Mortgage applications rose 6.3% on a seasonally adjusted basis during the week ending Nov. 22, driven by a 12% increase in demand for purchase loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). It is the third straight weekly increase for applications — a good sign for mortgage lenders heading into the […]
Top U.S. wholesale lender United Wholesale Mortgage (UWM) has taken another aggressive move related to its product set, underscoring its strong commitment to government-backed loans. On Wednesday, the company announced the removal of all loan-level pricing adjustments (LLPAs) on government loans, albeit with some limitations. The program applies to Federal Housing Administration (FHA), U.S. Department […]
When I began working on this piece, I was told that the mortgage community as a whole—and loss mitigation professionals in particular—would be resistant to the message. But I don’t think that’s true. Because not only are we an industry that values the bottom line, we serve the spirit behind the American Dream of homeownership. […]
Mortgage technology platform Haven is allowing its users to access property tax monitoring and protesting services. The New Jersey-based company has partnered with property tax service provider Ownwell, according to a recent joint announcement. Through this partnership, Haven will offer an escrow monitoring feature through the platform’s affiliate marketplace, or app store, which offers products […]
The limit for federally backed reverse mortgages is increasing for the ninth consecutive year. The Federal Housing Administration (FHA) announced on Tuesday via Mortgagee Letter (ML) 2024-22 a maximum claim amount of $1,209,750 in 2025. That’s up $59,925 from the current limit of $1,149,825 for Home Equity Conversion Mortgages (HECMs), which equates to an increase […]
The mortgage rate increases of the past two months continued this week even as the pace of increases showed more signs of slowing. But rates have also crossed the 7% threshold once again, which could represent a mental hurdle for home shoppers. According to data at HousingWire’s Mortgage Rates Center, the average 30-year conforming rate […]
The Federal Housing Finance Agency (FHFA) has set a new baseline conforming loan limit of $806,500 for one-unit properties in 2025, authorizing Fannie Mae and Freddie Mac to purchase mortgages up to this amount. The new limit reflects a 5.2% increase over the current $766,550 cap for 2024, aligning with home price trends. The adjustment […]
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2025 Tech100 Award are open now through December 16, 2024. Click here to nominate a tech organization. For the past 14 years, HousingWire’s Tech100 award has been celebrating the most innovative and impactful tech organizations […]
The Federal Housing Finance Agency (FHFA) on Monday unveiled its three-year plan for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to improve housing opportunities in underserved areas. Key pillars of the plans include bolstering access in rural communities, looking to manufactured housing as an instrument to bolster supply, and addressing liquidity needs for […]
After spending their entire career in the “accumulation” phase of wealth building, retirees who then have to transition into the “decumulation” phase — spending down their assets with no additional employment income — is a source of stress for nearly half of American retirees. This is according to a study conducted by the Alliance for […]
Ginnie Mae on Monday released a final term sheet for its new, complementary Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program referred to as “HMBS 2.0.” Ginnie Mae has been developing the final term sheet in consultation with reverse mortgage industry stakeholders and comments submitted to the government-owned company. The final term sheet arrives after […]
In this HousingWire executive conversation, Chris Kennedy, Director of Sales and Business Development at RiskSpan, explores the key recapture strategies that lenders can follow to maximize profit in the 2025 real estate market. He stresses the importance of optimizing recapture workflows in the new market with new tools and strategies. Following that, Kennedy introduces RiskSpan’s […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down with Chad Smith, president and chief operating officer at Better. The duo discuss Smith’s decision to join Better, the company’s new platform and AI loan assistant, and its growth strategies going into 2025. This interview has been edited for length […]
President-elect Donald Trump announced late Friday that he has chosen Scott Turner, the former executive director of the White House Opportunity and Revitalization Council (WHORC), to serve as the next secretary of the U.S. Department of Housing and Urban Development (HUD) in his administration. Scott Turner, the nominee to lead HUD under President-elect Donald Trump. […]
The reverse mortgage industry has been anticipating the development of a new, complementary Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program designed to further address liquidity issues in the aftermath of the collapse of a major lender and issuer. But following the results of the 2024 presidential election, the implementation of “HMBS 2.0” and other […]
Treating older patients with chronic health conditions can already be a challenge for medical professionals, but some of these challenges can bite harder if a patient endures preventable trauma, including a fall. That’s why it’s so important to ensure a living space is appropriately fashioned for aging in place. This is according to James Taylor, […]
Ben Carson, the retired neurosurgeon-turned-politician who ran for president in 2016 before becoming President Donald Trump’s U.S. Department of Housing and Urban Development (HUD) secretary, is the frontrunner to lead the agency once again, according to a report published by Politico. Citing sources familiar with the transition, the outlet reported on Friday that Carson “is […]
Mortgage servicing executives foresee significant changes for the industry under a Donald Trump administration, particularly when it comes to interest rates, reform of the government-sponsored enterprises (GSEs) and conforming loan limits. But opinions diverge on what to expect in 2025 and beyond. Mike Patterson, chief operating officer of Freedom Mortgage Corp., which has more than […]
UBS analyst Douglas Harter recently made waves after he took a closer look at the stock of reverse mortgage industry leader Finance of America (FOA). Harter downgraded the company’s stock rating on from “buy” to “neutral” even after it reported strong earnings results in the third quarter of 2024. In a note published this week […]
While president-elect Donald Trump is still making selections for who will fill out his cabinet and other important leadership positions across the government, one outstanding question mark revolves around Ginnie Mae. The government-owned company that oversees the mortgage-backed securities (MBS) program and its sizable portfolio did not have a Senate-confirmed president for the entirety of […]
The defect rate for mortgages grew significantly across all loan types in the second quarter of 2024, continuing a trend seen in the first quarter. The share of loans with defects grew to 1.81%, according to a recent report released Wednesday by ACES Quality Management. The Denver-based quality control company compiles a quarterly report that […]
As existing-home sales dwindle due to high mortgage rates and the lock-in effect, buyers continue turning to new construction options. And Mortgage Bankers Association (MBA) data shows a shifting attitude as mortgage applications for new homes surged in October. MBA’s Builder Application Survey released this week shows that the non-seasonally adjusted application rate for new-home […]
NAR’s volunteer leaders receive financial benefits that no other nonprofit in the housing space comes close to matching. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?w=1024″ tabindex=”0″ role=”button” src=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?w=1024″ alt=”compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers” class=”wp-image-494194″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2024/11/compensation-of-NAR-executives-and-elected-leaders-to-the-compensation-of-leaders-and-officers.jpg?resize=1024,576 1024w” sizes=”(max-width: 1200px) 100vw, 1200px”>NAR’s volunteer leaders receive financial benefits that no other nonprofit in the housing space comes close […]
Fannie Mae on Wednesday announced that its next version of the Desktop Underwriter (DU) software platform will be available for users on Jan. 11. The platform will feature “enhanced” risk assessment by incorporating new data points, including updated market conditions and loan performance data in its assessment functionality. Fannie Mae said that DU version 12.0 […]
Executives at mortgage lenders anticipate a minimum 20% increase in credit reporting costs in 2025 compared to 2024. And the soaring costs will hit as lenders try to dig out from multiple years of financial losses and mass layoffs. In early November, Fair Isaac Corp. (FICO), the company behind the widely used consumer credit-risk assessment […]
The Federal Housing Administration (FHA) on Wednesday posted a proposed Mortgagee Letter (ML) that would add flexibility for people receiving rental income from “boarders” who pay for space in an existing dwelling when considering them for an FHA-insured mortgage. Borrowers receiving rental income from “boarders,” a term referring to “individuals who rent space in borrowers’ […]
HSBC has agreed to direct $25 million over the next four years to support underserved communities in an agreement with the National Community Reinvestment Coalition (NCRC) following allegations of redlining, the parties announced on Wednesday. In August 2023, the bank disclosed it was under investigation by the Department of Housing and Urban Development (HUD) after […]
Momentum Builder has acquired Sales Mastery, the companies announced Wednesday. The merger of two industry leaders in sales training and coaching will result in a “unified super brand” that will be known as Sales Mastery Powered by Momentum Builder, the companies said in a press release. “The launch of Sales Mastery Powered by Momentum Builder […]
The current mortgage market starkly contrasts with the booming years of 2020 and 2021. Both borrowers and loan officers face a changed—and changing—landscape. However, success remains within reach for those committed to adapting. The winners in every market know how to take advantage of opportunities, and below I’ve outlined some actionable advice on how to […]
Major reverse mortgage companies like Finance of America (FOA) and Ellington Financial — the parent of reverse lender Longbridge Financial — recently released their third-quarter 2024 earnings results, with FOA in particular posting strong numbers while Ellington continues to tout the versatility of Longbridge in its overall portfolio. Recently, HousingWire’s Reverse Mortgage Daily (RMD) sat […]
The passage of the mortgage trigger lead bill as proposed in the U.S. Congress will face a challenge from a new plan expected to be released this week by representatives of the consumer reporting industry, HousingWire has learned. In September, Senate Armed Services Committee Chairman Jack Reed (D-R.I.) included U.S. Senate Amendment 2358 — known […]
The trend line for mortgage rates has been the same for several weeks, even as some of the uncertainty surrounding the 2024 election is fading. The cost of a home loan continues to move in a negative direction for U.S. consumers and housing professionals alike as the downward movement that started in August has been […]
In preparation for widespread credit scoring changes, leading credit-score and data analytics company VantageScore has launched a Mortgage Resource Center to support lenders transitioning to the VantageScore 4.0 credit model. The new resource provides tools and guidance to facilitate integration and aligns with the growing adoption of VantageScore 4.0 by a number of industry players. […]
Farmers across America maintain retirement accounts at a higher clip than other types of workers, but they’re also saving less than the general population. (Image generated by AI in Midjourney) Farmers are more likely than the average American to maintain a retirement account of some kind, but their collective retirement balance is lower than the […]
You’ll notice the spread between the 10-year and the 1-year weekly average is no longer inverted. For our purposes in People often disregard reverse mortgages as being too complex. However, I argue they are simply unfamiliar. When explained properly, borrowers can easily understand the concept of a reverse mortgage. However, the loan terms and language […]
The Federal Housing Finance Agency (FHFA) on Monday announced that it will raise the 2025 multifamily loan caps for purchases by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to $73 billion each. This represents a total of $146 billion in multifamily market support for next year, an increase of more than 4% from […]
Add American Neighborhood Mortgage Acceptance Company LLC, doing business as AnnieMac, to the list of mortgage lenders that have recently suffered a data breach from a cyberattack. The company notified state authorities that it became aware of “suspicious activity” of certain systems within its network in August. After an investigation, it concluded that cybercriminals infiltrated […]
In this HousingWire executive conversation, Michael Chew, Division President at Consolidated Analytics, discusses the viability of task outsourcing as a method for saving time and money for loan originators—especially in preparation for market surges and shifts. Chew stresses the importance of offloading repetitive tasks to experienced teams, removing the need for rushed hiring and subsequent […]
The housing bubble crash theory has failed once again as we approach the end of 2024, but it’s always important to know why something didn’t happen. This week, we got the updated New York Fed credit data report and it shows the strong position of homeowners — especially in comparison to the years before the Great […]
Rocket Mortgage in 2025 aims to acquire servicing rights to capitalize on its 85% recapture rate. ” data-image-caption=” Rocket Mortgage in 2025 aims to acquire servicing rights to capitalize on its 85% recapture rate. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?w=1024″ tabindex=”0″ role=”button” src=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?w=1024″ alt=”ocket-Mortgages-servicing-strategy” class=”wp-image-493440″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2024/11/ocket-Mortgages-servicing-strategy.jpg?resize=1024,576 1024w” sizes=”(max-width: 1200px) 100vw, […]
Should the goal of marketing technology be to make it so that a loan officer never needs to log in? Or, should LOs be encouraged to engage with marketing tools as much as possible in order to help them build their own brand and connections? I started in the mortgage industry in 2015, working for […]
Jerome Powell, the chair of the Federal Reserve, said on Thursday that the U.S. economy is “not sending any signals that we need to be in a hurry to lower rates.” The statement was enough to raise mortgage rates to an even higher level, a sharp departure from the optimism lenders experienced during the September […]
Mortgage trade groups recently came closer to achieving a legislative victory by curbing a longstanding practice: the abusive use of credit trigger leads. However, the outcome of recent elections has cast uncertainty on the future of this legislation. In September, Senate Armed Services Committee Chairman Jack Reed (D-RI) and Ranking Member Roger Wicker (R-MS) included […]
With several top 10 reverse mortgage lenders now active in some form within the U.S. stock market, companies like Finance of America (FOA) and Ellington Financial — the parent of reverse lender Longbridge Financial — have recently released their third-quarter 2024 earnings results. In the case of FOA — the current industry leader — the […]
HousingWire Editor in Chief Sarah Wheeler sat down with Adam Carmel, founder and CEO of Polly, to talk about his thought process for solving customer problems and why cutting costs for mortgage lenders is paramount. This interview has been edited for length and clarity. Sarah Wheeler: What differentiates Polly’s technology? Adam Carmel: The technology is […]