President-elect Donald Trump announced late Friday that he has chosen Scott Turner, the former executive director of the White House Opportunity and Revitalization Council (WHORC), to serve as the next secretary of the U.S. Department of Housing and Urban Development (HUD) in his administration. Scott Turner, the nominee to lead HUD under President-elect Donald Trump. […]
The reverse mortgage industry has been anticipating the development of a new, complementary Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program designed to further address liquidity issues in the aftermath of the collapse of a major lender and issuer. But following the results of the 2024 presidential election, the implementation of “HMBS 2.0” and other […]
Treating older patients with chronic health conditions can already be a challenge for medical professionals, but some of these challenges can bite harder if a patient endures preventable trauma, including a fall. That’s why it’s so important to ensure a living space is appropriately fashioned for aging in place. This is according to James Taylor, […]
Ben Carson, the retired neurosurgeon-turned-politician who ran for president in 2016 before becoming President Donald Trump’s U.S. Department of Housing and Urban Development (HUD) secretary, is the frontrunner to lead the agency once again, according to a report published by Politico. Citing sources familiar with the transition, the outlet reported on Friday that Carson “is […]
Mortgage servicing executives foresee significant changes for the industry under a Donald Trump administration, particularly when it comes to interest rates, reform of the government-sponsored enterprises (GSEs) and conforming loan limits. But opinions diverge on what to expect in 2025 and beyond. Mike Patterson, chief operating officer of Freedom Mortgage Corp., which has more than […]
UBS analyst Douglas Harter recently made waves after he took a closer look at the stock of reverse mortgage industry leader Finance of America (FOA). Harter downgraded the company’s stock rating on from “buy” to “neutral” even after it reported strong earnings results in the third quarter of 2024. In a note published this week […]
While president-elect Donald Trump is still making selections for who will fill out his cabinet and other important leadership positions across the government, one outstanding question mark revolves around Ginnie Mae. The government-owned company that oversees the mortgage-backed securities (MBS) program and its sizable portfolio did not have a Senate-confirmed president for the entirety of […]
The defect rate for mortgages grew significantly across all loan types in the second quarter of 2024, continuing a trend seen in the first quarter. The share of loans with defects grew to 1.81%, according to a recent report released Wednesday by ACES Quality Management. The Denver-based quality control company compiles a quarterly report that […]
As existing-home sales dwindle due to high mortgage rates and the lock-in effect, buyers continue turning to new construction options. And Mortgage Bankers Association (MBA) data shows a shifting attitude as mortgage applications for new homes surged in October. MBA’s Builder Application Survey released this week shows that the non-seasonally adjusted application rate for new-home […]
A piece of art that is little more than a banana duct-taped to a wall sold at auction for $6.2 million on Wednesday to cryptocurrency entrepreneur Justin Sun, Sotheby’s said, furthering the universal conversation about what constitutes art. “Comedian,” by Italian artist Maurizio Cattelan, first rocked the art world upon its debut at Miami’s Art […]
NAR’s volunteer leaders receive financial benefits that no other nonprofit in the housing space comes close to matching. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?w=1024″ tabindex=”0″ role=”button” src=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?w=1024″ alt=”compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers” class=”wp-image-494194″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=1024,576 1024w” sizes=”(max-width: 1200px) 100vw, 1200px”>NAR’s volunteer leaders receive financial benefits that no other nonprofit in the housing space comes close […]
Fannie Mae on Wednesday announced that its next version of the Desktop Underwriter (DU) software platform will be available for users on Jan. 11. The platform will feature “enhanced” risk assessment by incorporating new data points, including updated market conditions and loan performance data in its assessment functionality. Fannie Mae said that DU version 12.0 […]
Executives at mortgage lenders anticipate a minimum 20% increase in credit reporting costs in 2025 compared to 2024. And the soaring costs will hit as lenders try to dig out from multiple years of financial losses and mass layoffs. In early November, Fair Isaac Corp. (FICO), the company behind the widely used consumer credit-risk assessment […]
Making decorative gingerbread houses is a Christmas tradition in several countries. A New York City museum has gone a step further by using the humble holiday cookie to construct a stunning tribute to the Big Apple. Aron Ranen has the story. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
The Federal Housing Administration (FHA) on Wednesday posted a proposed Mortgagee Letter (ML) that would add flexibility for people receiving rental income from “boarders” who pay for space in an existing dwelling when considering them for an FHA-insured mortgage. Borrowers receiving rental income from “boarders,” a term referring to “individuals who rent space in borrowers’ […]
HSBC has agreed to direct $25 million over the next four years to support underserved communities in an agreement with the National Community Reinvestment Coalition (NCRC) following allegations of redlining, the parties announced on Wednesday. In August 2023, the bank disclosed it was under investigation by the Department of Housing and Urban Development (HUD) after […]
Momentum Builder has acquired Sales Mastery, the companies announced Wednesday. The merger of two industry leaders in sales training and coaching will result in a “unified super brand” that will be known as Sales Mastery Powered by Momentum Builder, the companies said in a press release. “The launch of Sales Mastery Powered by Momentum Builder […]
The current mortgage market starkly contrasts with the booming years of 2020 and 2021. Both borrowers and loan officers face a changed—and changing—landscape. However, success remains within reach for those committed to adapting. The winners in every market know how to take advantage of opportunities, and below I’ve outlined some actionable advice on how to […]
Major reverse mortgage companies like Finance of America (FOA) and Ellington Financial — the parent of reverse lender Longbridge Financial — recently released their third-quarter 2024 earnings results, with FOA in particular posting strong numbers while Ellington continues to tout the versatility of Longbridge in its overall portfolio. Recently, HousingWire’s Reverse Mortgage Daily (RMD) sat […]
The passage of the mortgage trigger lead bill as proposed in the U.S. Congress will face a challenge from a new plan expected to be released this week by representatives of the consumer reporting industry, HousingWire has learned. In September, Senate Armed Services Committee Chairman Jack Reed (D-R.I.) included U.S. Senate Amendment 2358 — known […]
The trend line for mortgage rates has been the same for several weeks, even as some of the uncertainty surrounding the 2024 election is fading. The cost of a home loan continues to move in a negative direction for U.S. consumers and housing professionals alike as the downward movement that started in August has been […]
NEW YORK — Arthur Frommer, whose “Europe on 5 Dollars a Day” guidebooks revolutionized leisure travel by convincing average Americans to take budget vacations abroad, has died. He was 95. Frommer died from complications of pneumonia, his daughter Pauline Frommer said Monday. “My father opened up the world to so many people,” she said. “He believed […]
In preparation for widespread credit scoring changes, leading credit-score and data analytics company VantageScore has launched a Mortgage Resource Center to support lenders transitioning to the VantageScore 4.0 credit model. The new resource provides tools and guidance to facilitate integration and aligns with the growing adoption of VantageScore 4.0 by a number of industry players. […]
Farmers across America maintain retirement accounts at a higher clip than other types of workers, but they’re also saving less than the general population. (Image generated by AI in Midjourney) Farmers are more likely than the average American to maintain a retirement account of some kind, but their collective retirement balance is lower than the […]
ISANTI, Minn. — The young Buddhist lama sat on a throne near an altar decorated with flowers, fruits and golden statues of the Buddha, watching the celebrations of his 18th birthday in silence, with a faint smile. Jalue Dorje knew it would be the last big party before he joins a monastery in the Himalayan foothills […]
You’ll notice the spread between the 10-year and the 1-year weekly average is no longer inverted. For our purposes in People often disregard reverse mortgages as being too complex. However, I argue they are simply unfamiliar. When explained properly, borrowers can easily understand the concept of a reverse mortgage. However, the loan terms and language […]
The Federal Housing Finance Agency (FHFA) on Monday announced that it will raise the 2025 multifamily loan caps for purchases by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to $73 billion each. This represents a total of $146 billion in multifamily market support for next year, an increase of more than 4% from […]
Add American Neighborhood Mortgage Acceptance Company LLC, doing business as AnnieMac, to the list of mortgage lenders that have recently suffered a data breach from a cyberattack. The company notified state authorities that it became aware of “suspicious activity” of certain systems within its network in August. After an investigation, it concluded that cybercriminals infiltrated […]
In this HousingWire executive conversation, Michael Chew, Division President at Consolidated Analytics, discusses the viability of task outsourcing as a method for saving time and money for loan originators—especially in preparation for market surges and shifts. Chew stresses the importance of offloading repetitive tasks to experienced teams, removing the need for rushed hiring and subsequent […]
Los Angeles — Moviegoers were not exactly feeling the Christmas spirit this weekend, or at least not based on their attendance at “Red One” showings. The big budget, star-driven action comedy with Dwayne Johnson and Chris Evans sold $34.1 million in tickets in its first weekend in theaters, according to studio estimates Sunday. It easily topped […]
Beirut — Hundreds of cultural professionals, including archeologists and academics, called on the United Nations to safeguard war-torn Lebanon’s heritage in a petition published Sunday ahead of a crucial UNESCO meeting. Several Israeli strikes in recent weeks on Baalbek in the east and Tyre in the south — both strongholds of Iran-backed militant group Hezbollah — […]
BEIRUT — Declassified 1970s-era U.S. spy satellite imagery has led a British-Iraqi archeological team to what they believe is the site of a seventh-century battle that became decisive in the spread of Islam throughout the region. The Battle of al-Qadisiyah was fought in Mesopotamia — in present-day Iraq — in the A.D. 630s between Arab Muslims […]
Bela Karolyi, the charismatic if polarizing gymnastics coach who turned young women into champions and the United States into an international power in the sport, has died. He was 82. USA Gymnastics said Karolyi died Friday. No cause of death was given. Karolyi and wife, Martha, trained multiple Olympic gold medalists and world champions in […]
ARLINGTON, TEXAS — Jake Paul beat boxing legend Mike Tyson by unanimous decision to win an intergenerational heavyweight battle in Texas on Friday that failed to live up to its enormous hype. The bout between the 27-year-old social media influencer-turned-prizefighter Paul and the 58-year-old former heavyweight champion Tyson was streamed live on Netflix and played out […]
OME, Japan — Deep in a dark warehouse the sake sleeps, stored in rows of giant tanks, each holding more than 10,000 liters of the Japanese rice wine that is the product of brewing techniques dating back more than 1,000 years. Junichiro Ozawa, the 18th-generation head of Ozawa Brewery, founded in 1702, hopes sake-brewing will win […]
CHANGCHUN, China — Crouch through the small metal door and walk down the dark tunnel, and even before you step into the abandoned air raid shelter, the air reverberates with pounding techno beats. Young Chinese holding booze and cigarettes shake and sway in a red-lit passageway, below a big screen rolling through quotations from Chairman Mao. […]
The housing bubble crash theory has failed once again as we approach the end of 2024, but it’s always important to know why something didn’t happen. This week, we got the updated New York Fed credit data report and it shows the strong position of homeowners — especially in comparison to the years before the Great […]
Rocket Mortgage in 2025 aims to acquire servicing rights to capitalize on its 85% recapture rate. ” data-image-caption=” Rocket Mortgage in 2025 aims to acquire servicing rights to capitalize on its 85% recapture rate. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?w=1024″ tabindex=”0″ role=”button” src=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?w=1024″ alt=”ocket-Mortgages-servicing-strategy” class=”wp-image-493440″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=1024,576 1024w” sizes=”(max-width: 1200px) 100vw, […]
Should the goal of marketing technology be to make it so that a loan officer never needs to log in? Or, should LOs be encouraged to engage with marketing tools as much as possible in order to help them build their own brand and connections? I started in the mortgage industry in 2015, working for […]
Jerome Powell, the chair of the Federal Reserve, said on Thursday that the U.S. economy is “not sending any signals that we need to be in a hurry to lower rates.” The statement was enough to raise mortgage rates to an even higher level, a sharp departure from the optimism lenders experienced during the September […]
ROME — The ancient Roman Colosseum will be the venue of gladiator fights — albeit staged — for the first time in two millennia under a $1.5 million sponsorship deal with Airbnb that aims to promote “a more conscious tourism.” But some visitors to the monument Thursday, as well as housing activists, were skeptical about the […]
Mortgage trade groups recently came closer to achieving a legislative victory by curbing a longstanding practice: the abusive use of credit trigger leads. However, the outcome of recent elections has cast uncertainty on the future of this legislation. In September, Senate Armed Services Committee Chairman Jack Reed (D-RI) and Ranking Member Roger Wicker (R-MS) included […]
With several top 10 reverse mortgage lenders now active in some form within the U.S. stock market, companies like Finance of America (FOA) and Ellington Financial — the parent of reverse lender Longbridge Financial — have recently released their third-quarter 2024 earnings results. In the case of FOA — the current industry leader — the […]
HousingWire Editor in Chief Sarah Wheeler sat down with Adam Carmel, founder and CEO of Polly, to talk about his thought process for solving customer problems and why cutting costs for mortgage lenders is paramount. This interview has been edited for length and clarity. Sarah Wheeler: What differentiates Polly’s technology? Adam Carmel: The technology is […]
The Congressional Budget Office (CBO) this week published a report assessing the performance of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac in reaching their single-family housing goals. The CBO found that the GSEs “met or exceeded” nearly all goals over a four-year period from 2018 to 2022. The CBO analyzed data from the Federal […]