginally again in September, the Mortgage Bankers Association (MBA) reported Monday. But the trade group expects pressure in the coming months due to the worsening economic conditions and the destruction caused by Hurricane Ian.  The total number of loans in forbearance decreased three basis points from the previous month to 0.69% […]

Rocket Pro TPO, a division of Rocket Mortgage, launched a set of new tools this week for non-delegated correspondent lenders. Through the program, the homebuyer uses Rocket Pro TPO’s digital client portal to apply, submit documents and e-sign. Rocket then generates loan estimates, closing disclosures and final closing documents to the client through the portal. […]