Demand for mortgage loans declined to the lowest level since 2000 last week due to affordability challenges and uncertainties regarding the U.S. economy, according to the Mortgage Bankers Association (MBA). The market composite index, a measure of mortgage loan application volume, fell 2.3% for the week ending Aug. 12, compared to the previous week. It was also down […]
Rising teenager Emma Raducanu came out on the winning side of a generational clash against tennis icon Serena Williams with a 6-4 6-0 win in their first-round meeting at the Cincinnati Open on Tuesday. After a sluggish start, the 23-time Grand Slam champion finally gave the supportive sold-out crowd something to cheer about when she […]
Worried about the changing tides in the real estate market and the current recession? To help you feel as prepared and informed as possible, we’ve designed the HousingWire Annual agenda to address the top questions in housing right now, including questions around the recession and how housing professionals are working to stay competitive in this […]
Wolfgang Petersen, the German filmmaker whose World War II submarine epic “Das Boot” propelled him into a blockbuster Hollywood career that included the films “In the Line of Fire,” “Air Force One” and “The Perfect Storm,” has died. He was 81. Petersen died Friday at his home in the Los Angeles neighborhood of Brentwood after […]
Nearly 70 mortgage lenders and brokers made it on the list of Inc. Magazine‘s 5,000 fastest-growing companies in the U.S. for 2022. The companies are U.S.-based, privately held and independent as of Dec. 31, 2018. Additionally, all these businesses had a minimum revenue of $100,000 in 2018 and $2 million last year. All the top […]
Canadian real estate tech firm Voxtur Analytics Corp. has agreed to buy mortgage servicing rights trading platform Blue Water Financial Technologies for a cool $101 million. Voxtur, which has been on a buying binge over the last few years, plans to combine Blue Water’s capital markets SaaS platform with its own constellation of real estate […]
After an extensive joint investigation by the United States and Cambodia, about 30 Cambodian cultural artifacts were returned to their homeland. As VOA’s Chetra Chap reports, it turns out that some of the people who looted the antiquities helped bring some of them back to the Southeast Asian nation. Videographer: Chetra Chap details ⇒ BusinessMediaguide.Com portal […]
The U.S. Department of Education’s Office for Civil Rights (OCR) today announced that the Victor Valley Union High School District in California has entered into a resolution agreement to end race discrimination in implementation of school discipline. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
“Back-to-school season is a time of possibility and promise for students, parents and families, and educators alike. To all the school leaders working to ensure your campuses can remain safely open for in-person learning throughout this new academic year, all of us in the Biden-Harris administration appreciate your dedication in making in-person learning happen. To […]
The fate of Wells Fargo & Co.’s mortgage business has been the subject of industry speculation in the wake of a Bloomberg report indicating that the lending giant plans to shrink its enormous mortgage footprint, including a likely pull-back from the correspondent lending business. Shortly after that story went live, analysts at Keefe, Bruyette & Woods(KBW) published a report stating that […]
Today, the U.S. Department of Education (Department) announced that it will discharge all remaining federal student loans that borrowers received to attend ITT Technical Institute (ITT) from January 1, 2005, through its closure in September 2016. The decision, which follows Departmental findings based on extensive internal records, testimony from ITT managers and recruiters, and first-hand […]
The fatal film-set shooting of a cinematographer by actor Alec Baldwin last year was an accident, according to a determination made by New Mexico’s Office of the Medical Investigator following the completion of an autopsy and a review of law enforcement reports. The medical investigator’s report was made public Monday by the Santa Fe County […]
Blend Labs executives say they are being conservative in managing the company after recording a massive financial loss in the second quarter of 2022. The California-based mortgage tech company plans to reduce costs, including cutting 25% of its workforce, and will focus on products with a higher return on investment amid an extreme market downturn. […]
Nearly 50 years after Sacheen Littlefeather stood on the Academy Awards stage on behalf of Marlon Brando to speak about the depiction of Native Americans in Hollywood films, the Academy of Motion Pictures Arts and Sciences apologized to her for the abuse she endured. The Academy Museum of Motion Pictures on Monday said that it […]
A combination of fast-rising home values and the fact that nearly two-thirds of borrowers with at least some home equity have mortgage rates below 4% — and would not benefit from refinancing — is helping to propel a resurgent market for home-equity lines of credit (HELOCs). HELOCs allow homeowners to tap the equity in their […]
Servicers’ forbearance portfolio volume descended in July since mortgage forbearance rate dropped below 1% in April. The total number of loans decreased one basis point to 0.34%, according to Mortgage Bankers Association (MBA). The mortgage forbearance rate on a declining trend is positive news after the economic impacts of the pandemic hit borrowers hard. The […]
In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo, the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business. The depository bank will likely shrink or potentially halt correspondent lending, in which Wells Fargo funds the loan arranged by […]
Scotland’s police said Sunday they are investigating a report of an “online threat” made to the author JK Rowling after she tweeted her condemnation of the stabbing of Salman Rushdie. The Harry Potter creator said she felt “very sick” after hearing the news and hoped the novelist would “be OK.” In response, a user said, […]
Some of the world’s most prized works of contemporary Western art have been unveiled for the first time in decades — in Tehran. Iranian President Ebrahim Raisi, a hard-line cleric, rails against the influence of the West. Authorities have lashed out at “deviant” artists for “attacking Iran’s revolutionary culture.” And the Islamic Republic has plunged […]
Acclaimed author Salman Rushdie remained hospitalized on Saturday with serious injuries a day after he was repeatedly stabbed at a public appearance in New York state, while police sought to determine the motive behind an attack that drew international condemnation. Hadi Matar, 24, of Fairview, New Jersey, was arraigned late Friday, accused of attempted murder […]
Iranians reacted with praise and worry Saturday over the attack on novelist Salman Rushdie, the target of a decades-old fatwa by the late Supreme Leader Ayatollah Ruhollah Khomeini calling for his death. It remains unclear why Rushdie’s attacker, identified by police as Hadi Mattar of Fairview, New Jersey, stabbed the author as he prepared to […]
A painter in orange overalls touches up the image of a hand holding a rifle while an artist perched on scaffolding painstakingly places bits of colorful ceramic in a mosaic of a guerrilla fighter. The artists aren’t just decorating a wall: Together, they are helping to revive muralism, a movement that put Mexico at the […]
By now, it is no surprise to hear that promoting women to leadership positions is beneficial for company performance and company culture, but it is time to go beyond talk. These leadership duos will share their experience in finding allies in the c-suite during the Women of Influence Forum at HW Annual on Oct. 3. […]
This week’s HW+ member spotlight features Tom O’Donoghue, owner at Reverse Loans Now. O’Donoghue has been in mortgage banking for more than 30 years and has been helping and committed to working with Senior Citizens for the last seven years. HW Media: What is your current favorite HW+ article and why? Tom O’Donoghue: How inflation could be a net benefit […]
Fannie Mae has launched its fourth reperforming-loan sale of the year — an offering of 6,130 loans with an unpaid principal balance of $997 million. The offering, dubbed FNMA 2022-RPL4, represents the agency’s 27th sale of reperforming loans since the inaugural offering in October 2016, which involved a pool of 3,600 reperforming loans valued at about […]
Add Impac Mortgage Holdings to the list of mortgage lenders that posted a loss in the second quarter of 2022, despite an effort to reduce expenses. In the most challenging mortgage market in well over a decade, executives at Impac have opted to pull back on non-QM products, which represent most of the company’s originations. It resulted […]
Chinese state media has stopped promoting a short film that depicted the everyday struggles of a disabled man in rural China and drew tens of millions of views before prompting widespread online criticism of Beijing’s poor disability rights record. Following the online criticism from Chinese people with and without disabilities, top Chinese video streaming website […]
One of the best ways to learn and grow is through experience-sharing, vulnerability and collaboration with others, which is what this workshop that rounds out the Women of Influence Forum is designed to create for attendees. The “Creating a Seat at the Table” workshop at the forum, which kicks off HousingWire Annual on Oct. 3, […]
Mortgage lender loanDepot, based in Orange County, California, has more bad news tucked away in its latest quarterly earnings report filed with the U.S. Securities and Exchange Commission (SEC) — beyond announcing it was shutting down its wholesale division after posting a second quarter loss of $223.8 million, following on the heels of $91.3 million loss […]
Redwood Trust Inc., a real estate investment trust (REIT) based in Mill Valley California that has residential operations focused on nonagency jumbo loans, recently reported a second-quarter 2022 net loss of $100 million, after recording a net gain of $31 million in the prior quarter. Likewise, Atlanta-based Angel Oak Mortgage Inc., a real estate investment trust […]
U.S. Secretary of Education Miguel Cardona today issued the following statement on updated guidance from the Centers for Disease Control and Prevention regarding the pandemic. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
Good afternoon, everyone! To all the college presidents and leaders here today: thank you for coming. It’s even worse when you lose your luggage or have cancellations, which I know many of you did. Traveling to Washington in the final weeks of summer is a big ask. Some of you even canceled vacations to be […]
Home Point Capital, the parent company of wholesale lender Homepoint, took a loss in the second quarter of 2022, even after reducing costs and selling mortgage servicing rights. The company reported reduced volume and lower margins caused by surging rates and an aggressive pricing strategy from its rival United Wholesale Mortgage (UWM). Homepoint, however, said it will not […]
Purchase mortgage rates continue their roller coaster ride – they moved above 5% this week, according to the latest purchase mortgage survey from Freddie Mac. The 30-year fixed-rate mortgage increased this week to average 5.22%, up from last week’s 4.99%. A year ago this time, rates averaged 2.77%. The index compiles rates reported by lenders during the past […]
Today, the U.S. Department of Education (Department) announced the availability of $5 million in funds to support a new College Completion Fund for Postsecondary Student Success. The funding will support grants to Historically Black Colleges and Universities (HBCUs), Tribal Colleges and Universities (TCUs), and Minority-Serving Institutions (MSIs) such as Hispanic-Serving Institutions (HSIs) – many of […]
Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Lone Peak is the fourth lender to join Panorama this year, following the additions of Utah-based Rely Home Loans, Texas-based Prosperity Mortgage and Oregon-based Vision Mortgage Group. Donovan Stamps, a 27-year mortgage veteran with stints at Stearns Lending, SoFi […]
When the sky is falling in the mortgage industry, generally there is something else that is rising. For many larger nonbank lenders, including UWM Holdings Corp., the parent of United Wholesale Mortgage (UWM), what is rising in their favor is the value of mortgage servicing rights (MSRs). UWM, the nation’s largest wholesale mortgage lender, recorded net income of $215.4 […]
Mortgage lender Celebrity Home Loans shut down its correspondent channel and laid off employees on Tuesday. Amid a market downturn, the company has decided to focus on the retail lending business. “As one of the few retail lenders that saw production grow from Q1 to Q2, we’ve decided to keep our focus on our greatest strength: retail […]
Ginnie Mae and the Federal Housing Administration are looking to take a bigger bite out of manufactured housing finance. In a request for input the agencies published at the end of July, FHA and Ginnie Mae detailed an array potential changes to make the manufactured housing Title I program more palatable for lenders. Potential changes […]
Angel Oak Capital Advisors, the investment management arm of non-QM lender Angel Oak Cos., has agreed to pay $1.75 million to settle charges brought by the U.S. Securities and Exchange Commission (SEC) alleging that the company misled investors about the delinquency rates in a 2018 private-label securitization involving fix-and-flip loans. Also charged in the case, according […]
Mortgage demand remained relatively flat last week amid volatility in mortgage rates in recent weeks. The market composite index, a measure of mortgage loan application volume, rose a marginal 0.2% for the week ending August 5, according to the Mortgage Bankers Association (MBA). The market index is down 62% compared to the same week in […]
Issey Miyake, who built one of Japan’s biggest fashion brands and was known for his boldly sculpted pleated pieces as well as former Apple CEO Steve Jobs’ black turtlenecks, has died. He was 84. Miyake died August 5 of liver cancer, Miyake Design Office said Tuesday. Miyake defined an era in Japan’s modern history, reaching […]
René Rodriguez, the author of the best-selling book, “Amplify your Influence: Transform how you Communicate and Lead,” is slated to share his expert insights on leadership and influence during the Vanguard Forum at HW Annual this year. Joining as the keynote speaker for what should be the most powerful room in housing, Rodriguez kicks off […]
California-based mortgage lender loanDepot is shutting down its wholesale division amid plummeting origination volumes and widening financial losses in the second quarter. The decision to close the channel also reflects fierce competition from its peers in the broker space, primarily from United Wholesale Mortgage (UWM). The nonbank lender’s announcement comes on Tuesday was announced after […]
Two advisory and brokerage firms active in the mortgage servicing rights (MSR) market recently unveiled three new mortgage servicing offerings for agency loan portfolios valued in total at $4 billion. The new offerings are a sign that MSR trading continues to be healthy, although sources close to market indicate that the dynamics fueling MSR sales […]