Annual property insurance costs for mortgaged single-family homes rose by a record $276 (or 14%) to $2,290 in 2024, per the latest Intercontinental Exchange (ICE) Mortgage Monitor Report released Monday. The report also said that average premiums are now up 61% over the past five years. Locations that saw the largest percentage increases in 2024 […]
Bank7 is expanding its mortgage reach in Oklahoma. The community bank has completed its acquisition of First American Mortgage, Inc., a small mortgage lender and brokerage based in the suburbs of Oklahoma City. Yukon-based First American Mortgage, Inc. founded in 1993 by its president and owner Dale Bogle, has done about $41 million in origination […]
Introduction As part of our ongoing discussion on the concept of movement in the mortgage industry, it is readily apparent that the failure of mortgage companies to pivot or tweak their business models to satisfy changing market and other conditions has resulted in consolidation based on liquidity, buyback, financial and other concerns. Regardless of whether […]
Florida-based non-QM lender A&D Mortgage on Friday announced an offering of $458.9 million in residential mortgage-backed securities (RMBS), calling it “another milestone in the company’s commitment to expanding financing solutions for borrowers with diverse income streams.” The RMBS deal, done in partnership with Imperial Fund Asset Management and Clearwater Analytics, is expected to close on […]
During Rocket Companies‘ third-quarter 2024 earnings call, the Detroit-based parent company of Rocket Mortgage said that it expected adjusted revenue of $1.05 billion to $1.2 billion in the fourth quarter. But on Thursday’s earnings call for Q4 2024, the company reported that it generated net revenue of $1.8 billion and adjusted revenue of $1.2 billion, […]
This week on Power House, Diego Sanchez chats with Jay Plum, EVP of Consumer Lending at Fifth Third Bank. During the conversation, Plum explores Basel III’s impact on warehouse lending, the importance of affordability programs, and how Fifth Third plans to grow market share with mortgage servicing portfolios (MSRs). This conversation has been edited for […]
In its ongoing lawsuit against Ginnie Mae over $28 million in collateral from loans tied to a bankrupt reverse mortgage lender, Texas Capital Bank (TCB) recently submitted what it called an “expert report” from a former reverse mortgage industry executive, who offered his thoughts on Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS). TCB said the […]
In a Senate Banking Committee hearing on Thursday to assess the nominations of four people poised to take on leadership roles in the Trump administration, most of the questions that senators raised were focused on one person. Jonathan McKernan, who is President Donald Trump’s nominee to succeed Rohit Chopra as director of the Consumer Financial […]
Tax reform. The Consumer Financial Protection Bureau (CFPB). Housing policy changes. Managing optics. These were just some of the topics explored Wednesday during a discussion at the Housing Economic Summit hosted by HousingWire at the George W. Bush Presidential Center in Dallas. Bill Killmer, senior vice president for legislative and political affairs at the Mortgage […]
Bill Pulte, President Donald Trump’s choice to lead the Federal Housing Finance Agency (FHFA), sat Thursday for a confirmation hearing with the Senate Committee on Banking, Housing and Urban Affairs alongside nominees for three other administration positions. The lion’s share of questioning from senators first went to Consumer Financial Protection Bureau (CFPB) director-designate Jonathan McKernan […]
The Consumer Financial Protection Bureau (CFPB) on Thursday dropped a legal action against Capital One. Last month, the agency accused Capital One of cheating consumers out of more than $2 billion in interest payments on their savings accounts. The legal action, which was initiated under former CFPB Director Rohit Chopra, alleged that “from 2013 to […]
The Jason Mitchell Group certainly has reason to celebrate. On Thursday, the Consumer Financial Protection Bureau (CFPB) notified the U.S. District Court in Detroit that it was voluntarily dismissing its “kickback” lawsuit against the Jason Mitchell Group, Rocket Homes and others, with prejudice, meaning that the CFPB cannot file another complaint against the same defendants […]
How can today’s mortgage lending market be summed up in one word? For homeowners who purchased their property during COVID when mortgage rates were near 3%, the word “comfortable” may come to mind. Mortgage brokers enjoyed equal success then, as lower rates allowed them to qualify more borrowers and bring more revenue. For them, the […]
Barry Habib’s highly anticipated 2025 housing market forecast premiered during HousingWire‘s Housing Economic Summit on Wednesday in Dallas. Habib, the CEO of MBS Highway, kicked off his by presentation by referencing his 2024 forecast, telling the crowd of 250-plus that he hit the mark for home price appreciation and predicted lower numbers than expected for […]
When reverse mortgage professionals from Australia and New Zealand made the long journey to San Diego last year to attend the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo, they were ready to learn about the core differences between the businesses in a different part of the world. What they found was a […]
Mat Ishbia, the president and CEO of United Wholesale Mortgage (UWM), is a big fan of President Donald Trump and his agenda. On UWM’s Wednesday morning earnings call, the wholesale mortgage leader said that Trump has done exactly what he set out to do, adding that the president’s picks to lead and regulate the mortgage […]
United Wholesale Mortgage (UWM), the largest originator in America, originated $139.4 billion in mortgages in 2024 on its way to a net profit of $329.4 million. All told, the wholesale lender turned around a financial loss of $69.8 million in 2023 and improved gain-on-sale margins to 110 basis points, up from 92 bps in the […]
Mortgage applications decreased by 1.2% from last week on a seasonally adjusted basis, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgageapplications survey for the week ending Feb. 21, 2025. On an unadjusted basis, the index decreased 4% compared with the previous week. The refinance index continued its declining streak and decreased 4% […]
Bill Pulte, the Trump administration’s nominee to run the Federal Housing Finance Agency (FHFA), has a wide array of investments with a value north of $190 million, including holdings in rental properties, HVAC firms, entertainment companies and Elon Musk’s X. That’s according to financial disclosure forms released on Tuesday. His confirmation hearing in front of […]
Fannie Mae on Tuesday announced the results of its 2024 Servicer Total Achievement and Rewards (STAR) program, recognizing 29 mortgage servicers for “competency, capability, and overall performance.” “Our servicers continue to show their commitment to operational excellence while reducing credit loss — a crucial component to the overall safety and soundness of Fannie Mae’s business and the […]
With a median age of 45.1 years, Maine is the oldest state, putting it in a unique position to provide insights to the rest of the nation about how it manages the needs of its older residents. According to data from the U.S. Census Bureau, about 23% of Maine’s population is at least 65 years […]
Mortgage rates have been moving lower in recent weeks, even after the Federal Reserve’s decision to pause its rate-cutting cycle. But mortgage executives and housing economists don’t believe this trend will continue long enough to meaningful impact mortgage demand or home sales. According to data at HousingWire’s Mortgage Rates Center, the average 30-year conforming rate […]
The ongoing legal dispute between Texas Capital Bank (TCB) and Ginnie Mae added a new chapter this week. The bank is opposing a government request for a summary judgment that would hand a victory to Ginnie Mae, according to court filings reviewed by HousingWire’s Reverse Mortgage Daily (RMD). Government attorneys filed a motion for summary […]
Effects from deadly flooding in Eastern Kentucky were made worse this past weekend as a storm system brought heavy snow and wind into already devastated communities. It will have a large impact on real estate for years to come, Kentucky real estate agents told HousingWire. As of Monday, the statewide death toll associated with the […]
Mr. Cooper won’t be onboarding as many Flagstar Bank employees as initially projected in its $1.4 billion deal to acquire the depository bank’s residential mortgage servicing operations. Multiple sources told HousingWire that Flagstar began layoffs on Friday. The employees said that additional terminations will be staggered over the coming months, with official severance documents to […]
Deep cuts at the Department of Housing and Urban Development (HUD) are likely to increase the cost of homes, upend housing markets and complicate mortgage transactions, current and former agency staffers told the Washington Post. HUD’s workforce is expected to be cut in half — from about 8,300 employees to just over 4,000 — with […]
The recently announced RocketRentRewards program from Rocket Mortgage — which the company says is the homeownership industry’s first offer to provide closing cost credits for renters — allows homebuyers who use Rocket as their lender to earn 10% back on their last 12 months of rental payments. Renters, who are the targets of the new […]
InGenius, a data provider for the mortgage and real estate industries, has appointed industry veteran Sue Woodard as its chief customer officer. Woodard, a senior adviser at STRATMOR Group, brings more than 30 years of experience in financial services and mortgage lending. She will continue her advisory role at STRATMOR while taking on her new […]
Rumors of large-scale staffing cuts at Ginnie Mae are spooking Wall Street and the housing industry, who fear potential repercussions to the mortgage-backed securities market. Mortgage lenders and developers are reportedly working their contact lists in Washington, D.C. to try and protect the company from the cuts already imposed by the U.S. DOGE Service, the […]
The Mortgage Bankers Association (MBA) has revised its previous 2025 mortgage forecast, raising its projection for purchase originations while trimming projections for refinances from its January forecast. Its updated forecast, released Feb. 19, put this year’s total origination volume at a projected $2.055 trillion, up slightly from January’s $2.052 trillion forecast. The MBA still forecasts […]
The Attorney General of Massachusetts has filed suit against home equity contract provider Hometap, alleging that the company “pervasively and systematically violated the state’s consumer protection laws, including mortgage and foreclosure prevention laws, putting financially vulnerable homeowners at high risk of losing their homes.” The suit goes on to claim that Hometap’s primary product offerings […]
U.S. mortgage originations are projected to grow moderately in 2025, despite continued economic uncertainty and elevated interest rates, according to TransUnion’s newly released credit insights in the fourth quarter of 2024. After years of sluggish origination growth due to inflation, high borrowing costs, and a tight housing market, mortgage originations are expected to rise to […]
Mortgage applications for newly built homes decreased 6% year over year in January 2025, according to a report released Thursday by the Mortgage Bankers Association (MBA). But application volume increased by 19% from December 2024. MBA’s Builder Application Survey (BAS) explores mortgage application data on a monthly basis across mortgage subsidiaries of homebuilders. MBA pulls […]
Chase Home Lending recently announced a limited-time, nationwide interest rate discount that is designed to help homeowners save on their monthly mortgage payments. The offer is in effect through March 7. The limited-time refinance rate discount applies to customers looking to refinance into a lower interest rate or reduce their monthly payment, as well as those […]
Digital homeownership company Better.com on Thursday announced a record 400% growth in its home equity line of credit (HELOC) and home equity loan businesses. In a press release, the company announced that its HELOC business channel increased its revenue from $15 million per month in January 2024 to $60 million per month by October 2024. […]
Mark Calabria is the latest addition to the leadership roster at the Consumer Financial Protection Bureau (CFPB), despite the bureau’s near shutdown. Calabria, director of the FHFA in President Trump’s first term, will be serving a key role at the CFPB until Jonathan McKernan is confirmed as the permanent director. That’s according to tweets from […]
Staffing cuts at Ginnie Mae could table or delay the rollout of a complementary reverse mortgage securities program announced last year, according to an interview with a former Ginnie Mae official who requested anonymity out of fear of retaliation and reports of staff cuts by multiple outlets. But a source familiar with HUD’s plans disputed […]
If a rumored large-scale layoff at the Federal Housing Administration (FHA) occurs, it could result in major damage to key programs that mortgage lenders and investors rely on, such as Section 8, Section 202 and even financial losses to the national mortgage insurance fund. This is according to a former high-level FHA official who spoke […]
Chris Franquemont Franquemont returns to Guaranteed Rate after a one-year stint as CrossCountry Mortgage’s senior vice president of mortgage lending, producing branch manager. The top-producing loan officer brings a proven track record of high-volume production and financing solutions for borrowers. Franquemont funded $38 million across 103 loans 2024 alone, according to Rate. He first joined […]
Mortgage applications decreased 6.6% from last week, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending Feb. 14, 2025. On an unadjusted basis, applications decreased by 4% compared with the previous week. The refinance share of mortgage activity, which had been strong for the past few weeks, […]
Reverse mortgage industry conferences are often seen as an effective way for professionals to meet up, discuss best practices from across their markets and assess the regulatory environment at entities like the Federal Housing Administration (FHA) and within the states. Occasionally, U.S.-based reverse professionals also get the opportunity to connect with practitioners in other parts […]
As the 2025 spring homebuying season approaches — and the tone is set for what the rest of the year could look like — the long-term costs of a home loan are inching lower even as fears of inflation, unemployment and tariffs loom large. HousingWire’s Mortgage Rates Center showed that 30-year fixed rates for conventional […]
The oldest baby boomers are poised to turn 80 years old this year, which could bring the market of dedicated senior housing from a place of oversupply to a shortage. This is according to a report published this week by the Wall Street Journal. The projected aging of the U.S. population shows that by 2030, […]
ICE Mortgage Technology has released Ask Regi, an AI-assisted search tool for its AllRegs platform that helps users quickly find regulatory guidance using conversational queries in addition to traditional keyword searches. The mortgage technology company said Ask Regi is designed to streamline response times “by delivering precise search result summaries of complex questions applied to AllRegs, […]
Rocket Mortgage on Tuesday unveiled RocketRentRewards, which the company says is the homeownership industry’s first offer to provide closing cost credits for renters. Under the program, homebuyers who use Rocket Mortgage as their lender can earn 10% back on the last 12 months of rental payments, receiving up to $5,000 in lender credits toward closing […]