Federal Reserve Chair Jerome Powell indicated last week that a cut in the federal funds rate at the September meeting of the Federal Open Market Committee (FOMC) is on the table, which would have the effect of driving mortgage rates lower. Most observers and professionals agree that a rate cut would provide immediate benefits to […]
Retirement savers experienced their third consecutive quarter of growth in Q2 2024, with Gen X savers showing strong gains in individual retirement arrangements (IRAs), a sign of progress considering that cohort’s prior struggles with saving for life after work. This is according to a report released by Fidelity Investments, based on 401(k) and 403(b) data […]
Richelle Hopkins of Mutual of Omaha Mortgage has been a reverse mortgage professional for 20 years, moving to Arizona in 2006. In 2020, a colleague approached her about establishing a Phoenix-based chapter of Women in Insurance and Financial Services (WIFS), an association of financial services professionals who aim to “attract, develop and advance women in […]
As the U.S. workforce continues to age commensurately with the population at large, a new report by U.S. Money Reserve illustrates that the highest concentration of older workers — those at or over the age of 65 — are concentrated in the New England region of the country. Based on data from the U.S. Census […]
Florida-based V.A.-focused mortgage lender NewDay USA has reached an agreement with the Consumer Financial Protection Bureau (CFPB) over allegations that it provided misleading and incomplete cost comparisons to borrowers seeking cash-out refinance loans, the parties announced on Thursday. The deal, which includes a $2.25 million civil penalty, was reached without the company admitting or denying […]
The country saw 1.62 million residential mortgage originations in the second quarter of 2024, an increase of 23.2% from the previous quarter, and the first quarterly gain in a year. The increase in overall lending in Q2 came amid the Spring homebuying season and lower mortgage interest rates that dipped downward after months of increases, […]
In the months ahead, with the presidential election approaching and the Federal Reserve eyeing interest rate cuts, originators will scrutinize how shifting fiscal policy could influence the mortgage industry and the economy at large. A new administration could have ramifications for markets and the overall economy, with potential policy changes and market fluctuations that affect […]
The District of Columbia Housing Finance Agency (DCHFA) announced on Wednesday that it has relaunched its Reverse Mortgage Insurance & Tax Payment Program (ReMIT), which originally began in 2019 and expanded in 2020. Qualifying senior homeowners who live in Washington, D.C., can receive financial assistance to cover delinquent property taxes, homeowners insurance or HOA fees that […]
Alyssa Weakley — a clinical neuropsychologist, researcher and a caregiver to an older adult — has assisted in the creation of a technology platform that is designed to more easily connect older adults with their family members and caregivers to better support aging-in-place goals. “You never not worry,” Weakley, a researcher at the University of […]
Tim Bowler, President of ICE Mortgage Technology, has a clear, specific vision for the future of ICE Mortgage Technology and the mortgage industry. In this Executive Conversation, Tim discusses ICE’s investment in product innovation, a company culture based on continuous improvement, and future career opportunities for those looking to make a difference. We are committed […]
The government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac on Wednesday announced new minimum standards to be included in tenant leases on GSE-backed multifamily properties, following up on a policy announced last month by the Federal Housing Finance Agency (FHFA). The new lease standards will require a five-day grace period for rent payments, a 30-day […]
Digital closing provider Snapdocs has automated its digital closing revenue management system to help the firm create a faster and more transparent process for clients. In partnering with BillingPlatform, the billing and revenue management solution provides “the automation, scale and flexibility to launch and bill for our core and new products as our business continues […]
Fintech Calque rolled out an affordable version of its Buy Before You Sell program that enables homeowners to remove home sale contingencies and debt-to-income (DTI) constraints. Dubbed the “Contingency Buster,” the product uses its Purchase Price Guarantee (PPG), a binding backup contract that if a homebuyer’s current home does not sell within 150 days, the […]
Mortgage market conditions presented over the past two years have muted the effectiveness of the monetary policy tightening by saving $600 billion for homeowners, accounting for about 2% of personal consumption spending since 2022, according to a report by two Swiss Re Institute senior economists. “A dollar not spent on mortgage payments is a dollar […]
By maintaining a consistent posture that is informed by the dynamics of the traditional forward mortgage business, Rate’s reverse mortgage division has seen notable growth in the year after the appointment of new leadership. Ryan Ogata, Rate’s executive vice president of reverse mortgage lending, previously described how his experience in the forward lending business helped […]
The baby boomer generation is “slipping through the cracks” of the U.S. retirement system due to the rising prices of home insurance across the country, according to an analysis from online insurance marketplace Insurify. “A new source of financial strain on retiree budgets is homeowners insurance premiums, which have skyrocketed by 20% between 2021 and […]
Proptech HomeLight has raised $20 million to expand the offering of its Buy Before You Sell product to mortgage lenders and real estate agents across 40 new states, the company announced on Monday. Zeev Ventures, an early-stage venture fund, led the Series D extension, and was joined by Stereo Capital and Menlo Ventures. According to […]
Detroit-headquartered Rocket Mortgage on Monday rolled out a lender-paid 2-1 temporary buydown program for lower-income households. The program, dubbed “Welcome Home RateBreak,” is available to buyers purchasing a single-family home and earning 80% or less of their area median income (AMI). Rocket estimates the size of this segment at more than 90 million people. The […]
Mike Roberts is about to make his first early payoff (EPO) penalty in two years after finding out that one of his clients refinanced a $355,000 loan with a 7.25% rate that Roberts closed in April. “The amount that we received in yield spread was 1.72%, which equates to $6,106,” said Roberts, co-founder and president […]
When interest rates began skyrocketing more than two years ago, mortgage companies faced a pivotal decision regarding a crucial part of their business: the servicing portfolio. This period was a windfall for servicers. Rising rates typically slow down borrower prepayments, increase the fair value of mortgage servicing rights (MSRs), and enable companies to earn more […]
Montana’s unique Reverse Annuity Mortgage (RAM) program is a state-sponsored reverse mortgage, with lower interest rates and proceeds along with a higher minimum qualifying age that distinguishes it from the Home Equity Conversion Mortgage (HECM) program through the Federal Housing Administration (FHA). Cheryl Cohen, division administrator for the housing division at the Montana Department of […]
Aging in place is seen as a leading “social barrier“ to healthy aging in America in 2024, according to a new survey conducted by Alignment Health. The survey was first reported by McKnights Senior Living. “As more seniors choose to live independently and longer in their own homes, aging in place brings its own set […]
Federal Reserve Chair Jerome Powell said on Friday that “the time has come for policy to adjust,” signaling a cut in the federal funds rate at the September meeting of the Federal Open Market Committee (FOMC) as expected by monetary policy watchers. “The direction of travel is clear, and the timing and pace of rate […]
On Thursday, Vice President Kamala Harris will formally accept the Democratic Party’s nomination for president in this fall’s general election. In July, former President Donald Trump accepted the Republican nomination for the third time, and both candidates will square off in a campaign that is sure to focus on major hot-button issues heading into November. […]
The U.S. Department of Housing and Urban Development (HUD) on Thursday announced the awarding of $3.7 million to a pair of nonprofit organizations and a low-income housing authority to provide low-income seniors with home renovations for the purposes of aging in place. These projects are described as “low-cost, low barrier, high impact home modifications,” they […]
Credit education advocate Sue Buswell, known widely in the mortgage industry for her “Sue Knows the Score” initiative, died unexpectedly this week. Buswell, a business development executive for Gridavate, was 58. Friends and former colleagues all described her as a warm, caring and generous person who genuinely loved helping educate people about credit, which she […]
A California bill that would allow home loans for illegal immigrants faces strong opposition from state Republicans. Assembly Bill (AB) 1840, which passed in the Senate Appropriations Committee last week, faces a floor vote in the state Senate and potentially a signature by Gov. Gavin Newsom to become law. Assemblymember Joaquin Arambula (D) introduced the […]
loanDepot added a first-lien home equity line of credit (HELOC) to its product suite that will enable homeowners without a mortgage to borrow from their home equity. The first-lien HELOC program will allow borrowers to access the equity in their homes with flexible terms that include a three-year draw period, an interest-only payment period of […]
The Consumer Financial Protection Bureau (CFPB) has settled a case with Florida-based Fay Servicing over illegal conduct in foreclosures. The deal includes a $2 million fine and potential limitations to the CEO’s compensation. A company spokesperson wrote to HousingWire that “Fay continues to strongly disagree with the CFPB’s claims in this matter, but we made a […]
David Heilman, principal for HomeGrown Financial in Mount Pleasant, South Carolina, didn’t feel like he had to shake up his approach to working with seniors when he became involved in the reverse mortgage industry. Having experience in the health care field prior to entering the mortgage business, it mainly meant reorienting himself from serving the […]
Mortgage rates have been on a declining trend, but demand slowed down last week largely due to fewer refinance applications, an indication that the industry should not expect a mini refi boom yet. Mortgage applications dropped 10.1% for the week ending Aug. 16 compared to the previous week, according to data released Wednesday by the […]
Source: Fannie Mae Fannie Mae calls for mortgage rates to average 6.4% by the end of this year and 5.9% by the end of next year. At HousingWire‘s Mortgage Rates Center on Wednesday, 30-year conventional loan rates averaged 6.68%. In a continuation of an ongoing trend, Fannie economists believe that new-home sales will continue to […]
A coalition of interest groups oriented around climate issues has launched a social media campaign designed to pressure the Federal Housing Finance Agency (FHFA) into adopting up-to-date energy-efficiency standards for homes backed by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The Campaign for Lower Home Energy Costs launched its effort on Tuesday. The […]
In the newest episode of the Power House podcast, HousingWire CEO Clayton Collins chats with Randell Gillespie, the chief production officer at Lower and a 2023 recipient of the HousingWire Vanguard Award. The duo dive into several topics, including Lower’s transformed culture and leadership structure following its acquisitions of Thrive Mortgage and Universal Lending. They […]
Ryan Ogata has been leading the reverse mortgage division at Rate — recently rebranded from Guaranteed Rate — for roughly a year, but the division has seen notable growth during that time. According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), the company grew its endorsement volume by roughly […]
The American Bankers Association (ABA) last week submitted a letter to the Consumer Financial Protection Bureau (CFPB) in which it expressed “significant concerns” about a proposed rule that would ban medical debt from appearing on consumer credit reports. The proposal would bar credit agencies from sharing such debt with mortgage lenders, who in turn would […]
After dropping significantly during the first two weeks of August, mortgage rates have plateaued ahead of a key economic announcement on Friday. That’s when Federal Reserve Chair Jerome Powell is set to speak at the annual Jackson Hole Economic Symposium in Wyoming. Powell is expected to deliver an update on U.S. monetary policy to central […]
Independent mortgage banks (IMBs) are finally seeing light at the end of the tunnel after two grueling, profitless years in the mortgage industry. IMBs and mortgage subsidiaries of chartered banks on average reported a pre-tax net profit of $693 on each loan they originated in the second quarter of 2024, an increase from a loss […]
Wells Fargo has agreed to sell most of its commercial mortgage servicing portfolio to Atlanta-based Trimont. The deal is expected to make Trimont the largest servicer of multifamily and commercial loans in the U.S. The transaction includes only Wells Fargo’s non-agency, third-party commercial mortgage servicing (CMS) business. The bank will keep its agency and government-sponsored […]
The state of Montana has been more heavily promoting its state-based Reverse Annuity Mortgage (RAM) program for seniors. Unspent funds allocated to the program can be put to use by assisting the state’s older residents with reverse mortgage financing at a relatively low interest rate when compared to either Federal Housing Administration (FHA)-backed Home Equity […]
A majority of Americans are seriously concerned that their retirement will be negatively impacted by the rising costs and uncertainty associated with sudden, unexpected and more frequent extreme weather events taking place across the country. This is according to the 2024 Annual Retirement Study from Allianz Life Insurance Company of North America. More than half […]
Severe storms, winds and flooding in South Dakota earlier this summer has led President Joe Biden to issue an official disaster declaration for the state, which includes assistance for borrowers of government-insured mortgage financing from the U.S. Department of Housing and Urban Development (HUD). The president declared a state of emergency in South Dakota on […]
When mortgage rates logged their sharpest decline of the year last week following an underwhelming jobs report, data showed that refinance demand surged. Despite what seems like welcome news for loan originators, who have suffered through thinning margins for two years, refinance business has yet to go up much, LOs told HousingWire. “I was going […]
As discussed in previous reverse mortgage rate updates, the federally insured Home Equity Conversion Mortgage (HECM) is the dominant reverse mortgage in America. As a result, HECM has become synonymous with reverse mortgages. But did you know that nearly all HECMs originated today are variable-rate loans? This is in stark contrast to the traditional forward […]
In my work, I talk with many seniors. Many are reluctant to leave their homes even when those homes are no longer suitable for their needs. Sometimes, the concern is emotional, but more often than not, it’s financial. What happens if they sell their current home but can’t cover the costs of a new place, […]