Mortgage rates continued on their downward path as HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.34% on Tuesday, below the rate of 7.43% one week ago. At the same time one year ago, the 30-year average rate was 6.66%. Meanwhile, the 15-year conforming fixed rate averaged 6.71% on Tuesday, […]
After two years of limited demand, private equity and insurance companies are increasing their allocations to single family residential mortgages. This increased flow of funds appears to be driven by strengthening macro factors that favor residential mortgages over other yield assets such as commercial real estate (CRE) and commercial (C&I) loans. These strong fund flows […]
NEXA Mortgage, the largest mortgage brokerage firm in the U.S., will pay its loan officers 100% of the commission splits “without any per-file fees or other hidden fees,” according to co-founder and CEO Mike Kortas. NEXA usually pays loan officers 220 basis points (bps) out of 275 bps on most loans. However, moving forward, it […]
Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), is aware that some loan officers are taking creative — and, as detailed in a recent HousingWire investigation, often illegal — approaches to winning business. And he would be willing to reexamine the decade-old rule that prohibits LOs from misclassifying lead sources to lower their […]
California-based multichannel lender and servicer PennyMac Financial Services announced on Monday a proposed private offering of a $650 million aggregate principal amount of senior notes that the company says it will pay back with interest by 2030. The notes will “be fully and unconditionally guaranteed on an unsecured senior basis” by the company’s existing businesses, […]
The U.S. Department of Housing and Urban Development (HUD) on Monday published a new version of its Single Family Housing Handbook 4000.1, which includes numerous updates to its guidance for the Home Equity Conversion Mortgage (HECM) program overseen by the Federal Housing Administration (FHA). “Today’s update clarifies instructions, adds new guidance, and incorporates previously published […]
CANNES, France — While Donald Trump’s hush money trial entered its sixth week in New York, an origin story for the Republican presidential candidate premiered at the Cannes Film Festival on Monday, unveiling a scathing portrait of the former president in the 1980s. “The Apprentice,” directed by the Iranian Danish filmmaker Ali Abbasi, stars Sebastian Stan […]
Buying into homeownership is already challenging enough for many Americans, but keeping — and maintaining — a home can come with serious challenges as a person gets older. This may lead an older homeowner to consider a product like a reverse mortgage, but potential borrowers should be aware of the product’s details and the informational […]
Proof, the remote online notarization (RON) platform formerly known as Notarize, has welcomed Pennsylvania notaries into its Notarize Network, the company announced earlier this month. Previously, Pennsylvania’s notaries could access Proof’s platform via its in-house notary capabilities for enterprises and notary-sourced transactions. With this expansion, Pennsylvania notaries now join their counterparts from Florida, Nevada, Texas […]
A recently released report from the Financial Stability Oversight Council (FSOC) that identifies vulnerabilities at nonbank mortgage servicers and makes some recommendations to avoid systemic risk is a ”tall order” for state regulators but isn’t only a ”wishful list,” according to Jason Cave, senior consultant at Patomak Global Partners. Cave spent nearly three decades in […]
Cannes, France — Filmmakers Nada Riyadh and Ayman El Amir spent so much time following an all-girl theatre troupe in a remote Egyptian village that at one point someone tried to sell them a house. “He thought we were always there so we might as well live there,” Riyadh told AFP after the premiere of their […]
Anaheim, California — Disneyland performers who help bring Mickey Mouse, Cinderella and other beloved characters to life at the Southern California resort chose to unionize following a three-day vote culminating Saturday. The Actors’ Equity Association labor union said in a statement Saturday that cast members for the parades and characters departments at Disney’s theme parks near […]
RIO DE JANEIRO — A 20-minute drive separates the historic Maracana Stadium from the Complexo do Alemao, the biggest complex of favelas in Rio de Janeiro and one of the most impoverished and violent. One of its residents, 15-year-old football player Kaylane Alves dos Santos, hopes her powerful shots and impressive dribbles will allow her to […]
New listings data has been moving lower over the last few weeks. I usually wouldn’t care too much about this as its a data line that can be volatile week to week but now it’s been three weeks. The moves haven’t been significant and our weekly pending contracts data picked up this week. But, we […]
London — Film director Mohammad Rasoulof made an “exhausting and extremely dangerous” walk across a mountainous borderland to avoid being jailed in Iran on national security charges, he told The Guardian newspaper. Rasoulof said Monday he had fled Iran after a court sentenced him to eight years in jail, of which five were due to be […]
MEXICO CITY — Newly minted Michelin-starred chef Arturo Rivera Martínez stood over an insanely hot grill Wednesday at the first Mexican taco stand ever to get a coveted star from the French dining guide and did exactly the same thing he’s been doing for 20 years: searing meat. Though Michelin representatives came by Wednesday to present […]
VATICAN CITY — The Vatican on Friday overhauled its process for evaluating alleged visions of the Virgin Mary, weeping statues and other seemingly supernatural phenomena that have marked church history, putting the brakes on making definitive declarations unless the event is obviously fabricated. The Vatican’s doctrine office revised norms first issued in 1978, arguing that they […]
new york — Dabney Coleman, the mustachioed character actor who specialized in smarmy villains such asd the chauvinist boss in “9 to 5” and the nasty TV director in “Tootsie,” has died. He was 92. Coleman died Thursday at his home in Santa Monica, his daughter, Quincy Coleman, said in a statement to The Associated Press. […]
Chase Home Lending, the consumer and commercial banking arm of JPMorgan Chase & Co., has raised its closing guarantee from $5,000 to $20,000 until July 27, 2024, the bank announced on Thursday. The guarantee means that the bank promises an on-time closing on or before the contract closing date, or it will pay the homebuyer $20,000. […]
The East Coast and Midwest stand out as prime locations for veterans and current military service members, according to the 2024 Best Cities for Veterans to Live list compiled by Veterans United Home Loans. Tampa emerged as the top metro area for veterans. It was followed by Rochester, Minnesota; Wichita Falls, Texas; Fargo, North Dakota; […]
Financial planners are an important referral source for reverse mortgage professionals, and Finance of America (FOA) vice president of retirement strategies Steve Resch has been at the head of the company’s conversations with planners to help them understand how much utility a reverse mortgage could have for improving a client’s retirement. In this second part […]
The National Reverse Mortgage Lenders Association (NRMLA) this week announced that Jonathan Scarpati, senior vice president of wholesale production at Finance of America (FOA), has joined its board of directors for the remainder of the 2024 term. Scarpati is a 20-year reverse mortgage industry veteran, having joined Senior Lending Network in 2003 as vice president […]
About two months after resigning as the 18th secretary of the U.S. Department of Housing and Urban Development (HUD), Marcia Fudge has joined law firm Taft as a partner and chair of public policy, the company announced this week. Fudge will “dedicate a portion of her time to the firm’s ongoing efforts to combat the […]
LONDON — Paul McCartney is a billionaire Beatle. According to figures released Friday, the former member of the Fab Four is the first British musician to be worth 1 billion pounds ($1.27 billion). The annual Sunday Times Rich List calculated that the wealth of the 81-year-old musician and his wife, Nancy Shevell, had grown by 50 million […]
Donald R. Horton, founder and chairman of D.R. Horton, the largest homebuilder by volume in the U.S., has died at the age of 74, the company announced on Friday morning. Board members have named David V. Auld as executive chairman, effective immediately. Horton, who was involved in the real estate and homebuilding industries since 1972, […]
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Mortgage advisory firm Stratmor Group has merged with Teraverde, a mortgage advisory firm and technology solutions provider, in a deal that the companies say will allow them to expand the markets they serve and the depth of services provided. The terms of the deal were not disclosed. Both firms will operate under the Stratmor brand, […]
Gigantic metal sculptures made by Kosovo-born artist Petrit Halilaj adorn the rooftop of New York’s Metropolitan Museum of Art in an ode to a childhood affected by war. Garentina Kraja has the story. Camera: Vladimir Badikov details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com
United Wholesale Mortgage (UWM) has launched a new service to handle all the title work for its brokers on refinancings. As a result, brokers no longer need to deal with a title company or settlement agent to close a refi. The top U.S. mortgage lender announced the service on Thursday during an annual meeting with its […]
Across all states, California poses the highest risk of bankruptcy for Americans ages 65 and older, according to a study released by personal finance website Moneywise. The study analyzed 11 factors to determine which states put elderly U.S. citizens at the greatest risk of bankruptcy. It determined each state’s risk of bankruptcy by assigning a […]
Editor in Chief Sarah Wheeler sat down with Sridhar Sharma, executive vice president and chief information officer at Mr. Cooper, to talk about how the company is using machine learning and artificial intelligence to increase productivity while making their customers happier. Sarah Wheeler: You came into the mortgage space about nine years ago after leading […]
Mortgage Bankers Association (MBA) president and CEO Bob Broeksmit proposed creating a national director to oversee housing policies and address the “regulatory knots” that “sap the country’s economic strength.” This czar, called the “National Housing Policy Director,” would be directly located in the White House, accountable to the President, and able to spot – and […]
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Older voters in the battleground state of Pennsylvania are poised to make their presence — and preferences — felt in the upcoming fall elections that will determine control of the White House, the U.S. House of Representatives and the U.S. Senate. Chief on their minds are issues that include Social Security and aging in place. […]
The U.S. Department of Housing and Urban Development (HUD) on Wednesday announced that the Biden administration has approved a record $1.1 billion in funding for the Indian Housing Block Grant (IHBG) program, and an additional $75 million funding opportunity for the Indian Community Development Block (ICDBG) program to “support housing and community development projects.” The […]
The Community Home Lenders of America (CHLA) on Wednesday released a plan that it says would “modernize” Ginnie Mae, the government-owned company that manages the securitization of government-sponsored loans. The CHLA argues that Ginnie Mae has not been given sufficient budget authority by the congressional appropriations process despite the value it generates. Its plan takes […]
Mortgage demand ticked up last week as interest rates declined for a second week in a row. Applications increased by 0.5% on a seasonally adjusted basis during the week ending May 10, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Treasury yields continued to move lower last week and mortgage rates declined […]
VantageScore has released a pilot of its latest credit-scoring model, VantageScore 4 Plus, for banks, fintechs and government lenders. The new model combines alternate open banking data with traditional credit data, which it claims gives lenders a “substantial predictive lift of up to 10% compared to the industry leading VantageScore 4.0 credit score, which itself […]
This is an excerpt of a HousingWire Research white paper titled: What Everyone Needs to Know about Mortgage Rate Lock-in, by Altos President Mike Simonsen. In the 24 months beginning March 2022, the U.S. housing market saw dramatic changes in affordability as mortgage rates skyrocketed 500 basis points. After an initial rush to get to […]
The Biden-Harris Administration today announced an update on the timing of the payment count adjustment. This administrative fix ensures borrowers get proper credit for progress borrowers made toward income-driven repayment (IDR) forgiveness and Public Service Loan Forgiveness (PSLF). The payment count adjustment is now anticipated to be fully implemented in September 2024. At that time, […]
He captured the most famous faces in 1930s and early ’40s cinema — Garbo, Crawford, Bogart and Gable. Now the work of George Hurrell, one of Hollywood’s greatest portrait photographers, is on display at Washington’s National Portrait Gallery. For VOA News, Cristina Caicedo Smit has the story. Videographer: Hakim Shammo; Video editor: Cristina Caicedo Smit […]
The most anticipated economic report of the month showed that inflation cooled down a little in April, bringing relief to investors and housing industry professionals. Consumer prices in April were up 3.4% from a year earlier, down from 3.5% in March, according to data released by the Bureau of Labor Statistics on Wednesday. The reading, […]
NEW YORK — A sprightly miniature poodle named Sage was crowned “Best in Show” on Tuesday at the 148th annual Westminster Kennel Club Dog Show, winning the grand prize in the most prestigious competition among pure-bred canines in the United States. Sage, the finalist representing 21 breeds classified as non-sporting dogs, triumphed over more than 2,500 […]
ottawa — Nobel Prize-winning Canadian writer Alice Munro, whose exquisitely crafted tales of the loves, ambitions and travails of small-town women in her native land made her a globally acclaimed master of the short story, has died at the age of 92, her publisher said on Tuesday. Munro died at her home in Port Hope, Ontario, […]
cannes, france — Film director Mohammad Rasoulof, who has secretly fled Iran for an undisclosed location in Europe, urged the world film community on Tuesday to provide “strong support” to his colleagues. Rasoulof, who was sentenced to jail on national security charges, and whose latest movie will compete at this month’s Cannes film festival, said he […]