Mortgage consulting firm LendArch has hired Karthik Kumar, the former global mortgage practice head at Tata Consultancy Services (TCS). He will serve as LendArch’s executive vice president and chief operating officer. Kumar was a manager at Standard Chartered Bank from 2002 to 2004. He then spent 18 years at TCS, where he focused on solution […]
Just how bad was the mortgage market in June, when rates climbed north of 6%? Rate locks fell across all loan types last month, and were down 11% overall from May, according to Black Knight. The company’s monthly mortgage originations report also revealed that 82% of locks in June were purchases, the lowest share of […]
Tehran residents accustomed to seething at slow-moving traffic, sweltering in summer heat and suffocating in smog may be surprised to find a growing number of outdoor painters reveling in the Iranian capital’s historic charm. The overcrowded metropolis may be dusty and in need of beautification, but the honeycomb of alleyways that make up old Tehran […]
Tony Sirico, who played the impeccably groomed mobster Paulie Walnuts in The Sopranos and brought his tough-guy swagger to films including Goodfellas, died Friday. He was 79. Sirico died at an assisted living facility in Fort Lauderdale, Florida, said his manager, Bob McGowen. There was no immediate information on the cause of death. A statement […]
Elena Rybakina dropped the first set but roared back to defeat No. 3 seed Ons Jabeur and win the women’s singles title at Wimbledon on Saturday. Rybakina, the No. 17 seed who was born in Moscow but has represented Kazakhstan since 2018, triumphed 3-6, 6-2, 6-2 over the Tunisian at the All England Club […]
The Federal Housing Administration (FHA) is making it easier for homebuyers financially affected by COVID-19 to qualify for a loan. The administration told lenders Thursday it will grant underwriting flexibility in cases in which a borrower experienced a gap in employment or a reduction of income as a result of the pandemic — but has since […]
Just two days after it abruptly shut down its operations, non-QM lender Sprout Mortgage became the target of a class-action-seeking lawsuit. Two former employees are suing the Long Island-based Sprout, its affiliated company Recovco Mortgage Management LLC and chief executive officer Michael Strauss, alleging they laid off around 100 employees at the New York office […]
Institutional players in the single-family rental (SFR) market have been expanding their reach into select American neighborhoods since the global financial crisis of 2008, but they now find themselves in an uncomfortable limelight. They are under scrutiny in Congress and accused of gentrifying minority neighborhoods and allegedly displacing large numbers of people of color — […]
Recently, the Federal Housing Finance Agency (FHFA) announced that mortgage lenders will be required to include in loan packets the Supplemental Consumer Information Form (SCIF), which registers a borrower’s language preference, in order for those loans to be eligible for sale to Freddie Mac or Fannie Mae. While the requirement may seem fairly innocuous, it’s […]
There is public outrage in India over the depiction of a Hindu goddess that critics say disparages the religious figure. The image appears in a poster promoting the new short film Kaali by Canadian-based Indian filmmaker Leena Manimekalai. The poster depicts Hindu goddess Kaali smoking a cigarette and holding an LGBTQ+ flag. After filmmaker Leena […]
Can Fannie Mae’s housing equity plan make a meaningful dent in the 30 percentage point racial homeownership gap without a broad review of loan pricing? Top brass at Fannie Mae, in a Thursday webinar discussing its new equitable housing finance plans, argued it can. “The list of potential obstacles across the Black housing journey — […]
Roughly eight in 10 consumers participating in a recent survey are frustrated with the housing market, inflation and the increasingly worsening economy — reflecting record-setting dissatisfaction from respondents of Fannie Mae‘s Home Purchase Sentiment Index (HPSI). The index, which tracks consumer confidence in the housing market, fell 3.4 points from May to June, dropping to 64.8 […]
Enact Holdings Inc., the holding company for Enact Mortgage Insurance Co., has inked a deal with five lenders that have agreed to extend a $200 million revolving line of credit to the company. The credit facility will be used for working capital and other corporate purposes as well as for capital contributions to its insurance subsidiaries. […]
American actor James Caan, known best for his role as the hot-headed Sonny Corleone in the classic 1972 film, “The Godfather,” has died at the age of 82. A message posted to the actor’s Twitter account on Thursday read “It is with great sadness that we inform you of the passing of Jimmy on the […]
In May, we announced our intention to acquire Black Knight. Since the announcement, we have heard from a number of lenders and partners about their excitement over our ability to accelerate the digital journey of our industry, our ability to invest in the modernization of the MSP servicing platform, and the open technology approach we […]
An American basketball player held in Russia since February for possession of cannabis oil pleaded guilty in a Russian court Thursday. “I’d like to plead guilty, your honor. But there was no intent. I didn’t want to break the law,” Brittney Griner, 31, said, speaking English, which was then translated into Russian for the […]
We are in a unique moment in the history of housing. With a rapid spike in interest rates, inventory at historic lows, home prices rising at unprecedented levels above income, and a purchase market that is both highly anxious and digitally reliant, mortgage and real estate professionals must be strategic to capture the market opportunity […]
Non-QM lender Sprout Mortgage is shutting down operations, multiple workers said on Wednesday. The company informed workers of the shut down in a conference call on Wednesday, a former staffer said. Sprout had already instituted several rounds of job cuts in the months leading up to the shutdown, the ex-employee said. The closure of Long […]
Subsidiaries of Pennymac Financial Services Inc. (PFSI), which ranks as one of the top five mortgage lenders nationally, are seeking to raise more than $700 million in the debt markets through the sale of notes secured by mortgage servicing rights. The transactions include a note offering of $305 million sponsored by PFSI subsidiary PennyMac Mortgage Investment Trust that is […]
The federal banking regulators responsible for overseeing the Community Reinvestment Act (CRA) obligations of lenders they regulate have released the 2022 list of distressed or underserved rural census tracts where community-development loans, investments and services are eligible for special CRA consideration. Community-development efforts eligible for the special consideration include affordable-housing lending in these lower-income rural […]
By: Aysha E. Schomburg, Associate Commissioner of the Children’s Bureau in the Administration on Children, Youth and Families, U.S. Department of Health and Human Services and Ruth Ryder, Deputy Assistant Secretary in the Office of Elementary and Secondary Education (OESE), U.S. Department of Education The 2021-2022 school year has come to a close. As students […]
Lender and servicer New Residential Investment Corp. laid off originations staffers last week, sources told HousingWire. The lender has made several rounds of cuts since February. Employees in processing, underwriting, and closing jobs were the main targets in the last week’s layoff round, according to multiple interviews with former employees. The latest layoff affected employees […]
As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. This typically happens in a recession, however, the notion that credit lending in America will collapse as it did from 2005 to 2008 couldn’t be more incorrect, as we haven’t had a credit boom in the period […]
Today, the U.S. Department of Education (Department) released proposed regulations that would expand and improve the major student loan discharge programs authorized by the Higher Education Act. The regulations propose to alleviate student loan debt burdens for borrowers whose schools closed or lied to them, who are totally and permanently disabled, and for public service […]
Fewer applications show borrowers’ demand for mortgage loans fell this week, despite a decline in rates due to concerns of an economic recession, according to the Mortgage Bankers Association (MBA). The survey, which includes adjustments to account for the long Fourth of July weekend, shows mortgage applications down 5.4% for the week ending July 1, compared to […]
Real estate valuation technology company Clear Capital rolled out two application programming interfaces (APIs) that aim to make adopting and deploying modern valuation solutions easier, ultimately closing loans faster. Property valuation API and risk assessment API, released late last month, connect directly into existing systems through a single integration for lenders, investors and system providers, […]
Less than a month after Wyndham Capital Mortgage said it planned to pink slip more than 40 employees, the consumer direct lender conducted another round of layoffs. Wyndham notified “a number of employees” about the layoffs Thursday, including those working in the Charlotte, North Carolina headquarters, and employees who work remotely, according to a layoff […]
Seattle-based real estate investment platform Arrived Homes is flush with cash after recently raising $25 million in a venture-capital funding round, and is working to expand its reach in the still-hot single-family rental market. Arrived Homes is currently on a pace of acquiring about 30 single-family rental properties per month, with an existing portfolio across 19 cities of […]
Home price appreciation, which skyrocketed during the pandemic, is showing signs of slowing, according to a monthly report published by CoreLogic Tuesday. In May, home prices increased by 20.2% year-over-year, the report said. But come next May, the data vendor predicts home price appreciation will dip to 5%. The recent hikes in mortgage interest […]
Specialty finance company Redwood Trust Inc. has completed its acquisition of bridge lender Riverbend Funding LLC, which has a funded portfolio of more than $1.5 billion single-family and multifamily loans nationwide. The acquisition of Portland, Oregon-based Riverbend and its subsidiaries, announced originally in late April, is expected to fit in well with Redwood’s existing business-purpose lending platform, […]
Today, the Biden-Harris Administration announced a series of actions to support students’ academic recovery and to ensure recovery efforts are meeting student, parent, and family needs. These actions will help meet President Biden’s call for more schools to invest in strategies to accelerate academic recovery using American Rescue Plan (ARP) funds and to galvanize more […]
The Canadian government said Monday it had signed a $15.5 billion agreement to compensate First Nations children and families harmed by chronic underfunding of child welfare. The Assembly of First Nations and plaintiffs in two class action lawsuits agreed to the deal. Indigenous Services Canada, a government agency, said the settlement is the largest in […]
Peter Brook, one of the world’s most innovative theater directors who perfected the art of staging powerful drama in bizarre venues, has died aged 97, his publisher said Sunday. The British director used the world as his stage mounting productions ranging from challenging versions of Shakespeare through international opera to Hindu epic poems. Brook put […]
London Saturday celebrated the 50th anniversary of its first Pride parade, marking half a century of progress in the fight for equality and tolerance but with warnings that more still needs to be done. Several hundred people took part in the first march July 1, 1972, just five years after homosexuality was decriminalized in the […]
Canadian rock legend Randy Bachman’s long search came to an end Friday when he was reunited in Tokyo with a cherished guitar 45 years after it was stolen from a Toronto hotel. “My girlfriend is right there,” said Bachman, 78, a former member of The Guess Who and Bachman-Turner Overdrive, as the Gretsch guitar on […]
Three former employees are suing First Guaranty Mortgage Corporation (FGMC) and financial backer Pacific Investment Management Company (PIMCO), alleging they were discriminated against on the basis of their gender and then retaliated against for complaining. Lynley VanSingel, Melanie Meyer, and Jessie Palmer filed the lawsuit against FGMC and PIMCO in the Eastern District of Texas U.S. […]
The mortgage-servicing rights (MSR) market continued to defy gravity and remained upward bound as June came to a close. On the last day of the month, the New York-based Mortgage Industry Advisory Corp. (or MIAC Analytics) released bid documents for an MSR offering it is brokering that exceeds $5 billion in value. “MIAC Analytics, as exclusive representative […]
Banks reported an increase in foreclosures during the first quarter of 2022, according to a quarterly survey published by the Office of the Comptroller of Currency this week. The survey, which examined servicing metrics provided by seven undisclosed national banks, found that 19,542 new foreclosures were initiated in the first quarter of 2022. The OCC […]
Today, U.S. Secretary of Education Miguel Cardona issued the following statement in response to the Florida Legislature’s Parental Rights in Education law going into effect: details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
First Guaranty Mortgage Corp. (FGMC) and its holding company, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection Thursday, June 30, leaving one of the country’s major warehouse lenders as its largest unsecured creditor, according to court filings. Pennsylvania-based Customers Bank, which has warehouse lending operations located in Hamilton, New Jersey, is listed as the largest unsecured creditor […]
Purchase mortgage rates this week dropped 11 basis points to 5.70%, according to the latest Freddie Mac PMMS Index, ending a two-week climb following the Federal Reserve’s rate hike earlier this month. A year ago at this time, 30-year fixed rate purchase rates were at 2.98%. The PMMS, a government-sponsored enterprise index, accounts solely for […]
Redwood Trust’s CoreVest division has closed a $313 million private-label offering backed by 82 loans that are in turn collateralized by some 1,800 properties located in 24 states and the District of Columbia. The transaction, CAFL 2022-1, represents CoreVest’s second securitization deal this year and its 21st to date. The collateral includes single-family rental (SFR) […]
June is Lesbian, Gay, Bisexual, Transgender and Queer Pride month. In the Western U.S. city of Denver, a museum exhibition features fashions from the gender-inclusive DCR Studios. VOA correspondent Scott Stearns caught up with designer Darlene Ritz at the show. Videographers: Scott Stearns, Jodi Westrum details ⇒ BusinessMediaguide.Com portal received this content from this noted […]
Angel Oak Home Loans named Steven Valladares as vice president of correspondent sales, a move that comes as the firm increasingly works to grow its correspondent channel. Valladares will be responsible for creating a sales infrastructure to support the internal and external sales teams as Angel Oaks expands its focus to include both the agency […]
The real estate market is cooling down, observers say. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?w=1024″ width=”1200″ height=”675″ src=”https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?w=1024″ alt=”rent falling” class=”wp-image-263090″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?resize=1024,576 1024w, https://www.housingwire.com/wp-content/uploads/2020/07/rent-falling.jpeg?resize=600,338 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>The real estate market is cooling down Reports released this week by several respected market observers point to less good and increased […]