Boston fintech firm Knox Financial plans to expand its lending business and loan products with $50 million in funding it received from a real estate advisory firm. New York-headquartered Saluda Grade provided the capital, which Knox will use to expand its lending business into Georgia, Knox representatives said Wednesday. The fintech also will offer additional […]
A drop in mortgage rates led refinancing applications to increase slightly last week, back to a 30% share of the total, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 24. Overall, mortgage apps increased 0.7% on a seasonally adjusted basis from one week earlier, though they came in 49.4% lower than the […]
Tech-fueled mortgage lender UpEquity just wants answers. Roughly a year ago, the Austin-based fintech began to sell its loans to First Guaranty Mortgage Corporation (FGMC), a lender and investor that specializes in non-qualified mortgage loans and is controlled by behemoth investment management firm Pacific Investment Management Company (PIMCO). UpEquity sent between 30 and 40 […]
The Prestwick Mortgage Group, an Alexandria, Virginia-based advisory and brokerage firm, has unveiled an offering for a $1.6 billion package of Fannie Mae, Freddie Mac and Ginnie Mae mortgage-servicing rights (MSRs). The bulk of the 7,189 loans in the MSR offering put out to bid this week were originated in Florida and the Midwest, according to the offering documents — which […]
Kiavi, formerly LendingHome, recently closed a $218 million private-label securitization of unrated short-term mortgages — described as “residential transition loans” (RTLs) by the lender, which serves the fix-and-flip market. The deal represents Kiavi’s ninth such securitization under its LHOME shelf since launching its revolving securitization program in 2019, according to the company. The offering includes a […]
Mortgage technology provider Roostify is hoping to bring in more self-employed borrowers by adding mortgage automation provider Indecomm‘s automated income calculation technology, it announced Tuesday. Indecomm’s IncomeGenius integration into Roostify’s data intelligence solutions will expand Roostify’s existing income calculation capabilities for self-employed borrowers, according to a company statement. The partnership is aimed at reducing the […]
Mortgage fintechs Sales Boomerang and Mortgage Coach have merged, roughly six months after a Philadelphia-based private equity firm bought a controlling stake in each company. The two companies have been working toward the merger since LLR Partners’ made an investment in each in January. Richard Harris, former chief executive officer at email sending and delivering […]
Housing Market Crash image ” data-image-caption=”” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ alt=”Housing Market Crash image” class=”wp-image-283329″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png 1200w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> The last two years have been good to Christian Dicker. Like many loan officers, Dicker was working nights and weekends, banging out refinancings […]
The Mortgage Bankers Association and the Housing Policy Council sent a letter to the Department of Veterans Affairs urging the department to delay the expiration of its COVID-19 assistance partial claim program. If it doesn’t heed the letter, the VAs partial claim program will sunset in late October. In the joint letter, the MBA and […]
The national mortgage delinquency dropped to an all-time low in May, continuing two consecutive months of a decline since March. The overall delinquency rate slightly dropped five basis points from April to 2.75% in May, according to Black Knight. The delinquency rate is 42% lower than the same period a year ago. A total of […]
Less than a month after announcing its sixth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, Fannie Mae is unveiling its seventh CAS transaction of the year — an $866 million note offering backed by a reference pool of single-family mortgages valued at $30.6 billion. Earlier this month, Fannie Mae launched its a sixth CAS credit-risk transfer (CRT) deal […]
Texas lender Mid America Mortgage rebranded as Click n’ Close to expand into the mortgage technology industry following the sale of the majority of its retail lending operations. Click n’ Close will retain retail operations related to its reverse mortgage and lending business for Native Americans, the company said Monday. The lender will also focus […]
Brea, California-based direct lender American Financial Network will pay about $1.04 million to resolve allegations that it fraudulently originated government-backed mortgage loans insured by the Federal Housing Administration (FHA). The settlement agreement announced by the United States Attorney for the Eastern District of Washington on Tuesday puts an end to a joint investigation conducted by […]
Mortgage lender First Guaranty Mortgage Corporation cut about 80% of its workforce on Friday and has stopped accepting new mortgage applications, HousingWire has learned. Former employees said the lender has “essentially shuttered.” According to two former FGMC employees, the company on Friday laid off around 500 employees without severance payment, meaning only 100 staffers remain. “They […]
This week’s HW+ member spotlight features Ben Bernstein, director at Axonic Capital, an investment firm with a deep focus on the structured credit sector of the financial markets. Prior to that, Bernstein held leadership roles in Odeon Capital Group and JPMorgan Chase. Below, Bernstein answers questions about the housing industry: HousingWire: What is your current favorite HW+ article and […]
The Federal Housing Finance Agency (FHFA) today reiterated its stance on a new fee on some government-backed enterprise securities. The agency made no promise to delay the fee. Still, some stakeholders unhappy with the fee see an opportunity. In a statement, FHFA Director Sandra Thompson said her agency was “committed to the continued strength and […]
Homebuyer affordability decreased slightly in May, as new mortgages took up a larger share of a the average person’s income while rates trended higher. High inflation and rising mortgage rates won’t lessen the burden on new home buyers in the coming months. The national median payment applied for by applicants rose to $1,897 last month […]
Purchase mortgage rates this week averaged 5.81%, compared to 5.78% the week prior, when rates rose 55 basis points, the largest 1-week increase since 1987, according to the latest Freddie Mac PMMS index. A year ago at this time, 30-year fixed rate purchase rates were at 3.02%. The PMMS, a government-sponsored enterprise index, accounts solely […]
United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, wants to beat rival lenders by offering competitive pricing to brokers, a move designed to navigate a shrinking mortgage market with compressed margins. UWM dropped rates by 50 to 100 basis points across all loan types, the company said in a release. The new program follows […]
JPMorgan Chase, the nation’s largest bank, has started a workforce reduction of its mortgage lending business this week after having been struck by a tightening monetary policy that drove mortgage rates to over 6%. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” a spokeswoman for JPMorgan wrote in a […]
Hackers stole the personal information of 1,547,169 clients of Michigan-based Flagstar Bank in December, according to a document sent by the financial institution to the Office of the Maine Attorney General. The cyberattack occurred on Dec. 3 and Dec. 4, 2021, but the company discovered it on June 2, 2022, the document shows. The external […]
Despite mortgage rates reaching the highest level in 14 years, mortgage applications increased 4.2% from the prior week, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 17. “Mortgage rates continued to surge last week, with the 30-year fixed mortgage rate jumping 33 basis points to 5.98% – the highest since November […]
Fewer homeowners paused or reduced their mortgage payments in May, continuing the decline from April when the total number of loans in forbearance fell to a level below 1% of servicers’ portfolio volume. The share of loans in forbearance dropped by 9 basis points to 0.85% in May from April’s 0.94%, according to the Mortgage […]
CFPB Director Rohit Chopra ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ width=”1220″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ alt=”HW-Rohit-Chopra” class=”wp-image-323927″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png 1220w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=150,86 150w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=300,172 300w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=768,441 768w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=1024,588 1024w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=600,344 600w” sizes=”(max-width: 1220px) 100vw, 1220px”>CFPB Director Rohit Chopra The Consumer Financial Protection Bureau (CFPB) said Friday it would take a “fresh look” at a rule that decides what mortgages are protected from […]
stock market real estate investment ” data-image-caption=” stock market real estate investment ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?w=1024″ alt=”stock market real estate investment” class=”wp-image-340301″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2022/03/AdobeStock_299978128.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>The stock market has not been kind to mortgage lenders – some are now trading in […]
New Residential Investment Corp. announced on Friday that it has decided to internalize the company’s management, a step that the real estate investment trust estimates will reduce its costs and potentially attract more institutional investors to its stock. The company is also changing its name to Rithm Capital, reflecting the diversification of its businesses as more […]
Recently, Intercontinental Exchange (ICE) announced a plan to acquire Black Knight in a reported $13 billion deal that, if approved by federal regulators, would certainly be one of the largest acquisitions ever in the mortgage technology space. The importance of this particular acquisition is one that could have implications for consumers, lenders, vendors and settlement […]
A banking regulatory agency asked whether the Consumer Financial Protection Bureau should be involved in deciding whether to green light bank mergers. The industry’s answer? A resounding “No.” Trade groups such as the American Bankers Association and the Independent Community Bankers of America, say that doing so would be beyond the scope of the CFPB, […]
Mortgage industry stakeholders say a new 50 basis point fee on some Fannie Mae and Freddie Mac securities runs counter to the premise of a uniform mortgage backed security. It’s a “money grab,” said one industry analyst, who requested anonymity to stay on good terms with the government sponsored enterprises, who together back the majority […]
It’s a tough time to be a loan officer. Refinance activity is gone, housing inventory continues to be at record lows and interest rates remain on the rise. It is the type of perfect storm that will show the industry who the true survivors are and who has been riding the refi wave for the […]
Wells Fargo this week warned investors the bank’s mortgage business could drop by almost 50% in the second quarter from the prior quarter. Wells Fargo Chief Financial Officer Mike Santomassimo said higher interest rates have greatly reduced the refinancing market – currently down about 82% from the prior year – and home affordability remains a challenge […]
Fannie Mae and Freddie Mac plan to charge a new 50 basis-point fee for certain structured-finance offerings that use co-mingled agency securities as the underlying collateral. The fee will apply to securities issued through structured-finance offerings known as Supers, and separately, real estate investment conduits (REMICs). Through these vehicles, the uniform mortgage-backed securities (UMBS) of one government-sponsored enterprise […]
The Government Accountability Office this week reminded the Department of Housing and Urban Development (HUD) of some ways it could improve its operations. Among the recommendations, the congressional watchdog said HUD needs to improve internet technology management and that Ginnie Mae, a guarantor for federally backed loans, needs to address “staffing-related challenges.” Both points are […]
Fannie Mae lowered its projections of mortgage originations and home sales for 2022 as mortgage rates continue to climb. Fannie Mae’s Economic and Strategic Research (ESR) Group revised its projected mortgage origination volume to $2.6 trillion in 2022 and $2.2 trillion in 2023. In May, Fannie Mae dropped its mortgage origination volume projection for 2022 […]
neighborhood, housing market, Fall, homes, new house sales, forbearance ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=1024″ width=”1200″ height=”800″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?w=1024″ alt=”AdobeStock_231108592″ class=”wp-image-330608″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=150,100 150w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=300,200 300w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=768,512 768w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=1024,683 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/AdobeStock_231108592.jpeg?resize=600,400 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>neighborhood, housing market, Fall, homes, new house sales, forbearance The Federal Reserve’s 75 basis point interest rate hike – its largest since 1994 – […]
Purchase mortgage rates climbed 55 basis points, reflecting surging inflation and the Federal Reserve‘s (The Fed) tightening monetary policy. According to the latest Freddie Mac PMMS, purchase mortgage rates this week averaged 5.78%, compared to 5.23% the week prior. A year ago at this time, 30-year fixed rate purchase rates were at 2.93%. “Mortgage rates surged as the […]
Whenever people want to get a mortgage, they search for professionals who can streamline the process. That’s precisely when your mortgage broker business comes to the rescue. In this article, you will find tips on how to grow your business, as well as five big mistakes that you may be making in the process. Ways […]
Fannie Mae and Freddie Mac’s pricing frameworks may see changes to better serve “core mission borrowers,” according to the Federal Housing Finance Agency (FHFA). The regulator also, again, argued for examination authority over entities doing business with the government-sponsored enterprises. In its annual report to Congress, FHFA said it instructed the enterprises to “begin updating […]
In this HW+ Slack Q&A, HousingWire Lead Analyst Logan Mohtashami answers questions from our HW+ member community. Mohtashami focused on the latest inventory and the Federal Reserve’s rate hike announcement. As a member of HW+, you get access to 30-minute Slack Q&As, where we invite the HW Media newsroom to break down the hottest topics in the industry. This […]
The Federal Reserve (Fed) on Wednesday did something it hadn’t done in more than two decades: it raised the federal funds rate by 75 basis points, to 1.50-1.75%, a hike not seen since 1994. The decision, designed to slow the pace of inflation, which reached 8.6% in May for the highest mark in more than […]
A panel of experts assembled at a recent Mortgage Bankers Association (MBA) conference in New York predicted that adjustable-rate mortgages (ARMs) will become far more popular this year as purchase mortgages increasingly dominate a housing market contending with fast-rising interest rates. A June market report by a major digital mortgage-exchange and loan-aggregator, MAXEX, which offers an […]
In 2021, more than 90% of borrowers who closed a loan with fintech mortgage lender Neat Loans opted for a 30-year fixed-rate mortgage. But this year, as rates have crested 6%, about 70% of Neat’s originations are adjustable-rate mortgages, a product that until recently had fallen out of favor due to the role they played […]
Before the volatility wrought by high inflation and speculation about a rate hike by the Federal Reserve, mortgage applications increased 6.6% from the prior week, according to the latest Mortgage Bankers Association survey for the week ending June 10. Refinancing applications increased 4% from the prior week but were still 76% lower than the same […]
Owners of a Florida-based law firm were ordered to pay close to $4.6 million to settle claims that they allegedly ran a mortgage loan modification and foreclosure rescue scheme that targeted Hispanic homeowners. The consent order puts an end to a lawsuit originally launched by the Department of Justice in 2018 against law firm Advocate […]
On Tuesday, the other shoe dropped. With mortgage rates now north of 6% and the stock market officially in bear territory, two of America’s most prominent real estate brokerages instituted large-scale layoffs and halted expansion efforts. Redfin CEO Glenn Kelman said the brokerage/listings platform made the tough decision to lay off 470 workers across several […]