General World News

Thrive Mortgage to acquire American Mortgage Service Company

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Texas-based independent mortgage bank Thrive Mortgage has signed a letter of intent to acquire the Ohio-based lender American Mortgage Service Company (AMSC). Financial terms of the deal were not disclosed. The acquisition will strengthen Thrive’s retail channel and bring with it new territories amidst arguably the most challenging mortgage market since the early 1980s.   Thrive’s […]

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Opinion: CRA doesn’t work for banks or IMBs

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Last year, in a Housing Wire op-ed, Community Home Lenders of America took the lead nationally in opposing calls to extend the Community Reinvestment Act (CRA) to independent mortgage banks (IMBs).  The National Community Reinvestment Coalition (NCRC) then returned the volley in an op-ed by Jesse Van Tol advocating for extending CRA to IMBs. And HousingWire […]

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Freddie Mac rolls out agency’s 10th STACR note offering

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Freddie Mac is launching its 10th credit-risk transfer transaction of the year via its Structured Agency Credit Risk (STACR) program, bringing the total note offerings through its two flagship STACR series programs to $12.8 billion so far in 2022. The new credit risk transfer (CRT) offering, STACR 2022-DNA7, outlined in a presale report by Kroll Bond Rating […]

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Mortgage rates might soar even higher

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Mortgage rates house, resize ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?w=1024″ alt=”resize” class=”wp-image-264916″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2020/07/AdobeStock_7907098.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to […]

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Meet the HousingWire Annual Welcome Committee: Haley Parker

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Haley Parker is the area business development manager at Fairway Independent Mortgage Corporation. She sat down with HousingWire to share her excitement for the upcoming HousingWire Annual conference and her role on the welcome committee.  HousingWire:  What are you most looking forward to at HW Annual 2022?   Haley Parker: Networking and connecting with Industry friends! […]

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Fannie Mae prices ninth CAS note offering of 2022

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Fannie Mae has launched its ninth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $$591 million note offering backed by a reference pool of single-family mortgages.  The transaction, CAS 2022-RO9, involves a reference pool of 96,000 single-family mortgages with an outstanding principal balance of $29.3 billion. The loans in the reference pool have loan-to-value ratios […]

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Hot home-equity market fueling securitization deals

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New York-based Unlock Technologies, a fintech operating in the shared-equity market, and real estate investment firm Saluda Grade, have closed a $180 million private-label securitization (PLS) backed entirely by Unlock-originated residential home-equity agreements (HEAs). The PLS transaction, called UNLOK 2022-1, involves $144 million of unrated senior Class A notes, $18 million of mezzanine Class B securities and $18 […]

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How LOs are dealing with a mortgage rate lockdown

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Mortgage rates in the 6% range have frozen the housing market, forcing loan officers to find business outside their wheelhouses. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=1024″ alt=”1200x700_forsale-empty-neighborhood” class=”wp-image-363570″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Mortgage rates in the 6% range have frozen the housing market, forcing […]

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Angel Oak launches 6th securitization deal this year

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Atlanta-based non-QM lender Angel Oak Cos., through its mortgage-backed securities conduit Angel Mortgage Trust, has unveiled its sixth private-label securities (PLS) offering of 2022, even as fast-rising interest rates have jumped far ahead of the lower-rate legacy loans securing the deal. The average coupon is 5% for the pool of 795 non-qualified (non-QM) mortgages backing the current […]

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How a small lender is navigating the turbulent market

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Delray Beach, Florida-based mortgage lender ResMac, Inc., like many others, has trimmed its workforce so its cost structure is in line with reduced origination volume. The company is focused on expanding beyond residential loans amid a price war and surging rates. To grow in the coming years, it seeks to raise capital. It’s all part […]

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Mortgage rate volatility affecting pace of new home sales

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New home purchase applications in August were down year over year but rebounded after four consecutive months of declines despite higher mortgage rates, declining homebuilder sentiment and looming economic uncertainty, the Mortgage Bankers Association (MBA) said. The MBA’s builder application survey (BAS) data for August showed mortgage applications for new home purchases declined 10.1% from […]

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Ginnie Mae forbearance rate increases in August

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Servicers’ forbearance rate declined in August, excepting for Ginnie Mae loans, the Mortgage Bankers Association (MBA) reported Monday. The trade group expects pressure in the coming months if the unemployment rate increases.  The total number of loans in forbearance decreased two basis points from the previous month to 0.72% of the servicers’ total portfolio volume in August, positive news […]

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Top 25 lenders increased market share in 2021: HMDA

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A perfect lending storm spurred by the pandemic resulted in an absolutely stunning year for the mortgage industry in 2020. Top lenders who were able to quickly build capacity and take advantage of near-zero interest rates were rewarded with an increase in market share. Those trends largely continued in 2021, even though refi business slowed […]

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SPS to acquire Rushmore Loan Management Services assets

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Select Portfolio Servicing Inc. (SPS) has struck a deal to acquire certain assets of Texas-based Rushmore Loan Management Services LLC. The deal, announced Monday, will result in Salt Lake City-based SPS acquiring Rushmore’s servicing personnel. The transaction is expected to close in the fourth quarter of 2022, subject to regulatory approvals. Terms of the deal were not […]

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Fannie Mae picks winners of 4th RPL sale of 2022

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Fannie Mae has completed the sale of its 27th reperforming-loan offering since the inaugural transaction in 2016. The deal represents Fannie Mae’s fourth reperforming-loan sale this year and involves a total of some 6,060 loans valued at $986.4 million. The offering — originally announced August 11 and dubbed FNMA 2022-RPL4 — was divided into three loan pools that were […]

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Dalila Ramos to speak at HW Annual

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Having open and honest conversations around how to navigate your personal and professional life is more important than ever, as everyone works to find harmony in their life. At HW Annual on Oct. 3, Dalila Ramos, founder of Love and Tacos Media, will lead a session on work life balance, addressing the realities that many […]

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Progress Residential unveils 36th private-label SFR offering 

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Another single-family rental (SFR) securitization deal sponsored by a large institutional player, Progress Residential, is slated to hit the private-label market this month, bringing the total securitization-deal count for Progress to seven so far this year. This latest transaction, Progress 2022-SFR7, will be secured by a single $426.8 million fixed-rate loan backed by mortgages on 1,434 […]

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Mortgage rates rise ahead of expected Fed rate hike

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The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage rose to an average of 6.02% this week ahead of the Federal Reserve’s much-anticipated interest rate hike next week. Daily mortgage rate calculators are showing 30-year fixed rates at 6.30% and above. A year ago at this time, rates averaged 2.86%.   […]

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loanDepot makes more changes to C-suite

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loanDepot continues to make changes to its top management as it navigates a sharp workforce reduction in a shrinking mortgage market. The California-based mortgage lender announced on Wednesday it has hired Gregory Smallwood, former general counsel and executive vice president of Caliber Home Loans, to be chief legal officer and corporate secretary. The announcement comes […]

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Cenlar FSB hires VP of transfer services

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Cenlar FSB, the nation’s second-largest mortgage servicer and largest sub-servicer, hired Gary Gaskin as vice president of transfer services.  Gaskin will be responsible for areas of loan boarding, acquisitions and transfers as well as improving operation efficiencies, the firm said.  The executive brings more than 22 years of experience in servicing. He was most recently […]

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Mortgage demand falls as rates soar past 6%

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Demand for mortgage loans declined last week as mortgage rates reached their highest level since 2008, crossing the 6% threshold.  The market composite index, a measure of mortgage loan application volume by the Mortgage Bankers Association, fell 1.2% for the week ending Sep. 9, compared to the previous week. It was also down 64% compared […]

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MBA urges White House to cut MI premiums

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With housing affordability at an all-time low and accelerating consumer prices disproportionately affecting lower- and middle-income families, the Mortgage Bankers Association this week called on the White House and the Federal Housing Administration to reduce annual mortgage insurance premiums. In a letter addressed to the National Economic Council, the mortgage trade group said the combination […]

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loanDepot names Joseph Grassi as chief risk officer

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California-based mortgage lender loanDepot has named Joseph Grassi, an industry veteran who spent two decades at Fannie Mae, as its chief risk officer, the company announced Monday. The executive will enhance the mortgage lender’s risk management program, aligning loanDepot’s initiatives with those of Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (FHFA), according to the company.  Starting immediately in […]

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Inflation, home prices headed downward: Fed report

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Inflation is expected to continue “to decline across all horizons” over the next year while home prices, too, are projected to decline “sharply” to the lowest level since July 2020, according to the most recent Survey of Consumer Expectations (SCE) released by the Federal Reserve Bank of New York. The median one-year inflation expectation, the August SCE […]

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NEXA, the country’s biggest brokerage, cuts ties with AIME

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NEXA Mortgage, the largest mortgage brokerage in the country, this week cut ties with the Association of Independent Mortgage Experts (AIME), claiming the trade group fails to address bullying and lacks proper governance.  Mike Kortas, the controversial CEO and co-founder who himself is no stranger to starting online scraps, said other community members, including smaller […]

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Legacy Home Loans launches SPCP for Black borrowers

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Ben Slayton’s Legacy Home Loans, the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country. The SPCP, called “closing the gap,” permits a 1% down payment with a free appraisal, free home warranty program, free homebuying counseling and financial […]