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Lenders and mortgage tech companies have been cutting costs in the downmarket, but some firms have hired new executives who they hope will provide better strategies to navigate the shrinking loan origination market. Motto Mortgage, a national mortgage brokerage franchise, and wemlo, a mortgage processing solution with an all-in-one digital platform, tapped Chris Erickson as vice […]

The Federal Reserve’s (Fed) efforts to beat back inflation with its monetary tools have already shifted the winds in the secondary market for mortgage-backed securities (MBS). The Fed’s continuing effort to wind down its $2.7 trillion MBS portfolio helps fuel widening interest-rate spreads in the MBS market by creating additional MBS supply to be absorbed by investors. […]

Mortgage lenders Doorway Home Loans and Priority Mortgage Thursday announced a merger, the latest of many such deals made during a challenging mortgage market. The companies did not disclose the financial terms of the agreement.  Both companies have more than 30 years of experience in residential direct lending, but want to expand market reach and […]

Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs). With a fixed rate for as many as 20 years, RenoFi’s fixed-rate home equity […]

A recently published CoreLogic report found homeowners with mortgages in the first quarter of 2022 saw their equity grow by 32.2% year-over-year. According to the data vendor, the collective equity gain was $3.8 trillion in the first quarter, or an average gain of $63,600 per borrower. CoreLogic said homeowners with mortgages account for roughly 60% […]

Fannie Mae has unveiled its third reperforming loan sale of the year, an offering of nearly 10,000 loans valued at $1.57 billion. The offering, dubbed FNMA 2022-RPL3, represents the agency’s 26th sale of reperforming loans since the inaugural offering in October 2016, which involved a pool of 3,600 reperforming loans valued at about $806 million. […]

Interest rates jumped by more than 2 percentage points over the first quarter of 2021. That bolt-like spike in rates put many mortgage lenders into crisis mode. Lenders saw the value of agency loans made at lower rates — in the 3% range — in 2021 and early January 2022 drop precipitously over the course of […]

After falling for three consecutive weeks, purchase mortgage rates jumped 14 basis points, reflecting the expectation that the Federal Reserve (The Fed) will maintain its tightening monetary policy to fight inflationary pressures. According to the latest Freddie Mac PMMS, purchase mortgage rates this week averaged 5.23%, compared to 5.09% the week prior. A year ago at this […]

The Federal Housing Finance Agency (FHFA), under the leadership of Director Sandra Thompson, on Wednesday unveiled landmark equitable housing finance plans for Fannie Mae and Freddie Mac. The plans establish a flexible framework for the government-sponsored enterprises to address barriers to sustainable housing and close the racial homeownership gap. The 2022 to 2024 plans will […]

Verification solutions provider Xactus wants to court more lenders through its active listing data in a tight housing market. Xactus Wednesday announced its new active listing scan program, which will scan residential addresses for changes in listing status and the average number of days on market for a neighborhood. The monitoring program, covering all 50 […]

The planned merger between Intercontinental Exchange Inc. and Black Knight may be subject to scrutiny from the Department of Justice and the Consumer Financial Protection Bureau over antitrust concerns raised by the Community Home Lenders Association. In its Wednesday letter to the DOJ, CHLA claimed the small and midsize independent mortgage banks it represents would […]

#2022 ” data-image-caption=” Digital mortgage, mortgage tech, eclosing, RON ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?w=1024″ alt=”Digital mortgage, technology” class=”wp-image-342385″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/03/newsroom-template_digitalmortgage.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>With a deadly combination of low housing inventory, reduction in refis and surging mortgage rates, consolidation in mortgage tech is expected.  […]

VanDyk Mortgage Corporation has signed a contract to use Black Knight‘s MSP system to expand its servicing operations, the company announced Wednesday. Black Knight, which provides integrated technology, services, data and analytics to the mortgage lending, servicing and real estate industries, has contracts providing its MSP servicing system to companies, such as multi-channel fintech platform […]

Mortgage application volume for the week ending June 3 dropped 6.5%, sliding to the lowest level in 22 years, driven by weakness in purchase and refinance applications. Despite the recent decline in mortgage rates, they were not low enough to spur refinance activity, which led to the decline of the Mortgage Bankers Association‘s (MBA’s) Market […]

Freddie Mac has announced a cash tender offer for some $2.2 billion in outstanding notes across eight vintage credit-risk transfer (CRT) transactions conducted through the agency’s Structured Agency Credit Risk, or STACR, program. The offering price for the notes outstanding in the current offering, STACR 2022-TO2, ranges from $1,000.63 to $1,017.81 per thousand dollars of outstanding principal […]

Equifax informed Fannie Mae and Freddie Mac last week that a “coding issue” may have resulted in erroneous consumer credit scores and credit data the company reported for about three weeks. It is not clear how many of Fannie Mae’s acquired mortgage loans were potentially impacted, but the problem could have affected credit data from […]

Consumers’ concerns about housing affordability are squeezing would-be homebuyers out of the market, according to Fannie Mae‘s Home Purchasing Sentiment Index, which tracks the housing market and consumer confidence to sell or buy a home. The index score dropped by 0.3 points to 68.2 in May, inching toward its 10-year and pandemic-low of 63, recorded […]

The Federal Housing Finance Agency‘s (FHFA) inaugural mission report, released Monday, offers a glimpse into the fair lending performance of Fannie Mae and Freddie Mac, showing the agencies continue to back fewer loans to Black and Latino applicants, despite an uptick in applications submitted by those minorities. The regulator, which supervises Fannie Mae and Freddie […]

Fannie Mae is unveiling its sixth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $754.4 million note offering backed by a reference pool of single-family mortgages valued at $25 billion. The offering is slated to close June 10, according to a presale review by the Kroll Bond Rating Agency (KBRA). The latest transaction, CAS 2022-R06, […]

Frank Nothaft, chief economist at CoreLogic and before that, the top economist at Freddie Mac, has died. He was 66. At CoreLogic, Nothaft headed the office of the economist, providing analysis, commentary and forecasting trends in global real estate, insurance and mortgage markets. Prior to joining CoreLogic in 2015, Nothaft had a nearly 30-year career […]

Figure Technologies co-founder and CEO Mike Cagney ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?w=1024″ width=”1207″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?w=1024″ alt=”Mike Cagney – HW+” class=”wp-image-318432″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg 1207w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=150,87 150w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=300,174 300w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=768,445 768w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=1024,594 1024w, https://www.housingwire.com/wp-content/uploads/2021/08/Mike-Cagney-HW.jpg?resize=600,348 600w” sizes=”(max-width: 1207px) 100vw, 1207px”>Figure Technologies co-founder and CEO Mike Cagney Fintech lender Figure Technologies and multichannel originator Homebridge Financial Services last August announced a merger that they claimed would usher in monumental […]

#2022 ” data-image-caption=”” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=1024″ alt=”2022 Layoff” class=”wp-image-335200″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> It’s a tough time for mortgage lenders. A rapid rise in mortgage rates and a big drop in origination volume has led to thousands of industry job losses […]

The deadline for the mortgage industry to chime in on the Federal Housing Administration‘s (FHA) proposed 40-year loan modification rule was at the end of May. While four prominent trade groups voiced support, they also proposed some tweaks. The Mortgage Bankers Association, Housing Policy Council, National Association of REALTORS and the American Bankers Association agreed […]

Over the next decade, the distinction between non-QM and QM loans will be blurred and the government-sponsored enterprises (GSEs) may have to accommodate the growing market of non-W2 borrowers. That is what mortgage executives and analysts forecasted for the non-QM market on Friday during IMN’s third annual Non-QM Forum in California as they took note […]

Two years ago, the regulator of the nation’s biggest banks moved alone to rewrite the Community Reinvestment Act (CRA), the country’s premier anti-redlining law. That effort, under the Trump administration, ultimately fizzled. The Office of the Comptroller of the Currency formally rescinded its plan in December of 2021. In an example of how dramatically the […]

Top-10 residential lender and servicer Mr. Cooper has cut another 420 jobs, the second major layoff it has made this year. In a disclosure made public Thursday afternoon, the company said the cuts amounted to 5% of its employee base. Most of the job losses will hit the originations side of the business. About 16% […]