On Monday, Sept. 12, U.S. Secretary of Education Miguel Cardona will launch the Road to Success Back to School Bus Tour alongside First Lady Jill Biden and Second Gentleman Douglas Emhoff. The week-long, multi-state road trip will showcase the many ways school communities are helping students recover and thrive – putting them on the road […]
Demand for mortgage loans declined last week as the markets continue to exert pressure on rates. With the 30-year fixed-rate hovering above the 6% level again, there’s no sign of a rebound in applications yet, despite a robust job market and growing housing inventory. The market composite index, a measure of mortgage loan application volume, […]
The wholesale arm of Rocket Mortgage on Tuesday raised anticipated agency conforming loan limits to $715,000, a sign that the nation’s largest mortgage lender is confident the maximum loan limit set by the federal government will rise by at least 10% in 2023. The increased loan limits for mortgage brokers apply to new registrations and […]
A multimedia exhibition of African American culture in the Western US state of Colorado includes works by an artist who found new direction during the coronavirus pandemic. VOA’s Scott Stearns has the story from Denver. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Top mortgage lender NewRez has added to its line of “Smart Series” non-QM products, launching a 40-year fixed-rate interest-only mortgage loan. With the 40-year IO mortgage, borrowers make interest-only payments for the first 10 years, which NewRez says increases their purchasing power and allows for more affordable monthly payments. (It also slows the amount of […]
Depository bank Citi has trimmed staffing levels in its mortgage business, following surging rates and a reorganization of its operations. “Citi has made a small number of staffing reductions within our mortgage team due to internal streamlining of functions,” a spokesperson said in a statement. Bloomberg News first reported on the layoffs and reported that […]
Cambodian Americans in California are coming together at a traditional night market, showcasing Khmer culture and sharing in recovery from past trauma inflicted by the Khmer Rouge. For VOA, Genia Dulot takes us there. Camera and produced by: Genia Dulot details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Watching the powerful historical testament to the horrors of war and the depths of human cruelty in “The Kiev Trial” at the Venice Film Festival, it can seem that little has changed. The out-of-competition documentary by Ukrainian director Sergei Loznitsa uses archival footage of a now-forgotten war crimes trial of 15 Germans held in Kyiv […]
The little-known story of a teenage scientist who passed U.S. nuclear secrets to the Soviet Union is the subject of a new documentary that premiered at the Venice Film Festival this week. A Compassionate Spy, by celebrated U.S. filmmaker Steve James, hopes to reignite debate about nuclear weapons at a time of rising geopolitical tensions. […]
The Washington, D.C., area is multicultural, with embassies, international businesses and a host of ethnic restaurants. People from Ethiopia, El Salvador, the Caribbean and more live in the city and the surrounding Maryland and Virginia suburbs. To showcase the food, artisans and traditional dance of these many cultures, the Around the World Cultural Food Festival […]
Barack Obama is halfway to an EGOT. The former U.S. president won an Emmy Award on Saturday to go with his two Grammys. Obama won the best narrator Emmy for his work on the Netflix documentary series, Our Great National Parks. The five-part show, which features national parks from around the globe, is produced by […]
A cap designed for Black swimmers’ natural hair that was banned from the Tokyo Olympics has been approved for competitive races. Swimming governing body FINA said on Friday the Soul Cap was on its list of approved equipment. “Promoting diversity and inclusivity is at the heart of FINA’s work,” executive director Brent Nowicki said […]
Jane Fonda said on social media Friday that she has cancer. “So, my dear friends, I have something personal I want to share. I’ve been diagnosed with non-Hodgkin’s Lymphoma and have started chemo treatments,” the 84-year-old actor wrote in an Instagram post. “This is a very treatable cancer,” she added, “so I feel very lucky.” […]
Serena Williams was eliminated from the U.S. Open on Friday in what may be the last match of her illustrious career but the impact she had on the game she dominated for over two decades will be felt for generations to come. Williams, who made her professional debut in 1995 a year after her older […]
A defiant Serena Williams bid an emotional goodbye to the U.S. Open with a third-round loss to Ajla Tomljanovic on Friday, in what may have been the last singles match of her glittering career. Defeat has always been hard to swallow for the fiercely competitive Williams and no doubt the 7-5 6-7 (4) 6-1 loss […]
Atlanta-based AmeriSave Mortgage Corp. exited the wholesale channel this week, a decision that comes after the mortgage lender has imposed rounds of layoffs across the company, according to former employees and business partners. HousingWire sent multiple requests to the company’s leadership for comments, but they did not respond. This week, brokers received a message stating that AmeriSave Wholesale […]
Loan originator and servicer Sun West Mortgage Co. Inc. has unveiled the latest version of its proprietary artificial-intelligence (AI) platform, called Morgan, which enables the lender to convert pre-approved, property-specific home loans into tradable non-fungible tokens (NFTs). The NFT is property agnostic, backed by real dollars and guaranteed by Sun West, which is one of the […]
Today, the U.S. Department of Education awarded 28 new three-year grants totaling $35.3 million through the Alaska Native Education (ANE) program. The ANE program recognizes the important roles that Alaska Native languages and cultures play in the educational success and long-term well-being of Alaska Native students. ANE grants were made to Alaska Native Organizations and […]
Homepoint laid off more than 100 employees this week as it feels the effects of the price war in the wholesale lending space. The company confirmed workforce reductions on Wednesday and Thursday are in line with the company’s “openness to get smaller as an organization to effectively counter severe market pressures,” according to a spokesperson […]
Bank of America announced a new zero down payment, zero closing cost mortgage solution for first-time homebuyers, which will be available in designated markets, including certain Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The Community Affordable Loan Solution™ aims to help eligible individuals and families obtain an affordable loan […]
Imagine if they could bottle a potion called “Just Serena.” That was Serena Williams’ succinct, smiling explanation for how she’d managed — at nearly 41, and match-rusty — to defeat the world’s second-ranked player and advance Wednesday to the third round of a U.S. Open that so far, doesn’t feel much like a farewell. “I’m […]
If there’s a key theme in the women leaders in the housing industry, it’s their collaboration and openness to helping each other grow and develop. It’s core to how this industry continues to move markets forward, which is why if you are attending HW Annual, you can’t skip the Women of Influence Forum on Oct. […]
The Impact Shares Affordable Housing MBS ETF, also known as OWNS, is an exchange-traded fund with the ambitious mission of seeking to tap the capital markets to address long-standing affordable-housing and racial-wealth gap issues in U.S. society. Since its inception last summer, OWNS has focused on investing in agency mortgage-backed securities (MBS) that are collateralized […]
Back in March, HousingWire Lead Analyst Logan Mohtashami coined the phrase “savagely unhealthy” to describe the state of the housing market. As catchy and memorable as the saying is, it signifies a very volatile and discouraging time for industry professionals and people looking to buy a home. Do you notice how I used a present-tense […]
By: Luke Rhine, Deputy Assistant Secretary the Office of Career, Technical & Adult Education Dual enrollment works. The Biden-Harris Administration is deeply committed to the use and expansion of high-quality dual enrollment programs to improve student access to rigorous coursework and equitable postsecondary opportunities. Recently, the Department of Education hosted a webinar featuring a panel of […]
Arizona-based mortgage lender Suburban Mortgage Inc.’s website is down and employees’ emails are disabled, indicating that the company apparently shut down its operations and laid off its employees. HousingWire reached out to representatives for the company, but they did not respond to requests for comments. A former employee told HousingWire that executives sent an email […]
Rocket Pro TPO is diversifying its product portfolio by offering home equity loans to brokers by mid-September amid increased competition in the wholesale channel. The move follows Rocket Mortgage‘s rolled of home equity loans in August as the firm tries to capitalize on Americans’ strong home equity positions. With the Rocket Pro TPO product, homeowners can […]
Expectations of a continuing aggressive monetary policy led mortgage rates to increase 11 basis points this week, according to the latest survey from Freddie Mac. The 30-year fixed-rate mortgage rose to an average of 5.66%, up from last week’s 5.55%. A year ago this time, rates averaged 2.87%. The index compiles only purchase mortgage rates reported by […]
You’ve enjoyed and learned from dozens of articles over the past few weeks, highlighting the panels and speakers at HW Annual. Exciting leaders like Marc King, AJ Barkley, Rene Rodriguez and William Lyons, will speak to attendees in fireside chats and panels like “The Amazon of Real Estate.” But, what does a day in the […]
Edward Bohm, former president of sales and co-owner of mortgage lender Vanguard Funding was sentenced to two years in prison for pocketing more than $8.9 million from warehouse lenders along with two other former executives at the firm. The United States Attorney for the Eastern District of New York on Tuesday also ordered Bohm to […]
Toronto-based Tricon Residential Inc., which oversees a portfolio of more than 33,000 single-family rental homes in the United States and Canada, is once again teaming up with the Arizona State Retirement System (ASRS) to invest $500 million to build 2,500 single-family rentals in the U.S. Sun Belt. This latest deal represents the second joint venture between Tricon and ASRS. In […]
“Persuasion,” a new film based on Jane Austen’s early 19th century novel, has ranked among the top 10 on the Netflix streaming platform. While Austen diehards and many critics have slammed it as inauthentic, others say such modernized versions could attract new audiences to the books of the celebrated English author. VOA’s Penelope Poulou has more. Video editor: Penelope Poulou details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Freddie Mac notched record credit-risk transfer (CRT) issuances of some $15 billion during the first half of this year, protecting $358 billion in single-family mortgages. For the second quarter alone, Freddie Mac also posted record CRT issuance of $6.5 billion, protecting $151 billion in single-family mortgages. The offering totals were across the agency’s flagship Structured Agency […]
Demand for mortgage loans declined last week when mortgage rates surged due to Federal Reserve Chairman Jerome Powell’s speech indicating that combating persistent inflation will cause some pain now. The market composite index, a measure of mortgage loan application volume, fell 3.7% for the week ending Aug. 26, compared to the previous week, according to the Mortgage […]
The Prestwick Mortgage Group, an Alexandria, Virginia-based advisory and brokerage firm, has unveiled a mortgage-servicing rights (MSR) offering for a $598 million package of Fannie Mae and Freddie Mac loans. Prestwick’s offering comes on the heels of a separate bulk offering announced recently by New York-based Mortgage Industry Advisory Group (MIAC) that involves an MSR offering for a package of Fannie Mae […]
What’s unique about President Biden’s housing administration compared to past administrations? From regulations and enforcement to innovation in policies and technology, there’s a lot to talk through when it comes to addressing this question, which is why we’re stoked for this panel at HousingWire Annual. Moderating the Regulatory Super Session on Oct. 4, Angel Hernandez, […]
There’s only one month left until HW Annual kicks off on Oct. 3rd. As the conference quickly approaches, so does the deadline to lock in the exclusive room rate for the Fairmont Princess Resort in Scottsdale, Arizona. Take advantage of staying on the property and being close to all the conference sessions and networking events […]
Today, the U.S. Department of Education (Department) announced that it will discharge all remaining federal student loans for borrowers who enrolled in any location of Westwood College (including enrollment in Westwood’s online program) between January 1, 2002 through November 17, 2015 when it stopped enrolling new borrowers in advance of its 2016 closure. details ⇒ […]
Rocket Companies, the parent company of Rocket Mortgage, extended the second round of voluntary career transition offers to employees amid the company’s forecast of much lower origination volume in the third quarter. “We recognize career growth options in certain areas of our business are limited right now, while the housing market normalizes following two years […]
Digital mortgage lender Better.com and blank-check firm Aurora Acquisition Corp. extended the deadline to conclude their merger agreement, but the companies have already started to discuss options in case the deal fails. In May 2021, Novator Capital-sponsored special purpose acquisition company Aurora announced plans to make Better.com public in the fourth quarter of 2021. The deal valued the SoftBank Group-backed digital lender at […]
Inflation slowed more than expected in July, the result of a dip in gas and energy prices. But soaring housing costs continue to weigh heavily on family budgets. Rents and home purchase prices are up – 17% and 20% respectively – from last year. It seems as if every day there is yet another news story highlighting […]
California-based Impac Mortgage Holdings received a notice on Friday from the NYSE American LLC requiring a plan to adjust its stockholders’ equity level amid consecutive financial losses. Otherwise, the mortgage lender will be subject to delisting proceedings, according to a Securities and Exchange Commission (SEC) filing. In the most challenging mortgage market in well over a decade, Impac stockholders’ equity reached […]
In 2021, United Wholesale Mortgage (UWM) CEO Mat Ishbia set a three-year goal to make UWM the No. 1 lender in the country. Ishbia, who started running his father’s mortgage firm in 2013 and has since grown it into the country’s No. 2 lender, isn’t satisfied with second place, behind Rocket Mortgage. “I don’t have […]
Bad Bunny, the Puerto Rican Latin trap and reggaeton artist who’s among the world’s biggest stars, scored MTV’s artist of the year award Sunday at the annual Video Music Awards. But the performer was conspicuously absent from the show: he was busy with his own blockbuster tour, playing the second night of a sold out […]
Turkish pop star Gulsen has been arrested on charges of “inciting hatred and enmity” with a joke she made about Turkey’s religious schools, the country’s state-run news agency reported. The 46-year-old singer and songwriter, whose full name is Gulsen Colakoglu, was taken away from her home in Istanbul for questioning and formally arrested late Thursday. […]