Signs of a “stagnant late-spring housing market“ emerged in June as U.S. home prices declined for the first time this year and purchase mortgage locks fell by 8% year over year. That’s a key takeaway from the June 2024 Market Advantage report released Wednesday by Optimal Blue. The report, which covers the 20 largest U.S. […]
Highlands Residential Mortgage announced that Dan Carson recently joined the company as a senior vice president and area manager of its Park Cities branch in Dallas. Carson has spent more than a decade in the mortgage industry, having previously served in leadership positions for OriginPoint, Willow Bend Mortgage Co., PrimeLending and PNC Bank. Dan Carson […]
The complexities of Non-QM lending demand a strategic approach that combines innovation, efficiency, and resilience. Acra Lending has positioned itself at the forefront of this sector by investing in its workforce, optimizing processes, leveraging cutting-edge technology, and building a robust infrastructure. In this executive conversation, we delve into how Acra Lending is enhancing its operations […]
As expected, Federal Reserve Chairman Jerome Powell did not set a timeline for lowering interest rates during his semiannual monetary policy report to Congress on Tuesday morning when participants complained about the effects of a tightening monetary policy in the housing market. Powell indicated that Fed officials are not there yet, but suggested a better […]
Over a quarter (26%) of retired investors continue to pay off their mortgage, and precisely one-quarter of the cohort are continuing to pay down credit card debt, according to a new survey from the Nationwide Retirement Institute. The U.S. retirement population is getting older at a faster rate and are also confronted with inflation as […]
The U.S. Department of Housing and Urban Development (HUD) on Tuesday announced that it has published updated policies for its 203(k) Rehabilitation Mortgage Insurance Program, in an effort to “modernize the program and enhance its usefulness for individuals and families seeking affordable financing for renovating or rehabilitating a single-family home when purchasing or refinancing it.” […]
The Federal Home Loan Bank of Chicago (FHLBank Chicago) and consumer credit scoring system VantageScore announced on Tuesday that the bank is now accepting mortgage collateral using VantageScore 4.0, an updated version of the scoring system using trended credit bureau data. “[M]ember financial institutions can now pledge mortgage collateral using VantageScore credit scores as an […]
At the National Reverse Mortgage Lenders Association (NRMLA) Eastern Regional Meeting in May, Acting Ginnie Mae President Sam Valverde said that the government-owned company planned to release a term sheet for a newly proposed Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program sometime in the next month. After the industry’s secondary market was rocked by […]
The Community Home Lenders of America (CHLA) on Monday submitted a letter to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, urging the agency to more forcefully go after trigger lead solicitations. To cement the point, CHLA is calling such solicitations “junk calls,” echoing the language of the campaign the Bureau has waged against “junk […]
Top-five mortgage lender Newrez, owned by asset manager Rithm Capital, has imposed another round of layoffs affecting 265 employees in Colorado and Arizona, per documents sent to state authorities. That’s the third round this year, following the acquisition of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS ) for $720 million in October […]
Roughly eight months after acquiring PacWest Bancorp in a rescue deal, Banc of California is selling roughly $2 billion in business-purpose residential mortgage loans, according to Bloomberg. PacWest had already sold the servicing on the debt service coverage ratio (DSCR) loans, which were originated by its subsidiary Civic Financial Services, before Pacwest was acquired by […]
Global asset manager Bain Capital announced Monday that it has acquired a controlling stake in Archwest Capital, a California-based company that offers financing to residential real estate investors. The financial terms of the deal were not disclosed, but the companies said in a joint statement that Archwest management, led by CEO Shawn Miller, would retain […]
A New York jury found Vishal Garg, CEO and founder of digital mortgage lender Better.com, liable for breach of fiduciary duty and conversion in a decade-long lawsuit filed by his former partner, Raza Khan. Garg intends to appeal. The court ordered Garg to pay $5.5 million to Educational Investment & Finance Corporation (EIFC), the company […]
Attorneys for both Ginnie Mae and Texas Capital Bank (TCB) are asking a magistrate judge overseeing their case about HECM tail collateral in the U.S. District Court for the Northern District of Texas for an extension to decide on separate motions brought by both parties: one seeking a change of venue to a different court, […]
As those in or near retirement continue to proclaim a preference for aging in place, there may be challenges for people who aren’t sure about how or when they should get started on making plans. A series of home healthcare, renovation and senior care experts offer tips on ways to begin in a column published […]
Data on the intersection between housing issues and politics is clear: in 2024, housing is an issue that resonates strongly with younger voters, but high mortgage rates and high home prices may be issues for years to come. This is according to a report published this week by Politico. Recent data about attributes of the […]
Fewer prospective mortgage borrowers pulled the trigger in June, according to a new report from Mortgage Capital Trading. Mortgage rate locks decreased 7.84% in June compared to the previous month. This drop follows a brief uptick in volume at the beginning of the traditional buying season, suggesting a continuing stalemate between limited housing supply and […]
The Mortgage Bankers Association (MBA) this week detailed its reasons for opposing a bill in the state of Florida designed “to expand projects eligible for residential Property Assessed Clean Energy (PACE) financing,” which was recently signed into law by Gov. Ron DeSantis. Florida Senate Bill SB-770 authorizes local and county authorities within the state to […]
The U.S. Department of Housing and Urban Development (HUD) on Wednesday announced that it has released five new language translations for 19 separate single-family mortgage documents used for Federal Housing Administration (FHA)-insured mortgage servicing. The new translations — which are available in Chinese, Korean, Spanish, Tagalog and Vietnamese — are accessible from FHA’s language access webpage […]
The New York Stock Exchange (NYSE) on Wednesday announced that the warrants of Finance of America, traded under the ticker symbol “FOA.WS,” will be delisted from the exchange due to being out of compliance with the exchange’s continued listing standard. The class A common shares traded under the “FOA” ticker symbol, however, will continue to […]
Mortgage applications declined by 2.6% on a seasonally adjusted basis during the week ending June 28, according to data released Wednesday by the Mortgage Bankers Association (MBA). The trade group cited upward movement in mortgage rates as the key reason why. According to HousingWire’s Mortgage Rates Center, the average rate for 30-year conventional loans was […]
As humans, we love projecting our emotions on non-human things like animals, objects and weather events. I’m told the psychological term for this is anthropomorphism, which is difficult to say three times super fast. We especially seem to label human-like characteristics for things that we can’t fully understand or have no means of explaining – […]
Editor in Chief Sarah Wheeler sat down with Consumer Financial Protection Bureau Director Rohit Chopra for a podcast this week and the talk turned to technology and tech companies. This interview has been edited for length and clarity. Listen to the whole episode here. Sarah Wheeler: Let’s talk about technology’s role in making these things […]
After the reverse mortgage industry’s key performance metrics rallied in May, June fared slightly worse than previously telegraphed by case number assignments. Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% in June to 2,105, while HECM case numbers for May dropped 7.9% to 3,214. This is according to data compiled by Reverse Market Insight […]
The Consumer Financial Protection Bureau (CFPB) last month issued an enforcement order against former Home Equity Conversion Mortgage (HECM) servicing contractor NOVAD Management Consulting and subcontractor Sutherland Global for what the bureau called “illegal activities that harmed older homeowners and caused them to fear losing their homes.” An attorney said the decision could have broad […]
Patrice Ficklin, who has served at the Consumer Financial Protection Bureau (CFPB) since the agency’s founding in 2011, will depart for Fannie Mae to serve as the government-sponsored enterprise’s fair lending officer. The news was first reported by American Banker. Ficklin has been a mainstay at the CFPB, overseeing the launch of the bureau’s fair […]
A new report by IDIQ®, a financial intelligence company, details top consumer credit concerns provided by mortgage, real estate, and lending professionals as well as borrowers themselves. The research included surveys of more than 100 mortgage and real estate professionals, more than 200 prospective borrowers, and a study of proprietary data of more than 20,000 […]
Chicago-based Guaranteed Rate, one of the country’s largest mortgage lenders, has rebranded to Rate. The company made the announcement Monday on social media. “Today, we’re rebranding as Rate,” the company posted on LinkedIn. “Just like our streamlined name, we’re committed to making the mortgage process smoother, faster and smarter, using AI to empower both customers […]
97% of consumers search for local businesses online, and 78% of marketers report that digital marketing significantly increases business revenue. If you’re not leveraging digital marketing in today’s mortgage landscape, you’re missing out on a significant opportunity. In our fast-paced, technology-driven world, digital marketing has become an essential competitive advantage for mortgage loan officers (MLOs) […]
HousingWire is excited to announce the winners of the 2024 Women of Influence award, recognizing 100 women who are shaping and propelling the housing economy forward with their impressive achievements. This year marks the 15th year of this award program. Many of this year’s winners mentor women in the industry, paving the way for a […]
Texas Capital Bank (TCB) is seeking a new partial summary judgment in its suit against Ginnie Mae. The suit alleges that the government-owned company “extinguished, in return for no consideration, TCB’s first priority lien on tens of millions of dollars in collateral” stemming from the Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgage (HECM) program. […]
In light of market fluctuations and regulatory changes, mortgage lenders face significant challenges in today’s market. Even at the highest demand levels in 2024, purchase mortgage applications were nearly 45% lower compared to the same weeks in 2018 and 2019, exacerbated by record-high origination costs. Freddie Mac’s recent study reveals the average cost to originate […]
After initially announcing the development of a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program in January, government-owned company Ginnie Mae — which oversees the government’s mortgage-backed securities (MBS) portfolio — released a highly anticipated term sheet this week for what is being referred to as “HMBS 2.0.” To get a better understanding of […]
Homeowners 62 and older saw their collective home equity levels rise in the first quarter of 2024 by roughly $328.5 billion to a total of $13.19 trillion, a recovery after decreases observed over the past year. This is according to the Reverse Mortgage Market Index (RMMI), a measure of senior-held home equity maintained by the […]
Paul Giangrande “Paul brings a distinguished reputation in the mortgage industry with an uncanny sense of distribution. We are honored to have him lead our expanding mortgage financing efforts,” David Shapiro, EquiFi’s CEO and founder, said in a statement. “His impressive industry acumen and established mortgage credentials add significant strength and valuable perspective to our […]
HousingWire CEO Clayton Collins sat down with Rick Roque, executive vice president of retail growth and strategy at Sierra Pacific Mortgage and Andrew Maas, co-founder and CEO of Pointable, to talk about AI on his PowerHouse podcast. Roque and Maas will be speaking at HousingWire’s AI Summit on July 23. This conversation has been edited […]
During Thursday night’s historic presidential debate broadcast by CNN, housing issues only came up briefly, and only from one candidate. The debate was the first in decades not to be sponsored by the bipartisan Commission on Presidential Debates, the first presidential debate with a commercial break and the first television debate between a current and […]
Dominion Financial Services, a Baltimore-based private lender with products tailored to real estate investors, has launched a third-party origination program for mortgage brokers, according to an announcement on Thursday. “This marks a significant milestone in the company’s commitment to expanding its reach and fostering partnerships within the real estate investment industry,“ the company said in […]
Ginnie Mae on Thursday released a new term sheet for its proposed Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) offering, which is an additional program that the company and reverse mortgage industry alike have referred to as “HMBS 2.0.” Last month at a National Reverse Mortgage Lenders Association (NRMLA) event, Ginnie Mae acting president Sam […]
Mortgage data provider Optimal Blue this week announced the launch of Competitive Data License, a product that is designed to help lenders price loans accurately and drive profitability. In its announcement, the Texas-based company described the product as “a collection of key national mortgage pricing data that enables lenders to price products competitively, operate more […]
Chart courtesy of The Kaplan Group Rounding out the states where residents have the most mortgage debt are Mortgage debt has ballooned by 80% over the past 20 years, resulting in an unprecedented level of household debt among Americans. That’s according to a new study from debt collection agency The Kaplan Group that examines debt […]
Digital multichannel lender Lower has hired industry veteran Craig Montgomery, previously the chief production officer at CrossCountry Mortgage (CCM), as its chief strategy officer. Montgomery “will oversee retail strategy and expand the company’s tech-driven platform, which provides origination teams the resources they need to achieve their goals,” the company said in a statement. Montgomery spent […]
Heather Lovier replaced Bill Emerson as chief operating officer of Rocket Companies following the appointment of the board of directors on June 20. Emerson will remain as Rocket’s president. An industry veteran, Lovier joined Rocket Mortgage, the company’s lending arm, in 2003. She has focused the past two decades on driving operational excellence and enhancing […]
Reverse mortgage industry leader Finance of America (FOA) announced this week that it has restructured its unsecured debt into new, secured debt that will come due beyond the original 2025 maturity date. This is according to an announcement and an 8-K filing with the Securities and Exchange Commission (SEC) that was reviewed by HousingWire’s Reverse […]
Chart courtesy of BadCredit.org “The findings are a sobering reminder of the financial hurdles that low-income earners face in achieving the American Dream of homeownership,” Jon McDonald, senior editor at BadCredit.org, said in a news release. “While we’re seeing increases in minimum wage, such as the recent rise for The upfront cost of homeownership can be […]