As Los Angeles residents continue to pick up the pieces following January’s devastating wildfires, an additional reprieve is coming from federal housing agencies. The Federal Housing Administration (FHA) on Thursday announced that a moratorium on foreclosures and evictions for people impacted by the wildfires in Los Angeles County will be extended for another 90 days. […]
Union Home Mortgage (UHM) is suing nine former employees on claims they breached several agreements, including non-compete agreements. The Feb. 17 complaint, which is filed at the United States District Court for the Northern District of Ohio, explains that eight managers and one loan officer, based on the East Coast, all transitioned to American Pacific […]
Volatile mortgage loan volume and profits in today’s real estate market are causing lenders to seek out ways to reduce expenses. Most understand that fee cures are a cost of doing business. But, their recurring rate and effect on profit margins remain largely unmeasured due to a lack of published data. ICE Mortgage Technology conducted […]
As the Trump administration continues to impose cuts to staff and offices across the federal government, the Federal Housing Administration (FHA)’s Home Equity Conversion Mortgage (HECM) program — which handles the vast majority of reverse mortgage business in the U.S. — could be impacted. According to Bloomberg, the U.S. Department of Housing and Urban Development […]
The newest weekly mortgage applications survey data, released Wednesday by the Mortgage Bankers Association (MBA) included the lowest mortgage rates in months, which created a stir in the number of applications. According to the MBA, the Federal Housing Administration (FHA) share of the market dipped to 6.42%, while refinance activity posted its fastest pace since […]
Leading mortgage technology provider Uplist recently announced a new integration with fellow tech firm Polly. This move grants loan officers access to real-time insights that are designed to improve borrower assistance and engagement. Loan officers on the Uplist platform can now leverage Polly’s product and pricing engine (PPE) to more easily pursue refinance opportunities. LOs […]
PennyMac Financial Services, one of the nation’s largest mortgage lenders and servicers, on Wednesday announced a partnership that will give the company a high level of visibility during the 2028 Olympic Games in Los Angeles. California-based Pennymac will be the official mortgage supporter of the U.S. Olympic and Paralympic teams at the 2028 Olympics. In […]
Mortgage applications increased 20.4% from one week earlier on a seasonally adjusted basis as buyers pounced on lower rates, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending Feb. 28, 2025. On an unadjusted basis, applications increased 22% compared with the previous week. The refinance index increased […]
During last month’s Super Bowl broadcast, Rocket Companies unveiled its “Own the Dream” campaign, which the company describes as a means of redefining homeownership as a pathway to generational wealth rather than just a transaction. The company’s ambitious commercial — which featured John Denver’s “Take Me Home, Country Roads” — was only the first part […]
Shant Banosian, ranked the No. 1 loan originator in the country by volume for at least five years, is assuming the role of president at Rate Mortgage, the company announced Tuesday. Victor Ciardelli will remain the CEO of Rate Companies. Rate, formerly known as Guaranteed Rate before a rebrand in 2024, ranked as No. 8 […]
Top five reverse mortgage lender Finance of America (FOA) announced on Tuesday the hiring of two new executive leaders to modernize the company’s digital and customer experience strategies. The hires are designed to bolster the company’s efforts to “accelerate its strategy of redefining the reverse mortgage market through digital transformation,” with a particular emphasis on […]
Xactus has become the first technology partner to introduce the FICO Score Mortgage Simulator, a new tool designed to help lenders and borrowers understand how credit decisions impact mortgage eligibility. The simulator, developed by FICO, is the only mortgage industry tool that uses FICO scores and FICO score algorithms. It is now available through verification […]
March figures to be a crucial month for gauging consumer interest in the 2025 housing market. The pace of home sales remains near a 30-year low point as home prices and mortgage rates keep potential borrowers in wait-and-see mode. But mortgage rates have posted an unusually large decline in the past week. On Tuesday, HousingWire’s […]
Over the last two months with economic uncertainty, the bond market has responded and the yield for the 10-year treasury has declined by 60 basis points from 4.8% to 4.2%. The 30-year fixed mortgage has followed suit, recently falling as low as 6.75%, the lowest level since mid-December. It’s quite obvious that stubbornly high mortgage […]
A bill that would seek to bolster the disclosures that reverse mortgage lenders make to potential clients in an effort to broaden their understanding of the product inside New York state is getting pushback from industry advocates. They argue that adding to and duplicating the currently required federal and state disclosures about the product run […]
Union Home Mortgage (UHM) on Monday announced its acquisition of Nations Reliable Lending, aka NRL Mortgage. The acquisition of Houston-based NRL will strengthen UHM’s book of business in Texas and southwest Ohio in particular. “Our company lives by the mantra of ‘Promises Kept,’ which not only includes promises to our customers, but to our employee […]
Annual property insurance costs for mortgaged single-family homes rose by a record $276 (or 14%) to $2,290 in 2024, per the latest Intercontinental Exchange (ICE) Mortgage Monitor Report released Monday. The report also said that average premiums are now up 61% over the past five years. Locations that saw the largest percentage increases in 2024 […]
Bank7 is expanding its mortgage reach in Oklahoma. The community bank has completed its acquisition of First American Mortgage, Inc., a small mortgage lender and brokerage based in the suburbs of Oklahoma City. Yukon-based First American Mortgage, Inc. founded in 1993 by its president and owner Dale Bogle, has done about $41 million in origination […]
Introduction As part of our ongoing discussion on the concept of movement in the mortgage industry, it is readily apparent that the failure of mortgage companies to pivot or tweak their business models to satisfy changing market and other conditions has resulted in consolidation based on liquidity, buyback, financial and other concerns. Regardless of whether […]
Florida-based non-QM lender A&D Mortgage on Friday announced an offering of $458.9 million in residential mortgage-backed securities (RMBS), calling it “another milestone in the company’s commitment to expanding financing solutions for borrowers with diverse income streams.” The RMBS deal, done in partnership with Imperial Fund Asset Management and Clearwater Analytics, is expected to close on […]
During Rocket Companies‘ third-quarter 2024 earnings call, the Detroit-based parent company of Rocket Mortgage said that it expected adjusted revenue of $1.05 billion to $1.2 billion in the fourth quarter. But on Thursday’s earnings call for Q4 2024, the company reported that it generated net revenue of $1.8 billion and adjusted revenue of $1.2 billion, […]
This week on Power House, Diego Sanchez chats with Jay Plum, EVP of Consumer Lending at Fifth Third Bank. During the conversation, Plum explores Basel III’s impact on warehouse lending, the importance of affordability programs, and how Fifth Third plans to grow market share with mortgage servicing portfolios (MSRs). This conversation has been edited for […]
In its ongoing lawsuit against Ginnie Mae over $28 million in collateral from loans tied to a bankrupt reverse mortgage lender, Texas Capital Bank (TCB) recently submitted what it called an “expert report” from a former reverse mortgage industry executive, who offered his thoughts on Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS). TCB said the […]
In a Senate Banking Committee hearing on Thursday to assess the nominations of four people poised to take on leadership roles in the Trump administration, most of the questions that senators raised were focused on one person. Jonathan McKernan, who is President Donald Trump’s nominee to succeed Rohit Chopra as director of the Consumer Financial […]
Tax reform. The Consumer Financial Protection Bureau (CFPB). Housing policy changes. Managing optics. These were just some of the topics explored Wednesday during a discussion at the Housing Economic Summit hosted by HousingWire at the George W. Bush Presidential Center in Dallas. Bill Killmer, senior vice president for legislative and political affairs at the Mortgage […]
Bill Pulte, President Donald Trump’s choice to lead the Federal Housing Finance Agency (FHFA), sat Thursday for a confirmation hearing with the Senate Committee on Banking, Housing and Urban Affairs alongside nominees for three other administration positions. The lion’s share of questioning from senators first went to Consumer Financial Protection Bureau (CFPB) director-designate Jonathan McKernan […]
The Consumer Financial Protection Bureau (CFPB) on Thursday dropped a legal action against Capital One. Last month, the agency accused Capital One of cheating consumers out of more than $2 billion in interest payments on their savings accounts. The legal action, which was initiated under former CFPB Director Rohit Chopra, alleged that “from 2013 to […]
The Jason Mitchell Group certainly has reason to celebrate. On Thursday, the Consumer Financial Protection Bureau (CFPB) notified the U.S. District Court in Detroit that it was voluntarily dismissing its “kickback” lawsuit against the Jason Mitchell Group, Rocket Homes and others, with prejudice, meaning that the CFPB cannot file another complaint against the same defendants […]
How can today’s mortgage lending market be summed up in one word? For homeowners who purchased their property during COVID when mortgage rates were near 3%, the word “comfortable” may come to mind. Mortgage brokers enjoyed equal success then, as lower rates allowed them to qualify more borrowers and bring more revenue. For them, the […]
Barry Habib’s highly anticipated 2025 housing market forecast premiered during HousingWire‘s Housing Economic Summit on Wednesday in Dallas. Habib, the CEO of MBS Highway, kicked off his by presentation by referencing his 2024 forecast, telling the crowd of 250-plus that he hit the mark for home price appreciation and predicted lower numbers than expected for […]
When reverse mortgage professionals from Australia and New Zealand made the long journey to San Diego last year to attend the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo, they were ready to learn about the core differences between the businesses in a different part of the world. What they found was a […]
Mat Ishbia, the president and CEO of United Wholesale Mortgage (UWM), is a big fan of President Donald Trump and his agenda. On UWM’s Wednesday morning earnings call, the wholesale mortgage leader said that Trump has done exactly what he set out to do, adding that the president’s picks to lead and regulate the mortgage […]
United Wholesale Mortgage (UWM), the largest originator in America, originated $139.4 billion in mortgages in 2024 on its way to a net profit of $329.4 million. All told, the wholesale lender turned around a financial loss of $69.8 million in 2023 and improved gain-on-sale margins to 110 basis points, up from 92 bps in the […]
Mortgage applications decreased by 1.2% from last week on a seasonally adjusted basis, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgageapplications survey for the week ending Feb. 21, 2025. On an unadjusted basis, the index decreased 4% compared with the previous week. The refinance index continued its declining streak and decreased 4% […]
Bill Pulte, the Trump administration’s nominee to run the Federal Housing Finance Agency (FHFA), has a wide array of investments with a value north of $190 million, including holdings in rental properties, HVAC firms, entertainment companies and Elon Musk’s X. That’s according to financial disclosure forms released on Tuesday. His confirmation hearing in front of […]
Fannie Mae on Tuesday announced the results of its 2024 Servicer Total Achievement and Rewards (STAR) program, recognizing 29 mortgage servicers for “competency, capability, and overall performance.” “Our servicers continue to show their commitment to operational excellence while reducing credit loss — a crucial component to the overall safety and soundness of Fannie Mae’s business and the […]
With a median age of 45.1 years, Maine is the oldest state, putting it in a unique position to provide insights to the rest of the nation about how it manages the needs of its older residents. According to data from the U.S. Census Bureau, about 23% of Maine’s population is at least 65 years […]
Mortgage rates have been moving lower in recent weeks, even after the Federal Reserve’s decision to pause its rate-cutting cycle. But mortgage executives and housing economists don’t believe this trend will continue long enough to meaningful impact mortgage demand or home sales. According to data at HousingWire’s Mortgage Rates Center, the average 30-year conforming rate […]
The ongoing legal dispute between Texas Capital Bank (TCB) and Ginnie Mae added a new chapter this week. The bank is opposing a government request for a summary judgment that would hand a victory to Ginnie Mae, according to court filings reviewed by HousingWire’s Reverse Mortgage Daily (RMD). Government attorneys filed a motion for summary […]
Effects from deadly flooding in Eastern Kentucky were made worse this past weekend as a storm system brought heavy snow and wind into already devastated communities. It will have a large impact on real estate for years to come, Kentucky real estate agents told HousingWire. As of Monday, the statewide death toll associated with the […]
Mr. Cooper won’t be onboarding as many Flagstar Bank employees as initially projected in its $1.4 billion deal to acquire the depository bank’s residential mortgage servicing operations. Multiple sources told HousingWire that Flagstar began layoffs on Friday. The employees said that additional terminations will be staggered over the coming months, with official severance documents to […]
Deep cuts at the Department of Housing and Urban Development (HUD) are likely to increase the cost of homes, upend housing markets and complicate mortgage transactions, current and former agency staffers told the Washington Post. HUD’s workforce is expected to be cut in half — from about 8,300 employees to just over 4,000 — with […]
The recently announced RocketRentRewards program from Rocket Mortgage — which the company says is the homeownership industry’s first offer to provide closing cost credits for renters — allows homebuyers who use Rocket as their lender to earn 10% back on their last 12 months of rental payments. Renters, who are the targets of the new […]
InGenius, a data provider for the mortgage and real estate industries, has appointed industry veteran Sue Woodard as its chief customer officer. Woodard, a senior adviser at STRATMOR Group, brings more than 30 years of experience in financial services and mortgage lending. She will continue her advisory role at STRATMOR while taking on her new […]
Rumors of large-scale staffing cuts at Ginnie Mae are spooking Wall Street and the housing industry, who fear potential repercussions to the mortgage-backed securities market. Mortgage lenders and developers are reportedly working their contact lists in Washington, D.C. to try and protect the company from the cuts already imposed by the U.S. DOGE Service, the […]