Less than a year after coming to the rescue of Signature Bank during the market turmoil of March 2023, New York Community Bancorp (NYCB) faces a confidence crisis due to its exposure to commercial real estate loans. The stress is leading to the bank to seek the sale of some of its assets to improve its capital position, executives […]
The Fannie Mae February Selling Guide has a series of updates, including the expansion of value acceptance and property data appraisal waivers to condominiums, cash-out refinance allowances for manufactured homes, and updates to credit references and certain definitions. Following up on a March 2023 update that first announced value acceptance and property data as a […]
The Underserved Mortgage Markets Coalition (UMMC), a coalition of 32 housing groups initially convened by the Lincoln Institute of Land Policy, published a report on Wednesday that recommended actions for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Described as a “blueprint” for the GSEs’ 2025–2027 “Duty to Serve” plans, the publication aims to […]
New York-based Rithm Capital posted a profit in 2023, a year marked by several acquisitions that turned the company into a leading global asset manager. In the mortgage space, the parent of multichannel lender Newrez earned most of its profits from the servicing business. Lower interest rates, however, reduced the value of mortgage servicing rights (MSR) in the […]
Consumer sentiment toward housing reached its highest level since March 2022, fueled by increased confidence in job security and a higher share of people who expect mortgage rates to decrease. Fannie Mae’s home purchase sentiment index (HPSI) — which tracks the U.S. housing market and consumer confidence to sell or buy a home — rose […]
Mortgage demand picked up last week as lower interest rates steered homebuyers back into the market, but activity remains weaker than a year ago because of limited inventory. Mortgage applications increased by 3.7% during the week ending Feb. 2 on a seasonally adjusted basis, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. […]
The data is clear: aging in place is a clear preference for many older Americans making plans for how their later years will play out. But a lot of people approaching these ages may not know the best ways they can make their homes more accommodating for natural changes that come with aging, according to […]
Finance of America Companies (FOA), which had previously borrowed $60 million from longtime backer Blackstone Group, has increased its borrowed amount to $85 million and extended the end of its repayment term from November 2024 to May 2025. This is according to an 8-K filing made this week by FOA with the U.S. Securities and […]
Rocket Homes Real Estate rolled out its new app on Apple Vision Pro, Apple’s new virtual reality and mixed-reality headset. It will allow users to view and tour properties by blending their physical and virtual worlds, Rocket said. When homebuyers launch the Rocket Homes app in Apple Vision Pro, a home search page and map […]
Banks reported having tightened lending standards across almost all categories of residential real estate loans over the fourth quarter of 2023 amid an elevated interest rate environment. There’s some optimism, however. With the central bank expected to cut interest rates this year, banks reported that loan demand should strengthen across residential loan categories in 2024, […]
Insellerate, a customer relationship management (CRM) provider that serves banks, credit unions and other lenders, has rehauled its user interface (UI) to make it more user-friendly and efficient. To redesign the interface, the company collected feedback from more than 250 loan officers, demonstrating the company’s commitment to enhancing user experience. “The new UI is a […]
Dallas-based OneTrust Home Loans brought on James Hecht as its CEO to spearhead the company’s various mortgage lending divisions. As a result, co-founders Josh Erskine and Shane Erskine will be pivoting to the roles of CEO and president at Warp Speed Holdings, respectively. In a statement, Hecht expressed his enthusiasm about joining OneTrust Home Loans. […]
The 30-year fixed mortgage rate surpassed the 7% mark on Monday on the heels of strong economic data and the Federal Reserve signaling that it will move carefully with any future cuts to interest rates. The 30-year conforming fixed mortgage rate was at 7.04% on Mortgage News Daily and 6.91% on HousingWire’s Mortgage Rate Center. […]
By 2034, an estimated one in five residents of the state of California will be age 65 or older. While this won’t lead to a “silver tsunami” when it comes to a flood of housing inventory, the impacts of an aging population are difficult to ignore. These shifting dynamics are causing the California state government […]
Recent market trends — including an improvement in mortgage rates, housing affordability and potential refinance opportunities — suggest positive signs for the real estate market this year, according to February’s Mortgage Monitor report from Intercontinental Exchange (ICE). Mortgage rates held at 6.71% as of Jan. 24, down more than a full percentage point since their […]
Freddie Mac will offer a $2,500 credit for very low-income purchase borrowers to help with down payment and closing costs amid elevated interest rates and low housing supply. Effective March 1, the credit will be available for homebuyers earning 50% of area median income (AMI) or less through Freddie Mac’s Home Possible and Housing Finance […]
There was rampant speculation after the Federal Open Market Committee (FOMC) meeting last week about the timing and number of interest rate cuts this year. In a follow-up interview on 60 Minutes on Sunday, Federal Reserve Chairman Jerome Powell did not sound like someone who has pivoted. In fact, Powell believes the Fed can wait […]
How will mortgage rates impact seasonal inventory in 2024? Is the seasonal bottom going to happen later than I want? Maybe. It’s not what I wanted to see in 2024, but I have to be realistic since we are already in February. In the last four years, we have had abnormal seasonal inventory data, meaning […]
The Federal Housing Administration (FHA) on Friday announced that it has published a new final rule that eliminates a current requirement for lenders to register the branch offices where they conduct FHA Title I or Title II mortgage loan originations. By removing these requirements, FHA hopes to involve more community-based entities in its Title I […]
With ongoing liquidity challenges and a continuing lag in Home Equity Conversion Mortgage (HECM) case numbers, reverse mortgage business in 2024 started off with a bit of a whimper. Both HECM endorsements and HECM-backed securities (HMBS) issuance saw modest declines in January, although four of the top 10 HECM lenders managed to post slight gains […]
Most of last year’s top-producing loan officers at Draper and Kramer Mortgage Corp. (DKMC) are not transitioning to the company’s acquirer, New American Funding (NAF), according to multiple sources and available public data. During their departure, DKMC sales staff who are not joining NAF were informed by leadership that they will have to wait a […]
Retired couples who are Medicare beneficiaries could need as much as $413,000 saved to cover medical expenses in the latter stages of life, an increase over the previous year’s estimate of $383,000. This is according to new findings from the Employee Benefit Research Institute (EBRI). The figure is the “predicted savings target for Medicare beneficiaries […]
In a high-rate environment, Pennymac Financial Services delivered profits in 2023, mainly due to the performance of its servicing portfolio. That’s despite a net loss in the last quarter of the year attributable to the resolution of a long-standing arbitration process with Black Knight regarding its servicing technology and losses in mortgage servicing rights (MSR) fair value. “2023 was […]
United Bank will consolidate its mortgage subsidiaries into one unified mortgage business amid the housing industry struggles with elevated interest rates. United Bank has been delivering mortgage services through three channels, including two mortgage subsidiaries — Crescent Mortgage Co. and George Mason Mortgage — and an in-bank channel. “In an effort to better serve our […]
The report on the Home Equity Conversion Mortgage (HECM) book of business inside the Mutual Mortgage Insurance (MMI) Fund was another positive overall development for the program, with the estimated economic net worth of the HECM MMI at $15.368 billion, according to the Federal Housing Administration (FHA) Annual Report to Congress released in November. The […]
For the past 12 years, HousingWire’s Tech100 program has recognized the industry’s most innovative and impactful technology companies that are continuing to bring long-awaited solutions to the challenges that mortgage and real estate professionals have struggled with for decades. The award uncovers the innovators that are unleashing insight with analytics, powering growth and efficiency with […]
Editor in Chief Sarah Wheeler sat down with Uday Devalla, chief technology officer at Sagent and a 2023 Vanguard, to talk about his focus on transforming servicing, what really counts with data and the right approach to using artificial intelligence. Sarah Wheeler: After spending several decades leading tech at lenders, including Stearns and Bank of […]
Mortgage rates continued their downward plunge this week as inflation keeps decelerating. The 30-year fixed-rate mortgage averaged 6.63% as of Feb. 1, a decrease from last week’s figure of 6.69%, according to Freddie Mac’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate averaged 5.94% this week, down from 5.96% during the […]
The board voted to fill its newly created vacancy by appointing Rampell to serve as a Class II director, effective Feb. 1, according to an Rocket Companies expanded its board of directors from eight to nine, adding an artificial intelligence (AI) and fintech expert. Rocket — under the helm of Varun Krishna, a veteran in […]
One of the biggest takeaways from the Wednesday press conference held by Federal Reserve Chair Jerome Powell is that the central bank isn’t likely to cut interest rates in March as investors had hoped. After signaling interest rate cuts for 2024 in its previous meeting, the focus shifted to when such a move might come […]
Finance of America Companies (FOA) President Kristen Sieffert is bullish on the prospects for the reverse mortgage industry’s leading lender in 2024, particularly after the company went through a series of major changes last year, including the acquisition of American Advisors Group (AAG). This is according to an interview with Sieffert featured on “Ten Minute […]
United Wholesale Mortgage (UWM) announced Wednesday that it’s allowing its broker partners to offer a temporary discount of 100 basis points (bps) for conventional rate-and-term refinances. The discount is valid on new loan locks through March 29. It’s not the first time that the Pontiac, Michigan-based lender has encouraged borrowers to refinance their loans. In December, […]
For seniors who have retired, taking on additional debt that requires a monthly payment while being on a fixed income could have ramifications on quality of retirement, and it should be considered in concert with all the facts about how it will impact a senior’s financial situation. This is according to experts who spoke to […]
Mortgage company Evergreen Home Loans is continuing its expansion across the country with the opening of new branches in Montana, the company announced on Wednesday. “We are thrilled to welcome the Montana team to our Evergreen family,” Robert Lipston, the company’s executive vice president of production, said in a statement. “We’re excited to bring our […]
When loanDepot announced that it was the victim of a cybersecurity incident in early January, it became the fourth publicly traded mortgage or title firm to absorb an attack in as many months. “There has absolutely been an increase in cyber security incidents,” said Alex Hamlin, the chief information security officer at Qualia, a digital […]
Dark Matter Technologies (DMT) tapped Tony Fox, former director of ICE Mortgage Technology, as its new chief of client engagement. Fox is responsible for directing the company’s account management and client success teams. He will report to Sean Dugan, chief revenue officer at DMT. Fox was director of client management at ICE Mortgage Technology for […]
Mortgage demand slumped last week as consumers hit the brakes on purchase applications. Mortgage applications decreased by 7.2% in the week ending Jan. 26 compared to one week earlier on a seasonally adjusted basis, according to the Mortgage Bankers Association‘s (MBA) weekly mortgage applications survey. “Applications decreased compared to a holiday-adjusted week, driven by a […]
Nearly three in four baby boomers aren’t using resources that would help them achieve or maintain homeownership status, according to survey data released Tuesday by nonprofit group NeighborWorks America. About 10,000 Americans turn 65 each day and all boomers will reach that milestone by 2030, according to census data. But a significant portion of this […]
Attorneys for the U.S. Department of Justice (DOJ) have filed a motion in the U.S. District Court for the Northern District of Texas that aims to temporarily halt the evidence-gathering process in a lawsuit brought by Texas Capital Bank (TCB) against Ginnie Mae. This is according to court documents reviewed by RMD. The suit, filed […]
Two Harbors Investment Corp., a New York-based real estate investment trust, announced Tuesday its plan to launch a mortgage origination unit in the second quarter of 2024, less than a year after the company debuted in the servicing business by acquiring RoundPoint Mortgage Servicing Corp. in October 2023. But don’t expect the firm to compete with big players […]
Atlanta-based nonqualified mortgage (non-QM) lender Angel Oak Mortgage Solutions is tapping into the home equity line of credit (HELOC) market amid elevated equity levels. Unlike traditional HELOCs that require a homeowner to have at least 20% equity in their home, Angel Oak’s HELOC qualifies borrowers based on trailing 12- or 24-month bank statements and provides […]
Cincinnati-based First Financial Bank has agreed to direct $2.4 billion in the next five years for lending and investments to low- and moderate-income (LMI) clients and census tracts, with 30% of the total tied to mortgage lending. The initiative is part of a community benefits agreement with the National Community Reinvestment Coalition (NCRC), the parties announced Tuesday. The deal that runs through […]
The mortgage-servicing rights (MSR) market remains robust as we turn the corner into 2024, and though it is expected to slightly underperform 2023, the market is still projected to notch healthy trading volumes in 2024 — hovering near the $1 trillion mark for the fourth year in a row, market observers forecast. But the MSR […]
Most economists forecast mortgage rates to decline in 2024, stoking optimism about the housing market. According to the newest Bloomberg Markets Live Pulse Survey (MLIV Pulse), the rate on the 30-year fixed mortgage will fall to 5.5% by the end of this year. Most forecasts call for rates to bounce within the 6% to 7% […]
Three years into its controversial ultimatum, United Wholesale Mortgage (UWM) continues to engage in legal battles with its broker partners selling loans to rivals Rocket Mortgage and Fairway Independent Mortgage Corp. UWM’s latest move was on Thursday when it filed a lawsuit in a U.S. district court in Michigan against Atlantic Trust Mortgage Corporation, a Florida-based broker shop with 18 loan officers, per […]