One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. Let’s take a look at the New York Federal Reserve’s Household Debt and Credit Report for the third quarter, released today. The most important factor is that debt structures are vanilla. Post-2010, lending standards in […]
The first signs of a shifting market cycle are already here. Purchase volume has caught up with, and will likely soon eclipse, refinance volume. And the whispers of margin compression are again being heard across the mortgage industry. The refinance explosion of 2020 wasn’t going to last forever. But it’s been a while since mortgage […]
Mortgage delinquency rates hit the lowest level since the beginning of the pandemic in August, according to the most recent CoreLogic Loan Performance Report. However, some borrowers are still facing severe financial challenges. In August, 4% of mortgages were delinquent by at least 30 days, including foreclosure, a drop from the 6.6% rate in August […]
Mat Ishbia, President and CEO of United Wholesale Mortgage United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, posted $329.9 million in profits during the third quarter, an uptick from the $138.7 million registered in the second quarter. According to the Pontiac, Michigan-based lender’s earning report, loan origination volume reached $63 billion in the third […]
After completing countless Veterans Administration (VA) mortgage loan transactions over the years, Chris Pascoe, a Marine veteran turned RE/MAX agent, has developed something of a system. First, he has his clients lender call the listing agent. “This is an absolute must, especially in the market right now as it gives the lender an opportunity to […]
Home Point Financial President and CEO Willie Newman Mortgage lender Home Point Financial, which does business as Homepoint, is poised to exit the Ginnie Mae mortgage-servicing rights market, according to its CEO and filings with the Securities and Exchange Commission. Homepoint, in an SEC filing in early November, revealed that its third-quarter financials were boosted […]
Forbearance predictably declined across the board last week as exits accelerated, but more borrowers are going into plan modifications because they are still struggling to recover their pre-pandemic income. The total number of loans in forbearance decreased by nine basis points to 2.06% as of Oct. 31, according to the latest report from the Mortgage […]
Instant homebuyer Opendoor has acquired “tech”-focused mortgage brokerage RedDoor, the companies announced Friday. The purchase comes amid questions of whether iBuying is a viable business model following Zillow’s announcement Tuesday that the company is winding down its iBuying arm. Founded in 2018 and headquartered in Sacramento, RedDoor calls itself a “digital first mortgage brokerage” that […]
The money Fannie Mae and Freddie Mac earned from the adverse market fee paid for nearly the entire cost of the agencies’ Covid relief options, according to a Federal Housing Finance Agency inspector general report. The March 2020 CARES Act was meant to blunt the impact of Covid’s economic toll on homeowners, by letting them […]
J.P. Morgan, through its private label conduit, J.P. Morgan Mortgage Trust, so far this year has sponsored 13 private-label securitization offerings backed by jumbo loans valued at $13.8 billion. Those offerings, current through the end of October, involved more than 14,000 jumbo mortgages, according to bond-rating agency presale reports. The data show that J.P. Morgan […]
The post The digital revolution in mortgage lending is coming. Will you be ready? The industry is plagued with inefficiencies and outmoded regulations, only exacerbated by the COVID-19 pandemic. There is a better way, one that unites the industry and creates a safer, more streamlined experience for both the customer and the lender. In the […]
HW Media CEO Clayton Collins will sit down with Blend President Timothy Mayopoulos to discuss the digital mortgage landscape and the innovations that will define the next year of originations. Blend is a Silicon Valley technology company backed by Greylock Partners, Emergence Capital, Founders Fund, Andreessen Horowitz, 8VC, Lightspeed Venture Partners, and other leading venture […]
Rocket Companies, the parent of Rocket Mortgage, generated a whopping $1.4 billion in net income in the third quarter, up from $1 billion the previous quarter. According to the company’s earnings released on Thursday, Rocket originated $88 billion in mortgages, with a net-rate lock close to $87 billion in the third quarter. Rocket’s gain on […]
Purchases of single-family rental properties by investors are on the rise in Sunbelt cities like Phoenix; Austin, Texas; Las Vegas; Tampa; and Charlotte, among others, according to research by John Burns Real Estate Consulting. The increased buying activity is raising concerns that large institutional investors are disproportionately represented in these markets and “are driving up […]
Willie Newman, president and CEO of Home Point Capital Home Point Capital, parent entity of Michigan-based wholesale lender Homepoint, bounced back from a brutal second quarter, posting a net income gain of $71 million in Q3. This is a notable improvement from the $73.2 million net loss posted by the company in the second quarter. […]
The average 30-year-fixed rate mortgage dropped to 3.09% during the week ending Nov. 4, down from 3.14% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.78%. Most economists believe mortgage rates will climb following as the Federal Reserve tightens monetary policy. The central bank’s Federal Open […]
United Wholesale Mortgage rolled out prime jumbo adjustable-rate mortgage (ARMs) products on Wednesday, signaling that demand for ARMs is growing inside of the broker community. According to the top-ranked wholesale lender, their prime jumbo ARMs will allow brokers to offer “competitive pricing” on five-, seven- and 10-year adjustable-rate mortgages. “Independent mortgage brokers now have a […]
Freddie Mac wants to encourage multifamily landlords to report positive rental payments to the credit bureaus to give renters a better shot at qualifying for a mortgage. The government-sponsored enterprise will provide closing cost credits on multifamily loans for rental landlords who agree to report on-time rental payments through Esusu Financial. Esusu, a credit-building fintech, […]
Global lender Citigroup is capitalizing on a vibrant U.S. market for mortgages that have been dinged up by the pandemic. The bank, through its residential mortgage-backed securities conduit, Citigroup Mortgage Loan Trust, has securitized some 45,000 reperforming loans valued in aggregate at $6.8 billion through five private-label offerings year to date as of the end […]
Investment firm Pretium has acquired the leading fix-and-flip lender Anchor Loans LP from affiliates of Wafra Capital Partners Inc. and other owners. The terms of the deal were not disclosed. California-based Anchor Loans, founded in 1998, provides capital for professional residential real-estate investors through bridge and construction products. To date, it has originated more than […]
In 2013, the Federal Housing Administration (FHA) began requiring borrowers to pay the Mortgage Insurance Premium (MIP) for the life of an FHA loan. This change triggered controversy. People have equated FHA insurance to that of private mortgage insurance used by the government-sponsored enterprises (GSEs), which is not life-of-loan. Understanding the difference between FHA and […]
Powerhouse lender/servicer New Residential Investment Corp. had an impressive third quarter, with reported earnings of $177.5 million from July to September, up 136% quarter-over-quarter. According to NRIC’s third quarter earnings released on Tuesday, the growth was spurred mainly by the REITs acquisition of mortgage lender Caliber Home Loans in August. The acquisition of Caliber cost […]
New York State on Monday approved the extension of the state Community Reinvestment Act (CRA) to non-depository lenders, a controversial rule that has received criticism as “unnecessary” and “discouraging” from the mortgage industry. Gov. Kathy Hochul approved the bill – S.5246-A/A.6247-A – 10 days after being delivered by the New York State Senate. According to the […]
Forbearance declined at a steady pace across the board last week, with many borrowers having already reached the end of their 18-month period provided by the CARES Act. The total number of loans in forbearance decreased by six basis points to 2.15% as of Oct. 24, according to the latest report from the Mortgage Bankers […]
Anthony Hsieh, founder and CEO of loandepot ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/09/Anthony-Hsieh-e1632930256968.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/09/Anthony-Hsieh-e1632930256968.png?w=1024″ loading=”lazy” width=”3990″ height=”2390″ src=”https://www.housingwire.com/wp-content/uploads/2021/09/Anthony-Hsieh-e1632930256968.png?w=1024″ alt=”Anthony Hsieh” class=”wp-image-322982″>Anthony Hsieh, founder and CEO of loandepot Nonbank heavyweight loanDepot reported strong results in the third quarter of 2021, with the lender growing its market share to 3.5%. Anthony Hsieh, founder and CEO of loanDepot, said that the results […]
Roughly seven months after it was established, the $10 billion federal Homeowner Assistance Fund is expected to begin approving state plans in the coming weeks. But many homeowners won’t receive checks until 2022. A component of the American Rescue Plan Act, the assistance fund was approved by Congress in March and allocates $10 billion to […]
The resurgence of alternative home equity tapping companies in the past few years has been of interest to the reverse mortgage industry due to the potential that business has to compete for seniors’ business. Whether discussing arrangements like sale leasebacks or shared equity investments, such products could serve as an alternative to a debt-based option […]
This week’s HW+ spotlight features Mark Jones, co-founder and CEO at Amerifirst Home Mortgage. Jones was also recently installed as vice chairman of the Mortgage Bankers Association for the 2022 membership year. Launching the company as an independent community lender in 1983, Jones has grown Amerifirst Home Mortgage to more than 80 full-service locations and 900 […]
Fannie Mae and Freddie Mac both saw net earnings trend down in the third quarter as interest rates rose and industry loan production waned. In its earnings call on Friday, Fannie Mae reported net earnings of $4.84 billion, a 32% decline from the prior quarter. Freddie Mac meanwhile earned $2.9 billion, a 21% fall from […]
This post originally appeared in HousingWire’s LendingLife newsletter. LendingLife is a daily digest of the most important news and commentary edited and curated exclusively for mortgage loan originators. Join the community! Hello, LOs! How would you like to be questioned by Congress on Day 13 of your new job? That’s what happened to Consumer Financial Protection […]
We have recently seen a major shift in the focus of Fannie Mae, Freddie Mac and their regulator, FHFA. Just a few years ago, we were talking about shrinking the GSEs’ footprint, giving GSE charters to vertically integrated Wall Street banks, and giving these same Wall Street banks access to the GSEs’ Common Securitization Platform, […]
The average 30-year-fixed mortgage rate continues to trend upwards, rising by five basis points to 3.14% for the week ending Oct. 28, according to Freddie Mac’s latest PMMS survey. Rates have risen roughly 20 basis points over the past month, and market observers believe that rise will continue. Sam Khater, Freddie Mac’s chief economist, said in […]
The pandemic, stellar vacation-home sales and regulatory turbulence combined in 2021 to spark a boom in private-label securitizations backed by mortgages on second homes and investment properties. A total of 37 such deals were completed through October of this year involving more than 51,000 mortgages on properties that were not a primary residence (in other […]
The Office of the Comptroller of the Currency (OCC) issued a consent order against Cenlar FSB, the nation’s second-largest mortgage servicer, over “unsafe or unsound practices,” the regulator said this week. The consent order states that New Jersey-based Cenlar cannot take on new subservicing clients without explicit approval from the OCC. Cenlar internal controls […]
Mortgage applications increased 0.3% from last week, per the latest report from the Mortgage Bankers Association for the week ending Oct. 22, 2021. With two consecutive weeks of mortgage rates over 3%, refinances continued to retreat. The refinance share of mortgage activity decreased to 62.2% of total applications, down from 63.3% the week prior. The […]
Leading reverse mortgage lender Finance of America Reverse (FAR) has lowered the minimum qualifying age for its “HomeSafe” suite of proprietary reverse mortgage products to 55 in the majority of the states in which the suite is available, Reverse Mortgage Daily has learned. This makes FAR the second major reverse mortgage lender in the nation […]
Seven months after a $16 million Series B round, digital mortgage platform Maxwell has raised $52.5 million in additional funding, the company said on Tuesday. The latest round was led by Fin VC, the venture capital firm that also led the Series B capital raise. Existing investors TTV Capital, Prudence, and Rotor Capital participated in […]
Bill Borden, corporate vice president of worldwide financial services at Microsoft Tech giant Microsoft plans to launch a new cloud-computing offering targeting the financial-services market on Nov. 1 as part of an effort to further bolster its fast-expanding cloud business. The secondary market may want to take note. The Microsoft Cloud for Financial Services has […]
This is part two of a two-part series on joint ventures in the housing industry. To read the first part of this series, go here. On a sunny, serene fall afternoon, the Chicago neighborhood of Ravenswood featured quiet socializing on outdoor brewery patios, cyclists of all ages, and, hidden alongside the elevated train tracks, the […]
Servicers’ forbearance portfolio volume declined at a reduced pace this week, as mortgage holders continue to exit COVID-19 plans, according to the Mortgage Bankers Association (MBA). The total number of loans in forbearance decreased by seven basis points to 2.21% as of Oct. 17. In the previous week, the rate dropped 34 basis points […]
New York State is close to approving a controversial bill that expands the requirements of the state community reinvestment act (CRA) to non-depository lenders, following the lead of Massachusetts and Illinois. The CRA rule, enacted in 1977, mandates that banks help meet the credit needs of communities in which they take deposits, specifically in low- […]
The excited and at times nervous first-time homebuyers that James Dunn often represents ask him how that whole process of taking out a mortgage works, and Dunn, a Los Angeles-based real estate agent with eXp, replies with a few trusted names. “There are probably three or four people that I work with,” Dunn said. “Anyone […]
In the face of a serious housing shortage, exceptional service from brokers is more important than ever. With forced bidding becoming the new norm, top brokers understand the importance of providing loan pricing with speed and certainty. Purchase originations demand more of brokers’ resources than a refinance. There are many more moving pieces and loan […]
This week’s HW+ spotlight features Karen Mayfield, head of National Retail Sales at Wyndham Capital Mortgage. In her role, Mayfield is tasked with expanding on the company’s digital roots into the retail mortgage environment. With more than two decades in the industry, Mayfield most recently served as a division lending executive at Citi, where she oversaw up […]
Austin-based mortgage tech platform UpEquity raised $50 million in a Series B funding round led by the venture capital firm S3 Ventures. The funding will support the company’s growth as UpEquity forecasts more than $1 billion in originations over the next 12 months. The funding consists of $20 million in equity and $30 million in […]