Real estate investment trust Redwood has expanded its home equity platform, Aspire, to include alternative loan products amid affordability challenges in the housing market, the company announced Tuesday. The move is part of a repositioning that includes branding of its jumbo loan platform, which will continue to operate under the Sequoia umbrella going forward. Through […]
Mortgage and title clients are undergoing a significant transformation with the shift from Encompass Software Development Kit (SDK) to Encompass Partner Connect (EPC). This change — driven by ICE Mortgage Technology’s updated standards — promises enhanced efficiency, cost savings, and future-proof workflows. However, for many lenders and title agents, the path to compliance can be […]
The U.S. Department of Housing and Urban Development (HUD) on Tuesday announced the allocation of nearly $12 billion in Community Development Block Grant-Disaster Recovery (CDBG-DR) funds for communities across 24 U.S. states and territories. This money is designed to go toward long-term recovery efforts for communities impacted by recent natural disasters. The announcement — made […]
The nation’s demographics continue to trend older while home prices experienced a run-up during the pandemic. That means most members of the baby boomer generation are sitting on as much as $17 trillion in home equity as of the second quarter of 2024, and they are largely planning to keep that wealth within their own […]
Freddie Mac on Tuesday announced the appointment of James Whitlinger as executive vice president and chief financial officer, effective Jan. 1. Whitlinger has served as interim CFO since Christian Lown’s departure in June 2024. “It’s with great pleasure that we announce Jim Whitlinger as the company’s new chief financial officer,” Freddie Mac CEO Diana Reid […]
Amid a regulatory push ahead of the White House transition, the Consumer Financial Protection Bureau (CFPB) unveiled a new rule on Tuesday to eliminate medical debt from credit reports. The regulation is expected to raise the number of mortgage approvals by about 22,000 loans per year. The rule amends Regulation V, which enforces the Fair Credit […]
Multichannel mortgage lender Lower has acquired software company Neat Labs to transform its point-of-sale technology into a fully integrated application-to-funding mortgage platform, aiming to reduce reliance on third-party vendors. The stock-based deal was finalized in December, though financial details were not disclosed. “It’s very hard to build this technology from scratch,” Dan Snyder, CEO and […]
How many times have you invested in a CRM, only to abandon it a few months later? You’re not alone. Most mortgage pros give up because they skip one crucial step: having a clear plan. Here’s how to finally set up your CRM the right way. First off, we need to establish your goals with […]
The Mortgage Bankers Association (MBA) on Monday appointed Jamie Woodwell as its senior vice president of commercial/multifamily policy and strategic industry engagement. Woodwell brings 20 years of experience at MBA to the new role. He transitions from a previous position as vice president of research and economics. The executive’s work has focused on key policy […]
While recent housing market reports and trends have shown that older homeowners are unwilling to sell their homes for a variety of reasons, one of them may be the expected requirement to pay capital gains taxes stemming from the post-pandemic explosion of home-price appreciation, according to a report from Business Insider. While some homeowners are […]
In the newest episode of the Power House podcast, HousingWire President Diego Sanchez sits down for a conversation with Prosperity Home Mortgage CEO Justin Messer. The duo explore Prosperity’s transition from refinances to purchase mortgage originations, the company’s Realtor affiliate model, servicing partnerships and mortgage rate predictions for 2025. This conversation has been edited for […]
Nonqualified mortgage (non-QM) and nonagency lender Arc Home on Monday announced the additions of John Gibson as chief production officer and Eamon Cantwell as chief operations officer. Gibson will focus on enhancing Arc Home’s production capabilities, strengthening broker and correspondent relationships while advancing the growth of the company’s non-QM, nonagency and HomeEQ products, according to a company announcement. “I’m honored […]
GVC Mortgage announced the hiring of Jen Peachman as vice president of strategic lending, a move that Peachman confirmed on LinkedIn. Per the Chrisman Commentary, a daily mortgage newsletter produced by Rob Chrisman, GVC said that Peachman “will play an integral role in expanding our retail branch network across the GVC Lending footprint.” With more than 20 […]
Introduction The mortgage industry is in constant flux, and talented loan originators and their teams are in high demand. Gone are the days when refinance applications provided a steady pipeline of loans for anyone holding a license. Today’s market rewards those originators who can secure steady pipelines of purchase mortgages and refinances from outside their […]
Reverse mortgage professionals made more inroads into the forward mortgage industry in 2024. This happened through dedicated conversations, partnerships between reverse and forward mortgage companies, and expanded activities in reverse that stemmed from acquisitions and expansions of existing divisions. Continuing this momentum into 2025 is a priority for many in the reverse mortgage space, according […]
Speculation about the future of GSE conservatorship in a Trump administration took another turn on Thursday when the Treasury announced an agreement to amend its Preferred Stock Purchase Agreements (PSPAs) with Fannie Mae and Freddie Mac. In a press release, Treasury said the amended agreement would “help ensure that the eventual release of the GSEs […]
Home Equity Conversion Mortgage (HECM) endorsements saw a healthy increase in October 2024. They jumped by 11.3% to 2,392 loans for the month, according to data compiled by Reverse Market Insight (RMI). But after additional data about the month of October was released, one metric of reverse mortgage industry performance — HECM case number assignments […]
Another significant decline in mortgage rates could unlock a similar Refinance volume is only a fraction of what it was three years ago when mortgage rates plummeted to historic lows, but borrowers have returned in greater numbers this year. Recent data from CoreLogic shows that $347 billion in refinances were originated during the first 10 […]
While 2024 was rife with challenges for the mortgage industry broadly — across forward and reverse — a new year brings a new mindset. Some challenges remain, with mortgage rates being chief among them. Education and distribution can also likely be improved. But there are also new opportunities for the industry in 2025, and the […]
In the 16 years since the peak of the Global Financial Crisis, the structured products industry has transformed from a market dominated by large banks to one with space for new players. New relationships are forming between insurers seeking long-term debt investments and managers specializing in origination, securitization, and sale of mortgage-backed securities. This new […]
Reverse mortgage business — and mortgage business generally — is not where people want it to be. That was a repeated idea shared by a group of reverse mortgage professionals when asked to assess what they see as the biggest industry challenges of the year. With Home Equity Conversion Mortgage (HECM) volume declining on an […]
David Neylan, president and chief operating officer at retail lender Guild Mortgage, expects the landscape to remain challenging for mortgage companies in 2025. But Neylan plans to capitalize on these challenges. “I know there’s some forecasts for rates to drop, but it’s not as much as everybody had been hoping or anticipating. And this ‘higher-for-longer’ […]
The reverse mortgage industry has had an eventful year, and the National Reverse Mortgage Lenders Association (NRMLA) stands ready for yet another year of change according to Steve Irwin, its president. With political changes on the horizon, debate about some core Home Equity Conversion Mortgage (HECM) program attributes and work to be done, Irwin sat […]
Mortgage servicers have spent the past couple of years watching as federal housing agencies adopted various strategies to help borrowers who entered forbearance due to the COVID-19 pandemic but struggled to exit due to rising interest rates. Now they have a request for the incoming Trump administration — standardization and simplification of loss-mitigation frameworks. Servicers […]
Efficiency and accuracy are paramount for homeowners, agencies, and servicers in today’s fast-paced real estate environment. When all parties operate from a unified information source, the process becomes quicker, simpler, and more effective. CoreLogic understands that like no other. By partnering with a highly-regarded vendor, organizations can foster strong relationships with agency collectors and gain […]
The trigger leads bill has become a 2025 priority for the mortgage industry after failing to pass the House of Representatives last week, despite Senate approval. Mortgage trade groups, however, remain optimistic about the bill’s prospects in the 119th Congress. “It would still have to get through the House [this year], which is technically possible […]
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit Monday accusing Rocket Homes of orchestrating a kickback scheme to funnel business to its sister companies, Rocket Mortgage and Amrock. The Jason Mitchell Group is also implicated in the alleged violations of the Real Estate Settlement Procedures Act (RESPA). According to the CFPB, between 2019 and […]
A coalition of six organizations representing mortgage companies and borrowers has sent a letter to the Federal Housing Administration (FHA), urging the extension of the current loss-mitigation waterfall to February 2026 while updates to the agency’s servicing handbook are discussed and implemented. In late November, the FHA proposed updates to its permanent loss-mitigation options based […]
Over the past year, members of the reverse mortgage industry have been making a more concerted effort to connect with their counterparts in the forward mortgage space. The efforts have not gone unnoticed as more forward mortgage companies — particularly in an elevated rate environment — have started to see value in the possible addition […]
Natural disasters drove mortgage delinquencies in November to their highest level in three years, according to a report by ICE. Industry experts advise closely monitoring the trend but note that the share of borrowers missing payments remains low compared to the long-term average. Concerns are mainly concentrated in the government portfolio, particularly the Federal Housing […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down for a tantalizing conversation with Frank Martell, the president and CEO of loanDepot, to discuss the company’s profitability in the third quarter of 2024 and its Project North Star growth plan for 2025. This conversation has been edited for length […]
In a recent episode of the HousingWire Daily podcast, Editor in Chief Sarah Wheeler sits down with Bill Emerson, president of Rocket Companies, to discuss its recent lawsuit against the U.S. Department of Housing and Urban Development (HUD) and the principle of appraisal independence for lenders. This conversation has been edited for length and clarity. […]
The Federal Housing Finance Agency (FHFA) this week announced a new final rule establishing affordable housing goals for the loan purchases of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac from 2025 through 2027. The goals, originally proposed in August, are largely unchanged from the initial draft. They are designed to “support equitable housing access […]
At the beginning of 2024, mortgage technology company LoanPASS was announced as a technology partner for reverse mortgage lender Smartfi Home Loans. The lender chose LoanPASS to provide its software-as-a-service (SaaS) product and pricing engine in its reverse lending operations. This partnership has become a fruitful one, according to Bill Mitchell, chief revenue officer at […]
The state of leadership in the mortgage industry When people say, “There’s no such thing as a perfect company,” are they really acknowledging an inherent flaw — or are they feeling the void left by inadequate leadership? This is especially evident in the mortgage industry, where “leadership” is a term often thrown around but rarely understood […]
After initially entering the mortgage business in 2003 following a career change from accounting, Rick Rodriguez was reading a book about mortgages that included a chapter on the reverse mortgage product. He remembered thinking the chapter was intriguing and flagged it in his mind so he could look into the product further. After asking his […]
The U.S. Department of Housing and Urban Development (HUD) on Thursday announced that it has awarded $225 million to 17 groups across 26 states as part of its Preservation and Reinvestment Initiative for Community Enhancement (PRICE) program that was launched earlier this year. The $225 million was initially announced by the White House in February. […]
The Federal Housing Finance Agency (FHFA) on Thursday announced that it initiated 43,459 foreclosure prevention actions in the third quarter of 2024, bringing the total number of homeowners helped to more than 7 million since the government-sponsored enterprises (GSEs) entered conservatorship in 2008. But the number of foreclosure starts spiked by 27% to 22,025 during […]
Planet Home Lending announced Thursday that it has hired Candice McNaught as senior vice president of business development and strategic initiatives for its distributed retail channel. McNaught, a 2023 HousingWire Woman of Influence, brings more than 16 years of experience to the role. She formerly held posts at Supreme Lending and NFM Lending. In her […]
What drives the secondary market and mortgage industry’s top innovators? This series unveils the personal and professional moments shaping Polly’s executive team and their vision for a better mortgage future. Dive into the lives of Polly’s executive team in this 4 episode docuseries. Inspired by ESPN’s 30 for 30, these four short episodes explore the […]
Ginnie Mae this week released its fiscal year 2024 financial report, which describes how the company has aimed to provide liquidity to the mortgage industry, accessibility to affordable housing and value to U.S. taxpayers. As housing advocates continue to call for the company to receive full funding from Congress, the company also highlighted the work […]
CreditXpert, a leading mortgage technology company, announced on Wednesday the launch date for its new credit optimization platform. The company will replace its What-if Simulator and Wayfinder tools with the new platform on Dec. 31. CreditXpert seeks to take a different approach when addressing homebuyer credit profiles. Instead of focusing on credit repair, the company […]
Government-owned company Ginnie Mae, which oversees the secondary mortgage market and provides a guarantee for a large segment of home loans, released a fiscal year 2024 financial report this week that shows positive results. “During FY24, Ginnie Mae’s mortgage-backed securities (MBS) program supported 1.2 million households nationwide — including servicemembers, veterans, and first-time homebuyers — […]
In a widely anticipated move, the Federal Reserve on Wednesday lowered its benchmark interest rate by 25 basis points (bps), bringing the target range to 4.25% to 4.5%. This marks the third consecutive reduction by the Fed following a 50-bps cut in September and a 25-bps cut in November, cumulatively reducing rates by 100 bps […]
The Supreme Court agreed on Wednesday to hear TikTok’s challenge to a law that could ban the popular social media app in the U.S. The move expedites the case to be heard at a special session on Jan. 10, shortly before the law is set to go into effect on Jan. 19. The news comes […]