While the unemployment rate was up compared to the start of the year, the job market ended the year up, with 256,000 jobs added to the economy in December according to data released Friday by the U.S. Bureau of Labor Statistics (BLS). Unemployment finished the year at a rate of 4.1%, down from 4.2% the month prior. The unemployment […]
The Consumer Financial Protection Bureau (CFPB) in December released its 2023 Mortgage Market Activity and Trends report, which included a brief look at activity from the reverse mortgage industry based on Home Mortgage Disclosure Act (HMDA) data from 2023. While the majority of the data largely excluded reverse mortgages from trends in the broader mortgage […]
Mortgage verification services firm Xactus announced this week that it appointed Mike Brown, its former chief integration officer, as its new chief product officer. This hiring underscores the company’s commitment to technology and product innovation. Brown will oversee Xactus’ product life cycle from ideation and development to launch and implementation. His hiring follows another key […]
Ridgeland Mortgage, a recently formed joint venture between loanDepot and homebuilder Smith Douglas Homes, on Thursday announced the appointment of Teresa Carlile as president. In her new role, Carlile will lead Ridgeland’s growth strategy and daily operations. “Teresa is a trusted leader in the mortgage industry, and as our first key hire, she’s an exceptional […]
Federal Housing Finance Agency (FHFA) Director Sandra Thompson will leave her post on Jan. 19, a day before the inauguration of President-elect Donald Trump, according to an agency spokesperson who spoke with Bloomberg. Thompson first joined FHFA following a 23-year tenure at the Federal Deposit Insurance Corp. (FDIC) before becoming its deputy director in 2013. […]
The Mortgage Firm, a Florida-based mortgage lender, has agreed to invest $1.5 million to settle a redlining case with the U.S. Department of Justice (DOJ), the parties announced Wednesday. The DOJ accused the company of discrimination against predominantly Black and Hispanic neighborhoods in the Miami-Fort Lauderdale-West Palm Beach metropolitan area. The complaint, filed in the […]
Freddie Mac announced on Thursday that it has hired Craig Phillips, who previously held positions at Morgan Stanley, BlackRock and the U.S. Department of the Treasury, as its executive vice president of corporate strategy and external affairs. The hiring will be effective on Tuesday, Jan. 14. Phillips will oversee external affairs efforts, such as industry […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez is joined by Varun Krishna, CEO of Rocket Companies and Rocket Mortgage, to explore his background, Rocket’s tech-focused approach to servicing and retention, and its upcoming brand transformation in 2025. This conversation has been edited for length and clarity. To kick off […]
2024 is in the rearview mirror, and with many reverse mortgage professionals naming interest rates as the key challenge that defined the year, performance metrics appear to be bearing that out. The reverse mortgage industry’s total annual Home Equity Conversion Mortgage (HECM) volume saw a dip, but there was some shuffling among the leading players […]
Forty-five percent of retirement-age survey respondents are concerned that they will outlive their savings while 25% spend nearly one-third of their monthly income on housing costs. This is according to new data released by Clever Real Estate. The survey results show stark declines in overall financial sentiment based on responses from 1,000 retired Americans at […]
Higher-for-longer mortgage rates have claimed their first victim of 2025. Ally Financial announced Wednesday that it would exit the mortgage origination business as part of a broader strategy to pursue higher returns on investments. The company also plans to explore strategic alternatives for its credit card business in the first quarter of 2025. These changes […]
Bayview Asset Management and three subsidiaries have agreed to pay a $20 million fine and implement a corrective plan following a 2021 data breach that affected 5.8 million customers. The settlement, announced Wednesday by the Conference of State Bank Supervisors, involves 53 state financial regulatory agencies. It includes Bayview and three of its affiliates, Lakeview […]
Jett Farrington Farrington will aim to expand AmeriTrust’s operations on the California-based direct lender AmeriTrust Mortgage announced a new addition to its leadership team. The company welcomed veteran mortgage executive Jett Farrington this week as its new chief operating officer. Farrington joins a C-suite leadership team consisting of CEO Chad Schoep and chief financial officer […]
Real estate investment trust Redwood has expanded its home equity platform, Aspire, to include alternative loan products amid affordability challenges in the housing market, the company announced Tuesday. The move is part of a repositioning that includes branding of its jumbo loan platform, which will continue to operate under the Sequoia umbrella going forward. Through […]
Mortgage and title clients are undergoing a significant transformation with the shift from Encompass Software Development Kit (SDK) to Encompass Partner Connect (EPC). This change — driven by ICE Mortgage Technology’s updated standards — promises enhanced efficiency, cost savings, and future-proof workflows. However, for many lenders and title agents, the path to compliance can be […]
LOS ANGELES — Peter Yarrow, the singer-songwriter best known as one-third of Peter, Paul and Mary, the folk-music trio whose impassioned harmonies transfixed millions as they lifted their voices in favor of civil rights and against war, has died. He was 86. Yarrow, who also co-wrote the group’s most enduring song, “Puff the Magic Dragon,” died […]
The U.S. Department of Housing and Urban Development (HUD) on Tuesday announced the allocation of nearly $12 billion in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for communities across 24 U.S. states and territories. This money is designed to go toward long-term recovery efforts for communities impacted by recent natural disasters. The announcement — made […]
The nation’s demographics continue to trend older while home prices experienced a run-up during the pandemic. That means most members of the baby boomer generation are sitting on as much as $17 trillion in home equity as of the second quarter of 2024, and they are largely planning to keep that wealth within their own […]
Freddie Mac on Tuesday announced the appointment of James Whitlinger as executive vice president and chief financial officer, effective Jan. 1. Whitlinger has served as interim CFO since Christian Lown’s departure in June 2024. “It’s with great pleasure that we announce Jim Whitlinger as the company’s new chief financial officer,” Freddie Mac CEO Diana Reid […]
Amid a regulatory push ahead of the White House transition, the Consumer Financial Protection Bureau (CFPB) unveiled a new rule on Tuesday to eliminate medical debt from credit reports. The regulation is expected to raise the number of mortgage approvals by about 22,000 loans per year. The rule amends Regulation V, which enforces the Fair Credit […]
Multichannel mortgage lender Lower has acquired software company Neat Labs to transform its point-of-sale technology into a fully integrated application-to-funding mortgage platform, aiming to reduce reliance on third-party vendors. The stock-based deal was finalized in December, though financial details were not disclosed. “It’s very hard to build this technology from scratch,” Dan Snyder, CEO and […]
How many times have you invested in a CRM, only to abandon it a few months later? You’re not alone. Most mortgage pros give up because they skip one crucial step: having a clear plan. Here’s how to finally set up your CRM the right way. First off, we need to establish your goals with […]
The Mortgage Bankers Association (MBA) on Monday appointed Jamie Woodwell as its senior vice president of commercial/multifamily policy and strategic industry engagement. Woodwell brings 20 years of experience at MBA to the new role. He transitions from a previous position as vice president of research and economics. The executive’s work has focused on key policy […]
While recent housing market reports and trends have shown that older homeowners are unwilling to sell their homes for a variety of reasons, one of them may be the expected requirement to pay capital gains taxes stemming from the post-pandemic explosion of home-price appreciation, according to a report from Business Insider. While some homeowners are […]
In the newest episode of the Power House podcast, HousingWire President Diego Sanchez sits down for a conversation with Prosperity Home Mortgage CEO Justin Messer. The duo explore Prosperity’s transition from refinances to purchase mortgage originations, the company’s Realtor affiliate model, servicing partnerships and mortgage rate predictions for 2025. This conversation has been edited for […]
Nonqualified mortgage (non-QM) and nonagency lender Arc Home on Monday announced the additions of John Gibson as chief production officer and Eamon Cantwell as chief operations officer. Gibson will focus on enhancing Arc Home’s production capabilities, strengthening broker and correspondent relationships while advancing the growth of the company’s non-QM, nonagency and HomeEQ products, according to a company announcement. “I’m honored […]
GVC Mortgage announced the hiring of Jen Peachman as vice president of strategic lending, a move that Peachman confirmed on LinkedIn. Per the Chrisman Commentary, a daily mortgage newsletter produced by Rob Chrisman, GVC said that Peachman “will play an integral role in expanding our retail branch network across the GVC Lending footprint.” With more than 20 […]
Introduction The mortgage industry is in constant flux, and talented loan originators and their teams are in high demand. Gone are the days when refinance applications provided a steady pipeline of loans for anyone holding a license. Today’s market rewards those originators who can secure steady pipelines of purchase mortgages and refinances from outside their […]
Hollywood got dressed up as the Golden Globes returned for its annual champagne-soaked celebration of film and television workers at the Beverly Hilton in Beverly Hills, California. The show serves as the ceremonial start to the 2025 awards season.Two wildly audacious films — Brady Corbet’s 215-minute postwar epic “The Brutalist” and Jacques Audiard’s Spanish language, genre-shifting trans musical […]
Two wildly audacious films — Brady Corbet’s 215-minute postwar epic “The Brutalist” and Jacques Audiard’s Spanish language, genre-shifting trans musical “Emilia Perez” — won top honors at the 82nd Golden Globes on Sunday. The Globes, which are still finding their footing after years of scandal and makeover, scattered awards around to a number of films. […]
Beverly Hills, California — Viola Davis’ journey to becoming one of Hollywood’s most revered actors was driven by a straightforward mantra: Embrace every role, using each as a paycheck and a chance to explore new characters while honing her skills. Davis delivered a moving, 16-minute speech while accepting the prestigious Cecil B. DeMille Award at the […]
The Walt Disney Co.’s “Mufasa” claimed the No. 1 spot on the North American box office charts over the first weekend of 2025. The photorealistic “Lion King” prequel earned $23.8 million in its third weekend, according to studio estimates Sunday. Paramount’s “Sonic the Hedgehog 3,” which has dominated the past two weekends, wasn’t far behind. […]
NEW YORK — Say hello to the latest dog in the American Kennel Club’s lineup of recognized breeds. Or you might say “hej.” The Danish-Swedish farmdog — yep, that’s the official name — joined the pack Thursday. The designation makes the breed eligible to compete for many best in show trophies, and it likely augurs more […]
Reverse mortgage professionals made more inroads into the forward mortgage industry in 2024. This happened through dedicated conversations, partnerships between reverse and forward mortgage companies, and expanded activities in reverse that stemmed from acquisitions and expansions of existing divisions. Continuing this momentum into 2025 is a priority for many in the reverse mortgage space, according […]
Speculation about the future of GSE conservatorship in a Trump administration took another turn on Thursday when the Treasury announced an agreement to amend its Preferred Stock Purchase Agreements (PSPAs) with Fannie Mae and Freddie Mac. In a press release, Treasury said the amended agreement would “help ensure that the eventual release of the GSEs […]
Home Equity Conversion Mortgage (HECM) endorsements saw a healthy increase in October 2024. They jumped by 11.3% to 2,392 loans for the month, according to data compiled by Reverse Market Insight (RMI). But after additional data about the month of October was released, one metric of reverse mortgage industry performance — HECM case number assignments […]
JOHANNESBURG — The dance world mourned Tuesday the internationally acclaimed South African dancer and choreographer Dada Masilo, who died in the hospital over the weekend at age 39. Masilo died unexpectedly on Sunday after a brief illness, a spokesperson for her family said in a statement. Born in Soweto, she was described as a sprite-like, energetic […]
It was a life that took him from peanut farming to the presidency. While former President Jimmy Carter ‘s time in the White House lasted only one term, the decades afterward were defined by humanitarian work that affected people all around the world. Founding the Carter Center with his wife, Rosalynn, he became a global […]
LONDON, UNITED KINGDOM — King Charles III announced awards for actors Stephen Fry and Carey Mulligan, as well as victims of Britain’s Post Office scandal in the country’s traditional New Year Honours on Tuesday. London Mayor Sadiq Khan joined U.K. television icon and writer Fry, 67, and former England football manager Gareth Southgate in being knighted […]
Another significant decline in mortgage rates could unlock a similar Refinance volume is only a fraction of what it was three years ago when mortgage rates plummeted to historic lows, but borrowers have returned in greater numbers this year. Recent data from CoreLogic shows that $347 billion in refinances were originated during the first 10 […]
BUENOS AIRES, ARGENTINA — An Argentine judge confirmed charges against five people in connection with the death of Liam Payne, a former member of musical group One Direction, and ordered preventive prison for two of them for having supplied him with drugs. A judicial officer confirmed Monday the judge’s decision and said that one of the […]
While 2024 was rife with challenges for the mortgage industry broadly — across forward and reverse — a new year brings a new mindset. Some challenges remain, with mortgage rates being chief among them. Education and distribution can also likely be improved. But there are also new opportunities for the industry in 2025, and the […]
In the 16 years since the peak of the Global Financial Crisis, the structured products industry has transformed from a market dominated by large banks to one with space for new players. New relationships are forming between insurers seeking long-term debt investments and managers specializing in origination, securitization, and sale of mortgage-backed securities. This new […]
NEW YORK — Linda Lavin, a Tony Award-winning stage actress who became a working class icon as a paper-hat wearing waitress on the TV sitcom “Alice,” has died. She was 87. Lavin died in Los Angeles on Sunday of complications from recently discovered lung cancer, her representative, Bill Veloric, told The Associated Press in an email. […]
Two family films dominated the holiday box office this week, with “Sonic the Hedgehog 3” winning the three-day weekend over “Mufasa” by a blue hair. Paramount’s Sonic movie earned $38 million, while “Mufasa” brought in $37.1 million from theaters in the U.S. and Canada, according to studio estimates Sunday. On a normal weekend counting Friday, […]