The Community Home Lenders of America (CHLA) has compiled a new document it is calling the “consumer mortgage bill of rights,” based on a series of different actions and proposals it has made to companies and federal agencies including the Consumer Financial Protection Bureau (CFPB), the Federal Housing Administration (FHA), the Federal Housing Finance Agency […]
Lenders point to cost-cutting as their top business priority amid the mortgage industry facing a number of challenges – including high home prices, tight inventory of homes available for sale and interest rate hikes. About 35% of the 253 mortgage executives that responded to Fannie Mae’s mortgage lender sentiment survey (MLSS) said cost cutting was […]
With elevated mortgage rates sidelining both home buyers and sellers, existing home sales fell in June, according to the latest report from the National Association of Realtors (NAR). Sales were also down significantly from a year prior. Total existing home sales slipped 3.3% in June from the prior month to a seasonally adjusted annual rate […]
The mortgage industry continues to rightsize, and On Q Financial is taking it as an opportunity to expand through loan officer recruitment and tapping into its network of homebuilders. On Q Financial hired 100 loan officers over the past two months, bringing the total number to about 250, CEO Patrick Lamb said in an interview […]
The lack of existing homes for sale on the market is driving a resurgence of home-price growth and supporting increases in new home construction, according to Fannie Mae’s Economic & Strategic Research (ESR) group. “The extent of the ongoing lack of inventory has exceeded our prior expectation,” the ESR group said in its July commentary. […]
Go Mortgage sued its former director of capital markets for “corporate sabotage,” alleging computer fraud, violation of trade secrets, breach of contract and tortious interference with a business relationship. The lender claims actions by Katie Chikonde cost the lender millions of dollars. Chikonde, who was hired in January 2021, managed Go Mortgage’s warehouse lines, pricing, […]
The United States Senate on Tuesday passed the Tribal Trust Land Homeownership Act of 2023 via unanimous consent, and will now make its way to the House of Representatives for deliberation. In response, the Mortgage Bankers Association (MBA) applauded the move. The bill, introduced in January by a bipartisan coalition of five senators, would “require […]
The dour housing market over the past 18 months has thrust struggling independent mortgage lenders (IMBs) into what seems like a pot of water that is coming slowly to a boil. As the heat rises, so too does the number of lenders seeking to exit the market. The trajectory of merger and acquisition (M&A) deals […]
Minneapolis-based U.S. Bank, the fourth-largest U.S. mortgage lender, is laying off staffers in its mortgage division this week, a spokesperson confirmed on Tuesday. The announcement follows a decline in its mortgage originations in the first quarter of 2023 – the second-quarter earnings will be released on Wednesday morning. The current jobs cut also comes amid rumors […]
Denver, Colorado-based Maxwell, a mortgage fintech solutions platform, has announced that product development veteran Paul Wetzel has joined the company as senior vice president of product. Wetzel brings extensive experience in B2B and B2B2C software product leadership, mortgage-specific market strategy and company growth in various industries. In his new role, Wetzel will focus on enhancing […]
Bank of America (BofA), a top-20 U.S. mortgage lender, reported on Tuesday significant improvements to its home loan business in the second quarter of 2023, just as competitors JPMorgan Chase and Wells Fargo did late last week. But executives at all three banks expect some major regulatory headwinds. Rumors are that large banks would see residential mortgage capital requirements that […]
For the seventh consecutive month, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) report rose month-over-month, gaining one-point to a reading of 56, according to a report released Tuesday. This is the index’s highest reading since June 2022. The NAHB/HMI report is based on a monthly survey of NAHB members, in which homebuilders are asked to rate […]
The share of mortgage loans in forbearance decreased by five basis points in June 2023 relative to May 2023 to 0.44% from 0.49%, according to the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey. Since March 2020, mortgage servicers have provided forbearance to approximately 7.9 million borrowers and 220,000 homeowners are currently in forbearance plans. […]
Angelo Robert Mozilo, the founder of Countrywide Financial, died from natural causes this weekend, his family announced. He was 84 years old. Mozilo was a pioneer of the mortgage industry, though a deeply controversial figure. “Independent of how people outside of the industry may perceive this man, insiders know what an incredible force he was,” his […]
Duncan continued: “With the 30-year mortgage rate once again approaching 7%, it’s yet to be seen whether mortgage demand will finally cool in response, or whether higher rates will simply further suppress supply. If the latter, we expect additional near-term home price appreciation. One consequence of the stronger home price environment is that new home […]
Intercontinental Exchange (ICE) and Black Knight agreed to sell Black Knight’s product and pricing engine unit Optimal Blue business to a subsidiary of Canada’s Constellation Software in an effort to save the merger deal. The $700 million proposed transaction includes a payment by Constellation of $200 million in cash, with the remainder financed by a […]
We finally got a break on mortgage rates last week as the 10-year yield hit a critical level and quickly reversed lower, sending mortgage rates down. Active listings showed growth, week to week, but much smaller than I would like to see. Purchase application data showed some growth weekly, keeping alive the streak of more […]
The Consumer Financial Protection Bureau (CFPB) this week filed an amicus brief in a Maine Supreme Judicial Court in a case involving a married couple’s loan, joining with state officials including the attorney general, its Bureau of Financial Institutions and Bureau of Consumer Credit Protection. The Maine state agencies filed the lawsuit, Franklin Savings Bank […]
During the first six months of 2023, a total of 185,580 U.S. properties went into foreclosure, default notices, scheduled auctions or bank repossessions. That’s up 13% compared to the same period last year and it’s up by 185% compared to the same time period two years ago, when COVID-related restrictions were still in place. Additionally, […]
Wells Fargo and JPMorgan Chase, two top-five depository lenders that struggled more than the overall mortgage market in the final three months of 2022, have started to show real signs of improvement. Due to surging mortgage rates and stubbornly high house prices, their home loan businesses are much smaller than they were a year or […]
loanDepot has named Darren Graeler as executive vice president and chief accounting officer. He will succeed current CFO David Hayes as the publicly traded lender’s chief accounting officer. The company will pay Graeler a base salary of $335,000 with an annual target bonus of 100% of base salary, according to a filing registered with the […]
Argyle, a rising player in the digital income and employment verification industry, announced the appointment of Anaid Chacón as its new senior vice president of product. Chacón brings with her over a decade of leadership experience in product management and technology to her new role. At her new company, her primary goal will be to […]
Non-qualified mortgage (non-QM) lender NewFi Lending has launched a correspondent lending channel at a time when originators are fighting to grab production volume. “Non-QM product offerings are critical to any mortgage bankers’ offerings in today’s market. Newfi is leading the way in terms of innovation and service for these originations,” Dan Bayer, SVP of non-QM […]
AG Mortgage Investment Trust, Inc. entered into a dispute with Terra Property Trust, Inc. for Western Asset Mortgage Capital Corp., the company announced on Thursday. AG Mortgage, a pure-play residential mortgage REIT controlled by Angelo Gordon & Co. and owner of mortgage lender ARC Home, made a stock-and-cash offer for its peer Western Asset, managed by Franklin Resources, Inc. The publicly […]
CoreLogic, a provider of real estate data, analytics, and solutions, unveiled this week an upgrade to its CoreLogic Discovery Platform, offering users streamlined access to data-driven business analysis. The recent enhancement introduces pre-designed solutions tailored to assist mortgage lenders in transforming data into valuable insights. With this update, users can make faster decisions and achieve […]
Three veteran sales executives at Movement Mortgage have parted ways with the South Carolina-based lender to join the competitor Summit Funding, sources told HousingWire. Deran Pennington, who spent the last 15 years at Movement and until June 2023 held a national sales director position, is joining Summit as a divisional leader in Charlotte. Pennington’s departure […]
United Wholesale Mortgage (UWM) on Wednesday announced two new home-affordability mortgage products designed to help underserved borrowers become homeowners. UWM, America’s top mortgage lender, is offering Special Purpose Credit Programs (SPCP) for Fannie Mae‘s HomeReady and Freddie Mac’s BorrowSmart Geo-Target programs. These offerings will be available in select metro areas including Detroit, Baltimore and Chicago for Freddie […]
The CPI data released today shows the growth rate of inflation cooling off, and that’s good for mortgage rates. If inflation were running hot like in the 1970s, mortgage rates would have easily gotten to 8%-10% last year. The fact that the growth rate of inflation has been falling over the last few months is […]
Purchase loans continue to claim a larger share of the origination pipeline as refinance opportunities dwindle, according to Black Knight’s originations market monitor report. In June, purchase locks made up 88.4% of the month’s market mix, a record high. Purchase lock counts were down 31% year over year and 29% compared to pre-pandemic levels in […]
You know what loan officers and real estate agents love almost as much as cashing a commission check? Complaining about other loan officers and real estate agents. And they have good reasons to do so. Talk to a top producer in either field and he or she will tell you: the biggest problem their respective industry […]
Inflation cooled significantly last month, representing arguably the most promising news for the housing industry since the Federal Reserve began instituting aggressive price control measures 16 months ago. But it’s just one report, and the Fed is likely to stay the course until signs point to a ‘break’ in the labor market, economists said. After […]
As mortgage rates reached their 2023 peak, mortgage applications rose slightly but remained very low last week. For the week that ended July 7, mortgage applications rose 0.9% from the prior week, according to data from the Mortgage Bankers Association. “Incoming economic data continue to send mixed signals about the economy, with the overall impact […]
Home prices are steady, if relatively high in terms of historical home prices, and homeowners are staying in their homes longer than ever before. The result? American homeowners currently have more tappable home equity than ever — a net $30 trillion in home equity that can be tapped right now, according to HousingWire lead analyst […]
House Numbers, an AI-enabled home wealth management platform, announced on Tuesday that it has raised $3.75 million in pre-seed funding. Resolute Ventures led the round, with participation from Maven Ventures and Uncommon Capital. “The U.S. Census reports 62% of U.S. households have home equity, compared to just 25% of whom hold stocks and mutual funds. […]
Candor Technology, a mortgage artificial intelligence (AI) technology firm, announced this week that it has unveiled its latest product feature, Candor Pre-Check. The tool aims to identify inconsistencies between loan applications and borrower-provided documents to data accuracy. “At Candor, we strive to create best-in-class technology to benefit the consumer, the lender, and the mortgage investor. […]
Mortgage rate volume climbed 31% in June, according to the latest report from Mortgage Capital Trading. That figure, which is based on actual locked loans, came after a 15% drop in May’s total lock production. Mortgage rates in June were generally in the 6.7% range. “We saw originations towards the end of May slow down, […]
The last two years of the mortgage market have been unusual. As the refinance market plummets and the purchase market sees significant reductions in volume, lenders are faced with the challenge of finding more business. The best way to do so is to retain your current customers. CoreLogic’s Precision Marketing helps lenders connect with their […]
The decline in mortgage volume and increasing interest rates mean that mortgage businesses are working to preserve their bottom lines, often by cutting costs. For many, this has meant layoffs and job cuts — in fact, almost every major mortgage lender cut a portion of their staff last year. As time goes on and uncertainty […]
As the spring homebuying season comes to an end, there are distinct signs of the housing market reheating from a home price perspective. The lack of inventory drove home prices up, challenging potential buyers, Black Knight pointed out in its monthly mortgage origination report. The reheating is widespread with more than half of the 50 […]
The slow zombie crawl of housing inventory went lower last week as inventory was negative week to week. In addition, mortgage rates rose to a yearly high as labor data stayed firm and purchase apps had their first negative week after three straight weeks of positive growth. Weekly Active listings fell by 866 homes Mortgage […]
The Homeowners Assistance Fund (HAF) — a program designed to offer financial help to homeowners impacted by the COVID-19 pandemic — has kept more than 300,000 homeowners in their homes by curing defaults and keeping them out of foreclosure, according to data released this week by the U.S. Department of the Treasury. “As of March […]
The labor market is moderating gracefully, but conditions remain too hot for the Fed’s liking. Job gains were relatively solid yet again in June, with total nonfarm payroll employment reaching 209,000 jobs, compared to 339,000 in May, according to data released Friday by the Bureau of Labor Statistics. This increase is slightly under the average […]
Consumer confidence in housing may have plateaued, according to the latest home purchase sentiment index (HPSI) by Fannie Mae. The HPSI — which tracks the housing market and consumer confidence to sell or buy a home — rose a mere 0.4 points to 66 as difficult supply and affordability conditions continue to weigh on the […]
Digital mortgage lender Better.com disclosed during its Q1 2023 earnings call that it posted a net loss of $89.9 million in the first quarter of 2023 and cut approximately 91% of its workforce over an approximately 18-month period — due in large part to a substantial decline in its funded loan volume. Better.com also spilled […]
Mortgage rates jumped this week as investors grapple with persistent positive economic data and a hawkish Fed. The Freddie Mac’s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 6.81% as of July 6, up significantly from last week’s 6.71%. By contrast, […]