The Community Home Lenders Association (CHLA), which represents small and mid-sized IMBs, just sent a letter to the Federal Housing Finance Authority (FHFA), asking for tweaks to FHFA’s recently announced fee hikes on second home and high balance Fannie Mae and Freddie Mac loans. CHLA asked FHFA for targeted adjustments to the fee hikes to protect middle […]
By all accounts, most mortgage companies enjoyed a solid 2021 and likely generated decent cash over the last two years. But how that cash was conserved will dictate a company’s long-term viability. As we move forward into 2022, I believe cash will truly be king in the mortgage industry. There’s already been widespread margin compression […]
A total of 10 private-label deals valued at nearly $5.4 billion hit the market in the first two weeks of 2022, HousingWire reported last week, but that’s already old news. Since then, another nine private-label residential mortgage-backed securities (RMBS) offerings valued at $4.6 billion have unfolded. That brings the number of private-label transactions over the […]
Stearns Lending will lay off 348 workers following the decision by Guaranteed Rate earlier this month to discontinue operations of its third-party wholesale channel. A Worker Adjustment and Retraining Notification (WARN), submitted to the Texas Workforce Commission specifies that the layoff date will be on March 13. HousingWire sent a message seeking comment to Guaranteed […]
Rocket Pro TPO will pair each of its brokers with a team of in-house mortgage experts, made up of underwriters, closing specialists and purchase title coordinators, to help brokers navigate the loan closing process. The program, dubbed “Crews” is live as of Jan. 24. According to Rocket, brokers will personally know the crew leaders and […]
Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. In a memo sent Monday morning, Michael Nierenberg, CEO of New Residential Investment Corp., told employees that despite […]
The Office of the Comptroller of the Currency (OCC) issued a consent order against Michigan-based Flagstar Bank that levies a $3.62 million civil penalty over violations of the Flood Disaster Protection Act,the regulator said on Thursday. The consent order states that between a three-year period – from February 2017 through February 2020 – the bank’s […]
The United States Court of Appeals for the Fourth Circuit ruled on Wednesday that borrowers can pursue a class action lawsuit against Carrington Mortgage Services regarding the fees it applied when collecting payments online or by phone. The plaintiffs – Ashly Alexander and Cedric Bishop – brought the case in September 2020, alleging that the […]
When the terms “green” or “ESG” are broached in polite company, eyes have a tendency to roll. It’s natural for the mind to wander toward a parade of green branding campaigns that may be aspirational in messaging but rarely result in measurable climate-friendly or socially sustainable solutions in practice. Still, hidden among all that greenwashed […]
The average 30-year-fixed rate mortgage climbed to 3.56% during the week ending Jan. 20, rising from 3.45% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.77%. Most economists believe they’ll continue to climb in the weeks and months ahead. “Mortgage rates moved up again as […]
During the onset of COVID-19 in 2020, mortgage lenders were eager to discuss the measures that they were putting in place to keep employees safe. Two years later, as the omicron variant surges, some lenders have very little to say. Of the top 10 nonbank lenders that HousingWire reached out to, only six provided any […]
Better.com CEO Vishal Garg ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=1024″ loading=”lazy” width=”1200″ height=”726″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?w=1024″ alt=”HW+ vishal garg” class=”wp-image-330967″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=150,91 150w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=300,182 300w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=768,465 768w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=1024,620 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-vishal-garg.png?resize=600,363 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Better.com CEO Vishal Garg Vishal Garg, the CEO of Better.com, is making a comeback, just one month after being forced to take administrative leave for […]
Mortgage applications increased 2.3% from the previous week, largely due to a strong purchase market, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 14. The seasonally adjusted Purchase Index rose 7.9% from the previous week, while the Refinance Index decreased 3.1% in the same period. Compared to the same week one year […]
Anthony Hsieh, the CEO of loanDepot, has been buying some pricey real estate in Florida, pushing his portfolio of properties to over $150 million. As was first reported by the The Real Deal, Hsieh has dropped approximately $50 million dollars on two properties located in Miami since the start of this year. He paid $30 […]
Servicers’ forbearance portfolio volume dropped in December to a level below 1.5% for the first time in 18 months. The total number of loans in forbearance decreased by 26 basis points, to 1.41% in December from 1.67% in November, according to the Mortgage Bankers Association (MBA). The most notable decline was in the portfolio loans […]
Milo, a Miami-based digital lender, will soon offer a crypto mortgage to clients with digital assets. And the company claims that there is already a waitlist for the product. According to Milo’s press release, clients who use the company’s services can pledge their Bitcoin to purchase a property. The company notes that this way, homebuyers […]
About five years ago, Linthicum, Maryland-based NFM Lending was looking for a way to shift from sporadic donations to service members to a dedicated effort that regularly recognized their sacrifice. Their answer was the creation of the NFM Salute, an initiative in which one military member or veteran is selected each month to be honored […]
Wells Fargo originated $48.1 billion worth of mortgages in the fourth quarter, down from $51.9 billion in the previous quarter. The bank’s mortgage lending gain on sale margin — the earnings stemming from its originations — tumbled from 204.5 basis points in the third quarter of 2021 to 162.16 basis points in the fourth quarter. […]
While layoffs sweep the mortgage industry, particularly consumer-direct lenders, non-qualified mortgage (non-QM) lenders are going on a hiring spree. Non-QM lenders Angel Oak Mortgage, Acra Lending and Newfi alone currently have at least 130 openings on jobs listings sites. According to Evan Kidwell, chief operating officer at Griffin Funding, a consumer-direct lender that launched non-QM […]
Another large mortgage-servicing rights bulk offering is on the market this week on the heels of a $10 billion MSR package that went out to bid earlier this month. The latest deal is being marketed by New York-based Mortgage Industry Advisory Corp., or MIAC. It is a $6.23 billion bulk-sale offering of agency MSRs, with bids […]
The Supreme Court weighed in on a class action lawsuit against Quicken Loans, now Rocket Mortgage, regarding its appraisal practices during the financial crisis, delivering a procedural win for the mortgage lender. On Monday, the Supreme Court remanded the class action to the United States Court of Appeals for the Fourth Circuit to reexamine its […]
The average 30-year fixed rate mortgage increased to 3.45% during the week ending Jan. 13, up from 3.22% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.79%. The 15-year fixed rate mortgage averaged 2.62% last week, up from 2.43% the week prior. A year ago […]
Chicago-based Guaranteed Rate will discontinue its third-party wholesale channel, Stearns Wholesale Lending, just one year after it acquired the multichannel lender. “Guaranteed Rate will continue to thrive and win market share by having a laser focus on leveraging our industry-leading purchase platform augmented by the best loan officers in the business,” Guaranteed Rate CEO Victor […]
The Federal Housing Finance Agency’s announcement last week that it will hike upfront fees for high-balance and second-home loans effective April 1 will provide a boost for the private-label securities market, according to executives at one of the leading sponsors of private-label securities. In fact, FHFA’s new fee structure for government-sponsored enterprises (GSEs) Fannie Mae and […]
Mortgage applications climbed 1.4% for the week ending Jan. 7, 2022, according to a survey published by the Mortgage Bankers Association this week. The growth was buoyed by a 2% increase in the trade group’s seasonally adjusted purchase index, the MBA said. Per the report, the unadjusted purchase index increased 51% compared to the previous […]
Redfin announced Tuesday layoffs of 121 employees as it shakes up its mortgage department, including purchasing a lending company. The real estate company entered into an agreement to acquire mortgage lender Bay Equity Home Loans for $135 million, two-thirds in cash and one-third in stocks, Redfin said in a press release and public filing. The […]
Fannie Mae opened 2022 with its 45th credit-risk transfer (CRT) deal through its Connecticut Avenue Securities (CAS) real estate mortgage investment conduit, or REMIC, bringing the collective value of notes issued through the conduit to nearly $52 billion since the first offering in 2013. The 45 CAS deals involved credit-risk transfer (CRT) notes issued to private investors […]
Mortgage delinquency rates hit pre-pandemic levels in October due to labor market improvements and home equity increases, according to the most recent CoreLogic Loan Performance Report. The expectation is that rates will continue to decline during 2022. In October, 3.8% of mortgages were delinquent by at least 30 days, including foreclosure, close to the 3.7% […]
PennyMac Financial Services announced today that it’s launching a new technology platform for its broker channel, and it has rebranded its broker division from PennyMac Broker Direct to Pennymac TPO. The California-based wholesale lender claimed the new tech offering, called POWER+, would give brokers “speed, control and access to expert advice,” as well as “guidance […]
Today, the Bureau of Labor Statistics reported that 199,000 jobs were created in December — a miss from estimates. They also reported we had 141,000 in positive revisions to the previous jobs report. The unemployment rate is currently at 3.9% and we had another big print from the household survey which showed 651,000 jobs gained. […]
This video is part of our HousingWire 2022 forecast series. After the series wraps in January, join us on February 8 for the HW+ Virtual 2022 Forecast Event. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the predictions for this year, along with a […]
Pink slips arrived for nearly three dozen loan officers at Wyndham Capital Mortgage on Wednesday, HousingWire has learned. The consumer direct mortgage lender, headquartered in Charlotte, North Carolina, said it laid off 35 LOs across its offices in Dallas, Charlotte, Salt Lake City, Kansas City, and Phoenix. In a statement, Jeff Douglas, CEO of Wyndham […]
This week’s HW+ member spotlight features Joe Langner, CEO at ReverseVision. Langner has more than 30 years of senior leadership experience, driving growth at marquee mortgage technology and software companies. As a former executive vice president and chief sales officer at Ellie Mae, Langner helped execute the firm’s initial public offering in 2011. His other […]
Denver-based Incenter Mortgage Advisors is in the market with a $10 billion bulk-sales package of mortgage-servicing rights (MSRs) tied to Fannie Mae and Freddie Mac loans. The MSR offering involves 36,185 loans that are fairly evenly split between Fannie- and Freddie-backed mortgages. The weighted average age of the loans is 10.8 months, with an average interest rate of 2.898%, according to […]
Rocket Companies announced this week that its CEO Jay Farner has stepped away from his role as Rocket Mortgage CEO, to assume the role of CEO of Rocket Central, the mortgage company’s fintech platform. Farner assumed his new role Jan. 1, according to a press release from the Detroit-based company, and will retain his role […]
A federal law mandates that Fannie Mae and Freddie Mac help households on moderate, low, or very low income. The government-sponsored enterprises must do this by setting a plan every three years, dubbed Duty to Serve, that provides lending liquidity and preservation goals for manufactured, rural, and affordable housing. But according to the Federal Housing […]
The average 30-year fixed rate mortgage increased to 3.22% during the week ending Jan. 6, up from 3.11% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.65%. The 15-year fixed rate mortgage averaged 2.43% last week, up from 2.33% the week prior. A year […]
SitusAMC President Michael Franco SitusAMC subsidiary Securent is expanding its reach into the private-label market with plans to soon introduce a loan-defect insurance product for residential mortgage-backed securities (RMBS) transactions, according to executives from both companies. The initial focus of Securent, which was launched late last year, has been to provide loan-level loan-defect insurance for third-party mortgage originators […]
The Federal Housing Finance Agency introduced new upfront fees on Wednesday for some high-balance and second-home loans sold to Fannie Mae and Freddie Mac. Upfront fees for high balance loans will increase between 0.25% and 0.75%, tiered by loan-to-value ratio. For second home loans, the upfront fees will increase between 1.125% and 3.875%, also tiered […]
Some Federal Housing Administration-approved mortgage servicers have routinely flouted the agency’s loan modification program, according to Washington, D.C. Attorney General Karl Racine and 20 other state attorneys general. The attorneys general wrote in a Dec. 21 letter that a number of mortgage servicers employed by FHA-approved lenders failed to adequately implement loan modification options the […]
Mortgage applications decreased 2.7% from two weeks earlier, according to the Mortgage Bankers Association survey for the week ending Dec. 31, 2021. The results include adjustments to account for the holidays. The holiday adjusted Refinance Index decreased 2% from two weeks ago and was 40% lower than the same week one year ago. The seasonally […]
The most wonderful time of the year, as the song would have us believe, comes to a close with Epiphany, the 12th day of Christmas, Jan. 6. I do hope everyone had a joyous holiday season, spending some relaxing time with family and friends. The holiday season is winding down. So is the 24-month refinance […]
loanDepot announced this week that it will begin servicing Ginnie Mae loans in-house, following a 2021 decision to do the same for Fannie Mae and Freddie Mac-backed loans. The top-ranked nonbank lender said in a press release that servicing Ginnie Mae loans “carries great significance” because the agency is the primary guarantor of securities containing Federal […]
Pontiac, Michigan-based United Wholesale Mortgage (UWM) capitalized on a booming private-label market in 2021 by sponsoring its inaugural securities transaction this past May, a prime jumbo deal involving 508 mortgages with an aggregate principal balance of $351.9 million. That was the start for the nonbank lender, which dominates the nation’s wholesale mortgage lending sector with an estimated […]
This article is part of our HousingWire 2022 forecast series. After the series wraps early next year, join us on February 8 for the HW+ Virtual 2022 Forecast Event. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the predictions for next year, along with […]