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Incenter Mortgage Advisors was flooded with a surge of mortgage-servicing rights business in January — with bulk MSR sales approaching in one month what the firm normally tallies in an entire year. Denver-based Incenter’s managing director, Tom Piercy, said he expects the rising tide of business to continue for the foreseeable future, so long as the […]

ConsumerDirect Mortgage rebranded itself to Real Genius and announced the launch of a modern mortgage application platform to simplify a borrower’s experience. Real Genius, a division of FirstBank, one of Tennessee’s largest community banks, said that its application platform will provide borrowers with rate and cost transparency. Additionally, the lender promises borrowers a “personalized approach” […]

Mortgage industry participants may disagree a great deal on several different topics. However, I expect that you would find no argument with the following statement: Mortgage lending is a highly competitive business. While the scope of the market, which totaled roughly $4 trillion in volume each of the past two years, might suggest abundant opportunities, […]

Mortgage applications increased 12% from the previous week due to a surprising uptick in demand for “refis” as borrowers try to secure a lower rate, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 28. The seasonally adjusted Refinance Index rose 18.4% in the same period. Meanwhile, the Purchase Index increased 4%. Compared to the same week one […]

Home prices across the nation climbed 18.5% year-over-year in December, according to a monthly report published by CoreLogic. On a month-over-month basis, home price gains rose by 1.3% in December 2021 compared to November. Consumer desire for homeownership paired with a low supply of for-sale homes were the main contributors to a red-hot housing market […]

Fannie Mae has unveiled its second credit-risk transfer (CRT) deal of 2002, a $1.2 billion note offering through its Connecticut Avenue Securities real estate mortgage investment conduit, or REMIC.  The recent offering, CAS Series 2022-R02, involves transferring loan-portfolio risk to private investors via a $1.2 billion note offering backed by a reference pool of 149,393 residential mortgage […]

California-based loanDepot greatly increased loan origination volume in 2021, which guaranteed gains in marketshare compared to its competitors. But the multichannel lender’s gain-on-sale margin and net income fell significantly in the fourth quarter, reflecting changing market conditions. Overall, net income for the mortgage lender decreased all the way down to $623.1 million in 2021, compared […]

J.P. Morgan Mortgage Trust, the securitization conduit for financial giant JPMorgan, recently issued a $2 billion offering backed by a pool of jumbo loans — capping off a vibrant first month of 2022 for the overall private-label market. At least 25 transactions collateralized by more than 27,000 mortgages valued at $14.3 billion hit the market in […]

Brena NathHW+ Managing Editor I never thought I would see the day when the housing industry and the dating industry shared a common struggle — getting ghosted. The term is not so fondly used in the dating world when someone suddenly and without explanation withdraws from communication. In similar sentiment, the word is used in […]

California-based PennyMac Financial Services will invest $3.9 million to open a new mortgage origination center in Franklin, Tennessee. The nonbank mortgage lender is expanding its consumer direct lending business while some competitors are laying off employees with the expectation that the channel cools down with higher mortgage rates. PennyMac’s new project will create 325 jobs […]

Milo, a Miami-based digital lender, announced last week that it is rolling out a crypto mortgage product to clients with digital currency. Josip Rupena, the CEO of Milo, hopes that his mortgage product will allow borrowers who may not be able to qualify for a conventional mortgage to have a shot at a 30-year mortgage, […]

Consumer advocates, fair housing groups, banks and mortgage lenders don’t always play on the same team, but today they joined forces to critique the Federal Housing Administration’s proposed servicing defect taxonomy. In a joint letter to Lopa Kolluri, FHA’s principal deputy assistant secretary, the American Bankers Association, Americans for Financial Reform Education Fund, Center for […]

There are some interesting trends that have come out of the boom years of 2020 and 2021. The realignment of the mortgage industry should make us all rethink how we look at lenders by category. Rather than looking at bank-owned mortgage companies and independent mortgage companies, perhaps we should think of new categories. For example, […]

I have been a happy camper lately, particularly with the rise of the 10-year yield as I am seeking balance in the housing market. I love these times in the market and the San Francisco 49ers are making an epic run in the playoffs, so what else can a person ask for? Other people might […]

Two of the most powerful U.S. housing entities are at odds over the future of the federal government’s cash-strapped flood insurance program. The National Association of Realtors, which represents real estate agents, brokerages and consumers, wants the Federal Emergency Management Agency to carve out a privacy law exception, and require that the history of a […]

Wells Fargo agreed to pay $12 million to more than 1,800 mortgage borrowers to resolve a class action lawsuit that alleged the bank’s clients had loan modifications wrongfully denied due to calculation errors in the bank’s system. A judge from the U.S. District Court for the Southern District of Ohio approved the settlement on Tuesday […]

San Francisco-based startup Vesta, which provides a software-as-a-service platform for mortgage loan originators, announced on Thursday that it raised $30 million through a Series A funding round. The new capital will be invested in an “aggressive” hiring plan and technology expansion. The round is led by the venture capital firm Andreessen Horowitz, with participation from […]

Use of the cash window for delivering mortgages to Fannie Mae and Freddie Mac was disrupted in a big way over the course of last year as lenders reacted to expectations that a cap on cash transactions was slated to go into effect by the start of 2022. Even though the cap was suspended in September of […]

The average 30-year-fixed rate mortgage declined one basis point from the week prior to 3.55% during the week ending Jan. 27, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.77%. Most economists believe rates will continue to climb in the weeks and months ahead. “Following a month-long rise, […]

Philadelphia-based private equity firm LLR Partners announced Tuesday its investment in Sales Boomerang and Mortgage Coach, two fintechs focused on attracting and retaining mortgage borrowers and making loan originators more efficient. Both firms will maintain their existing brands and teams. The investment comes at a pivotal time for the mortgage industry, which has seen record […]

High inflation and a strong labor market has convinced Federal Reserve officials of the need to raise interest rates “soon,” though an exact timetable has not yet been disclosed. “With inflation well above 2% and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal […]

For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal costs, the lender said in a statement Wednesday. According to the Pontiac, Michigan-based lender, the credit will be available on all primary purchases, including jumbo mortgages. The offer will run from now until March 31. Mat Ishbia, […]

Tomo, a fintech mortgage startup run by former Zillow executives, is expanding its presence, announcing this week that it will now serve borrowers in Florida, Connecticut and Colorado. And they’re looking to capitalize on higher home prices and the market for jumbo mortgages. Founded in October 2020 by former Zillow executives Greg Schwartz and Carey […]

Mortgage applications fell 7.1% from the previous week, following an increase in rates to the highest level since the pandemic onset, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 21. The seasonally adjusted Refinance Index decreased 12.6% in the same period, with applications falling for the fourth straight week. Meanwhile, the Purchase Index declined […]

The Community Home Lenders Association (CHLA), which represents small and mid-sized IMBs, just sent a letter to the Federal Housing Finance Authority (FHFA), asking for tweaks to FHFA’s recently announced fee hikes on second home and high balance Fannie Mae and Freddie Mac loans. CHLA asked FHFA for targeted adjustments to the fee hikes to protect middle […]

By all accounts, most mortgage companies enjoyed a solid 2021 and likely generated decent cash over the last two years. But how that cash was conserved will dictate a company’s long-term viability. As we move forward into 2022, I believe cash will truly be king in the mortgage industry. There’s already been widespread margin compression […]

A total of 10 private-label deals valued at nearly $5.4 billion hit the market in the first two weeks of 2022, HousingWire reported last week, but that’s already old news. Since then, another nine private-label residential mortgage-backed securities (RMBS) offerings valued at $4.6 billion have unfolded. That brings the number of private-label transactions over the […]