Multistate mortgage lender Click n’ Close on Thursday announced that it’s adding a 30-year, fixed-rate conventional loan option to its SmartBuy Shared Appreciation Mortgage (SAM) program. Texas-based Click n’ Close, formerly known as Mid America Mortgage, offers the SmartBuy SAM program as an alternative path to homeownership. SAM loans grant the lender a share of […]
New data released Thursday by the Mortgage Bankers Association (MBA) revealed that the delinquency rate for mortgages on one- to four-unit residential properties increased to a seasonally adjusted rate of 3.98% of all loans outstanding at the end of 2024. The national delinquency rate was up 6 basis points (bps) from Q3 2024 and up […]
Now that he has been confirmed and sworn in as the 19th secretary of the U.S. Department of Housing and Urban Development (HUD), Scott Turner said he plans on moving to act on what he calls a Trump administration priority — privatization of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. A name change […]
A panel of housing agency leaders talking about new mortgage servicing priorities under the second Trump administration was scheduled to last a full hour. It went about 30 minutes before the moderator conceded that the panelists simply didn’t have a lot to say about those priorities. The truth is, they really don’t know yet. At […]
On Thursday, PennyMac Financial Services Inc. announced the launch of its full-service, nondelegated mortgage solution, NonDel+, an end-to-end loan experience within its dynamic POWER+ portal. According to a company press release, the new product is “specifically tailored to banker partners who value control over their loans, but desire support with disclosures, loan documents and additional […]
Describing the modern-day mortgage market as challenging would be an understatement, to say the least. Mortgage interest rates have steadily ramped up throughout 2024. The average rate throughout 2024 for 30-year fixed mortgages was 6.72% — higher than it was during the 2008 market crash. If that’s not enough, affordability is still a distant dream […]
It all started with sponge and a bucket of soapy water. Recently, I helped hand-wash the Vietnam Veterans Memorial in the District of Columbia. I honored my fellow service members and Naval Academy classmates who protected our country. I stood alongside Jan Scruggs, founder of the Vietnam Veterans Memorial. At that moment, the legacy of […]
Here’s a hypothetical scenario: Let’s say the staffers at the Consumer Financial Protection Bureau (CFPB) remain forbidden to work until Jan. 21, 2029. What would the mortgage servicing regulation landscape look like? At the Mortgage Bankers Association‘s Servicing 2025 Expo in Dallas on Wednesday, top servicing executives said that even in a friendlier regulatory environment, […]
Digital mortgage lender Better on Wednesday announced the launch of a loyalty program dubbed “Better Forever.” The program is designed to reward customers by waiving origination fees on future refinance or purchase loans. Customers who previously funded a loan through Better on or after Jan. 1, 2019, are automatically enrolled in the program. “We are […]
The number of family caregivers who support older relatives in either home-based or residential care settings increased by 32% between 2011 and 2022 — a sharp rise that can be attributed to an increase in the number of caregivers living with recipients. Researchers also say this could be partially tied to rising preferences for aging […]
The U.S. Senate on Wednesday voted to confirm Scott Turner as the 19th secretary of the U.S. Department of Housing and Urban Development (HUD). Turner cleared the confirmation process in a vote of 55-44 that was almost entirely along party lines. Two Democrats, John Fetterman (Pa.) and Peter Welch (Vt.), crossed the aisle to vote […]
Mortgage applications increased 2.2% on a seasonally adjusted basis from last week, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending January 31, 2025. On an unadjusted basis, the index measuring applications increased 19% compared with the previous week. The refinance index increased 12% from the previous […]
The U.S. and Canadian real estate markets are unstable amidst increasingly severe climate risks — including floods, wildfires, and hurricanes. This necessitates a radical re-think of common risk management strategies. While both nations share climate vulnerabilities, distinct regional risks pose challenges for property values and mortgage lending. Property values: Impact and implications U.S. property values […]
A bill introduced in January to the New York state Senate is seeking to bolster the disclosures that reverse mortgage lenders make to potential clients in an effort to broaden their understanding of the product, as well as the obligations that a borrower assumes when engaging with the industry. This is according to the text […]
Arrival Home Loans on Tuesday announced a partnership with zavvie — a fintech company that specializes in bringing liquidity to residential real estate — in an effort to enhance the homebuying experience for its customers. The collaboration combines Arrival Home Loans’ niche in owner-occupied bridge loans with zavvie’s advanced technology platform for single-family homes. In […]
Mortgage technology technology Optimal Blue on Tuesday announced a series of new products and innovations at its inaugural Optimal Blue Summit user conference in San Diego. The company first announced the launch of a new artificial intelligence-powered assistant. The new product, dubbed Ask Obi, will primarily benefit mortgage executives by offering insights and data drawn […]
The so-called “silver tsunami” — referring to some kind of “rush” of older people into certain places, out of the workforce or to their housing stock, depending on who you talk to — is likely to have serious economic ramifications with negative potential, or a lot of upside potential due to the ways in which […]
The long-term cost of a home loan remains above 7%, but the trendline is moving in a positive direction for consumers and lenders even after the Federal Reserve paused its rate-cutting cycle last week. Data at HousingWire’s Mortgage Rates Center shows that rates for 30-year conforming loans averaged 7.10% on Tuesday, down 4 basis points […]
Cornerstone Capital Bank, a national mortgage originator and servicer, is launching a community lending division to serve underserved communities, the company announced this week. The new division will be based in Arlington, Texas. Cornerstone plans to close the homeownership gap for underserved communities in the 45 states that the company operates in. According to the […]
In February 2024, Sagent, a Warburg Pincus-backed fintech firm, announced the launch of its mortgage software platform, Dara. A year later, HousingWire checked in with the Dara team about what lies ahead. “We previewed the Dara platform in February of 2024 at the MBA servicing conference,” said Perry Hilzendeger, Sagent’s executive vice president of servicing. […]
In his first official action as acting director of the Consumer Financial Protection Bureau (CFPB), Scott Bessent ordered staffers to stop bureau activities, including the issuance of final rules, settlement enforcement actions, or participation in legal cases. Agency staffers have also been instructed to suspend the effective date of any final rules that have not […]
The combined cost of mortgages, taxes and insurance now takes up a larger share of household income than it has since the early 1980s, according to an affordability index from John Burns Research & Consulting. The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability. […]
The Tech100 Mortgage award recognizes the most innovative and impactful organizations driving the mortgage industry forward. More than just an accolade, this award highlights organizations that are transforming the housing sector—enhancing efficiency, transparency, and accessibility in ways that reshape the future of mortgage lending. Now in its 13th year, the Tech100 program serves as a […]
The Consumer Financial Protection Bureau (CFPB) announced on Monday that Scott Bessent, the recently appointed secretary for the U.S. Department of the Treasury, will also serve as acting director for the CFPB following the firing of Rohit Chopra over the weekend. “On Jan. 31, 2025, President Trump designated Secretary of the Treasury Scott Bessent as […]
The hits keep coming for now-defunct residential sale-leaseback platform EasyKnock. After the company failed to have new council file an appearance, the court dismissed EasyKnock’s defamation lawsuit against law firm Feldman & Feldman last Monday. Originally filed by EasyKnock in Nov. 2021 in federal court in Houston, the suit accused Feldman & Feldman of defaming […]
The current environment of mergers and acquisitions (“M&A”) is evolving. There is constant movement in the mortgage industry with the desire for growth and expansion. It is easy to become blinded by the end goal of increasing loan volume and quality origination talent. Thus, it has never been more important to focus on due […]
A group of state representatives in Hawaii have introduced a new bill into the legislature, calling for the establishment of a state-specific Home Equity Conversion Mortgage (HECM) program to be managed by the Hawaii Housing Finance and Development Corp. (HFDC). This is according to the text of the bill reviewed by HousingWire’s Reverse Mortgage Daily […]
Alanna McCargo, the most recent Senate-confirmed president of Ginnie Mae who departed last year to become president and CEO of the Federal Home Loan Bank (FHLBank) of San Francisco, has left the bank’s leadership team to assume a new policy position working with the chair of the board of directors. Joseph E. Amato, the bank’s […]
PennyMac Financial Services Inc. reported Thursday that it earned $104.5 million in net income during the fourth quarter of 2024 on revenue of $470.1 million. It’s an about-face for PennyMac after it posted a net loss of $36.8 million in Q4 2023. For 2024 as a whole, the California-based lender earned a profit of $311.4 […]
Sage Home Loans Corp. recently hired Bijoy John as its new senior vice president of marketing. John expressed his excitement over joining Sage and implementing his vision at the company. Bijoy John Sage’s senior leadership team welcomed John with open arms, praising his track record of successfully reaching consumers. John will reportedly focus on leading […]
Britannica, the English-language encyclopedia that has roots as far back as the 1760s, recently highlighted a phrase familiar to the reverse mortgage industry — the “sandwich generation” — in recognition of the growing importance that caregiving for older relatives will have as the global population grows older. Highlighted on Britannica Money, an online portal designed […]
In this week’s episode of the Power House podcast, host and HousingWire President Diego Sanchez chats with Tom Davis, chief sales officer at Deephaven Mortgage. In this conversation, the duo explore niche lending, second lien product opportunities and demand for non-QM. Deephaven’s focus on non-QM lending is expected to drive its volume past $80 billion […]
The Mortgage Bankers Association (MBA) approves of Donald Trump’s nominee for director of the Federal Housing Finance Agency (FHFA). In a letter addressed to the Senate Committee on Banking, Housing and Urban Affairs, the MBA gave a strong endorsement of Bill Pulte to lead the FHFA. In that role, Pulte would oversee government-sponsored enterprises (GSEs) […]
A securitization of private reverse mortgages originated by Reverse Mortgage Funding (RMF) will require additional review due to the lender’s 2022 bankruptcy, according to a statement on the securitization issued by credit rating agency KBRA. “RMF Proprietary Issuance Trust 2019-1 (RPIT 2019-1),” which saw ratings assigned by DBRS Morningstar in mid-2020, has a key indenture […]
The Federal Reserve on Wednesday paused its recent string of interest rate cuts, holding benchmark rates steady at a range of 4.25% to 4.5%. The move was widely expected considering recent employment and inflation data showing that the U.S. economy continues to run hot. Market analysts were nearly unanimous heading into the day that the […]
Michigan-based United Wholesale Mortgage (UWM) has extended its 60 basis points (bps) pricing incentive until March 31 “due to its strong success and the substantial competitive edge it’s offered independent mortgage brokers in today’s market,” a spokesperson from UWM confirmed. The original program, dubbed “60bps for 60 Days,” was originally only available through January 31 […]
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.0% on a seasonally adjusted basis from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) latest weekly mortgage applications survey. This week’s results for the week ending Jan. 24, 2025, include an adjustment for the Martin Luther King holiday. […]
No one can know what, exactly, will change in 2025 for the mortgage servicing industry’s quality control units, but experts agree there will be changes. Rohit Chopra, head of the Consumer Financial Protection Bureau (CFPB), is unlikely to remain at the bureau’s helm after the new presidential administration is inaugurated, which will probably mean new […]
Last week, business-purpose residential mortgage lender Dunmor announced that it received a minority equity investment from Newfi Lending, a nonagency mortgage lender owned by funds managed by Apollo Global Management. Dunmor CEO Franck Ruimy spoke with HousingWire‘s Sarah Wolak on why he anticipates 2025 will be a strong sales year, and he highlighted the recent […]
Personal finance website WalletHub this week released its rankings of the best and worst states to retire in 2025. It determined that Florida, Minnesota and Colorado are the friendliest states for retirees, while Mississippi, Louisiana and Kentucky are at the opposite end of the spectrum. The company compiled its rankings through 46 metrics, including living […]
Nationstar Mortgage — currently doing business as Mr. Cooper — has agreed to settle a lawsuit which alleges that the company violated mortgage servicing laws and forced borrowers into foreclosure. Attorneys general and mortgage regulators in 50 states, as well the District of Columbia, agreed to a settlement that requires Mr. Cooper to provide $5.8 […]
Mortgage rates have been static in the first month of 2025. The long-term costs of a home loan are keeping borrowers on the sidelines as rates have been above 7% since Christmas — the longest such stretch since July 2024 when they were in the middle of a long and steady decline. But lenders and […]
This week, the Community Home Lenders of America (CHLA) released our latest annual CHLA Report on Independent Mortgage Banks (IMB). As the only national trade group that exclusively represents IMBs, we are taking this opportunity to explain what IMBs are, the role they play in mortgage markets, the issues that are critical to them, and […]
Against the backdrop of a new presidential administration and a new Congress, Mortgage Bankers Association President and CEO Bob Broeksmit laid out the trade group’s priorities during the opening session of the MBA’s IMB25 conference Monday. First on the list? A smooth exit from conservatorship for Fannie Mae and Freddie Mac. “We can’t let the […]
Today’s new home sales report beat market expectations, just like last week’s existing home sales report. However, a detailed analysis of the data explains why housing permits continue to remain at recession-level figures. Builders are struggling to get clarity on how many homes they can sell in this rate environment in the future. Without more […]