UWM Holdings Corp., the parent of United Wholesale Mortgage (UWM), returned to profitability in the first quarter of 2024 despite higher rates, a lack of inventory and a decline in the fair value of its mortgage servicing rights (MSRs). The quarter’s positive performance was supported by increased origination volumes at improved margins and servicing sales, which resulted […]
A former top executive at Better.com has voluntarily dismissed with prejudice a lawsuit filed about two years ago against the company and its leadership, including founder Vishal Garg, that accuses the defendants of violating labor and securities laws when pursuing the firm’s goal to go public. Attorneys for Sarah Pierce — Better’s former executive vice president for customer […]
Fannie Mae announced on Wednesday the availability of a new web-based option for its income calculator tool, which is designed to “help mortgage professionals serve the growing number of mortgage applicants in the U.S. who are self-employed and don’t have traditional sources of income,” according to the government-sponsored enterprise (GSE). The new option for the […]
U.S. Sen. Mike Braun (R-Ind.), who recently submitted a series of questions to Ginnie Mae about its management of the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program following the collapse of Reverse Mortgage Funding (RMF), clinched the Republican nomination for governor of Indiana on Tuesday night, according to The Associated Press and The Washington […]
Because of an apparent error made by staff at ICE Mortgage Technology‘s Surefire customer relationship management (CRM) platform, more than 600,000 emails and texts were sent without permission to real estate agents, business partners and past clients of loan officers around the country. These messages, part of Surefire’s weekly “Markets in a Minute” deployment, mistakenly […]
Mortgage demand ticked up last week as interest rates decreased following the news of a slowing job market. Applications increased by 2.6% on a seasonally adjusted basis during the week ending May 3, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Treasury rates and mortgage rates fell last week on the news of a […]
As the August implementation deadline for the business practice changes outlined in the National Association of Realtors’ (NAR) commission lawsuit settlement agreement approaches, the window of time is shrinking for the U.S. Department of Veterans Affairs (VA) to revise its policies governing the fees that veterans cannot currently pay when using their VA loan benefit. […]
loanDepot delivered another financial loss in the first quarter of 2024, during which the mortgage lender dealt with the impacts of a cyberattack that brought down its systems. The California-based lender recorded a non-GAAP adjusted net loss of $38 million from January to March, compared to a $26.6 million loss in the previous quarter and a $59 million […]
Carrington Mortgage Services (CMS) hired Steven Winokur to serve as vice president of marketing for third-party originations (TPO), the company announced Tuesday. In this new role, Winokur will work to increase the company’s emphasis on diverse forms of nonqualified mortgage (non-QM) educational resources.Prior to joining CMS, Winokur served as chief marketing officer at Angel Oak […]
Finance of America Companies (FOA), which controls the outgoing brands Finance of America Reverse (FAR) and American Advisors Group (AAG), recorded a net loss under generally accepted accounting principles (GAAP) of $16 million in Q1 2024 and an adjusted net loss of $7 million for the quarter, according to a recently released earnings report. Total […]
Mortgage capital markets tech firm Polly announced on Tuesday that it has launched “Polly/AI,” which integrates artificial intelligence (AI) technology into the newest version of its product and pricing engine (PPE) and includes a “co-pilot” for loan officers that will “process, interpret, and recommend a range of outcome-driven results.” The PPE system is native to […]
Mortgage rates eased slightly last week after a cooler-than-expected jobs report. Additionally, the 10-year Treasury yield fell after Friday’s jobs report. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.51% on Tuesday, slightly below the rate of 7.57% one week ago. At the same time one year ago, the […]
Recent data from Inside Mortgage Finance shows a significant leap in broker market share, jumping to 24.3% in Q4 2023, the highest number we’ve seen since 2009. This is a true testament to the care, commitment and passion brokers across the country have for their borrowers. The big question is, what caused this increase? First […]
AnnieMac Home Mortgage appointed Ian Aubourg to the role of senior vice president of retail sales, the Mount Laurel, New Jersey-based lender announced Monday. In his new position at AnnieMac, Aubourg will tap into his leadership skills to drive growth and improve the mortgage experience for clients. Aubourg has a track record of leading successful […]
Following an announcement that the U.S. Department of Housing and Urban Development (HUD)’s Office of Policy Development and Research is seeking public comment related to application and origination documents for the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program, the National Reverse Mortgage Lenders Association (NRMLA) and the Mortgage Bankers Association (MBA) have […]
U.S. home prices continued to climb in March as a persistent shortage of homes for sale helped to buoy the housing market, according to the Intercontinental Exchange (ICE) Home Price Index. And while prospective homebuyers cope with the challenges of rising housing unaffordability, existing homeowners are reaping the benefits of historically strong price gains. Nationwide […]
A coalition of four lawmakers in the U.S. House of Representatives — two Democrats and two Republicans — have come together to found the Bipartisan Congressional Real Estate Caucus, a group designed to “support policies that allow [the real estate] industry to prosper” due to its overall importance to the U.S. economy. The group, announced […]
NEXA Mortgage has sued its former president, Mat Grella, for allegedly causing the failure of a hangar-office property purchase, acting to defame the firm and his partner Mike Kortas, illegally changing corporate documents, and keeping two company cars after his termination. In response, Grella said that the allegations are a “manipulation of the truth.” The lawsuit was […]
Utah-based Capital Community Bank (CCBank) has struck a deal to acquire Security Home Mortgage (SHM), which will become an independent subsidiary division of the bank, the parties announced on Friday. The financials of the deal were not disclosed. According to the Nationwide Multistate Licensing System (NMLS), SHM provides home mortgage solutions in six states through a network of four branches and 62 […]
Finance of America Companies (FOA) announced on Monday that its reverse mortgage brands — Finance of America Reverse (FAR) and American Advisors Group (AAG) — will be consolidated under the singular Finance of America brand going forward. Scheduled to take place starting in the third quarter of 2024, the change remains subject to certain regulatory […]
Friday’s jobs report came in as a miss of estimates and wage growth came in lower than expected. The labor market isn’t tight anymore and that will eventually be good news for mortgage rates. After last month’s jobs report, I talked about the path the Federal Reserve could take to land the plane based on […]
A bill that will permanently allow for remote reverse mortgage counseling via telephone or video conferencing services in the state of Massachusetts has been signed into law by Gov. Maura Healey (D), doing away with a strict face-to-face requirement that has stretched the state’s counseling resources and, at times, halted reverse mortgage business within the […]
The Federal Housing Administration (FHA) on Friday published Mortgagee Letter 2024-08, which extends a foreclosure moratorium on the Hawaiian island of Maui through Aug. 4, 2024, for FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECMs). The moratorium, initially scheduled to expire on May 6 after a previous extension, has been pushed out 90 days […]
The dismal 2024 mortgage market has one very silver lining: $32 trillion in home equity. Jim Deitch, co-founder and CEO at Teraverde, sees a golden opportunity for lenders who are prepared to serve homeowners with innovative options. “The biggest year of mortgage production, from 2021-2022, generated $4.5 trillion. Compare that with $30 trillion in financeable […]
Rocket Companies, the parent of Rocket Mortgage, delivered a profit in the first quarter of 2024 through initiatives to reduce costs and increased investments in artificial intelligence (AI). In a contracting market, competitors exiting the space have allowed the company to improve market share and gain-on-sale margins. Ultimately, the Detroit-headquartered lender reported a GAAP net income […]
The number one rule of the marketplace is to understand your customer. Knowing what they need, what they want and what they fear is fundamental for success. The housing market has shifted. Today it’s dominated by baby boomers who make up 39% of all homebuyers and 52% of all home sellers. Known as “Peak 65”, in […]
Redlands, California-based mortgage lender Mountain West Financial has struck a deal to sell its retail assets to competitor ML Mortgage Corp., one of the latest M&A transactions amid a challenging landscape for home loan originators. “We did transfer our branches and loan officers to ML Mortgage. We felt that ML was a good culture fit and would provide […]
The U.S. Department of Housing and Urban Development (HUD) on Thursday announced new guidelines that aim to apply the provisions of the Fair Housing Act to the use of generative artificial intelligence (AI) in the realm of housing. HUD released separate pieces of guidance aimed at applying Fair Housing Act provisions to two key areas […]
The housing market has been on a topsy-turvy roller-coaster ride in recent years that has been particularly neck wrenching since this past fall, fueled by stubbornly high inflation and a still-strong jobs market. In early November, 30-year fixed mortgage rates began a nosedive, declining from near 8% to below 7% in a matter of months […]
Longtime reverse mortgage industry professional, advocate and leader Scott Norman has been appointed as the new CEO of the Texas Mortgage Bankers Association (TMBA). Norman is currently serving his fifth consecutive term as co-chair of the National Reverse Mortgage Lenders Association (NRMLA). He also works as vice president of field retail and director of government […]
Industry experts believe mortgage rates will remain higher for longer, attracting borrowers who face life events but not “economic gamers“ to the mortgage market. In turn, this will force some lenders to think out of the box to attain profitability. On Wednesday afternoon, the Federal Reserve announced its decision to maintain its short-term policy interest rate at a […]
The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) announced a new policy on Wednesday that will enable mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased,” according to an announcement from HUD. “The Reconsideration […]
Lawmakers in the U.S. House of Representatives and U.S. Senate are seeking to address the rising costs of living for U.S. seniors, primarily those living on fixed incomes, which would be accomplished by increasing monthly benefits and requiring the Social Security Administration (SSA) to use a different inflation-calculation formula. The bill, known as the Boosting […]
As more housing and mortgage authorities seek to expand the scope of homeownership to those who have never purchased a home before, the government-sponsored enterprises (GSEs) and the Federal Housing Finance Agency (FHFA) are taking a step to more narrowly define the term “first-generation homebuyer mortgage,” according to a bulletin released on Wednesday by Freddie […]
In an update to its selling guide, Freddie Mac announced Wednesday that it is expanding the use of attorney opinion letters (AOLs) in lieu of title insurance. Under the new selling guidelines, Freddie Mac said it would allow AOLs to be used on “loans secured by a unit in a condo project,” on “loans secured by […]
As existing home sales dropped to the lowest level it has seen in nearly three decades in 2023, title insurance premium volume also took a hit. In 2023, the title insurance industry generated $15.1 billion in title insurance premiums, a 31% annual drop, according to the American Land Title Association’s Market Share Analysis, released Tuesday. […]
After the release of proposed new rules for the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program late last year, the reverse mortgage industry expressed a lot of excitement. In the newly proposed rules handed down in October, the H4P program would, in certain circumstances, allow for inclusion of an interested party contribution of […]
After striking two M&A deals late last year, digital multichannel lender Lower plans to acquire at least one other business in 2024. If it finds “a good company,” the lender is willing to pay a premium to the owners, according to Dan Snyder, the fintech’s founder and investor. “I’d like to do another one [deal], […]
The Connecticut Legislature has approved a bill requiring the agencies that employ home health aides and other professionals to provide more well-rounded training and incident responses to issues like harassment as the state aims to ease the process for aging in place among its older residents. The passage of the law, first reported by regional […]
Despite the struggles of its independent mortgage bank counterparties, Fannie Mae delivered $4.3 billion in net income during the first quarter of the year, up from $3.9 billion in the prior quarter, the government-sponsored enterprise (GSE) reported Tuesday. The GSE’s net worth grew from $77.4 billion at the end of 2023 to $82 billion as […]
The Federal Housing Finance Agency (FHFA) this week released its fair lending final rule, following up on a proposal made last year in alignment with plans first laid out in 2022 by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The rule “addresses barriers to sustainable housing opportunities for underserved communities by codifying existing […]
HousingWire: Congratulations on your new role at The Money Store. Can you share with us some of the key initiatives or strategies you’ve implemented in your first three months as CMO? Coleen Bogle: I’m thrilled to be part of The Money Store team. In my first three months as CMO, my primary focus has been […]
Guild Mortgage CEO Terry Schmidt speaks last week at The Gathering by HousingWire in Scottsdale, Arizona. Photo credit: AJ Canaria Discussions about the reverse mortgage product category were not difficult to find this past week in Scottsdale, Arizona, during The Gathering by HousingWire, an event that combined both the real estate-focused RealTrends Gathering of Eagles […]
California-based mortgage tech firm Blend Labs, which has pursued non-GAAP profitability since it went public in 2021, announced a $150 million investment on Monday from private equity firm Haveli Investments. Blend will use $145 million of the proceeds to repay existing credit agreements. The remainder is for general corporate purposes, the company said in a prepared statement. Despite […]
Rising mortgage rates and a slower housing market than anticipated contributed to the weaker financial performance of the title segments of some of the nation’s largest title firms during the first quarter of 2024. Last week, big four members First American, Old Republic and Stewart all announced their earnings. Final big four title firm Fidelity […]