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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 No mortgage lender in America capitalized on the pandemic-driven refi boom better than Rocket Mortgage. The Detroit-based company, with a ready-built infrastructure […]

Stocks fell Thursday as Russian troops launched a full-scale attack in Ukraine, and at least in the short-term, the turmoil could lower mortgage rates in the U.S. During large-scale disruptions, investors often flee to safer options, such as U.S. Treasury notes, bonds and mortgage-backed securities. All things being equal, that dynamic tends to put downward […]

Despite a 1.6% drop in U.S.-based agent count and a net loss of $15.6 million in 2021, RE/MAX Holding Inc., executives were positive about the Denver-based franchisor’s performance during the firm’s fourth quarter earnings call with investors on Thursday, thanks to RE/MAX’s organic revenue growth. During 2021, RE/MAX generated $329.7 million in total revenue, up […]

The Federal Housing Administration (FHA) is working to expand the COVID-19 loss mitigation program to include the option of a 40-year loan modification with a partial claim, an acknowledgement that some borrowers exiting forbearance are still facing financial challenges. Julienne Joseph, deputy assistant secretary in the Office of Single-Family Housing for FHA at the U.S. […]

Willie Newman ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?w=1024″ width=”1200″ height=”706″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?w=1024″ alt=”HW+ Willie Newman” class=”wp-image-329916″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=300,177 300w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=768,452 768w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=1024,602 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=600,353 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Home Point Capital CEO Willie Newman Home Point Capital, the parent company of wholesale lender Homepoint, turned a $19.3 million profit in the fourth quarter, a sequential decline […]

The average 30-year-fixed mortgage rate averaged 3.89% for the week ending Feb. 24, down three basis points from the prior week, according to Freddie Mac‘s latest mortgage survey. “Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s chief economist. “Overall […]

Mortgage applications decreased 13.1% for the week ending Feb. 18 to the lowest level since December 2019, as mortgage rates eclipsed the 4% mark. The Mortgage Bankers Association‘s seasonally adjusted refi index fell 15.6% from the previous week, bringing its share of total applications to almost equal the purchases share at 50%. Meanwhile, the purchase […]

Servicers’ forbearance portfolio volume continued to drop in January, but some borrowers exiting plans are still facing financial challenges. The total number of loans in forbearance decreased by 11 basis points, from 1.41% in December to 1.30% in January, according to the Mortgage Bankers Association (MBA). In total, about 650,000 homeowners were in forbearance plans as of January 31.   […]

Nonbank mortgage servicer Ocwen agreed to pay $1.5 million to settle a class action lawsuit regarding alleged phone conversations recorded without clients’ consent.   Plaintiff Gregory Franklin filed the lawsuit in the United States District Court for the Northern District of California in 2018. He claimed that the company violated California’s Invasion of Privacy Act by recording outgoing […]

The Federal Housing Finance Agency (FHFA) now has a Senate-confirmed inspector general, a corporate compliance expert who hails from the private sector. Brian Tomney, who the Senate confirmed by voice vote Thursday evening, most recently led the office of corporate investigations at Capital One. In that role he oversaw a team of researchers to investigate […]

Mortgage applications for new homes stalled in January, dipping by 12.5% year-over-year, according to a Mortgage Bankers Association’s survey published this week. The trade group noted that the survey results showed the slowest annual pace since July 2021. However, from December 2021 to January, purchase applications grew, with a 10% month-over-month gain recorded by MBA’s […]

Anthony Hsieh, the CEO and founder of loanDepot, has the tricky task of trying to convince analysts and investors that the mortgage lender will gain market share and remain profitable in arguably the most competitive mortgage market ever. To demonstrate that he genuinely believes loanDepot will prevail, loanDepot’s founder and largest shareholder is putting his […]

Fairway Independent Mortgage Corporation, Fairway Wholesale Lending and the American Warrior Initiative (AWI) wrapped up last year by granting 16 service dogs to 16 veterans in a timespan of less than one hour. The presentations were part of the American Warrior Initiative’s mission to bridge the military-civilian divide by bringing awareness to civilians all over […]

Potential homebuyers seeking Freddie Mac-backed mortgages will no longer have to hunt for paper pay stubs to verify their income. Freddie Mac announced on Wednesday that it will roll out an automated process that allows mortgage lenders to assess a prospective homebuyer’s direct deposit income. Freddie Mac claims this would reduce the paper documentation burden […]

The performance of loan pools backing private-label securitization deals has continued to improve across most measurement metrics through the end of January after hitting a low point in mid-2020 at the height of the pandemic. The most recent RMBS Credit Indices report from the Kroll Bond Rating Agency (KBRA) shows that loan pools supporting outstanding […]

The Federal Housing Administration announced this week that lenders have an additional year before they must submit appraisals through the FHA Catalyst: EAD Module. Per a mortgagee letter published on Tuesday, the deadline to onboard for lenders has been moved to March 14, 2023. The previous deadline, announced in mid- 2021, was March 14, 2022. […]

The mortgage servicing rights market took off like a rocket in January and it has continued to accelerate into the stratosphere in February, according to industry experts who follow the MSR market closely. About $180 billion in residential bulk MSR assets were brought to market just in the month of January, “and February will be […]

In today’s competitive real estate market, an increasing number of real estate investors are turning to private money lenders to help them close deals faster, enhance property valuations, and increase their returns. The problem with private money lenders is that good ones are hard to come by. Let’s look at what private money lenders do […]

Mortgage applications decreased 5.4% for the week ending Feb. 11, reflecting what the mortgage market looks like when rates eclipse 4% for the first time since 2019. The Mortgage Bankers Association‘s seasonally adjusted refi index fell 8.9% from the previous week, bringing its share of total applications to the lowest level in 19 months. Meanwhile, the purchase index dropped […]

Danny Yen, who masterminded a fraudulent continuing education scheme involving hundreds of loan officers, has agreed to settle with state financial regulators for $75,000. In a settlement with the California Department of Financial Protection and Innovation (DFPI), Maryland’s Office of the Commissioner of Financial Regulation and the Oregon Division of Financial Regulation, Danny Yen, the […]

Fannie Mae reported its overall net income increased in 2021 to $22.2 billion, an increase of $10.4 billion compared to 2020, largely due to the growth of its single-family business. Net revenue increased $4.6 billion to $29.9 billion in 2021, mostly driven by higher guaranty fee income, including that generated by the 50 basis point […]

The U.S. Securities and Exchange Commission uncovered a total of 487 instances over the past six years in which the nation’s SEC-registered credit-rating agencies were deemed by agency staff to be in non-compliance with federal securities laws or related SEC rules, a recent SEC staff report reveals. The bulk of the violations, which were uncovered during mandated […]

Nearly a year after a federal judge dismissed the Consumer Financial Protection Bureau‘s mortgage servicing misconduct suit against Ocwen Financial Corp., the watchdog agency is hoping to overturn the decision. During oral arguments in Miami before the U.S. Court of Appeals for the Eleventh Circuit, Lawrence DeMille-Wagman, CFPB’s attorney, argued that a consent agreement from […]

Freddie Mac has named former Wells Fargo deputy general counsel Heidi Mason its new general counsel. Mason will assume the role March 7, and will replace Jerry Weiss, who has been general counsel on an interim basis since March 2021. Weiss will continue to serve as Freddie Mac’s senior executive liaison to its conservator, the […]