Fintech Sagent hired Jaime Gow, a former executive at Mr. Cooper and First Horizon Bank, as its new chief financial officer. The hiring coincided with the departure of the company’s chief technology officer, Uday Devalla. Warburg Pincus-backed Sagent highlighted Gow’s background in servicing as a reason for hiring him. That’s the exact space in the […]
The Federal Housing Administration (FHA) this week published a new proposed policy for the Home Equity Conversion Mortgage (HECM) program, which would update the way debenture interest rates for HECM loans operate. The draft Mortgagee Letter (ML) “proposes updates to HUD’s calculations for the payment of debenture interest for HECM claims and establishes a process […]
Last month, the U.S. Department of Housing and Urban Development (HUD) announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA). The Manufactured Home Community loan product “will help entities to preserve, stabilize, and revitalize […]
A coalition of eight trade groups — including the Housing Policy Council (HPC), the Mortgage Bankers Association (MBA) and the Community Home Lenders of America (CHLA) — have requested additional time from the Consumer Financial Protection Bureau (CFPB) to comment on proposed changes to Regulation X, which implements the Real Estate Settlement and Procedures Act […]
Mortgage applications to purchase new homes fell 16% month over month in June but rose 0.7% year over year, according to a report released Thursday by the Mortgage Bankers Association (MBA). The data, derived from the trade group’s survey of homebuilders, is “consistent with broader declines in single-family construction and new building permits as well […]
Reverse mortgage marketing can be an exacting process. Due to ongoing reputational challenges stemming from years (and loans) past, lenders have to consider the ways they can effectively recontextualize the product for some clients while broadening its appeal, compensating for misconceptions and acknowledging current realities around things like interest rates, retirement savings levels and access […]
Survey data released Wednesday by F&G Annuities & Life Inc. shows that economic realities and other considerations are driving Americans to either delay or come out of retirement. F&G’s newly released Retirement Reconsidered survey, which was conducted in May across a sample of 2,048 respondents ages 50 and older, found that 51% of this cohort […]
The gap between home appraisals and sale prices is rising. That’s according to a new report from Corporate Settlement Solutions (CSS), which analyzed 10 states on the East Coast and Midwest for the share of properties that were appraised for more than the sale price, in addition to the average value over appraisal. CSS’s analysis […]
Six U.S. regulators announced on Wednesday that they have approved a final rule that requires mortgage originators and secondary market issuers to impose quality control standards for their automated valuation models (AVMs). In June, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corp. (FDIC) announced their approval of the […]
Mortgage applications increased 3.9% on a seasonally adjusted basis during the week ending July 12, due mainly to borrowers taking advantage of a decline in rates to refinance their home loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). “Mortgage rates declined last week, as recent signs of cooling inflation and the […]
The state of Montana may not be a key source of business for the reverse mortgage industry, but that doesn’t negate the reality that seniors who reside there might find the product useful for reaching some kind of financial goal. That can be a challenge if they live in an unusual or uniquely constructed home, […]
Even as a federal law designed to protect income for retirees turns 50 this year, the cry to reform retirement benefits seems to be growing louder than ever. This rising chorus includes The New York Times, which recently published an article titled, “The $25 Trillion System of Retirement Savings Needs Fixing.” It offers expert opinions […]
Mortgage production increased at Bank of America (BofA) in the second quarter of 2024 compared to the previous three months, but the bank’s home loan volumes were still lower than those delivered in the same period last year. Competitors Wells Fargo, JPMorgan Chase and Citi showed the same trend when opening the Q2 2024 earnings […]
TEHRAN, Iran — Iranian Shiite Muslims on Tuesday commemorated Ashoura, a remembrance of the 7th century martyrdom of the Prophet Muhammad’s grandson, Hussein, that gave birth to their faith. More than 1,340 years after Hussein’s death, Tehran and other cities across the country were adorned with symbols of Shiite piety and repentance. Red flags represented Hussein’s […]
BERLIN — German authorities had fewer security problems and crimes to deal with than they expected at the European Championship, the country’s top security official said Monday. The tournament ended on Sunday with Spain beating England 2-1 in the final in Berlin and no reports of serious disturbances. That capped a month-long event that mostly saw […]
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Just like a football team entering the red zone — the area of the field inside the opponent’s 20-yard line — should be extra cautious to avoid wasting a scoring chance, Americans who are nearing retirement should dial back aggressive investment strategies. That’s the advice of Kevin Wade, a financial planner with Centennial Advisors LLC, […]
The U.S. Department of Housing and Urban Development (HUD) announced on Monday that it has charged lender Rocket Mortgage, two appraisal companies and one appraiser with allegedly issuing a biased valuation and denying a refinance loan to a Black homeowner in Denver. The HUD accused appraiser Maksym Mykhailyna and his company, Maverick Appraisal Group, appraisal […]
How would the housing market fare under a potential second Trump administration? Mark Calabria, the former Federal Housing Finance Agency (FHFA) director under Trump, has some ideas. And no surprise — he’d like to be part of that administration if asked. According to Calabria, who currently serves as a senior adviser to the Cato Institute, […]
Baltimore-based Dominion Financial Services, a nationwide private lender that specializes in financing for real estate investors, announced the hiring of Dustin Wells as the president of its newly launched wholesale lending division. Wells has more than 20 years of experience in the financial services arena. Most recently, he served as co-president of Stronghill Capital, an […]
Rocket Pro TPO, the wholesale arm of Rocket Mortgage, announced Monday that it has decided to waive the $795 origination fee charged to broker partners on home equity loans. “When you think about what home equity looks like or represents across the country, there’s a record-breaking home equity, with homeowners sitting on almost $17 trillion,” […]
MIAMI GARDENS, Fla. — Argentina won its second straight Copa America championship, overcoming Lionel Messi’s second-half leg injury to beat Colombia 1-0 Sunday night on Lautaro Martínez’s 112th-minute goal. Messi appeared to sustain a non-contact injury while running and falling in the 64th minute and covered his face with his hands when he sat on the […]
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Los Angeles — Shannen Doherty, the “Beverly Hills, 90210” star whose life and career were roiled by illness and tabloid stories, has died at 53. Doherty died Saturday, according to a statement from her publicist, Leslie Sloane. She had had breast cancer for years. “The devoted daughter, sister, aunt and friend was surrounded by her loved […]
JERUSALEM — Israel’s national Holocaust museum opened a new conservation facility in Jerusalem on Monday that will preserve, restore and store its more than 45,000 artifacts and works of art in a vast new building, including five floors of underground storage. Yad Vashem, the World Holocaust Remembrance Center, serves as both a museum and a research […]
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Pamplona, Spain — Six people were hurt Sunday in Spain’s traditional annual San Fermin bull running festival, with one participant gored and five suffering bruising, local government sources said. A 37-year-old Spanish man emerged from his goring with slight injuries, officials said. The curtain went up on nine days of festivities Saturday as thousands of revelers […]
BERLIN — Spain and England will play the European Championship final on Sunday in an imposing stadium with a dark history. Built for the 1936 Olympic Games, Berlin’s Olympic stadium still bears the scars of World War II and contains relics from its Nazi past. But the Olympiastadion, as it’s known in German, is also associated […]
NEW DELHI — When the son of Asia’s richest man gets married, the celebrations are expected to be lavish. But the breathtaking scale of the festivities held for the youngest son of Indian business tycoon Mukesh Ambani has become the talk of the country. Anant Ambani tied the knot with his fiancée, Radhika Merchant, Friday in […]
Wells Fargo, JPMorgan Chase and Citi opened the second-quarter earnings season in the mortgage space on Friday by showing strong increases in sales volumes from April to June compared to the previous quarter. But it was not enough to bring home loan originations to year-ago levels. Among the three depositories, JPMorgan was the leader in […]
The latest 2023 Home Mortgage Disclosure Act (HMDA) data is in, and it confirms a few key trend lines for the mortgage industry: there was significantly less interest in mortgage loans in 2023, and fewer banks thought it worth participating in the market. The full dataset from Consumer Financial Protection Bureau (CFPB) and the Federal […]
Former reverse mortgage lender James B. Nutter & Co., aka Nutter Home Loans, recently scored what an attorney has characterized as a win in a case brought against it by the U.S. Department of Justice (DOJ). The DOJ initially sued Nutter in September 2020 in a federal court in Missouri under the Financial Institutions Reform, […]
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The Consumer Financial Protection Bureau (CFPB) has broad authority under the Equal Credit Opportunity Act (ECOA) to prohibit discrimination against credit applicants and from discouraging prospective applicants for credit. This reinforces the bureau’s enforcement authority as it wages a war against redlining, including in a case against Chicago-based Townstone Financial, according to court documents reviewed […]
A wide-ranging and multigenerational survey about retirement confidence in the U.S. found that while general confidence has risen over the past year, most Americans remain concerned that their savings will not be able to keep up with their needs in retirement. The Read on Retirement survey, conducted by BlackRock, enlisted perspectives from members of the […]
Fintech firms Rocktop Technologies and LiquidFi on Thursday announced a milestone in their business partnership that was formed earlier this year. Rocktop — a software-as-a-service (SaaS) company that works to improve yields for institutional investors, asset managers and other participants in the fixed-income and mortgage markets — has now placed more than $60 billion in […]
Despite concerns from housing and mortgage industry trade groups, the Federal Housing Finance Agency (FHFA) on Thursday announced the release of VantageScore 4.0 historic credit data, a step that is designed to ease the transition to new credit reporting requirements by the end of next year. The datasets released Wednesday are tied to single-family mortgages […]
NEW YORK — The Library of Congress has awarded a lifetime achievement prize to James McBride, whose acclaimed novels include The Heaven & Earth Grocery Store, Deacon King Kong and The Good Lord Bird. Librarian of Congress Carla Hayden announced Thursday that McBride, whose story lines have ranged from the crusades of abolitionist John Brown to […]
The Consumer Price Index fell 3% in June on an annual basis, a sharper decrease than economists had anticipated. It’s a shot in the arm for the housing industry, which has been battered by several years of high interest rates as the Federal Reserve tries to tamp down inflation. The evidence that inflation is meaningfully […]
South Africa’s newly-appointed minister of sports – a self-described former gangster – wants to promote a sport that has associations with South African gangster culture. The sport of “spinning” involves fast-moving cars and dangerous stunts, and as Kate Bartlett reports from Johannesburg, the way it’s conducted is not always legal. details ⇒ BusinessMediaguide.Com portal received […]
CHARLOTTE, North Carolina — Colombia is headed to the Copa America championship game for the first time in 23 years after a contentious win over Uruguay in which it played the second half a man short and players brawled with fans in the stands following the final whistle. Jefferson Lerma scored in the 39th minute for […]
Accessory dwelling units (ADUs) have a lot of potential for aging in place, as evidenced by their growing popularity and statements from private companies and public officials alike that emphasize their utility for housing seniors. In one recent instance highlighted by the Los Angeles Times, one family turned to an ADU after finding limited options […]
With the release of the CoreLogic 2024 Q1 Equity Insights report, which Logan discussed last week, and now the FHFA National Mortgage Database Aggregate Statistics, we have a lot of visibility into the financial position of the American homeowner. The important message in the mortgage data is that even as the economy perhaps finally slows […]
The Consumer Financial Protection Bureau (CFPB) on Wednesday announced a newly proposed rule that would amend Regulation X and require mortgage servicers to emphasize borrower assistance and loss-mitigation options over foreclosure when a borrower struggles to make their required mortgage payments. “The proposed changes would also make it simpler for servicers to offer assistance by […]
Signs of a “stagnant late-spring housing market“ emerged in June as U.S. home prices declined for the first time this year and purchase mortgage locks fell by 8% year over year. That’s a key takeaway from the June 2024 Market Advantage report released Wednesday by Optimal Blue. The report, which covers the 20 largest U.S. […]