Adjusting to today’s market can be dizzying after the last few years of historically low interest rates and high refinance business. However, the lenders and loan officers who will be most successful in the second half of 2022 will be those who pivot quickly, understanding both the nuances of the market and the best strategies […]
Miami-based fintech Milo has closed $10 million in cryptocurrency mortgages since unveiling the product earlier this year, the company announced early Tuesday. The lender’s 30-year crypto mortgage is designed to make it easy for investors to use their digital holdings to acquire homes in the U.S. Through the crypto-lending program, Milo allows borrowers to pledge cryptocurrency through […]
The Federal Housing Administration’s (FHA) decision to withhold a mortgage insurance premium cut has confounded mortgage policy experts and industry stakeholders. HUD officials earlier this year said cuts to borrower fees depended on the number of borrowers behind on their payments. But during a Thursday press briefing, HUD officials said they are weighing “budgetary implications, […]
Pop artist Claes Oldenburg, who turned the mundane into the monumental through his outsized sculptures of a baseball bat, a clothespin and other objects, has died at age 93. Oldenburg died Monday morning in Manhattan, according to his daughter, Maartje Oldenburg. He had been in poor health since falling and breaking his hip a month […]
The residential mortgage-backed securities (RMBS) market is reeling from an unfavorable interest-rate environment, which is expected to suppress private-label securities offerings for at least the rest of the year, a recent market outlook report concludes. The private-label securities (PLS) market update from Kroll Bond Rating Agency (KBRA) places the bulk of the blame for the […]
Servicers’ forbearance portfolio volume trended downward in June but declined at a much slower pace than earlier this year, according to the Mortgage Bankers Association (MBA). The total number of loans in forbearance decreased by 4 basis points to 0.81% of servicers’ portfolio volume in June from May, per data from the MBA. The rate […]
new jobs hiring, housing jobs, recruiting for mortgage industry ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?w=1024″ alt=”hiring, housing jobs, recruiters” class=”wp-image-266067″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_268138402-e1615499006597.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>new jobs hiring, housing jobs, recruiting for mortgage industry Based on the headlines, one might assume the mortgage business is […]
U.S. actors Jennifer Lopez and Ben Affleck were wed Saturday in a late-night Las Vegas drive-through chapel, culminating a relationship that stretched over two decades in two separate romances and headlined countless tabloid covers. Lopez announced their marriage Sunday in her newsletter for fans with the heading “We did it.” Lopez initially made their engagement […]
Action-packed police thriller “Raging Fire” won best film and three other awards at the Hong Kong Film Awards Sunday, beating out a crowd favorite film about late Cantopop singer Anita Mui. The 40th Hong Kong Film Awards took place Sunday, after it was postponed thrice from April following the city’s biggest COVID-19 outbreak. It was […]
Soprano Angel Blue says she won’t perform in an opera in Italy this month because blackface was used in the staging of a different work this summer on the same stage. The U.S. singer posted a note on her angeljoyblue Instagram page saying she will be bowing out of “La Traviata” at Verona’s Arena this […]
Venezuela’s national currency, the Bolivar, has lost almost all its value over the past 10 years. That has prompted artists in neighboring Colombia to use the almost worthless bills as a canvas. For VOA News, Jair Diaz has the story from Bogota. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Ukraine’s deputy minister of culture said Friday that her country’s heritage is under attack by Russia and must be protected. “The president of Russia, Mr. Putin, announced that Ukrainian culture and identity is a target of this war,” Kateryna Chueva, deputy minister of Culture and Information Policy of Ukraine, reminded an informal meeting of the […]
Rocket Companies‘ subsidiary Edison Financial will rebrand as Rocket Mortgage next month in Canada, a market with more than $760 billion (CAD) in mortgage originations annually. Mortgage brokerage Edison Mortgage, which works with more than 50 lenders, reached $1 billion (CAD) in annualized submitted volume in March 2020, according to the firm. Windsor, Ontario-based Edison […]
Four new mortgage-servicing rights (MSR) offerings for agency loan portfolios valued at some $3.7 billion hit the market as the third quarter of the year kicked off. Alexandria, Virginia-based advisory and brokerage firm Prestwick Mortgage Group, along with its strategic partner, San Diego-based Mortgage Capital Trading (MCT), recently released bid documents for two separate MSR offerings involving loan […]
Wells Fargo‘s second-quarter earnings reflect the broader challenges mortgage lenders face in such a turbulent market – in just six months, a rapid rise in mortgage rates has eroded consumer demand, shocked capital markets and forced mass industry layoffs. And those fundamental challenges are not going away anytime soon. The third-biggest U.S. mortgage lender by volume […]
One statistic in the Mortgage Bankers Association’s latest quarterly Mortgage Bankers Performance Report sticks out for all of the wrong reasons. In the first quarter of 2022, the average cost to originate a mortgage for an independent mortgage bank was more than $10,000 per loan, rising for the seventh consecutive quarter and breaking previous report […]
Non-QM lender Kiavi, which specializes in fix-and-flip and investor loans, has laid off 39 employees, sources told HousingWire on Thursday. An email sent to employees on Wednesday morning said Kiavi reduced the size of the firm by about 7% “to reduce our cost structure and protect the financial health of the company.” Kiavi has more […]
Palo Alto, California-based fintech Point, which offers home-equity investment (HEI) contracts to homeowners, is expanding its services into Nevada and Ohio. With the expansion, Point’s HEI contracts are now available in 18 states and the District of Columbia, according to the company. “Nevada homeowners are sitting on more than $150 billion in tappable home equity, and […]
The HousingWire award spotlight series highlights the individuals who have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s Vanguards are now open through Friday, July 22, 2022. Click here to nominate someone. As home prices continue to rise, one growing point of interest for many homeowners are reverse mortgages, with older Americans sitting on a record $10 […]
JPMorgan Chase leaders Thursday provided a glimpse of what’s to come as mortgage lenders begin sharing performance data for the second quarter – and it’s not pretty. Opening the earnings season, the bank reported double digit declines in originations, margins compressions and revenues in a free-fall, demonstrating how higher mortgage rates, the result of the Federal […]
The rollercoaster continues for mortgage rates. After falling 40 basis points last week to 5.30%, purchase mortgage rates climbed back up this week to 5.50%, according to the latest PMMS survey from Freddie Mac. “Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags,” said Sam Khater, Freddie Mac’s chief economist. […]
The announcement made during National Summer Learning Week will allow more students to access more programs year-round to support their academic and mental health needs. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
In policymakers’ hunt for a scalable, quick solution to the affordability crisis, one model has attracted more attention of late: manufactured housing. Manufactured housing received a prominent shoutout in the Biden administration’s affordable housing plan, which touted the potential role Freddie Mac could play in that market. Now the government-sponsored enterprises are each weighing whether […]
ESG investing — that is “environmental, social and governance” money management — goes by many monikers. Some call it “sustainable investing,” others “impact investing.” The United Nations, which coined the term two decades ago in the wake of the Enron and Exxon Valdez scandals, sometimes refers to it as “inclusive investing.” All these phrases imply […]
June was a rough month for jumbo-mortgage securitizations, with only two private-label offerings brought to market valued at roughly $821 million. The two jumbo-loan deals that did make it out of the gate last month were issued by Rocket Mortgage and J.P. Morgan Chase via the Rocket Mortgage Trust and J.P. Morgan Mortgage Trust conduits. […]
Today, the U.S. Department of Education (Department) awarded the final $198 million in Higher Education Emergency Relief Fund (HEERF) grants. The grants will assist students who attend 244 colleges and universities and provides resources to help these institutions recover from the impacts of the pandemic. The American Rescue Plan, signed by President Biden in March […]
Demand for mortgages declined for the second consecutive week, led by a dip in purchase mortgage applications — despite rates on a downward trend. The market composite index, a measure of mortgage loan application volume, decreased 1.7% for the week ending July 8, according to the Mortgage Bankers Association (MBA). The refinance index rose 2% from […]
Iran has arrested an internationally renowned filmmaker, several newspapers reported Tuesday, the third Iranian director to be locked up in less than a week as the government escalates a crackdown on the country’s celebrated cinema industry. The arrest of award-winning director Jafar Panahi and wider pressure on filmmakers follows a wave of recent arrests as […]
California-based Pennymac launched a product that can freeze mortgage rates as many as 90 days, in a bid to attract more borrowers to the market amid volatile rates. Dubbed “Lock & Shop,” the product, rolled out in mid-June, has two terms: the 75-day lock, which gives borrowers 45 days to shop and 30 days to […]
Volatile mortgage rates and economic uncertainty have rocked the housing market this year, challenging mortgage lenders, real estate agents, title companies and appraisal firms to adapt quickly to changing conditions. That’s why we’ve designed our HW Annual event Oct. 3-5 as the “Davos of Housing,” providing real, practical insight for this dynamic market from proven […]
Lenders continued to tighten credit standards in June as higher mortgage rates slowed refinance and purchase activity. The monthly Mortgage Credit Availability Index (MCAI) fell by 0.3% in June, according to the Mortgage Bankers Association. A decline of the index, benchmarked to 100 in March 2012, indicates lending standards are tightening, while an increase suggests […]
In a few months, the loss mitigation measures that have kept close to 100,000 veterans from foreclosure during COVID-19 will end. Decisions of policymakers at the Department of Veterans Affairs will determine what happens to those borrowers. The VA also faces challenges unrelated to the pandemic. The cost of credit for its borrowers is set by Congress, […]
Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. Sitting in traffic, Tomaszewski wished he could pay an Uber driver to take the photos instead. “When we started, the idea was to obtain […]
“Succession” received a leading 25 Emmy nominations Tuesday, but the satirical drama about the rich and ruthless has a landmark rival in “Squid Game,” the first non-English language series to vie for television’s top honor. “Squid Game,” a South Korea-set drama in which the poor are fodder for brutal games, earned a best drama nomination […]
San Francisco-based Unison is extending its reach in the heartland by expanding its shared-equity loan program to homeowners in Nebraska. The move follows the opening of an office in Omaha earlier this year and reaching the milestone as of June 30 of having in force $6.1 billion in equity-sharing agreements with some 9,000 homeowners across 29 states […]
Nicktar Benedito, an artist in south-central Mozambique, has physical disabilities that have limited the use of his hands but honed his determination and empathy. Andre Baptista reports from Chimoio, capital of Manica province, in this story narrated by Carol Guensburg. Camera: Andre Baptista details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: […]
Nonbank lender loanDepot is making what appears to be the largest series of cuts in the mortgage industry this year, eliminating 4,800 jobs over the course of 2022. Overall, the California-based lender is implementing a program dubbed “Vision 2025” to save between $375 million and $400 million on an annual basis, including headcount reduction, process optimizations, […]
The loan quality of mortgage pools backing private-label securitization (PLS) deals has remained solid this year through the end of June, even as deal volume slowed appreciably between the first and second quarters. In addition, the average coupon for PLS note offerings so far this year has not yet caught up with current market rates, […]
As Wells Fargo contemplates a smaller footprint in mortgage, the nation’s fourth-largest bank named Kleber Santos as chief executive officer of consumer lending. Santos joined the bank in November 2020 as head of diverse segments, representation and Inclusion (DSRI), a role he will keep until the bank names a permanent replacement. Before Wells Fargo, he […]
The red on beige sign outside La Torre shop advertises the kind of underwear earlier generations might have worn, mostly knickerbockers and girdles. The shop — known as The Tower in English — has been a standard in Barcelona for more than 120 years, preserving a glimpse into the city’s past. La Torre has withstood the relentless […]
Mortgage services provider Evolve Mortgage Services announced Monday it has added Mark Calabria, the former director of the Federal Housing Finance Agency (FHFA), to its advisory board. Calabria is to serve a one-year term, which began July 1, according to an emailed news release from the Frisco, Texas-based company. The board primarily is focused on […]
U.S. Secretary of Education Miguel Cardona issued the below statement following a White House event commemorating the passage of the Bipartisan Safer Communities Act: “The Bipartisan Safer Communities Act is an important step toward addressing years of inaction and indifference in response to heartbreaking gun violence in our schools and communities. details ⇒ BusinessMediaguide.Com portal […]
Public health officials say one of the effects of the coronavirus lockdowns was that more people drank alcohol more heavily, with the World Health Organization warning of exacerbated health concerns and an increase in risky behaviors. As more bars reopen, Svitlana Prystynska takes us to one with a novel approach to drinking. details ⇒ BusinessMediaguide.Com […]
The federal government’s signature program to help homeowners from falling behind on their mortgage, having utilities shut off, or being forced out of their homes, is finally being rolled out across America through pilot programs. But servicers say that dealing with the $10 billion fund, dubbed the “Homeownership Assistance Fund,” has been chaotic and cumbersome. […]
Black Knight this week launched a tool that enables lenders to compare loan estimates and closing disclosures from closed loans to minimize expenses in a higher rate environment. Dubbed the Black Knight “fee cures suite,” the program combines loan information from the lender’s loan origination system with the firm’s Ernst fee data, as well as […]