General World News

loanDepot ends repurchase agreement, shrinks funding capacity

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California-based mortgage lender loanDepot terminated a master repurchase agreement (MRA) with J.V.B. Financial Group, reducing its funding capacity amid sharply decreasing originations.  “The maximum amount available for financing of mortgage loans and mortgage-related securities available under the MRA and certain ancillary documents was $750 million,” according to loanDepot’s 8-K filing disclosed on Tuesday. No borrowings […]

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The empire strikes back on lower mortgage rates

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After last week’s enormous bond and stock rally, I wondered when the Federal Reserve would make a statement to try to reverse some of that momentum. Well, it didn’t take long: on Sunday Federal Reserve Governor Christopher Waller made comments at an economic conference in Australia that made their position clear. This is the second […]

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Cherre partners with Clear Capital

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Cherre, a real estate data integration and insights platform, announced its partnership with real estate valuation technology company Clear Capital this week. Cherre customers can now use Clear Capital’s property analytics, which includes insights from 93% of all listings in the U.S., internal systems, and application data with accompanying contextual data. “By combining Clear Capital’s […]

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HW+ Member Spotlight: James Polinori

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This week’s HW+ member spotlight features James Polinori, chief marketing officer at Geneva Financial. Below, Polinori answers questions about the housing industry: HW Media: What is your current favorite HW+ article and why? James Polinori: “Applying lessons learned to adapt to a competitive market” by Aaron Davis. I enjoyed Aaron’s approach in communicating to panic-stricken originators. Those of us […]

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Movement Mortgage to acquire top indie retail firm Mortgage Network

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Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network, multiple sources told HousingWire.   The transaction, confirmed by the companies, is a step to boost Movement’s presence on the East Coast amid shrinking loan origination volumes. The deal adds $2 billion in annual volume, 250 mortgage professionals and 31 branch […]

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CHLA asks Congress not to extend higher VA home loan fees

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The increased fees that military veterans and active duty personnel pay for Veterans Administration (VA) mortgage loans should be allowed to expire on schedule, and congressional leaders should avoid any policies that would extend these fees, according the Community Home Lenders of America (CHLA). CHLA leadership spelled out their opposition to the increased VA home […]

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Angel Oak Home Loans announces exit from retail channel

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Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. The firm will focus on the non-qualified residential mortgages in the wholesale and correspondent channels.  “Angel Oak is exiting its retail distribution channel and divesting its retail distribution capabilities housed in Angel […]

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True to its word, Homepoint gets smaller. Much smaller

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Home Point Capital, the parent company of wholesale lender Homepoint, posted another fat loss in the third quarter of 2022, even after hitting the “reset button” and cutting 3,000 employees.  The company reported Thursday morning that reduced origination volumes – down to $4 billion – and depressed revenues resulted in a loss as it attempts to navigate a […]

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“Last night, my Uber driver was a loan officer.”

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The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Rising interest rates, sparked by Federal Reserve tightening policies, is the primary cause of […]

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A shrinking loanDepot reports $137.5M loss in Q3

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Even though financial losses narrowed, loanDepot’s third-quarter earnings are evidence that the company’s struggles are far from over.  The California-based mortgage lender on Tuesday reported its second consecutive quarterly loss in large part to plummeting mortgage production. And it expects production to fall sharply in the fourth quarter. On the bright side, margins improved thanks […]

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LodeStar partners with LendingPad

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LodeStar Software Solutions, a provider of compliance tools for mortgage lenders, has partnered with loan origination system and software provider LendingPad, it announced on Tuesday. The aim of the partnership is to introduce LodeStar Discovery, a closing fee calculator, to mortgage loan originators using the LendingPad platform. LodeStar Discovery provides access to title and closing […]

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Radian joins ranks of companies doing layoffs

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Mortgage insurer Radian Group Inc. announced it will lay off 166 employees, effective Dec. 1 from two of its offices in Pennsylvania. Out of these workers, 66 employees are from Radian’s Delaware County headquarters and 100 are from the Allegheny County office. The company employed 1,800 people at the end of 2021. Radian has joined […]

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MCT taps Jennifer Kennelly for investor services team

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Mortgage Capital Trading (MCT) announced the appointment of Jennifer Kennelly as the new senior director of its investor services team. Kennelly’s professional career spans more than 25 years, including roles as national sales executive at LoanCare, capital markets director at Lenders One Mortgage Cooperative, managing director at Compass Analytics and positions at Freddie Mac. MCT […]

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MeridianLink acquires mortgage fintech OpenClose for $65M

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Publicly traded lending software firm MeridianLink has acquired OpenClose, a fintech company that specializes in residential mortgage software solutions for banks, credit unions and mortgage lenders. In a statement filed with the Securities and Exchange Commission, MeridianLink said it would pay $65 million in cash to buy the Florida-based company. “Combining the strengths of our […]

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GSEs set aside billions to cover home value declines

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Revenue and net income were both down for Fannie Mae and Freddie Mac in the third quarter, and the two government sponsored entities (GSEs) expect the housing market to deteriorate further in the fourth quarter. Collectively, the GSEs have set aside $4.3 billion in credit loss builds to account for a decline in home values […]

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Homepoint dives into HELOCs as home equity levels remain high

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Despite increased competition, wholesale lender Homepoint has rolled out a new home equity line of credit (HELOC) product. The goal is to court more brokers at a time when home equity levels remain high.  Available on investment properties, single-unit owner-occupied properties and second homes, Homepoint’s HELOC product allows eligible borrowers to access between $20,000 to […]

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New American Funding, no longer in growth mode, lays off 240

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California lender New American Funding issued pink slips to 240 employees last week, bringing the total cut this year to nearly 1,000. The force reductions come after two years or rapid expansion. “The mortgage market slowdown is unfortunately affecting our entire industry,” Rick Arvielo, CEO of New American Funding, told HousingWire in a statement. “It […]

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Opinion: The risk in cutting FHA insurance premiums

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There has been a flurry of recent articles prognosticating a decrease to Federal Housing Administration (FHA) insurance premiums. Several trade groups including the Mortgage Bankers Association have corresponded with the HUD Secretary in support of cuts. One news article suggested a possible presidential announcement of FHA premium reductions prior to the November elections.  A similar announcement was […]

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UWM takes the originations crown from Rocket

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United Wholesale Mortgage (UWM) is now the biggest mortgage lender in America, thanks in large part to a cut-rate pricing strategy that has put extreme pressure on competitors. UWM originated $33.5 billion in the third quarter, toppling its arch rival Rocket Mortgage‘s $25.6 billion in production. Purchase loans accounted for 82.7% of UWM’s mix in […]

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Mr. Cooper makes its biggest job cut yet

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Retail lender and servicer Mr. Cooper has dropped the ax on approximately 800 staffers, roughly a week after hinting that job cuts were coming due to lower origination production. “In the face of market volatility and economic uncertainty, Mr. Cooper Group has taken a disciplined and proactive step to scale back the Originations business, including […]

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Why industry experts don’t expect mortgage rates to fall

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Mortgage rates in the 6% range have frozen the housing market, forcing loan officers to find business outside their wheelhouses. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=1024″ alt=”For sale” class=”wp-image-363570″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Record-high mortgage rates have frozen the housing market, forcing loan officers […]

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NAMB will focus advocacy on trigger leads, 3% QM rule

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The National Association of Mortgage Brokers (NAMB), a trade association representing mortgage professionals and homebuyers since its establishment in 1973, announced its agenda for 2023 at it NAMB National conference. According to a statement, NAMB pledged to advocate for a range of initiatives, including: The Trigger Leads Prohibition Act, which protects consumers’ data from being […]

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Mortgage demand declines at a slower pace

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Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve’s (Fed) meeting to announce the new target for the federal funds rate.  According to the latest survey from the Mortgage Bankers Association (MBA), the mortgage composite index for the week ending Oct. 28 fell 0.5% from the […]

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What is a 2-1 temporary rate buydown?

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As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. These borrowers are hoping that rates will decline enough in the next few years that a refinance will bring their payments down permanently.  Options for borrowers include temporary rate buydowns […]

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 SaaS provider WorkWave acquires TaskEasy

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WorkWave, a cloud-based SaaS provider, announced Tuesday the acquisition of TaskEasy, a service provider for rental property owners. The acquisition aims to provide WorkWave field service customers with local service jobs, allowing them to grow their business while streamlining sales, marketing and advertising expenses. TaskEasy, meanwhile, will get access to WorkWave’s customer base, according to […]

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Rocket launches loyalty program, gives discount for closing costs

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Rocket Companies on Tuesday launched a loyalty program to attract potential homebuyers into its ecosystem amid one of the most challenging mortgage markets in decades.  Rocket Rewards will distribute points toward financial transactions across the Rocket Platform, such as using the company’s mortgage calculator, reading educational articles or watching informative videos. In the first phase of the […]

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Mortgage tech Haven raises $8M in Series A funding

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Mortgage tech platform Haven raised $8 million in Series A funding to scale its mortgage servicing infrastructure, taking advantage of a higher-rate environment. Fifth Wall led the funding with participation from Fidelity National Financial, RWT Horizons, and 1Sharpe Ventures as well as existing investors Conversion Capital, BoxGroup, AME Cloud Ventures and Operator Partners, the firm […]