General World News

Dan Mugge named COO of mortgage solutions company Calque

Posted on

Calque, a company that partners with lenders to offer non-contingent mortgages to homebuyers, has appointed Dan Mugge as its chief operating officer. Mugge, a mortgage industry veteran with more than two decades in technology and business management, will lead the company’s push to secure high-profile mortgage lending partners to offer Calque’s products. “What I love […]

General World News

FHA announces new changes to loss mitigation waterfall 

Posted on

The Federal Housing Administration (FHA) announced on Monday changes to its loss mitigation options for borrowers struggling to pay their mortgages.  The announcement follows the Biden administration’s decision to set an end date for the COVID-19 pandemic national emergency declaration.  Meanwhile, the FHA-Home Affordable Modification (FHA-HAMP) options were temporarily suspended to simplify loss mitigation options, […]

General World News

NYCB confirms cuts to retail mortgage channel after acquiring Flagstar

Posted on

New York Community Bancorp, Inc. (NYCB) confirmed it’s closing 69% of the retail home lending offices outside of its branches after acquiring Michigan-based Flagstar Bank.  “We made the strategic decision shortly after the transaction closed to swiftly restructure the business, which occurred in January,” Thomas Cangem, NYCB president and CEO, said in a statement. “Going […]

General World News

Cenlar FSB names Jim Daras as CEO and president

Posted on

Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., has appointed D. James ‘Jim’ Daras as its CEO and president. Daras’ professional career spans more than four decades in the banking and mortgage banking industry. His specializations include risk management, banking and corporate finance functions, bank restructuring, company start-ups and venture capital […]

General World News

Top Fairway LO Dave Medina decamps for Movement Mortgage to spread his wings

Posted on

Top-producing loan officer Dave Medina and his team at the Temecula, California-based branch have left ​​Fairway Independent Mortgage to join Movement Mortgage. The move, which marks the start of Movement’s branch partnership strategy, comes four months after the South Carolina-based lender hired two top executives away from Fairway.  “In the 20 years that I’ve been […]

General World News

Homebuilders still need lower mortgage rates

Posted on

What is happening with homebuilders and the new home sales sector as we head into the spring housing market? We have had some conflicting data points recently. On the one hand, cancelation rates have been rising. On the other hand, mortgage rates have gone down more than 1% since Oct. 20, 2022.  The builders’ stock […]

General World News

Flagstar Bank makes big cuts to retail mortgage operation

Posted on

Two months after receiving the Federal Reserve’s approval to merge with New York Community Bank, Michigan-based Flagstar Bank is reducing its footprint in the retail channel and laying off hundreds of staffers, according to laid off employees.  “I just got news this morning that the company is scrapping retail outside of where the bank footprint […]

General World News

Black Knight offers new servicer solutions to curb foreclosure, late-stage default

Posted on

Black Knight recently added the Collections solutions to its suite of solutions as a way for servicers to keep customers in their homes during periods of financial hardship. The Collections solutions are geared toward helping to prevent foreclosure and late-stage default by making qualified assistance options timelier and more accessible to both homeowners and servicers, […]

General World News

Affordability improves, as do hopes for a good spring  

Posted on

Affordability has improved in the mortgage market since December, thanks to declines in mortgage rates and a slowdown in home price appreciation.  Here’s a spoiler: Industry experts believe this trend will continue for months, signaling that a good spring is ahead.  “It’s been the rise in prices [and] interest rates that have constrained affordability,” Doug […]

General World News

Mortgage industry veteran Nicole Booth is QC Ally’s new CEO

Posted on

Loan quality and audit services company QC Ally appointed Nicole Booth as its chief executive officer and Melissa Peregord as its new chief growth officer. Booth served as the company’s chief marketing officer prior to this announcement. She joined the company last July. “I’ve spent the past seven months diving head-first into understanding the importance […]

General World News

Guaranteed Rate offering up to $8K in assistance to underserved buyers

Posted on

Chicago-based mortgage lender Guaranteed Rate launched a new program this week that will provide up to $8,000 in assistance to potential first-time homebuyers from underserved communities. The initiative, called the Special Purpose Credit Program, aims to help homebuyers with down payments, deposit minimums, and move-in repair and maintenance costs. “This program helps tear down these […]

General World News

As mortgage rates decline, the mantra is ‘no buyers left behind’ 

Posted on

As mortgage rates continue to decline, Chad Earnest’s mantra with his referral partners in 2023 is “no buyer left behind.”  The Montgomery, Texas-based area manager, who moved from AmeriSave Mortgage Corporation to Cardinal Financial Company in November, launched in mid-2022 a platform to help their referral partners succeed.  He makes co-marketing investments and helps partners with their databases by […]

General World News

To root out appraisal bias, dismantle the system?

Posted on

To root out racial bias in the U.S. appraisal system, some experts say there’s no point in nibbling at the edges. Instead, they suggest tearing the system down and starting fresh.  “I think not many people understand how this byzantine system works,” Rohit Chopra, the Consumer Financial Protection Bureau (CFPB) director, said Tuesday.  Chopra spoke […]

General World News

UWM gave brokers big discounts to play with. It could be risky

Posted on

United Wholesale Mortgage‘s (UWM) aggressive moves to gain an edge on the competition tend to provoke controversy. The ‘ultimatum’ it imposed two years ago effectively prohibited broker partners from also doing business with two of UWM’s rivals. It quickly prompted antitrust lawsuits. The lender’s price reduction by 50 to 100 basis points across all its […]

General World News

Doma partners with paymints.io to limit wire fraud

Posted on

Real estate technology company Doma Holdings, Inc. partnered with digital payment software-as-a-service platform paymints.io, the company announced last week. Title and closing firms use paymints.io to allow homebuyers deposit their earnest money digitally and directly from their checking account. The aim of the partnership is to reduce the risk of wire fraud by adding paymints.io […]

General World News

Housing Market Tracker: Purchase apps jump 25%

Posted on

Here’s the housing market rundown for the last week: Purchase application data had a solid week-to-week gain of 25%. That’s a big jump, but context is critical.  Housing inventory decreased by 566 units, which is not a significant decline. Mortgage rates fell, but the bond market didn’t break what I see as a critical level, […]

General World News

Housing inventory under 1M again as sales collapse

Posted on

On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. And existing home sales crashed in 2022 from a peak of around 6.5 million in January down to about 4 million in December, We now have total inventory levels […]

General World News

Micheal Jones on a chief financial officer’s biggest challenges in 2023

Posted on

The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2023 HW Finance Leaders are open now through Friday, January 27, 2023. Click here to nominate your organization. When it comes to the challenges faced by C-suite executives in housing, no one has had to bear the […]

General World News

loanDepot and Black Knight partner on integrated loan origination system

Posted on

Nonbank California lender loanDepot will start moving some of its backend operations to Black Knight‘s cloud-based version of the Empower loan origination system this year as the firm continues its efforts to cut costs. Black Knight’s loan origination system will complement and integrate with loanDepot’s proprietary technology system, mello, which rolled out in 2017, Black […]

General World News

Guaranty Home Mortgage hires EVP to expand retail channel

Posted on

Tennessee-based mortgage lender Guaranty Home Mortgage Corporation hired Andy Voyles as executive vice president and director of retail lending. The mortgage lender hopes to boost volume in the channel.  Voyles will be responsible for growing the retail division overseeing sales, operations and marketing as well as building on the existing framework, the company said Wednesday. […]

General World News

Homebuilders are pushing through inventory backlog

Posted on

As the housing market slowed from its frenzied peak in 2022 due to soaring mortgage rates, homebuilders pulled back. An estimated of 1.533 million housing units were started in 2022, down 3.0% compared to 2021, according to a report released Thursday by U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Homebuilders closed out 2022 […]

General World News

Coldwell Banker franchise affiliate acquires Point Mortgage

Posted on

Coldwell Banker franchise affiliate Coldwell Banker Real Estate Group acquired California lender Point Mortgage, the firms announced on Wednesday.  Founded by Peter Mendiola and Johnny Margarini in 2000, Point Mortgage sponsors 126 MLOs and is licensed in 30 states with 27 branches across the country, according to the NMLS.  “This new association brings our company […]

General World News

Lower debuts white label mortgage platform

Posted on

Columbus, Ohio-headquartered lender Lower rolled out mortgage as a service platform that enables consumer finance, banking and real estate companies to offer its mortgage products.  Lower’s platform is aimed to offer a “digital-first home financing experience quickly and easily” with white-label options available that can be embedded into the partner’s process through application programming interface […]

General World News

Lower mortgage rates, higher inventory boost demand for home loans 

Posted on

Like its competitors, Tennessee-based First Community Mortgage, Inc. (FCM) reduced the company’s size through 2022 amid a tough mortgage market. At the start of 2023, the company is investing in training the sales team on tactics to start growing the business again. Surprisingly, the landscape is helping. “There is certainly optimism in the air as mortgage applications have started […]