While 2024 was rife with challenges for the mortgage industry broadly — across forward and reverse — a new year brings a new mindset. Some challenges remain, with mortgage rates being chief among them. Education and distribution can also likely be improved. But there are also new opportunities for the industry in 2025, and the […]
In the 16 years since the peak of the Global Financial Crisis, the structured products industry has transformed from a market dominated by large banks to one with space for new players. New relationships are forming between insurers seeking long-term debt investments and managers specializing in origination, securitization, and sale of mortgage-backed securities. This new […]
Reverse mortgage business — and mortgage business generally — is not where people want it to be. That was a repeated idea shared by a group of reverse mortgage professionals when asked to assess what they see as the biggest industry challenges of the year. With Home Equity Conversion Mortgage (HECM) volume declining on an […]
David Neylan, president and chief operating officer at retail lender Guild Mortgage, expects the landscape to remain challenging for mortgage companies in 2025. But Neylan plans to capitalize on these challenges. “I know there’s some forecasts for rates to drop, but it’s not as much as everybody had been hoping or anticipating. And this ‘higher-for-longer’ […]
The reverse mortgage industry has had an eventful year, and the National Reverse Mortgage Lenders Association (NRMLA) stands ready for yet another year of change according to Steve Irwin, its president. With political changes on the horizon, debate about some core Home Equity Conversion Mortgage (HECM) program attributes and work to be done, Irwin sat […]
Mortgage servicers have spent the past couple of years watching as federal housing agencies adopted various strategies to help borrowers who entered forbearance due to the COVID-19 pandemic but struggled to exit due to rising interest rates. Now they have a request for the incoming Trump administration — standardization and simplification of loss-mitigation frameworks. Servicers […]
Efficiency and accuracy are paramount for homeowners, agencies, and servicers in today’s fast-paced real estate environment. When all parties operate from a unified information source, the process becomes quicker, simpler, and more effective. CoreLogic understands that like no other. By partnering with a highly-regarded vendor, organizations can foster strong relationships with agency collectors and gain […]
The trigger leads bill has become a 2025 priority for the mortgage industry after failing to pass the House of Representatives last week, despite Senate approval. Mortgage trade groups, however, remain optimistic about the bill’s prospects in the 119th Congress. “It would still have to get through the House [this year], which is technically possible […]
The Consumer Financial Protection Bureau (CFPB) filed a lawsuit Monday accusing Rocket Homes of orchestrating a kickback scheme to funnel business to its sister companies, Rocket Mortgage and Amrock. The Jason Mitchell Group is also implicated in the alleged violations of the Real Estate Settlement Procedures Act (RESPA). According to the CFPB, between 2019 and […]
A coalition of six organizations representing mortgage companies and borrowers has sent a letter to the Federal Housing Administration (FHA), urging the extension of the current loss-mitigation waterfall to February 2026 while updates to the agency’s servicing handbook are discussed and implemented. In late November, the FHA proposed updates to its permanent loss-mitigation options based […]
Over the past year, members of the reverse mortgage industry have been making a more concerted effort to connect with their counterparts in the forward mortgage space. The efforts have not gone unnoticed as more forward mortgage companies — particularly in an elevated rate environment — have started to see value in the possible addition […]
Natural disasters drove mortgage delinquencies in November to their highest level in three years, according to a report by ICE. Industry experts advise closely monitoring the trend but note that the share of borrowers missing payments remains low compared to the long-term average. Concerns are mainly concentrated in the government portfolio, particularly the Federal Housing […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down for a tantalizing conversation with Frank Martell, the president and CEO of loanDepot, to discuss the company’s profitability in the third quarter of 2024 and its Project North Star growth plan for 2025. This conversation has been edited for length […]
In a recent episode of the HousingWire Daily podcast, Editor in Chief Sarah Wheeler sits down with Bill Emerson, president of Rocket Companies, to discuss its recent lawsuit against the U.S. Department of Housing and Urban Development (HUD) and the principle of appraisal independence for lenders. This conversation has been edited for length and clarity. […]
The Federal Housing Finance Agency (FHFA) this week announced a new final rule establishing affordable housing goals for the loan purchases of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac from 2025 through 2027. The goals, originally proposed in August, are largely unchanged from the initial draft. They are designed to “support equitable housing access […]
At the beginning of 2024, mortgage technology company LoanPASS was announced as a technology partner for reverse mortgage lender Smartfi Home Loans. The lender chose LoanPASS to provide its software-as-a-service (SaaS) product and pricing engine in its reverse lending operations. This partnership has become a fruitful one, according to Bill Mitchell, chief revenue officer at […]
The state of leadership in the mortgage industry When people say, “There’s no such thing as a perfect company,” are they really acknowledging an inherent flaw — or are they feeling the void left by inadequate leadership? This is especially evident in the mortgage industry, where “leadership” is a term often thrown around but rarely understood […]
After initially entering the mortgage business in 2003 following a career change from accounting, Rick Rodriguez was reading a book about mortgages that included a chapter on the reverse mortgage product. He remembered thinking the chapter was intriguing and flagged it in his mind so he could look into the product further. After asking his […]
The U.S. Department of Housing and Urban Development (HUD) on Thursday announced that it has awarded $225 million to 17 groups across 26 states as part of its Preservation and Reinvestment Initiative for Community Enhancement (PRICE) program that was launched earlier this year. The $225 million was initially announced by the White House in February. […]
The Federal Housing Finance Agency (FHFA) on Thursday announced that it initiated 43,459 foreclosure prevention actions in the third quarter of 2024, bringing the total number of homeowners helped to more than 7 million since the government-sponsored enterprises (GSEs) entered conservatorship in 2008. But the number of foreclosure starts spiked by 27% to 22,025 during […]
Planet Home Lending announced Thursday that it has hired Candice McNaught as senior vice president of business development and strategic initiatives for its distributed retail channel. McNaught, a 2023 HousingWire Woman of Influence, brings more than 16 years of experience to the role. She formerly held posts at Supreme Lending and NFM Lending. In her […]
What drives the secondary market and mortgage industry’s top innovators? This series unveils the personal and professional moments shaping Polly’s executive team and their vision for a better mortgage future. Dive into the lives of Polly’s executive team in this 4 episode docuseries. Inspired by ESPN’s 30 for 30, these four short episodes explore the […]
Ginnie Mae this week released its fiscal year 2024 financial report, which describes how the company has aimed to provide liquidity to the mortgage industry, accessibility to affordable housing and value to U.S. taxpayers. As housing advocates continue to call for the company to receive full funding from Congress, the company also highlighted the work […]
CreditXpert, a leading mortgage technology company, announced on Wednesday the launch date for its new credit optimization platform. The company will replace its What-if Simulator and Wayfinder tools with the new platform on Dec. 31. CreditXpert seeks to take a different approach when addressing homebuyer credit profiles. Instead of focusing on credit repair, the company […]
Government-owned company Ginnie Mae, which oversees the secondary mortgage market and provides a guarantee for a large segment of home loans, released a fiscal year 2024 financial report this week that shows positive results. “During FY24, Ginnie Mae’s mortgage-backed securities (MBS) program supported 1.2 million households nationwide — including servicemembers, veterans, and first-time homebuyers — […]
In a widely anticipated move, the Federal Reserve on Wednesday lowered its benchmark interest rate by 25 basis points (bps), bringing the target range to 4.25% to 4.5%. This marks the third consecutive reduction by the Fed following a 50-bps cut in September and a 25-bps cut in November, cumulatively reducing rates by 100 bps […]
The Supreme Court agreed on Wednesday to hear TikTok’s challenge to a law that could ban the popular social media app in the U.S. The move expedites the case to be heard at a special session on Jan. 10, shortly before the law is set to go into effect on Jan. 19. The news comes […]
The Senate on Tuesday approved the trigger leads bill, which limits the use of “abusive“ digital marketing tools to reach potential borrowers. Mortgage trade groups commended the passage of the bipartisan legislation known as the Homebuyers Privacy Protection Act (S. 3502). The bill has been sent to the House of Representatives, which has two days […]
On Wednesdy Citi launched mortgage.com, a new platform that creates a brand-endorsed, consumer-focused channel to leverage Citi’s brand authority and encourage mortgage or refinance applications for the bank. The company has an aggressive marketing goal to reach the No. 1 spot in organic home-buying search within six months, which is why Citi used its partnership […]
The report on the Home Equity Conversion Mortgage (HECM) book of business inside the Mutual Mortgage Insurance (MMI) Fund served as another positive development for the program. The estimated economic net worth of the HECM MMI stood at $17.4 million, up from $15.4 million last year, according to the Federal Housing Administration (FHA)’s Annual Report […]
The reverse mortgage division of Fairway Independent Mortgage Corp. has honored a longtime professional in its ranks with a lifetime achievement award, in recognition of his 40-year career in the mortgage banking, real estate, homebuilding and title insurance industries. Pete Stebbins, 90, initially joined Fairway in 2012 and currently works as director of business development […]
The Federal Housing Finance Agency (FHFA) on Tuesday released an update about the sales of non-performing loans (NPLs) through the government-sponsored enterprises (GSEs), saying the data has shown a steady drop in mortgage delinquencies since the start of COVID-19 pandemic. “The [NPL] sales program reduces the number of deeply delinquent loans in the Enterprises’ portfolios […]
MBA estimates from the builder application survey show that sales of new single-family homes were running at a seasonally adjusted annual rate of 713,000 units in November 2024. That estimate is down 4.6% from the October pace of 747,000 units. “The decline in applications from the previous month was roughly in-line with typical seasonal patterns […]
Andrew Bon Salle Bon Salle’s three decades of experience spans “capital markets, risk management securitization and mortgage policy leadership,” according to Mr. Cooper. Before joining Home Point, the Mr. Cooper Group on Monday announced the addition of Andrew Bon Salle to its board of directors. Bon Salle will officially join the board Jan. 1. Bon […]
There have been countless press releases and news articles about how AI is changing the mortgage industry. The industry fears AI will ultimately replace everyone, from operations to loan officers. As a loan officer, I am not losing any sleep, and here is why you should not, either. Recently, I was online researching a very […]
As the reverse mortgage industry prepares to say goodbye to the tumultuous year that is 2024, positive news for the Federal Housing Administration (FHA)’s Home Equity Conversion Mortgage (HECM) program — which backs most of the country’s reverse mortgages — helps give a sense of overall health for the program despite some of the business […]
Older homeowners have an overwhelming preference to age in place, but these circumstances can also come with unique challenges. Feelings of isolation and loneliness rank highly among these issues, but a recent study suggests that aging in place with a pet can make a big difference. The study, highlighted in Psychology Today, also noted that […]
President-elect Donald Trump announced a flurry of nominees to his new administration leading up to the Thanksgiving holiday, but notably absent from these announcements were picks to lead various financial regulators, including the Consumer Financial Protection Bureau (CFPB). This is according to reporting from the Financial Times and from The Wall Street Journal. As incoming […]
In an evolving mortgage market, mergers and acquisitions could give mortgage company owners opportunities to achieve growth and avoid challenges. In a three-part podcast series, Dan Hanson, the executive director of enterprise partnerships and acquisitions at loanDepot, answers three key questions for owners: When is a good time to sell my company? How do you […]
Ben Carson, the former secretary of the U.S. Department of Housing and Urban Development (HUD) during the first Trump administration, wrote an editorial in the Washington Examiner that praises the pick of Scott Turner to succeed him in the role for the incoming Trump administration. Carson, who was rumored as a candidate to reassume the […]
The new year will hold special significance for the many users of ICE Mortgage Technology’s iconic Encompass loan origination system (LOS): The company will begin sunsetting its long-standing software development kit (SDK) in 2025, prodding the majority of the mortgage industry to transition to the more efficient and accurate Encompass Partner Connect (EPC) ecosystem that […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down with Terry Schmidt, CEO of San Diego-based Guild Mortgage, to discuss the company’s recent acquisitions, reverse mortgages and the use of artificial intelligence for mortgage originators. This interview has been edited for length and clarity. To start the conversation, the duo […]
The Mortgage Bankers Association (MBA) this week published a proposal for Ginnie Mae to develop a new mortgage securitization product that could boost the availability of private capital liquidity sources into the market, particularly in periods of stress for the U.S. economy. Importantly, the association said that the recent development of Ginnie Mae’s new, complementary […]
While the mortgage industry debates the future of Fannie Mae and Freddie Mac under the incoming Trump administration, the Congressional Budget Office (CBO) released a study on Friday suggesting that a recapitalization of the government-sponsored enterprises (GSEs) could benefit the U.S. Department of the Treasury in most scenarios. This follows a separate CBO study from […]
A reauthorized version of the Older Americans Act (OAA), originally passed by Congress and signed into law by President Lyndon Johnson in 1965, has passed the Senate and is now making its way to the House of Representatives. This is according to announcements by Senate Health, Education, Labor and Pensions (HELP) Committee Chair Bernie Sanders […]