The so-called “silver tsunami” — referring to some kind of “rush” of older people into certain places, out of the workforce or to their housing stock, depending on who you talk to — has larger communities scrambling about how to effectively absorb more older residents. High-profile retirement destinations including South Florida and California have openly […]
The Consumer Financial Protection Bureau (CFPB), which is undergoing significant changes under the Trump administration, has rescinded 67 guidance documents issued since 2011, including several that affect the mortgage industry. “Some of the withdrawn guidance was helpful to clarify regulations, which gave lenders certainty and could also be useful if defending against private litigation with […]
The lending playbook needs an overhaul Let’s cut through the noise: The mortgage market isn’t changing; it’s already changed. Volatility is the norm, margins are squeezed within an inch of viability and borrowers expect a frictionless experience every time. If your entire business still revolves around purchase and refinance, you’re not just playing catch-up, you’re […]
Bidding wars for producing mortgage loan officers are back with a vengeance — and it’s largely in the hopes of capitalizing on an upcoming refinance wave, recruiters and executives tell HousingWire. Just ask Candice McNaught, the senior vice president of business development and strategic initiatives at Connecticut-based Planet Home Lending. McNaught has the tough task of […]
The mortgage market might still be sluggish, but for originators willing to look beyond the traditional, there’s real momentum building in the non-QM space. Tom Davis, Chief Sales Officer at Deephaven, is helping lead that charge — working with sales teams across the country to grow not just volume, but trust. In this conversation, Davis […]
Older homeowners living on a fixed income have a higher chance of seeing their finances destabilized by rising costs, and that can be particularly true of something like property taxes. For homeowners who have either a forward or reverse mortgage on their home, these costs also must be paid in order to keep the loan […]
State lawmakers in New York have introduced legislation that would block mortgage lenders from receiving title insurance payouts when real estate transactions are later found to be based on stolen deeds. S.B. 7732 was introduced May 2 and seeks to prohibit title insurers from compensating lenders for losses tied to transactions deemed “false or fraudulent.” […]
While awaiting Senate confirmation to lead the Consumer Financial Protection Bureau (CFPB), Jonathan McKernan was nominated Friday by President Donald Trump for a key role at the U.S. Department of the Treasury, according to Treasury Secretary Scott Bessent. Bessent said in an announcement that the president’s intention is to nominate McKernan as the Treasury department’s […]
Blend Labs, Inc. reported its Q1 2025 earnings Thursday, touting a turnaround as its financial losses narrowed, deal pipeline strengthened and it landed major clients while sharpening its focus to become “software-first.” SEC filings show that Blend’s platform revenue for the first quarter came in at $26.8 million, nearly all of which was from its […]
New York Attorney General Letitia James is the target of a criminal investigation related to mortgage fraud, following a referral by Federal Housing Finance Agency (FHFA) Director Bill Pulte, multiple news outlets reported Thursday. The U.S. Department of Justice alleges that James falsely claimed she intended to make a single-family home in Norfolk, Virginia, her […]
The expense associated with originating mortgage loans has been escalating, with the current average cost approximating $11,600 per loan. A substantial component of this expense is attributed to Loan Officer Compensation (LO Comp), which typically constitutes 1% to 2% of the loan amount and represents nearly half of the total origination cost. This heightened compensation […]
Lower rates helped Detroit-based Rocket Companies, the parent of Rocket Mortgage, improve its originations in the first quarter of the year — a period also marked by the announcement of two major acquisitions in Redfin and Mr. Cooper. But the second quarter is expected to look different. While the macroeconomic landscape made mortgage production more […]
Nearly 30% of U.S. homeowners would consider tapping their home equity via products like a home equity line of credit (HELOC) due to ongoing concerns about the economic climate, stemming from a rise in volatility and uncertainty over the past three years. This comes from survey data collected by MeridianLink, a software vendor for the […]
An analysis released Thursday by MortgageResearch.com suggests that the average new college graduate likely won’t be able to afford a home until April 2034 — nearly 10 years after graduation — due to a triple burden of surging home prices, student loan debt and modest entry-level salaries. The study, which uses average federal student loan […]
Today’s best loan officers operate differently and expect more. If you believe you can originate mortgages today in the same way they were done in 2018, you’ve probably been on a very remote island since then. Things like AI, well-integrated technology, consumer expectations and the rise of a number of innovative new business models have […]
In beating its estimates for funded loan volume — and by posting a profit — in the first quarter of 2025, reverse mortgage lender Finance of America (FOA) saw its volume improve by nearly one-third compared to numbers from Q4 2024. The company is maintaining a bullish outlook for business in the months ahead. The […]
The U.S. Department of Agriculture (USDA)’s Rural Housing Service (RHS) has implemented a final rule that allows for the financing of manufactured homes through the RHS Single Family Housing (SFH) Direct Loan Program and the SFH Guaranteed Loan Program. The rule makes existing manufactured homes meeting specific criteria eligible for financing under the programs, according […]
Mortgage lenders and prospective borrowers looking for relief from high interest rates will need to wait longer. In a widely expected decision on Wednesday, the Federal Reserve kept rates steady at a range of 4.25% to 4.5% following its two-day meeting. This move continues a pause that the Federal Open Market Committee (FOMC) began in […]
Geoff Black spoke to a former client last week who was looking to purchase a newly built home. She was a “responsible” borrower but made a mistake: she had lost track of her student loan payments and was 60 days late. The client, who logged into her student loan portal and made a payment, is […]
In 2025, despite a lot of negative economic headlines, mortgage purchase application data has shown positive year-over-year growth for 14 consecutive weeks. In today’s MBA purchase application survey, this data reflected an 11% increase week over week and a 13% increase year over year, indicating resilient market performance. But how is this happening with terrible […]
Mortgage applications increased 11% from one week earlier amid a decline in rates, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending May 2, 2025. The index increased 12% on an unadjusted basis compared with the previous week. The refinance index, which increased 11% from the previous […]
As employees of the Consumer Financial Protection Bureau (CFPB) sit in home offices awaiting news of their fate, the enforcement landscape has already shifted to state regulators. And if Craig Ungaro’s experience is any indication, the dynamic will pose a very different challenge for independent mortgage banks. “There are some states very focused on unfair […]
loanDepot on Tuesday reported that its first-quarter 2025 revenue increased by 23% annually to $274 million, while its adjusted revenue was up 21% to $278 million on higher mortgage sales volumes and stronger margins. Revenues also increased on a quarterly basis, growing from a baseline figure of $257 million and an adjusted figure of $267 […]
After last week’s National Reverse Mortgage Lenders Association (NRMLA) Western Regional Meeting in Irvine, California, attendees were generally in high spirits from spending time with their industry colleagues. But a common topic of discussion among attendees who spoke on-site with HousingWire’s Reverse Mortgage Daily (RMD) was about the session that started the day. NRMLA co-chairs […]
Retirement is a well-known source of anxiety for individuals, businesses and governments alike. Shoring up dedicated retirement funds with good investments could be key to bolstering public- and private-sector retirement programs, but when it comes to cryptocurrency, one state’s leader does not believe these investments are appropriate. Arizona‘s S.B. 1025, would have allowed “the state […]
The average closing costs for a refinance mortgage in the U.S. totaled $2,403 last year, or about 0.72% of the loan amount, according to a new report from LodeStar Software Solutions. The findings mark the company’s first analysis of refinance-specific closing costs. Closing fees ranged widely by location and are influenced largely by state and […]
Following moves to close the Veteran Affairs Servicing Purchase (VASP) program, a bill from a lawmaker who railed against it that seeks to reform the U.S. Department of Veterans Affairs (VA) home loan program with the addition of a partial claim option has picked up support from the Mortgage Bankers Association (MBA). The MBA announced […]
After a series of severe winter storms and flooding in Virginia that compounded damage sustained from Hurricane Helene last fall, President Donald Trump recently issued a major disaster declaration. Now the U.S. Department of Housing and Urban Development (HUD) is moving to make disaster aid available for those with Federal Housing Administration (FHA)-insured mortgages. The […]
With sales activity stuck in neutral through the first four months of the year, there’s not much to suggest that the 2025 housing market will be vastly improved from 2023 or 2024. But mortgage leaders and economists are expressing cautious optimism even as the cost of a home loan remains higher than Americans would like. […]
United Wholesale Mortgage (UWM), the largest originator in America, produced $32.4 billion in mortgages in the first quarter of 2025, capitalizing on a brief decline in interest rates that spurred a wave of refinance activity. This production volume represents a 17% increase compared to the same period last year, and UWM expects even stronger results […]
The Hispanic Organization of Mortgage Experts (HOME) on Tuesday announced the launch of La Reina, the first-ever shoe created for women in mortgage. La Reina, which is Spanish for “the Queen,” was designed in partnership with AliveShoes and manufactured in Le Marche, Italy. Nicole Yelland, HOME’s chief communications and strategy officer, told HousingWire that the […]
Refinancing activity is primed for a surge — but not the way we’ve seen in thepast.It used to be that when rates dropped, demand would stay high for weeks or evenmonths. Lenders had time to scale up operations and ride the wave. Now, demandcomes in short, sharp bursts, triggered by even the slightest rate drops.Take […]
Why AI in mortgage lending needs a smarter narrative There’s no denying it, artificial intelligence (AI) has stormed into the mortgage industry in a variety of formats helping brokers and lenders create efficiencies, save time, and close more deals. From ChatGPT-powered marketing assistants to chatbot-driven customer support, generative AI has been the center of the […]
AppraisalVision has restructured its platform into what it describes as the mortgage industry’s first fully autonomous appraisal execution system. This comes on the heels of a new partnership with Alpha7X, an artificial intelligence (AI) firm with a focus on automating mortgage operations. The shift eliminates the need for traditional software-based appraisal order management systems. It […]
Preferences for aging in place are well-documented among older Americans, but there are some factors that should be considered carefully. This is according to Pamela Redwine, a family, health and wellness agent with the Mississippi State University Extension Service. The service is an educational arm of the university that provides research-based information, programs and services […]
Intercontinental Exchange‘s May 2025 Mortgage Monitor Report, released Monday, found that first-time homebuyers accounted for a record share of agency purchase lending (58%) in the first quarter 2025. While repeat buyer activity has softened markedly from pre-pandemic levels — with originations among this group down 31% compared to 2018 and 2019 — first-time homebuyer volume […]
Prudent AI on Monday announced the launch of Prudent AI Upfront, a one-touch pre-qualification platform designed to improve lender sales funnels. The company claims the product is the mortgage industry’s first of its kind and allows lenders to process more applications, reduce fallout and capture more business. Executives at Prudent AI said Upfront boosts sales […]
Top 10 U.S. mortgage lender Rate is investing in the nonqualified mortgage (non-QM) space by launching a new suite of products. It aims to attract borrowers with nontraditional financial profiles, including self-employed individuals, small-business owners, freelancers and real estate investors. The Chicago-based lender ranked as the eighth-largest in the country, originating $39.6 billion in mortgages […]
The nomination of Jonathan McKernan to lead the besieged Consumer Financial Protection Bureau (CFPB) remains uncertain. While his nomination was passed out of the Senate Banking Committee nearly two months ago, it has remained on the executive calendar of the Senate without being scheduled for a vote. There is not an abundance of hard facts […]
California-based real estate investment trust Redwood Trust is expanding its role as a liquidity provider in the jumbo mortgage market while policymakers continue to debate the future of Fannie Mae and Freddie Mac. Redwood’s jumbo loan lock volumes totaled $4 billion in the first three months of 2025, surging 73% compared to the the previous […]
Financial literacy resource provider FirstHome IQ has announced a partnership with Crib Equity, a co-investment platform that aims to improve affordability by increasing the down payment and lowering debt. Crib Equity’s model matches borrowers’ down payments as an investment rather than a loan, eliminating additional debt burdens for first-time homebuyers. Per Crib Equity’s website, the […]
PennyMac Financial Services has raised $850 million in debt in an oversubscribed transaction on Thursday. The California-based mortgage lender and servicer initially planned to issue $650 million. The new senior notes, guaranteed on an unsecured senior basis, pay 6.875% per annum and mature on May 15, 2032. The proceeds will be used to redeem senior […]
When industry experts think about what could lead to a significant departure of loan officers and real estate agents, two main things come to mind: AI and market conditions. Although AI and market conditions will have some level of impact, a much bigger game-changer is coming to the industry. It is the rise of the […]
On Tuesday, the National Reverse Mortgage Lenders Association (NRMLA) held its first dedicated reverse mortgage industry event of the year. The association’s Western Regional Meeting in Irvine, California, included an estimated 150 registrants from 75 companies around the country and took place in the state that often leads the nation in reverse mortgage volume. Attendee […]
Kathleen “Kathy” Martinez, a reverse mortgage industry veteran and account executive who most recently served with Mutual of Omaha Mortgage’s reverse division, died last week in her community in Florida. She was 60 years old. Martinez’s career in the reverse mortgage industry goes back more than two decades and included time working for former industry […]