A combination of home price appreciation, inflation, and low housing inventory continued to dent homebuyers’ ability to buy homes in March. The trend of a decrease in homebuyer affordability is forecast to persist in the coming months, hitting first-time buyers the most. The national median monthly mortgage payment settled in loan applications rose 5% to […]
As the first quarter unfolded, macroeconomic risks created strong headwinds for mortgage companies. The greatest concern is quickly rising mortgage rates, resulting in overall margin compression and essentially a nonexistent market for refinances. Fannie Mae forecasted in early March that mortgage rates would approximate between 3.7% and 3.9% this year, but by April 7, the […]
The pace of purchase-loan originations as well as transactions in the private-label securities market started to slow by the second quarter of this year as interest rates continued to spike, according to mortgage industry experts. One bright spot in the market, however, has been the investment-property sector, where deal flow appears to be holding up, and […]
Veteran Hong Kong actor Kenneth Tsang has died while in a COVID-19 quarantine hotel in the southern Chinese city, local media reported. Tsang was best known internationally for his action roles in the 2002 James Bond film “Die Another Day,” John Woo’s “The Killer” in 1989, “Rush Hour 2” in 2001 starring Jackie Chan and […]
Today, the Department of Education announced it will deliver relief to tens of thousands of borrowers harmed by pervasive and widespread misconduct at Marinello Schools of Beauty. Borrowers who enrolled in the schools from 2009 through its closure in February 2016 will receive loan discharges based on borrower defense findings. These 28,000 borrowers will receive […]
Amid a challenging time for would-be homebuyers, FinLocker released an updated web experience that aims to make it easier for consumers to see their progress in qualifying for a mortgage loan. The main feature of the firm’s web v3.0 includes the redesign of the dashboard to make frequently used financial tools easier to access for […]
The Federal Housing Finance Agency today released Fannie Mae and Freddie Mac’s long-awaited duty to serve underserved markets plans. In the plans, both government-sponsored enterprises explain how they will provide financing for manufactured and rural housing, and support affordable housing preservation. Although the lesser of the two government-sponsored enterprises by size, Freddie Mac was alone […]
Better.com CEO Vishal Garg ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=1024″ width=”1200″ height=”726″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=1024″ alt=”HW+ vishal garg” class=”wp-image-330967″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=150,91 150w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=300,182 300w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=768,465 768w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=1024,620 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=600,363 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Better.com CEO Vishal Garg Struggling to cope with the rising mortgage rate landscape, mortgage lender Better.com reported a loss of $303.8 million in 2021, a stark […]
Michigan-based Flagstar Bancorp, Inc., parent company of Flagstar Bank, has reduced its mortgage staff by 20% since the calendar turned to 2022, laying off 420 employees amid a significant drop in origination volumes and margins. Overall, the bank’s net income in the first quarter of 2022 dropped 60.4% from the prior quarter, to $53 million. […]
First Community Mortgage‘s wholesale division named a new regional sales manager in hopes to continue growth for the firm’s mortgage boutique division. Murfreesboro, Tennessee-based firm tapped Jeff Raich for the position, FCM said Wednesday in a release. Raich has been in the mortgage lending business for more than 25 years and focused on Third-Party Originator […]
Today, the Department of Education announced major actions and investments from government, the private sector, and nonprofit organizations to support student academic and mental health recovery as part of the Department’s broader effort to help students, schools, and communities recover from the pandemic and reemerge stronger. details ⇒ BusinessMediaguide.Com portal received this content from this […]
Belarusian-American composer Eugene Magalif has organized an international musical event to honor and show support for Ukraine. Maxim Moskalkov has the story. Videographer: Andrey Degtyarev details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Interest in residential mortgage loans fell 8.3% for the week ending April 22, including a sharp decline in purchase applications, which indicates a potential weakness in home sales in the coming months, according to the Mortgage Bankers Association‘s (MBA) latest survey. Mortgage rates are now firmly above the 5% mark, at the highest level since 2009, […]
Nonbank heavyweight loanDepot announced on Tuesday changes in its top management, with founder and chairman Anthony Hsieh no longer leading daily operations to instead take a more strategic role in the company. Hsieh, who is also the loanDepot’s main shareholder, will be the executive chairman, responsible for guiding the company’s strategy. The executive founded the mortgage lender in […]
Sensor-packed robots are changing how movies and commercials are made. Deana Mitchell has the story. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Rocket Companies CEO Jay Farner ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?w=1024″ width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?w=1024″ alt=”Jay-Farner-Quicken-Loans-HW” class=”wp-image-281600″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png 1200w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Rocket Companies CEO Jay Farner Even the biggest mortgage players aren’t immune to the effects of higher rates and tight housing inventory. Rocket Companies, the parent of […]
Today, during Second Chance Month, the U.S. Department of Education announces actions to help incarcerated individuals access educational programs as part of the Biden-Harris Administration’s broader efforts to support reentry, empower formerly incarcerated persons, enhance public safety, and strengthen our communities and our economy. details ⇒ BusinessMediaguide.Com portal received this content from this noted web […]
A rising player in the world of crypto-mortgages and blockchain-enabled financing, LoanSnap, plans expand its reach in the market by opening its lending platform to licensed mortgage brokers across the country in the near future. Karl Jacob, CEO and co-founder of LoanSnap, said the cyrpto-mortgage system his company has developed can originate more than just loans […]
During the market disruption in March 2020, the value of mortgage servicing rights became temporarily disconnected from mortgage rates. Large mortgage sellers and servicers faced severe margin calls, and it took several weeks for them to get the go-ahead from the Federal Housing Finance Agency to draw on their liquidity buffers. It’s a scenario that […]
Ohio-based CrossCountry Mortgage has entered into an agreement to acquire California-based retail lender LendUs, multiple sources familiar with the deal told HousingWire. Founded in 2003 by mortgage broker Ron Leonhardt, CrossCountry originated $52 billion in mortgages in 2021, up 22% year-over-year, checking in as the 17th biggest lender in the country, according to Inside Mortgage […]
Jim Linnane, the former head of retail at Stearns Lending, has joined Flagstar Bank as the president of the company’s distributed retail mortgage division. Linnane, who worked at Wells Fargo for 15 years and also ran national sales at Guaranteed Rate, will head Flagstar’s efforts in strategy, sales, growth, recruitment and operations for the division. […]
By: Richard Cordray, Chief, U.S. Department of Education’s office of Federal Student Aid Ten years ago this week, President Barack Obama issued an executive order that established guiding principles to protect veterans, service members, and their families who pursue higher education. These are known formally as the Principles of Excellence for Educational Institutions Serving Service […]
Kenya saw a jump in cases of gender-based violence (GBV) during its COVID-19 lockdowns, which heightened social and financial stress. To address the problem, Kenyan authorities are turning to the dramatic arts. At the Kenya’s National Theatre in Nairobi, some 65 young people are putting their acting skills to use, as part of Kenya’s latest […]
In Spokane, Washington, a mortgage loan officer at a regional bank has seen five borrowers qualify for a mortgage for one amount, only to have that number slashed a few months later. “They were approved in December,” he said. “Now they’ve gone from $450,000 down to $325,000.” The reason behind the change, he said, is […]
A host of celebrities and comedy royalty will gather Sunday night at the Kennedy Center as comedian, talk show host and political influencer Jon Stewart receives the Mark Twain Prize for lifetime achievement in humor. Stewart, the 23rd recipient of the prize, will be honored by testimonials and skits from fellow comedians and previous Mark […]
During Ramadan, communal iftars, or breaking of fasts for Muslims in mosques, are the norm in the United States, but since the coronavirus pandemic began, drive-through food distributions have become popular. VOA’s Faiza Bukhari takes us behind the scenes at one of Virginia’s Islamic centers, where a daily drive-through iftar for roughly 800 people is […]
The 2022 Asian Games in China will go ahead, the Olympic Council of Malaysia said Saturday, denying claims that it was facing the possibility of being postponed. The Olympic-sized event is scheduled to be held in September in Hangzhou, a major metropolitan area less than 200 kilometers southwest of Shanghai. Shanghai is currently grappling with […]
For the first time in the 127-year history of the Venice Biennale, the world’s oldest and most important contemporary art fair features a majority of female and gender non-conforming artists, under the curatorial direction of Cecilia Alemani. The result is a Biennale that puts the spotlight on artists who have been long overlooked despite prolific […]
Verdant landscapes, stylized portraits of peasant women, curved sculptures — an exhibition in Baghdad is allowing art aficionados to rediscover the pioneers of contemporary Iraqi art. Around 100 items are on display in the capital, returned and restored nearly two decades after they were looted. Many of the works, including pieces by renowned artists Jawad […]
A Wells Fargo bank branch Wells Fargo & Co., the top depositary mortgage lender in the country, is cutting jobs in its home lending business, just days after reporting weak mortgage earnings in the first quarter of 2022. “The home lending displacements this week are the result of cyclical changes in the broader home lending […]
Nima Ghamsari, CEO and founder of mortgage fintech Blend Labs. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?w=1024″ width=”1200″ height=”675″ src=”https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?w=1024″ alt=”1200x675_Nima_Story_Art_2022″ class=”wp-image-344336″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?resize=1024,576 1024w, https://www.housingwire.com/wp-content/uploads/2022/04/1200x675_Nima_Story_Art_2022.jpg?resize=600,338 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Nima Ghamsari, CEO and founder of mortgage fintech Blend Labs. Publicly traded mortgage tech company Blend Labs isn’t changing its strategy to […]
This week’s HW+ member spotlight features Matthew Blanchard, producing sales manager at Academy Mortgage Corporation. Blanchard previously worked art Loan Depot before joining in growing Academy Mortgage Corporation. Standing proudly since 1988, AMC has continued to build and promote a united culture for the lives of their employees, partners, homeowners, and communities. Below, Blanchard answers questions about […]
Today the U.S. Department of Education named the 2022 U.S. Department of Education Green Ribbon Schools, District Sustainability Awardees, and Postsecondary Sustainability Awardees. Across the country there are 27 schools, five districts, and four postsecondary institutions that are recognized. These honorees employ innovative practices and policies to reduce environmental impact and utility costs, improve health […]
The Buenos Aires design and architecture firm Estudio Normal is honoring Argentina’s iconic butterfly chair in a towering art installation at the Coachella Valley Music and Arts Festival in California. From the festival, Genia Dulot has the story. Camera: Genia Dulot details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
Onstage, they dance through hoops and perform acrobatics with smiles on their faces. Off it, they hold anguished phone calls with family back in Ukraine. Dancers Anna and Olga have found a sense of calm performing in a circus near New York, but they are still living the war they fled thousands of miles away. […]
Miguel Cabrera’s pursuit of a rare baseball feat — a 3,000th career hit — remained on hold Thursday, with the New York Yankees taking heat for intentionally walking the Detroit Tigers slugger. Cabrera needs one hit to become just the 33rd player in Major League Baseball history to reach the 3,000-hit milestone, and Tigers fans […]
The COVID-19 pandemic has brought changes to the lives of many people, and for some, new jobs. Mike O’Sullivan spoke with Max Miller, whose love for history and food led to a post-pandemic career as YouTube creator. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
The HousingWire award spotlight series highlights the individuals who have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s Women of Influence award are now open through Friday, April 29, 2022. Click here to nominate someone you know — it can even be you! As interest rates continue to climb and mortgage applications decline, […]
After crossing the 5% threshold last week, mortgage rates have provided no indication that they’ll drop below that mark anytime soon. Rates are moving north for the seventh consecutive week, according to the latest Freddie Mac PMMS. Purchase mortgages this week averaged 5.11%, up 11 basis points from 5% a week ago. A year ago at this time, […]
A Department of Veterans Affairs lending program for Native American veterans has been severely underutilized, a government watchdog found. According to a report the Government Accountability Office published this week, the VA’s Native American Direct Loan program only resulted in 89 loans originated in the continental U.S. from 2012 to 2021. This represents less than […]
Fannie Mae has lowered its mortgage origination forecasts for 2022 and 2023 due to the Federal Reserve’s (Fed) aggressive inflation-fighting monetary policy and corresponding volatility in the mortgage market. Fannie’s Economic and Strategic Research (ESR) Group dropped its projected single-family mortgage origination volume for 2022 from $3 trillion to $2.8 trillion. It also downsized the […]
Wholesale lender Homepoint is becoming a broker of sorts…for mortgage brokers. The Ann Arbor, Michigan-based company has launched a referral program aimed at connecting mortgage brokers with regional homebuilders as well as homebuyers. Homepoint’s “New Build program” connects homebuilders with business purpose construction financing through in-region mortgage brokers, with loan amounts up to $4 million […]
At an investor conference last fall, Redwood Trust Inc. CEO Christopher Abate outlined the company’s strategy to expand its reach in existing markets while also seeking out strategic investments in new markets. Those new investments include venture capital plays, particularly in the financial-technology arena. Abate described technology as being key to “building efficiencies” to accomplish the […]
Cristiano Ronaldo took to social media on Monday to say one of his newborn twins has died. “It is with our deepest sadness we have to announce that our baby boy has passed away,” the Manchester United striker wrote in a post also signed by his partner, Georgina Rodriguez. “It is the greatest pain that […]
The Federal Housing Administration told mortgage servicers that they can now offer a 40-year loan term as a COVID-19 recovery option. Servicers for FHA-insured mortgages can offer the modification immediately, according to the latest update to FHA’s mortgage lending policies. For now, only borrowers financially impacted by the pandemic can opt for the loss mitigation […]