California-based PennyMac Financial Services will invest $3.9 million to open a new mortgage origination center in Franklin, Tennessee. The nonbank mortgage lender is expanding its consumer direct lending business while some competitors are laying off employees with the expectation that the channel cools down with higher mortgage rates. PennyMac’s new project will create 325 jobs […]
Milo, a Miami-based digital lender, announced last week that it is rolling out a crypto mortgage product to clients with digital currency. Josip Rupena, the CEO of Milo, hopes that his mortgage product will allow borrowers who may not be able to qualify for a conventional mortgage to have a shot at a 30-year mortgage, […]
Consumer advocates, fair housing groups, banks and mortgage lenders don’t always play on the same team, but today they joined forces to critique the Federal Housing Administration’s proposed servicing defect taxonomy. In a joint letter to Lopa Kolluri, FHA’s principal deputy assistant secretary, the American Bankers Association, Americans for Financial Reform Education Fund, Center for […]
There are some interesting trends that have come out of the boom years of 2020 and 2021. The realignment of the mortgage industry should make us all rethink how we look at lenders by category. Rather than looking at bank-owned mortgage companies and independent mortgage companies, perhaps we should think of new categories. For example, […]
I have been a happy camper lately, particularly with the rise of the 10-year yield as I am seeking balance in the housing market. I love these times in the market and the San Francisco 49ers are making an epic run in the playoffs, so what else can a person ask for? Other people might […]
Two of the most powerful U.S. housing entities are at odds over the future of the federal government’s cash-strapped flood insurance program. The National Association of Realtors, which represents real estate agents, brokerages and consumers, wants the Federal Emergency Management Agency to carve out a privacy law exception, and require that the history of a […]
Wells Fargo agreed to pay $12 million to more than 1,800 mortgage borrowers to resolve a class action lawsuit that alleged the bank’s clients had loan modifications wrongfully denied due to calculation errors in the bank’s system. A judge from the U.S. District Court for the Southern District of Ohio approved the settlement on Tuesday […]
San Francisco-based startup Vesta, which provides a software-as-a-service platform for mortgage loan originators, announced on Thursday that it raised $30 million through a Series A funding round. The new capital will be invested in an “aggressive” hiring plan and technology expansion. The round is led by the venture capital firm Andreessen Horowitz, with participation from […]
Use of the cash window for delivering mortgages to Fannie Mae and Freddie Mac was disrupted in a big way over the course of last year as lenders reacted to expectations that a cap on cash transactions was slated to go into effect by the start of 2022. Even though the cap was suspended in September of […]
The average 30-year-fixed rate mortgage declined one basis point from the week prior to 3.55% during the week ending Jan. 27, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.77%. Most economists believe rates will continue to climb in the weeks and months ahead. “Following a month-long rise, […]
Philadelphia-based private equity firm LLR Partners announced Tuesday its investment in Sales Boomerang and Mortgage Coach, two fintechs focused on attracting and retaining mortgage borrowers and making loan originators more efficient. Both firms will maintain their existing brands and teams. The investment comes at a pivotal time for the mortgage industry, which has seen record […]
High inflation and a strong labor market has convinced Federal Reserve officials of the need to raise interest rates “soon,” though an exact timetable has not yet been disclosed. “With inflation well above 2% and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal […]
For the next two months, United Wholesale Mortgage (UWM) will credit borrowers up to $600 for their appraisal costs, the lender said in a statement Wednesday. According to the Pontiac, Michigan-based lender, the credit will be available on all primary purchases, including jumbo mortgages. The offer will run from now until March 31. Mat Ishbia, […]
Tomo, a fintech mortgage startup run by former Zillow executives, is expanding its presence, announcing this week that it will now serve borrowers in Florida, Connecticut and Colorado. And they’re looking to capitalize on higher home prices and the market for jumbo mortgages. Founded in October 2020 by former Zillow executives Greg Schwartz and Carey […]
Mortgage applications fell 7.1% from the previous week, following an increase in rates to the highest level since the pandemic onset, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 21. The seasonally adjusted Refinance Index decreased 12.6% in the same period, with applications falling for the fourth straight week. Meanwhile, the Purchase Index declined […]
The Community Home Lenders Association (CHLA), which represents small and mid-sized IMBs, just sent a letter to the Federal Housing Finance Authority (FHFA), asking for tweaks to FHFA’s recently announced fee hikes on second home and high balance Fannie Mae and Freddie Mac loans. CHLA asked FHFA for targeted adjustments to the fee hikes to protect middle […]
By all accounts, most mortgage companies enjoyed a solid 2021 and likely generated decent cash over the last two years. But how that cash was conserved will dictate a company’s long-term viability. As we move forward into 2022, I believe cash will truly be king in the mortgage industry. There’s already been widespread margin compression […]
A total of 10 private-label deals valued at nearly $5.4 billion hit the market in the first two weeks of 2022, HousingWire reported last week, but that’s already old news. Since then, another nine private-label residential mortgage-backed securities (RMBS) offerings valued at $4.6 billion have unfolded. That brings the number of private-label transactions over the […]
Stearns Lending will lay off 348 workers following the decision by Guaranteed Rate earlier this month to discontinue operations of its third-party wholesale channel. A Worker Adjustment and Retraining Notification (WARN), submitted to the Texas Workforce Commission specifies that the layoff date will be on March 13. HousingWire sent a message seeking comment to Guaranteed […]
Rocket Pro TPO will pair each of its brokers with a team of in-house mortgage experts, made up of underwriters, closing specialists and purchase title coordinators, to help brokers navigate the loan closing process. The program, dubbed “Crews” is live as of Jan. 24. According to Rocket, brokers will personally know the crew leaders and […]
Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. In a memo sent Monday morning, Michael Nierenberg, CEO of New Residential Investment Corp., told employees that despite […]
The Office of the Comptroller of the Currency (OCC) issued a consent order against Michigan-based Flagstar Bank that levies a $3.62 million civil penalty over violations of the Flood Disaster Protection Act,the regulator said on Thursday. The consent order states that between a three-year period – from February 2017 through February 2020 – the bank’s […]
The United States Court of Appeals for the Fourth Circuit ruled on Wednesday that borrowers can pursue a class action lawsuit against Carrington Mortgage Services regarding the fees it applied when collecting payments online or by phone. The plaintiffs – Ashly Alexander and Cedric Bishop – brought the case in September 2020, alleging that the […]
When the terms “green” or “ESG” are broached in polite company, eyes have a tendency to roll. It’s natural for the mind to wander toward a parade of green branding campaigns that may be aspirational in messaging but rarely result in measurable climate-friendly or socially sustainable solutions in practice. Still, hidden among all that greenwashed […]
The average 30-year-fixed rate mortgage climbed to 3.56% during the week ending Jan. 20, rising from 3.45% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.77%. Most economists believe they’ll continue to climb in the weeks and months ahead. “Mortgage rates moved up again as […]
During the onset of COVID-19 in 2020, mortgage lenders were eager to discuss the measures that they were putting in place to keep employees safe. Two years later, as the omicron variant surges, some lenders have very little to say. Of the top 10 nonbank lenders that HousingWire reached out to, only six provided any […]
Better.com CEO Vishal Garg ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=1024″ loading=”lazy” width=”1200″ height=”726″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=1024″ alt=”HW+ vishal garg” class=”wp-image-330967″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=150,91 150w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=300,182 300w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=768,465 768w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=1024,620 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=600,363 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Better.com CEO Vishal Garg Vishal Garg, the CEO of Better.com, is making a comeback, just one month after being forced to take administrative leave for […]
Mortgage applications increased 2.3% from the previous week, largely due to a strong purchase market, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 14. The seasonally adjusted Purchase Index rose 7.9% from the previous week, while the Refinance Index decreased 3.1% in the same period. Compared to the same week one year […]
Anthony Hsieh, the CEO of loanDepot, has been buying some pricey real estate in Florida, pushing his portfolio of properties to over $150 million. As was first reported by the The Real Deal, Hsieh has dropped approximately $50 million dollars on two properties located in Miami since the start of this year. He paid $30 […]
Servicers’ forbearance portfolio volume dropped in December to a level below 1.5% for the first time in 18 months. The total number of loans in forbearance decreased by 26 basis points, to 1.41% in December from 1.67% in November, according to the Mortgage Bankers Association (MBA). The most notable decline was in the portfolio loans […]
Milo, a Miami-based digital lender, will soon offer a crypto mortgage to clients with digital assets. And the company claims that there is already a waitlist for the product. According to Milo’s press release, clients who use the company’s services can pledge their Bitcoin to purchase a property. The company notes that this way, homebuyers […]
About five years ago, Linthicum, Maryland-based NFM Lending was looking for a way to shift from sporadic donations to service members to a dedicated effort that regularly recognized their sacrifice. Their answer was the creation of the NFM Salute, an initiative in which one military member or veteran is selected each month to be honored […]
Wells Fargo originated $48.1 billion worth of mortgages in the fourth quarter, down from $51.9 billion in the previous quarter. The bank’s mortgage lending gain on sale margin — the earnings stemming from its originations — tumbled from 204.5 basis points in the third quarter of 2021 to 162.16 basis points in the fourth quarter. […]
While layoffs sweep the mortgage industry, particularly consumer-direct lenders, non-qualified mortgage (non-QM) lenders are going on a hiring spree. Non-QM lenders Angel Oak Mortgage, Acra Lending and Newfi alone currently have at least 130 openings on jobs listings sites. According to Evan Kidwell, chief operating officer at Griffin Funding, a consumer-direct lender that launched non-QM […]
Another large mortgage-servicing rights bulk offering is on the market this week on the heels of a $10 billion MSR package that went out to bid earlier this month. The latest deal is being marketed by New York-based Mortgage Industry Advisory Corp., or MIAC. It is a $6.23 billion bulk-sale offering of agency MSRs, with bids […]
The Supreme Court weighed in on a class action lawsuit against Quicken Loans, now Rocket Mortgage, regarding its appraisal practices during the financial crisis, delivering a procedural win for the mortgage lender. On Monday, the Supreme Court remanded the class action to the United States Court of Appeals for the Fourth Circuit to reexamine its […]
The average 30-year fixed rate mortgage increased to 3.45% during the week ending Jan. 13, up from 3.22% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.79%. The 15-year fixed rate mortgage averaged 2.62% last week, up from 2.43% the week prior. A year ago […]
Chicago-based Guaranteed Rate will discontinue its third-party wholesale channel, Stearns Wholesale Lending, just one year after it acquired the multichannel lender. “Guaranteed Rate will continue to thrive and win market share by having a laser focus on leveraging our industry-leading purchase platform augmented by the best loan officers in the business,” Guaranteed Rate CEO Victor […]
The Federal Housing Finance Agency’s announcement last week that it will hike upfront fees for high-balance and second-home loans effective April 1 will provide a boost for the private-label securities market, according to executives at one of the leading sponsors of private-label securities. In fact, FHFA’s new fee structure for government-sponsored enterprises (GSEs) Fannie Mae and […]
Mortgage applications climbed 1.4% for the week ending Jan. 7, 2022, according to a survey published by the Mortgage Bankers Association this week. The growth was buoyed by a 2% increase in the trade group’s seasonally adjusted purchase index, the MBA said. Per the report, the unadjusted purchase index increased 51% compared to the previous […]
Redfin announced Tuesday layoffs of 121 employees as it shakes up its mortgage department, including purchasing a lending company. The real estate company entered into an agreement to acquire mortgage lender Bay Equity Home Loans for $135 million, two-thirds in cash and one-third in stocks, Redfin said in a press release and public filing. The […]
Fannie Mae opened 2022 with its 45th credit-risk transfer (CRT) deal through its Connecticut Avenue Securities (CAS) real estate mortgage investment conduit, or REMIC, bringing the collective value of notes issued through the conduit to nearly $52 billion since the first offering in 2013. The 45 CAS deals involved credit-risk transfer (CRT) notes issued to private investors […]
Mortgage delinquency rates hit pre-pandemic levels in October due to labor market improvements and home equity increases, according to the most recent CoreLogic Loan Performance Report. The expectation is that rates will continue to decline during 2022. In October, 3.8% of mortgages were delinquent by at least 30 days, including foreclosure, close to the 3.7% […]
PennyMac Financial Services announced today that it’s launching a new technology platform for its broker channel, and it has rebranded its broker division from PennyMac Broker Direct to Pennymac TPO. The California-based wholesale lender claimed the new tech offering, called POWER+, would give brokers “speed, control and access to expert advice,” as well as “guidance […]
Today, the Bureau of Labor Statistics reported that 199,000 jobs were created in December — a miss from estimates. They also reported we had 141,000 in positive revisions to the previous jobs report. The unemployment rate is currently at 3.9% and we had another big print from the household survey which showed 651,000 jobs gained. […]