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 […]
U.S. homeowners today are armed with a record amount of home equity ???? nearly $32 trillion, according to the latest data from the St. Louis Federal Reserve. Many of these homeowners are locked into historically low interest rates post-pandemic, which means they are unlikely to refinance. Indeed, amid the current high interest rates, they are […]
Pennsylvania-based Fulton Bank, National Association of Lancaster, has agreed to assume most of the deposits and assets of Republic First Bank, which state regulators seized on Friday to “protect depositors.” Republic collapsed after it failed to raise $75 million in capital from investors and exited the mortgage lending space. It also comes after last year’s failures of First Republic Bank, Silicon Valley Bank and Signature […]
Small-balance commercial lender Stronghill Capital shut down its nascent consumer and correspondent lending businesses late last week. The Austin, Texas-based lender will continue offering small-balance commercial and business purpose debt service coverage ratio (DSCR) loans to its clients, CEO John Eisinger told HousingWire Monday morning. He cited a difficult market and elevated rates as reasons […]
HousingWire sat down with Acra Lending CEO Keith Lind to discuss effective ways to not only survive, but profit in the non-QM space while so many others are closing their doors. Lind also shares insights into the future of non-QM lending and the importance of emergent technologies in improving the origination process. Zebulon Lowe: Keith, […]
Homebuyer affordability declined in March as mortgage rates and home prices remained elevated. The national median monthly payment for purchase mortgage applicants rose to $2,201 in March, up from $2,184 in February. That’s according to the Mortgage Bankers Association‘s (MBA) purchase applications payment index, which measures how new monthly mortgage payments vary across time relative […]
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) have settled on new energy-efficiency standards for the construction of new single-family and multifamily homes. This fulfills a requirement laid out in a 2007 law that directs the departments to adopt the most recently published energy-efficiency standards following reviews […]
In February 2024, the national delinquency rate for residential mortgages stood at 2.8%, marking an 0.2 percentage-point decrease from February 2023. The rate remained unchanged from January 2024, according to the latest CoreLogic Loan Performance Insights report. The data provider examined all stages of delinquencies to gain a complete view of the mortgage market and […]
Kristen Sieffert, president of Finance of America Reverse, speaks during The Gathering by HousingWire on Monday, April 21, 2024. Photo credit: AJ Canaria Reverse mortgages became an unexpectedly prominent topic during certain parts of The Gathering by HousingWire, held earlier this week in Scottsdale, Arizona. The reverse lending industry’s most prominent attendee — Kristen Sieffert […]
Taylor Stork, president of the Community Home Lenders of America, speaks at The Gathering by HousingWire on Wednesday, April 25, 2024. Photo credit: AJ Canaria It was initially billed as a discussion centered on the “biggest threats to a healthy mortgage landscape for homebuyers,” but some breaking news disrupted some of those plans. The Consumer […]
The way that someone refers to the concept of diverse communities in their interactions with consumers and housing professionals can be a key indicator about their mindset. Antiquated terminology should be checked and minimized for anyone who wants to keep up with the times. That was one of the messages shared by Mosi Gatling, senior […]
Pennymac Financial Services earned a profit of $39.3 million in the first quarter of 2024, the California-based multichannel lender and servicer announced Wednesday. The company’s pretax gain in the first quarter was $43.9 million. That was less than the $38.1 million figure it posted during the same period last year but a significant improvement from […]
Two former New Jersey-based mortgage loan originators have been charged with conspiracy to commit bank fraud by the U.S. Attorney’s Office, District of New Jersey according to an announcement by the U.S. Department of Justice (DOJ) and U.S. Attorney Philip Sellinger. Christopher Gallo has been noted as a top-producing loan originator, at one point being […]
Florida-based wholesale lender A&D Mortgage appointed Satish Vishwakarma to the role of servicing manager, the company announced on Tuesday. In this new role, Vishwakarma will be responsible for overseeing the day-to-day operations of the mortgage servicing department. He will ensure the successful management of mortgage servicing teams while leading efforts to streamline operations, enhance quality and […]
Mortgage lenders should get used to the concept of ”higher for longer” interest rates and work to bring profitability to their businesses, according to Stan Middleman, founder, president and CEO at Freedom Mortgage. ”Your interest rates are going to be higher for longer,” he said. ”This year will look a lot like last year. Next year […]
Figure Technology Solutions, the parent company of Figure Lending LLC, named Michael Tannenbaum as its new CEO, the company announced on Tuesday. Tannenbaum will also be a member of the board of directors. Meanwhile, Mike Cagney, the company’s co-founder and previous CEO, will continue to serve as executive chairman of the company. “With its proven ability to […]
The Consumer Financial Protection Bureau (CFPB) on Wednesday released a new edition of its Supervisory Highlights publication, which includes the agency’s actions to combat what it calls “junk fees charged by mortgage servicers, as well as other illegal practices.” Examinations conducted by the bureau found mortgage servicers levied charges it deems “illegal,” including prohibited property […]
HousingWire is excited to announce this year’s Rising Stars, representing the next generation of leaders in mortgage and real estate. This year 80 honorees were selected. The Rising Stars award recognizes the emerging leaders in the industry who have demonstrated rapid career growth and an ability to lead, achieving remarkable milestones all before the age […]
Mortgage demand dipped last week as mortgage rates reached their highest levels since late 2023. Applications decreased by 2.7% on a seasonally adjusted basis during the week ending April 19, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Mortgage rates continued to move higher last week, reaching their highest levels since late […]
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2024 Marketing Leaders award are open now through April 30th, 2024. Click here to nominate someone. The HousingWire Marketing Leaders award recognizes outstanding professionals who have demonstrated excellence in marketing within mortgage and […]
On Tuesday at The Gathering by HousingWire in Scottsdale, Arizona, Guild Mortgage CEO Terry Schmidt sat down with HousingWire editor in chief Sarah Wheeler to talk about the principles guiding much of the lender’s actions in recruiting, mergers and acquisitions (M&A) and overall business outlook. Building a strong workplace culture was a predominant theme of […]
New York-based multichannel lender US Mortgage Corporation previously announced that it was renewing its efforts in the reverse mortgage industry, having hired industry veteran Ken Krajewski to serve as managing director and head of reverse mortgage lending. To go deeper into the company’s renewed efforts in the space, RMD sat down with Krajewski and US […]
loanDepot CEO Frank Martell expects the current mortgage market cycle to be “longer and tougher than anybody expected.” Adding to this challenge, lenders must deal with an increased risk of cyberattacks, something that loanDepot itself experienced earlier this year. “At least around loanDepot, people were doing high 5s [30-year fixed mortgage rates] in the fourth […]
Rocket Mortgage launched a new artificial intelligence (AI) tool on Tuesday that allows its client experience teams to analyze sentiment, record behavior patterns, transcribe conversations and create tailored experiences during customer interactions. The lender estimates it will save tens of thousands of hours annually. That’s the latest step the mortgage lender has taken to integrate AI into […]
Austin-based fintech startup Hitch announced the launch of its Hitch Home Equity White Label program in partnership with United Mortgage Corp. This iteration signals Hitch’s smooth transition from the direct-to-consumer market to a collaborative effort with independent mortgage lenders. United Mortgage Corp., a midsized lender based in the state of New York, originated more than […]
Earlier this month, California-based multichannel mortgage lender CMG Financial announced that it had acquired Norcom Mortgage’s retail assets to expand its operations in the Northeast. The deal, however, will not include core members of Norcom’s well-known team of reverse mortgage professionals, including John Luddy, Norcom’s senior vice president of reverse lending. In interviews with RMD, […]
Ginnie Mae has filed a point-by-point response to the initial complaint of the case brought against it by Texas Capital Bank (TCB), which alleges that the government-owned company “extinguished, in return for no consideration, TCB’s first priority lien on tens of millions of dollars in collateral” stemming from the Federal Housing Administration (FHA)-sponsored Home Equity […]
Retirement at 65 has been a longstanding norm for U.S. workers, but older investors believe that not only is such an outcome unfeasible, but they’re likely to face more challenging retirements than their parents or grandparents. This is according to recently released survey results from Nationwide, with a respondent pool that included 518 financial advisers […]
The U.S. Department of Housing and Urban Development (HUD) this week announced a new rule aimed at bolstering the department’s Section 184 Indian Housing Loan Guarantee program, with the goal to increasing lender participation and ensure access to potential Native American beneficiaries. The final rule, published in the Federal Register on March 20 but formally […]
Ginnie Mae President Alanna McCargo is resigning from her position at the government-owned company effective May 3, according to an announcement issued Friday by the U.S. Department of Housing and Urban Development (HUD). Ginnie Mae principal executive vice president Sam Valverde will serve as acting president of the company upon her departure. “The past 3.5 […]
A Freddie Mac home equity product that was proposed this week has the potential to unlock $850 billion in origination volume. But it could face challenges due to the lack of a robust securitization market, according to strategists at Bank of America (BofA). On Tuesday, the Federal Housing Finance Agency (FHFA) announced a request for […]
The Academy for Home Equity in Financial Planning housed at the University of Illinois Urbana-Champaign (UIUC) will return to being known as the Funding Longevity Task Force, and it will “mobilize as needed if there are any regulatory changes or major changes within the reverse mortgage industry,” according to a representative for Mutual of Omaha […]
Florida-based First Federal Bank announced on Thursday that it struck a deal to acquire Watson Mortgage Corp., expanding its mortgage retail lending footprint in the communities in which it operates. The financial details of the deal were not disclosed. First Federal Bank has 25 branches in the Southeast and operations in the Midwest, including mortgage centers in Jacksonville, […]
The median monthly housing payment for U.S. homebuyers rose to a record $2,775 during the four-week period ending April 14, up 11% year over year, according to a Redfin report. The recent hotter-than-expected inflation reading sent mortgage rates upward. On Thursday, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.31%, up […]
A former loan officer at Guaranteed Rate (G-Rate) has sued the lender and two managers for allegedly discriminating against her on the basis of gender, failing to compensate her equally to male coworkers with similar performance and subjecting her to sexual harassment. In response, the lender said it’s conducting a detailed investigation into the claims. […]
Data courtesy of Sterling Point Advisors and Augment Analytics Brett Ludden is managing director and co-head of the financial services team at Sterling Point Advisors, a merger and acquisitions advisory firm. He is also the co-founder and managing partner of Augment Analytics. “We’re seeing a downward trend in total [loans] repurchased [on a dollar basis], and […]
Wire fraud prevention firm CertifID and big four title firm Old Republic have entered into a strategic agreement to prevent mortgage payoff fraud, according to an announcement on Thursday. Mortgage payoff fraud occurs when a title company mistakenly sends payoff funds to a fraudulent bank account after receiving wire instructions that appear to be from […]
Following the submission of a letter by Indiana Sen. Mike Braun (R) to Ginnie Mae President Alanna McCargo about concerns related to the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program, McCargo’s predecessor, Ted Tozer, hopes the senator will dive deeper into the program’s mechanics and what led to the collapse of Reverse Mortgage Funding […]
The Mortgage Bankers Association (MBA) announced on Wednesday a series of legislative recommendations, which it sent to the chairman and ranking member of the U.S. House of Representatives’ Financial Services Committee as the body considers the markup of proposed bills centered on real estate financing. The first piece is House Joint Resolution 120, which would […]
The Federal Housing Finance Agency (FHFA) this week announced a new product proposal for government-sponsored enterprise (GSE) Freddie Mac that would allow the agency to purchase certain single-family, closed-end second mortgages. This would offer borrowers an alternative way to access their home equity without surrendering a first mortgage with a more favorable interest rate than […]
Capital Fundings, a Florida-based private mortgage lender, has partnered with real estate investment platform Privy, the companies announced on Tuesday. The collaboration will allow Capital Fundings’ borrowers to receive personalized investor insights. “Capital Fundings is thrilled to embark on this exciting journey with Privy,” Alex Bogumil, CEO of Capital Fundings, said in a statement. “Our […]
Mortgage demand increased for the second week in a row on the back of a strong economy. Applications increased by 3.3% on a seasonally adjusted basis during the week ending April 12, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Rates increased for the second consecutive week, driven by incoming data indicating […]
Nearly half (48%) of a $65 billion portfolio of loans processed during the first quarter of 2024 contained vulnerabilities to wire and title fraud, according to a report released Wednesday by FundingShield. The portfolio of loans examined included residential, commercial investor and business purpose loans. On loans that exhibited problems, the analysis found an average […]