Last week, mortgage investment firm Ellington Financial (NYSE: EFC) announced that it had reached a deal to acquireleading reverse mortgage lender Longbridge Financial, in a deal valued at roughly $75 million for a 49.6% stake. Since EFC had already maintained a stake in Longbridge, the deal will basically serve to close the remaining gap in ownership […]
Fannie Mae this week completed its first credit insurance risk transfer (CIRT) deal of the year as part of the agency’s ongoing efforts to share mortgage risk with the private sector. The deal transferred millions of dollars of credit risk to a group of 22 private insurers and reinsurers. That credit risk is tied to […]
Over the past few years, digital transformation has increasingly changed the way property and real estate transactions occur. A vertical which has seen a strong digital push is mortgages, with consumers, lenders and other agents increasingly using online tools and services to apply for and process home sales. Nora Apsel, Morty co-founder and CEO One […]
MSR ” data-image-caption=”” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?w=1024″ width=”1200″ height=”778″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?w=1024″ alt=”HW+ money house balance” class=”wp-image-330483″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=150,97 150w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=300,195 300w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=768,498 768w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=1024,664 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=600,389 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> Despite the global turmoil sparked by Russia’s recent invasion of Ukraine and the volatility in interest rates that has followed, the mortgage servicing rights (MSR) market […]
As all participants in the mortgage industry know, securitization is a critical tool for making loans to homeowners at affordable rates. The process of bundling loans and separating risks makes available fixed-rate mortgages that are fully prepayable at borrowing costs well below other forms of debt. To say that securitization is critical to American homeownership […]
The Department of Veterans Affairs is giving borrowers impacted by the pandemic an additional fifteen months to get loan payment relief. The new deadline for home retention options is now July 1, 2023, according to a circular published by the department on Monday. The options were initially set to expire April 1, 2022. The reason […]
The average 30-year-fixed rate mortgage declined to 3.76% for the week ending March 3, down from 3.89% in the previous week, amid the geopolitical tensions caused by Russia’s war in Ukraine, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 3.02%. The PMMS report is focused on conventional, conforming, […]
Despite the ongoing conflict in Ukraine, Federal Reserve Chair Pro Tempore Jerome Powell plans to raise rates by 25 basis points this month. The first rate increase is expected in a little less than two weeks, coinciding with the March Federal Open Markets Committee meeting, scheduled for March 15 and 16. President Joe Biden also […]
It’s official: the mortgage industry has entered a purchase era, with refinance applications declining below 50% of the mix for the first time since June 2019, the Mortgage Bankers Association (MBA) reported on Wednesday. Mortgage applications decreased 0.7% for the week ending Feb. 25, as mortgage rates reached 4.15%. Compared to the same week one […]
In January I received a text message from Dave Savage, CEO of Mortgage Coach. “Hey Clayton …” and a link. News just broke that private equity investor LLR Partners announced strategic investments in two mortgage technology companies — Mortgage Coach and Sales Boomerang (click here for article). LLR is not a newcomer to mortgage technology […]
Despite a 1.6% drop in U.S.-based agent count and a net loss of $15.6 million in 2021, RE/MAX Holding Inc., executives were positive about the Denver-based franchisor’s performance during the firm’s fourth quarter earnings call with investors on Thursday, thanks to RE/MAX’s organic revenue growth. During 2021, RE/MAX generated $329.7 million in total revenue, up […]
UWM’s headquarters in Pontiac, Michigan. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?w=1024″ width=”1200″ height=”737″ src=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?w=1024″ alt=”HW-UWM” class=”wp-image-324074″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=150,92 150w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=300,184 300w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=768,472 768w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=1024,629 1024w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=600,369 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>UWM’s headquarters in Pontiac, Michigan. United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, posted another record for production in 2021, but lower margins and declines in fair […]
California-based mortgage lender WinnPointe Corporation, doing business as Interactive Mortgage, has started a reduction in its workforce of around 180 employees, after suffering more than $1 million dollars in losses. The company announced that, in the last 12 months, it laid off 128 employees, including underwriters, loan officers, processors, administrative and funders. However, pink slips […]
Nonbank mortgage lender and servicer Ocwen Financial Corporation improved its performance in 2021, despite a deterioration in its earnings during the last three months of the year. The company reported on Friday a $18 million profit in 2021. Ocwen posted a net loss of $40 million in 2020. For the full year, the company’s servicing portfolio grew […]
The Federal Housing Administration (FHA) announced on Thursday the launch of a new portal for the Department of Housing and Urban Development’s Single Family Mortgage Asset Recovery Technology (SMART) system. The streamlined SMART portal allows borrowers and servicers to request payoff amounts in real time for FHA partial claims or subordination checklists, which are used […]
Rocket Companies CEO Jay Farner ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?w=1024″ width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?w=1024″ alt=”Jay-Farner-Quicken-Loans-HW” class=”wp-image-281600″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png 1200w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2020/11/Jay-Farner-Quicken-Loans-HW.png?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Rocket Companies CEO Jay Farner No mortgage lender in America capitalized on the pandemic-driven refi boom better than Rocket Mortgage. The Detroit-based company, with a ready-built infrastructure […]
Stocks fell Thursday as Russian troops launched a full-scale attack in Ukraine, and at least in the short-term, the turmoil could lower mortgage rates in the U.S. During large-scale disruptions, investors often flee to safer options, such as U.S. Treasury notes, bonds and mortgage-backed securities. All things being equal, that dynamic tends to put downward […]
Despite a 1.6% drop in U.S.-based agent count and a net loss of $15.6 million in 2021, RE/MAX Holding Inc., executives were positive about the Denver-based franchisor’s performance during the firm’s fourth quarter earnings call with investors on Thursday, thanks to RE/MAX’s organic revenue growth. During 2021, RE/MAX generated $329.7 million in total revenue, up […]
The Federal Housing Administration (FHA) is working to expand the COVID-19 loss mitigation program to include the option of a 40-year loan modification with a partial claim, an acknowledgement that some borrowers exiting forbearance are still facing financial challenges. Julienne Joseph, deputy assistant secretary in the Office of Single-Family Housing for FHA at the U.S. […]
Willie Newman ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?w=1024″ width=”1200″ height=”706″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?w=1024″ alt=”HW+ Willie Newman” class=”wp-image-329916″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=300,177 300w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=768,452 768w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=1024,602 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-Willie-Newman.png?resize=600,353 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Home Point Capital CEO Willie Newman Home Point Capital, the parent company of wholesale lender Homepoint, turned a $19.3 million profit in the fourth quarter, a sequential decline […]
The average 30-year-fixed mortgage rate averaged 3.89% for the week ending Feb. 24, down three basis points from the prior week, according to Freddie Mac‘s latest mortgage survey. “Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months,” said Sam Khater, Freddie Mac’s chief economist. “Overall […]
Mortgage applications decreased 13.1% for the week ending Feb. 18 to the lowest level since December 2019, as mortgage rates eclipsed the 4% mark. The Mortgage Bankers Association‘s seasonally adjusted refi index fell 15.6% from the previous week, bringing its share of total applications to almost equal the purchases share at 50%. Meanwhile, the purchase […]
Servicers’ forbearance portfolio volume continued to drop in January, but some borrowers exiting plans are still facing financial challenges. The total number of loans in forbearance decreased by 11 basis points, from 1.41% in December to 1.30% in January, according to the Mortgage Bankers Association (MBA). In total, about 650,000 homeowners were in forbearance plans as of January 31. […]
Nonbank mortgage servicer Ocwen agreed to pay $1.5 million to settle a class action lawsuit regarding alleged phone conversations recorded without clients’ consent. Plaintiff Gregory Franklin filed the lawsuit in the United States District Court for the Northern District of California in 2018. He claimed that the company violated California’s Invasion of Privacy Act by recording outgoing […]
The Federal Housing Finance Agency (FHFA) now has a Senate-confirmed inspector general, a corporate compliance expert who hails from the private sector. Brian Tomney, who the Senate confirmed by voice vote Thursday evening, most recently led the office of corporate investigations at Capital One. In that role he oversaw a team of researchers to investigate […]
Mortgage applications for new homes stalled in January, dipping by 12.5% year-over-year, according to a Mortgage Bankers Association’s survey published this week. The trade group noted that the survey results showed the slowest annual pace since July 2021. However, from December 2021 to January, purchase applications grew, with a 10% month-over-month gain recorded by MBA’s […]
Anthony Hsieh, the CEO and founder of loanDepot, has the tricky task of trying to convince analysts and investors that the mortgage lender will gain market share and remain profitable in arguably the most competitive mortgage market ever. To demonstrate that he genuinely believes loanDepot will prevail, loanDepot’s founder and largest shareholder is putting his […]
Fairway Independent Mortgage Corporation, Fairway Wholesale Lending and the American Warrior Initiative (AWI) wrapped up last year by granting 16 service dogs to 16 veterans in a timespan of less than one hour. The presentations were part of the American Warrior Initiative’s mission to bridge the military-civilian divide by bringing awareness to civilians all over […]
Potential homebuyers seeking Freddie Mac-backed mortgages will no longer have to hunt for paper pay stubs to verify their income. Freddie Mac announced on Wednesday that it will roll out an automated process that allows mortgage lenders to assess a prospective homebuyer’s direct deposit income. Freddie Mac claims this would reduce the paper documentation burden […]
The performance of loan pools backing private-label securitization deals has continued to improve across most measurement metrics through the end of January after hitting a low point in mid-2020 at the height of the pandemic. The most recent RMBS Credit Indices report from the Kroll Bond Rating Agency (KBRA) shows that loan pools supporting outstanding […]
The Federal Housing Administration announced this week that lenders have an additional year before they must submit appraisals through the FHA Catalyst: EAD Module. Per a mortgagee letter published on Tuesday, the deadline to onboard for lenders has been moved to March 14, 2023. The previous deadline, announced in mid- 2021, was March 14, 2022. […]
The mortgage servicing rights market took off like a rocket in January and it has continued to accelerate into the stratosphere in February, according to industry experts who follow the MSR market closely. About $180 billion in residential bulk MSR assets were brought to market just in the month of January, “and February will be […]
In today’s competitive real estate market, an increasing number of real estate investors are turning to private money lenders to help them close deals faster, enhance property valuations, and increase their returns. The problem with private money lenders is that good ones are hard to come by. Let’s look at what private money lenders do […]
Mortgage applications decreased 5.4% for the week ending Feb. 11, reflecting what the mortgage market looks like when rates eclipse 4% for the first time since 2019. The Mortgage Bankers Association‘s seasonally adjusted refi index fell 8.9% from the previous week, bringing its share of total applications to the lowest level in 19 months. Meanwhile, the purchase index dropped […]
Danny Yen, who masterminded a fraudulent continuing education scheme involving hundreds of loan officers, has agreed to settle with state financial regulators for $75,000. In a settlement with the California Department of Financial Protection and Innovation (DFPI), Maryland’s Office of the Commissioner of Financial Regulation and the Oregon Division of Financial Regulation, Danny Yen, the […]
Fannie Mae reported its overall net income increased in 2021 to $22.2 billion, an increase of $10.4 billion compared to 2020, largely due to the growth of its single-family business. Net revenue increased $4.6 billion to $29.9 billion in 2021, mostly driven by higher guaranty fee income, including that generated by the 50 basis point […]
The U.S. Securities and Exchange Commission uncovered a total of 487 instances over the past six years in which the nation’s SEC-registered credit-rating agencies were deemed by agency staff to be in non-compliance with federal securities laws or related SEC rules, a recent SEC staff report reveals. The bulk of the violations, which were uncovered during mandated […]
Nearly a year after a federal judge dismissed the Consumer Financial Protection Bureau‘s mortgage servicing misconduct suit against Ocwen Financial Corp., the watchdog agency is hoping to overturn the decision. During oral arguments in Miami before the U.S. Court of Appeals for the Eleventh Circuit, Lawrence DeMille-Wagman, CFPB’s attorney, argued that a consent agreement from […]
Freddie Mac has named former Wells Fargo deputy general counsel Heidi Mason its new general counsel. Mason will assume the role March 7, and will replace Jerry Weiss, who has been general counsel on an interim basis since March 2021. Weiss will continue to serve as Freddie Mac’s senior executive liaison to its conservator, the […]
Some mortgage rate indices topped 4% on Thursday, blowing past predictions that rates might reach those levels by the end of 2022. Economists had predicted rates would rise as the overall economy stabilized. The latest mortgage rate survey from Freddie Mac puts rates for the 30-year fixed-rate mortgage at 3.69%, while the average rate in […]
Maryland has over a dozen Eastern European stores that sell products like caviar, pumpernickel bread and salo, a Ukrainian-style bacon. Apart from selling produce that is popular in former Soviet countries, these stores represent a marketing opportunity for Alex Naumovych, a loan officer at Draper and Kramer Mortgage Corporation. Just before a customer buys a […]
Source: Polygon Research, CPSVision, Veterans Supplement August 2020 Loan originators can educate themselves about the Veterans with service-related disability in their communities and markets and look for opportunities to provide high quality education and financing in an efficient and transparent manner. Broadening the scope to include all Veterans within a certain age range regardless of disability status, we estimate that about 4 million Veterans are under the age of 50, with […]
Mr. Cooper, one of the nation’s top servicers, and Sagent, a loan servicing software developer, announced on Friday that they will join forces to create a cloud-native servicing platform. The definitive agreement reached by both parties stipulates that Mr. Cooper will sell certain intellectual property rights related to its proprietary, cloud-based technology platform for mortgage […]
Back in August, Christian Wallace spoke effusively about her future at Better.com. The digital lender generated so much money through mortgage refinancing that it bankrolled a formidable real estate division. And Wallace, a former Sotheby’s agent and Opendoor manager, was charged with ensuring the division blossomed. But on Thursday, Wallace said that she gave Better […]
Zillow CEO Rich Barton. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?w=1024″ width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?w=1024″ alt=”Rich Barton – HW+” class=”wp-image-297256″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Zillow CEO Rich Barton. When Zillow stunned the housing world last November by announcing a wind down of its iBuying program – and beginning the […]