The Consumer Financial Protection Bureau (CFPB) has settled a case with Florida-based Fay Servicing over illegal conduct in foreclosures. The deal includes a $2 million fine and potential limitations to the CEO’s compensation. A company spokesperson wrote to HousingWire that “Fay continues to strongly disagree with the CFPB’s claims in this matter, but we made a […]
David Heilman, principal for HomeGrown Financial in Mount Pleasant, South Carolina, didn’t feel like he had to shake up his approach to working with seniors when he became involved in the reverse mortgage industry. Having experience in the health care field prior to entering the mortgage business, it mainly meant reorienting himself from serving the […]
Mortgage rates have been on a declining trend, but demand slowed down last week largely due to fewer refinance applications, an indication that the industry should not expect a mini refi boom yet. Mortgage applications dropped 10.1% for the week ending Aug. 16 compared to the previous week, according to data released Wednesday by the […]
Source: Fannie Mae Fannie Mae calls for mortgage rates to average 6.4% by the end of this year and 5.9% by the end of next year. At HousingWire‘s Mortgage Rates Center on Wednesday, 30-year conventional loan rates averaged 6.68%. In a continuation of an ongoing trend, Fannie economists believe that new-home sales will continue to […]
On Tuesday, Sept. 3, U.S. Secretary of Education Miguel Cardona will launch the 2024 Back to School Bus Tour from Sept. 3 to Sept. 6. The week-long, multi-state road trip will showcase the many ways schools, families, and communities are doubling down on accelerating student achievement and raising the bar in public education with investments […]
A coalition of interest groups oriented around climate issues has launched a social media campaign designed to pressure the Federal Housing Finance Agency (FHFA) into adopting up-to-date energy-efficiency standards for homes backed by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Campaign for Lower Home Energy Costs launched its effort on Tuesday. The […]
NCES data also show around 2.5 million high school students are enrolled in college courses for credit details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
Xolo Maridueña is currently starring in the sixth and final season of the hit karate series “Cobra Kai,” which premiered on Netflix in July. But he also made waves last year when he was cast as the first Latino superhero lead in “Blue Beetle.” The actor spoke with Veronica Villafañe about the impact of these […]
In the newest episode of the Power House podcast, HousingWire CEO Clayton Collins chats with Randell Gillespie, the chief production officer at Lower and a 2023 recipient of the HousingWire Vanguard Award. The duo dive into several topics, including Lower’s transformed culture and leadership structure following its acquisitions of Thrive Mortgage and Universal Lending. They […]
Ryan Ogata has been leading the reverse mortgage division at Rate — recently rebranded from Guaranteed Rate — for roughly a year, but the division has seen notable growth during that time. According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), the company grew its endorsement volume by roughly […]
The American Bankers Association (ABA) last week submitted a letter to the Consumer Financial Protection Bureau (CFPB) in which it expressed “significant concerns” about a proposed rule that would ban medical debt from appearing on consumer credit reports. The proposal would bar credit agencies from sharing such debt with mortgage lenders, who in turn would […]
After dropping significantly during the first two weeks of August, mortgage rates have plateaued ahead of a key economic announcement on Friday. That’s when Federal Reserve Chair Jerome Powell is set to speak at the annual Jackson Hole Economic Symposium in Wyoming. Powell is expected to deliver an update on U.S. monetary policy to central […]
Independent mortgage banks (IMBs) are finally seeing light at the end of the tunnel after two grueling, profitless years in the mortgage industry. IMBs and mortgage subsidiaries of chartered banks on average reported a pre-tax net profit of $693 on each loan they originated in the second quarter of 2024, an increase from a loss […]
Wells Fargo has agreed to sell most of its commercial mortgage servicing portfolio to Atlanta-based Trimont. The deal is expected to make Trimont the largest servicer of multifamily and commercial loans in the U.S. The transaction includes only Wells Fargo’s non-agency, third-party commercial mortgage servicing (CMS) business. The bank will keep its agency and government-sponsored […]
KATHMANDU, Nepal — Hundreds of LGBTQ+ people and their supporters rallied in Nepal’s capital Tuesday during the annual Pride parade, the first since gay couples were able to register same-sex marriages officially in the Himalayan nation. The event brought together the sexual minority community and its supporters in Kathmandu during the Gai Jatra festival. A government […]
The state of Montana has been more heavily promoting its state-based Reverse Annuity Mortgage (RAM) program for seniors. Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity […]
A majority of Americans are seriously concerned that their retirement will be negatively impacted by the rising costs and uncertainty associated with sudden, unexpected and more frequent extreme weather events taking place across the country. This is according to the 2024 Annual Retirement Study from Allianz Life Insurance Company of North America. More than half […]
Severe storms, winds and flooding in South Dakota earlier this summer has led President Joe Biden to issue an official disaster declaration for the state, which includes assistance for borrowers of government-insured mortgage financing from the U.S. Department of Housing and Urban Development (HUD). The president declared a state of emergency in South Dakota on […]
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NEW YORK — In 1974, Harlem’s deserted streets and tumbledown tenements told the story of a neighborhood left behind. Decades of disinvestment had culminated in a mass exodus known as urban flight and residents watched as their wealthier, more educated counterparts left the New York City neighborhood in droves. But the tide turned when Percy Sutton, […]
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paris — French actor Alain Delon, who melted the hearts of millions of film fans whether playing a murderer, hoodlum or hitman in his postwar heyday, has died, French media reported on Sunday. He was 88. Delon had been in poor health since suffering a stroke in 2019, rarely leaving his estate in Douchy, in France’s […]
ULAANBAATAR, Mongolia — With its reindeer sleigh rides, camel racing and stunning landscapes with room to roam, Mongolia is hoping to woo visitors who are truly looking to get away from it all. Like most countries, its tourism industry was devastated by the COVID-19 pandemic, and it has launched a “Welcome to MonGOlia” campaign to win […]
LONDON — A fire broke out Saturday at Somerset House, a large arts venue on the River Thames in central London. Smoke billowed from the building and flames could be seen coming from the roof as firefighters on tall ladders showered it with water. The cause of the fire was not yet known, the London Fire […]
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When mortgage rates logged their sharpest decline of the year last week following an underwhelming jobs report, data showed that refinance demand surged. Despite what seems like welcome news for loan originators, who have suffered through thinning margins for two years, refinance business has yet to go up much, LOs told HousingWire. “I was going […]
As discussed in previous reverse mortgage rate updates, the federally insured Home Equity Conversion Mortgage (HECM) is the dominant reverse mortgage in America. As a result, HECM has become synonymous with reverse mortgages. But did you know that nearly all HECMs originated today are variable-rate loans? This is in stark contrast to the traditional forward […]
In my work, I talk with many seniors. Many are reluctant to leave their homes even when those homes are no longer suitable for their needs. Sometimes, the concern is emotional, but more often than not, it’s financial. What happens if they sell their current home but can’t cover the costs of a new place, […]
For seniors who live alone and may not have easy access to public transportation, relatively simple tasks such as grocery shopping or medical appointments become much more difficult to complete. Volunteer and nonprofit groups can often step in to fill the void in these situations. Two examples are happening in the Pittsburgh metro area, where […]
los angeles — A prosecutor says five people have been charged in connection with Matthew Perry’s death from a ketamine overdose last year, including the actor’s assistant and two doctors. U.S. Attorney Martin Estrada announced the charges Thursday, saying the doctors supplied Perry with a large amount of ketamine and even wondered in a text message […]
Toronto-based Bank of Nova Scotia, which operates as Scotiabank, has hired a group of JPMorgan Chase Bank executives to lead a new mortgage capital markets business that expects to launch this fall. Industry veteran Thanh Roettele, who spent more than 28 years at JPMorgan and was the managing director of its mortgage warehouse finance business, […]
Attorneys for the U.S. government, working on behalf of Ginnie Mae and the U.S. Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer […]
Sky-high home prices and elevated mortgage rates are putting increasing strain on homeowners. That’s the takeaway from two reports released this week showing that foreclosure activity and mortgage delinquencies are rising. According to the Mortgage Bankers Association (MBA), the second-quarter 2024 delinquency rate for mortgages on one- to four-unit residential properties increased to 3.97% on […]
Swiss bank UBS Group AG has decided to sell Credit Suisse’s mortgage servicing company, Select Portfolio Servicing (SPS), to a group of investors led by Sixth Street, HousingWire has learned. Investment firm Davidson Kempner Capital Management is a co-investor. Representatives at Credit Suisse, Davidson Kempner and Sixth Street declined to comment. Bloomberg first reported on […]
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The recent declines in mortgage rates have been good news for mortgage professionals and consumers alike. But the industry is not yet out of the woods, said Todd Sheinin, the Maryland-based vice president of strategy and development at Primary Residential Mortgage Inc. “As you talk to more people across all aspects of our business, from […]
U.S. workers are feeling more confident about their ability to meet retirement savings goals as inflation has weakened, according to a new consumer survey conducted by Charles Schwab. “[A]nxiety around inflation and market volatility has come down since last year,” according to the online survey of 1,000 Americans who hold 401(k) retirement accounts. “43% of […]
Executives at Swiss bank UBS said on Wednesday that they’ve struck a deal to sell Credit Suisse’s U.S. servicing business. They did not provide information related to the buyers’ names or the financial details. In the U.S., Credit Suisse owns Select Portfolio Servicing (SPS). According to Inside Mortgage Finance (IMF), SPS was the 20th-largest U.S. […]
The Federal Housing Administration (FHA) on Wednesday published a new proposed Mortgagee Letter (ML) that offers an early look at policies designed to expand contact options with mortgage borrowers who are in default. Published on FHA’s Single Family Drafting Table — an online portal where proposed U.S. Department of Housing and Urban Development (HUD) single-family […]
The U.S. DepThe U.S. Department of Education (Department) announced today more than $40 million in grant awards to seven grantees to improve completion rates for underserved students. The grants are being provided under the Postsecondary Student Success Grant (PSSG) program, which aims to equitably improve postsecondary student outcomes, including retention, transfer, credit accumulation, and completion, […]
WASHINGTON — The ancient ritual meaning of Stonehenge is still a mystery, but researchers are one step closer to understanding how the famous stone circle was created. The unique stone lying flat at the center of the monument was brought to the site in southern England from near the tip of northeast Scotland, researchers reported Wednesday […]
Statement from U.S. Secretary of Education Miguel Cardona: Yesterday, the U.S. Department of Justice filed an emergency application with the Supreme Court to vacate the Eighth Circuit Court of Appeals’ injunction of the Saving on a Valuable Education (SAVE) Plan. This injunction, if allowed to stand, would harm borrowers who have dutifully repaid their loans […]
Planet Home Lending confirmed on Tuesday the acquisition of certain retail assets from Axia Home Loans, describing the transaction as an opportunity to expand its operations in the Western, Northwestern, and Midwestern markets. HousingWire broke the news in early August. Axia is also winding down its wholesale division as a result of the retail asset […]
Non-QM wholesale lender Angel Oak Mortgage Solutions (AOMS) has promoted longtime production head Tom Hutchens to president. The Atlanta-based company, which is part of the larger family of Angel Oak mortgage entities, said John Jeanmonod, formerly Angel Oak’s regional vice president of sales, would replace Hutchens as executive VP of production. Tom Hutchens of Angel […]
Onity Group, parent company of top five reverse mortgage lender and servicer Liberty Reverse Mortgage, will acquire reverse mortgage assets from Mortgage Assets Management, LLC (MAM), a subsidiary of investment funds managed by Waterfall Asset Management. The deal, initially announced by Onity during its Q2 earnings call, suggests that Waterfall is committed to the reverse […]