JPMorgan Chase, the nation’s largest bank, has started a workforce reduction of its mortgage lending business this week after having been struck by a tightening monetary policy that drove mortgage rates to over 6%. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” a spokeswoman for JPMorgan wrote in a […]
Hackers stole the personal information of 1,547,169 clients of Michigan-based Flagstar Bank in December, according to a document sent by the financial institution to the Office of the Maine Attorney General. The cyberattack occurred on Dec. 3 and Dec. 4, 2021, but the company discovered it on June 2, 2022, the document shows. The external […]
Despite mortgage rates reaching the highest level in 14 years, mortgage applications increased 4.2% from the prior week, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 17. “Mortgage rates continued to surge last week, with the 30-year fixed mortgage rate jumping 33 basis points to 5.98% – the highest since November […]
Fewer homeowners paused or reduced their mortgage payments in May, continuing the decline from April when the total number of loans in forbearance fell to a level below 1% of servicers’ portfolio volume. The share of loans in forbearance dropped by 9 basis points to 0.85% in May from April’s 0.94%, according to the Mortgage […]
CFPB Director Rohit Chopra ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ width=”1220″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ alt=”HW-Rohit-Chopra” class=”wp-image-323927″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png 1220w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=150,86 150w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=300,172 300w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=768,441 768w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=1024,588 1024w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=600,344 600w” sizes=”(max-width: 1220px) 100vw, 1220px”>CFPB Director Rohit Chopra The Consumer Financial Protection Bureau (CFPB) said Friday it would take a “fresh look” at a rule that decides what mortgages are protected from […]
stock market real estate investment ” data-image-caption=” stock market real estate investment ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=1024″ alt=”stock market real estate investment” class=”wp-image-340301″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>The stock market has not been kind to mortgage lenders – some are now trading in […]
New Residential Investment Corp. announced on Friday that it has decided to internalize the company’s management, a step that the real estate investment trust estimates will reduce its costs and potentially attract more institutional investors to its stock. The company is also changing its name to Rithm Capital, reflecting the diversification of its businesses as more […]
Recently, Intercontinental Exchange (ICE) announced a plan to acquire Black Knight in a reported $13 billion deal that, if approved by federal regulators, would certainly be one of the largest acquisitions ever in the mortgage technology space. The importance of this particular acquisition is one that could have implications for consumers, lenders, vendors and settlement […]
A banking regulatory agency asked whether the Consumer Financial Protection Bureau should be involved in deciding whether to green light bank mergers. The industry’s answer? A resounding “No.” Trade groups such as the American Bankers Association and the Independent Community Bankers of America, say that doing so would be beyond the scope of the CFPB, […]
Mortgage industry stakeholders say a new 50 basis point fee on some Fannie Mae and Freddie Mac securities runs counter to the premise of a uniform mortgage backed security. It’s a “money grab,” said one industry analyst, who requested anonymity to stay on good terms with the government sponsored enterprises, who together back the majority […]
It’s a tough time to be a loan officer. Refinance activity is gone, housing inventory continues to be at record lows and interest rates remain on the rise. It is the type of perfect storm that will show the industry who the true survivors are and who has been riding the refi wave for the […]
Wells Fargo this week warned investors the bank’s mortgage business could drop by almost 50% in the second quarter from the prior quarter. Wells Fargo Chief Financial Officer Mike Santomassimo said higher interest rates have greatly reduced the refinancing market – currently down about 82% from the prior year – and home affordability remains a challenge […]
Fannie Mae and Freddie Mac plan to charge a new 50 basis-point fee for certain structured-finance offerings that use co-mingled agency securities as the underlying collateral. The fee will apply to securities issued through structured-finance offerings known as Supers, and separately, real estate investment conduits (REMICs). Through these vehicles, the uniform mortgage-backed securities (UMBS) of one government-sponsored enterprise […]
The Government Accountability Office this week reminded the Department of Housing and Urban Development (HUD) of some ways it could improve its operations. Among the recommendations, the congressional watchdog said HUD needs to improve internet technology management and that Ginnie Mae, a guarantor for federally backed loans, needs to address “staffing-related challenges.” Both points are […]
Fannie Mae lowered its projections of mortgage originations and home sales for 2022 as mortgage rates continue to climb. Fannie Mae’s Economic and Strategic Research (ESR) Group revised its projected mortgage origination volume to $2.6 trillion in 2022 and $2.2 trillion in 2023. In May, Fannie Mae dropped its mortgage origination volume projection for 2022 […]
neighborhood, housing market, Fall, homes, new house sales, forbearance ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=1024″ alt=”AdobeStock_231108592″ class=”wp-image-330608″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>neighborhood, housing market, Fall, homes, new house sales, forbearance The Federal Reserve’s 75 basis point interest rate hike – its largest since 1994 – […]
Purchase mortgage rates climbed 55 basis points, reflecting surging inflation and the Federal Reserve‘s (The Fed) tightening monetary policy. According to the latest Freddie Mac PMMS, purchase mortgage rates this week averaged 5.78%, compared to 5.23% the week prior. A year ago at this time, 30-year fixed rate purchase rates were at 2.93%. “Mortgage rates surged as the […]
Whenever people want to get a mortgage, they search for professionals who can streamline the process. That’s precisely when your mortgage broker business comes to the rescue. In this article, you will find tips on how to grow your business, as well as five big mistakes that you may be making in the process. Ways […]
Fannie Mae and Freddie Mac’s pricing frameworks may see changes to better serve “core mission borrowers,” according to the Federal Housing Finance Agency (FHFA). The regulator also, again, argued for examination authority over entities doing business with the government-sponsored enterprises. In its annual report to Congress, FHFA said it instructed the enterprises to “begin updating […]
In this HW+ Slack Q&A, HousingWire Lead Analyst Logan Mohtashami answers questions from our HW+ member community. Mohtashami focused on the latest inventory and the Federal Reserve’s rate hike announcement. As a member of HW+, you get access to 30-minute Slack Q&As, where we invite the HW Media newsroom to break down the hottest topics in the industry. This […]
The Federal Reserve (Fed) on Wednesday did something it hadn’t done in more than two decades: it raised the federal funds rate by 75 basis points, to 1.50-1.75%, a hike not seen since 1994. The decision, designed to slow the pace of inflation, which reached 8.6% in May for the highest mark in more than […]
A panel of experts assembled at a recent Mortgage Bankers Association (MBA) conference in New York predicted that adjustable-rate mortgages (ARMs) will become far more popular this year as purchase mortgages increasingly dominate a housing market contending with fast-rising interest rates. A June market report by a major digital mortgage-exchange and loan-aggregator, MAXEX, which offers an […]
In 2021, more than 90% of borrowers who closed a loan with fintech mortgage lender Neat Loans opted for a 30-year fixed-rate mortgage. But this year, as rates have crested 6%, about 70% of Neat’s originations are adjustable-rate mortgages, a product that until recently had fallen out of favor due to the role they played […]
Before the volatility wrought by high inflation and speculation about a rate hike by the Federal Reserve, mortgage applications increased 6.6% from the prior week, according to the latest Mortgage Bankers Association survey for the week ending June 10. Refinancing applications increased 4% from the prior week but were still 76% lower than the same […]
Owners of a Florida-based law firm were ordered to pay close to $4.6 million to settle claims that they allegedly ran a mortgage loan modification and foreclosure rescue scheme that targeted Hispanic homeowners. The consent order puts an end to a lawsuit originally launched by the Department of Justice in 2018 against law firm Advocate […]
On Tuesday, the other shoe dropped. With mortgage rates now north of 6% and the stock market officially in bear territory, two of America’s most prominent real estate brokerages instituted large-scale layoffs and halted expansion efforts. Redfin CEO Glenn Kelman said the brokerage/listings platform made the tough decision to lay off 470 workers across several […]
The Federal Housing Finance Agency released voluminous plans last week developed by Fannie Mae and Freddie Mac to make the housing market more equitable, in part through changes to the appraisal process. Fannie Mae and Freddie Mac’s equitable housing finance plans further expand non-traditional property appraisals, which sometimes rely on property tax information, data collected […]
Fannie Mae has chosen the winning bidder for its inaugural nonperforming loan sale of 2022, a deal involving 3,223 loans with an unpaid principal balance of $477.2 million that was divided into two separate pools. The top bidder is MCLP Asset Co., which is registered as a debt-collection agency with the city of New York’s Department of […]
Fannie Mae aims to track refinance activity and refinance application trends through its newly launched Refinance Application-Level Index (RALI). The RALI, which sources data from Fannie Mae’s Desktop Underwriter to show the past week’s refinance application trends and prepayment projections, will publish each Tuesday at 10 a.m. EST, according to Fannie Mae. Fannie Mae’s new […]
Mortgage delinquency rates in March fell below the 3% mark, reaching another historic low as a strong labor market and income growth drove down the number of property owners who are late on their mortgage payments. About 2.7% of all mortgages in the U.S. were delinquent in March, dropping 2.2 percentage points from the 4.9% […]
Fannie Mae has executed its sixth Credit Insurance Risk Transfer (CIRT) deal of 2022, providing up to $725 million in mortgage-risk coverage as part of the agency’s ongoing effort to share risk with private-sector insurers. CIRT 2022-6 involves a covered loan pool composed of 63,000 single-family mortgages with a total unpaid principal balance of about $19.3 […]
Non-QM lender Angel Oak Cos., through its mortgage-backed securities conduit Angel Mortgage Trust, is out with its fourth private-label securities offering of 2022, even as rate volatility in the market continues to throw sand in the market’s gears. The recent offering, AOMT 2022-4, involves a pool of 407 mortgages valued at $217.2 million and includes primarily non-QM […]
The watchdog tasked with oversight of the Federal Housing Finance Agency (FHFA) laid out its strategic priorities for the next four years. Federal Housing Finance Agency Office of Inspector General will carry out oversight to make sure FHFA ensures the safety and soundness of the entities it regulates and is an effective conservator of Fannie […]
Overall mortgage rate lock took a hit in May, led by a drop in refinance activity, both for rate-term refis and cash-outs. In a higher rate environment, lenders were more reliant on the purchase market for origination volumes. Rate locks were down 4.8% last month, according to Black Knight’s monthly mortgage originations market report. Purchase […]
Lenders and mortgage tech companies have been cutting costs in the downmarket, but some firms have hired new executives who they hope will provide better strategies to navigate the shrinking loan origination market. Motto Mortgage, a national mortgage brokerage franchise, and wemlo, a mortgage processing solution with an all-in-one digital platform, tapped Chris Erickson as vice […]
The Federal Reserve’s (Fed) efforts to beat back inflation with its monetary tools have already shifted the winds in the secondary market for mortgage-backed securities (MBS). The Fed’s continuing effort to wind down its $2.7 trillion MBS portfolio helps fuel widening interest-rate spreads in the MBS market by creating additional MBS supply to be absorbed by investors. […]
Mortgage lenders Doorway Home Loans and Priority Mortgage Thursday announced a merger, the latest of many such deals made during a challenging mortgage market. The companies did not disclose the financial terms of the agreement. Both companies have more than 30 years of experience in residential direct lending, but want to expand market reach and […]
Renovation financing startup RenoFi now offers a fixed-rate home renovation loan, which allows homeowners to borrow as much as 90% of their home’s after-renovation value — a move to target homeowners who don’t qualify for a home equity line of credit (HELOCs). With a fixed rate for as many as 20 years, RenoFi’s fixed-rate home equity […]
A recently published CoreLogic report found homeowners with mortgages in the first quarter of 2022 saw their equity grow by 32.2% year-over-year. According to the data vendor, the collective equity gain was $3.8 trillion in the first quarter, or an average gain of $63,600 per borrower. CoreLogic said homeowners with mortgages account for roughly 60% […]
Fannie Mae has unveiled its third reperforming loan sale of the year, an offering of nearly 10,000 loans valued at $1.57 billion. The offering, dubbed FNMA 2022-RPL3, represents the agency’s 26th sale of reperforming loans since the inaugural offering in October 2016, which involved a pool of 3,600 reperforming loans valued at about $806 million. […]
Interest rates jumped by more than 2 percentage points over the first quarter of 2021. That bolt-like spike in rates put many mortgage lenders into crisis mode. Lenders saw the value of agency loans made at lower rates — in the 3% range — in 2021 and early January 2022 drop precipitously over the course of […]
After falling for three consecutive weeks, purchase mortgage rates jumped 14 basis points, reflecting the expectation that the Federal Reserve (The Fed) will maintain its tightening monetary policy to fight inflationary pressures. According to the latest Freddie Mac PMMS, purchase mortgage rates this week averaged 5.23%, compared to 5.09% the week prior. A year ago at this […]
The Federal Housing Finance Agency (FHFA), under the leadership of Director Sandra Thompson, on Wednesday unveiled landmark equitable housing finance plans for Fannie Mae and Freddie Mac. The plans establish a flexible framework for the government-sponsored enterprises to address barriers to sustainable housing and close the racial homeownership gap. The 2022 to 2024 plans will […]
Verification solutions provider Xactus wants to court more lenders through its active listing data in a tight housing market. Xactus Wednesday announced its new active listing scan program, which will scan residential addresses for changes in listing status and the average number of days on market for a neighborhood. The monitoring program, covering all 50 […]
The planned merger between Intercontinental Exchange Inc. and Black Knight may be subject to scrutiny from the Department of Justice and the Consumer Financial Protection Bureau over antitrust concerns raised by the Community Home Lenders Association. In its Wednesday letter to the DOJ, CHLA claimed the small and midsize independent mortgage banks it represents would […]