Mortgage rates continued their downward plunge this week as inflation keeps decelerating. The 30-year fixed-rate mortgage averaged 6.63% as of Feb. 1, a decrease from last week’s figure of 6.69%, according to Freddie Mac’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate averaged 5.94% this week, down from 5.96% during the […]
The board voted to fill its newly created vacancy by appointing Rampell to serve as a Class II director, effective Feb. 1, according to an Rocket Companies expanded its board of directors from eight to nine, adding an artificial intelligence (AI) and fintech expert. Rocket — under the helm of Varun Krishna, a veteran in […]
One of the biggest takeaways from the Wednesday press conference held by Federal Reserve Chair Jerome Powell is that the central bank isn’t likely to cut interest rates in March as investors had hoped. After signaling interest rate cuts for 2024 in its previous meeting, the focus shifted to when such a move might come […]
Finance of America Companies (FOA) President Kristen Sieffert is bullish on the prospects for the reverse mortgage industry’s leading lender in 2024, particularly after the company went through a series of major changes last year, including the acquisition of American Advisors Group (AAG). This is according to an interview with Sieffert featured on “Ten Minute […]
United Wholesale Mortgage (UWM) announced Wednesday that it’s allowing its broker partners to offer a temporary discount of 100 basis points (bps) for conventional rate-and-term refinances. The discount is valid on new loan locks through March 29. It’s not the first time that the Pontiac, Michigan-based lender has encouraged borrowers to refinance their loans. In December, […]
For seniors who have retired, taking on additional debt that requires a monthly payment while being on a fixed income could have ramifications on quality of retirement, and it should be considered in concert with all the facts about how it will impact a senior’s financial situation. This is according to experts who spoke to […]
Mortgage company Evergreen Home Loans is continuing its expansion across the country with the opening of new branches in Montana, the company announced on Wednesday. “We are thrilled to welcome the Montana team to our Evergreen family,” Robert Lipston, the company’s executive vice president of production, said in a statement. “We’re excited to bring our […]
When loanDepot announced that it was the victim of a cybersecurity incident in early January, it became the fourth publicly traded mortgage or title firm to absorb an attack in as many months. “There has absolutely been an increase in cyber security incidents,” said Alex Hamlin, the chief information security officer at Qualia, a digital […]
Dark Matter Technologies (DMT) tapped Tony Fox, former director of ICE Mortgage Technology, as its new chief of client engagement. Fox is responsible for directing the company’s account management and client success teams. He will report to Sean Dugan, chief revenue officer at DMT. Fox was director of client management at ICE Mortgage Technology for […]
Mortgage demand slumped last week as consumers hit the brakes on purchase applications. Mortgage applications decreased by 7.2% in the week ending Jan. 26 compared to one week earlier on a seasonally adjusted basis, according to the Mortgage Bankers Association‘s (MBA) weekly mortgage applications survey. “Applications decreased compared to a holiday-adjusted week, driven by a […]
Nearly three in four baby boomers aren’t using resources that would help them achieve or maintain homeownership status, according to survey data released Tuesday by nonprofit group NeighborWorks America. About 10,000 Americans turn 65 each day and all boomers will reach that milestone by 2030, according to census data. But a significant portion of this […]
Attorneys for the U.S. Department of Justice (DOJ) have filed a motion in the U.S. District Court for the Northern District of Texas that aims to temporarily halt the evidence-gathering process in a lawsuit brought by Texas Capital Bank (TCB) against Ginnie Mae. This is according to court documents reviewed by RMD. The suit, filed […]
Two Harbors Investment Corp., a New York-based real estate investment trust, announced Tuesday its plan to launch a mortgage origination unit in the second quarter of 2024, less than a year after the company debuted in the servicing business by acquiring RoundPoint Mortgage Servicing Corp. in October 2023. But don’t expect the firm to compete with big players […]
Atlanta-based nonqualified mortgage (non-QM) lender Angel Oak Mortgage Solutions is tapping into the home equity line of credit (HELOC) market amid elevated equity levels. Unlike traditional HELOCs that require a homeowner to have at least 20% equity in their home, Angel Oak’s HELOC qualifies borrowers based on trailing 12- or 24-month bank statements and provides […]
Cincinnati-based First Financial Bank has agreed to direct $2.4 billion in the next five years for lending and investments to low- and moderate-income (LMI) clients and census tracts, with 30% of the total tied to mortgage lending. The initiative is part of a community benefits agreement with the National Community Reinvestment Coalition (NCRC), the parties announced Tuesday. The deal that runs through […]
The mortgage-servicing rights (MSR) market remains robust as we turn the corner into 2024, and though it is expected to slightly underperform 2023, the market is still projected to notch healthy trading volumes in 2024 — hovering near the $1 trillion mark for the fourth year in a row, market observers forecast. But the MSR […]
Most economists forecast mortgage rates to decline in 2024, stoking optimism about the housing market. According to the newest Bloomberg Markets Live Pulse Survey (MLIV Pulse), the rate on the 30-year fixed mortgage will fall to 5.5% by the end of this year. Most forecasts call for rates to bounce within the 6% to 7% […]
Three years into its controversial ultimatum, United Wholesale Mortgage (UWM) continues to engage in legal battles with its broker partners selling loans to rivals Rocket Mortgage and Fairway Independent Mortgage Corp. UWM’s latest move was on Thursday when it filed a lawsuit in a U.S. district court in Michigan against Atlantic Trust Mortgage Corporation, a Florida-based broker shop with 18 loan officers, per […]
The National Reverse Mortgage Lenders Association (NRMLA) announced that it will return to the Western U.S. for its 2024 annual meeting, which will take place slightly earlier in the year than usual, according to a member alert. The 2024 NRMLA Annual Meeting and Expo will be held Sept. 24-26 at the Hard Rock Hotel in […]
Housing demand is up and it’s time to track the spring housing data and see what the selling season will bring. As I always stress, we are working from the lowest bar ever with demand, so let’s add historical context to the data. But, even with mortgage rates higher this year than last year, demand […]
There were a total of 361 consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) related to the reverse mortgage industry during the calendar year 2023, according to a consumer complaint database maintained by the Bureau. Of those complaints, 167 had to do with “trouble during the payment process,” while other topics included payment […]
If lenders’ losses come in as expected during fourth-quarter 2023 and first-quarter 2024, it will represent eight consecutive quarters of losses for more than 350 independent mortgage bankers, said Jim Cameron, senior partner at Stratmor. Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks have collectively been in the red for six consecutive quarters. […]
Nonqualified mortgage (non-QM) wholesale lender A&D Mortgage has obtained licenses to originate loans in Arkansas and Mississippi, the company announced on Thursday. “This expansion is not only about growing our business; it’s about wholeheartedly bringing A&D Mortgage’s unwavering commitment to top-notch service, highly competitive rates, and tailored loan solutions to more Americans,” Max Slyusarchuk, CEO of […]
California-headquartered LoanSnap was hit with a temporary order to cease and desist from Connecticut’s Department of Banking for “systemic” unlicensed mortgage loan origination activity. Connecticut Banking Commissioner Jorge Perez alleged that LoanSnap violated the Truth in Lending Act (TILA) and Fair Credit Reporting Act (FCRA). But the crux of the commissioner’s findings focuses on unlicensed […]
Mortgage rates stabilized in the past week but remain close to the narrow range observed since the start of this month. The 30-year fixed-rate mortgage averaged 6.69% as of Jan. 25, an increase from last week’s figure of 6.60%, according to Freddie Mac’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate […]
Editor in Chief Sarah Wheeler sat down with Matt Van Fossen, CEO of Absolute Home Mortgage and Mortgage Automation Technologies, to talk about his unique view of the housing ecosystem and how it influences how he builds technology. Van Fossen not only heads a mortgage lender and a tech company, but is the president of […]
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac announced this week the release of their “Mission Index,” updating or expanding their single-family social bond framework to better communicate the goals of the index to stakeholders and investors. The GSEs issued separate announcements and a joint statement. Freddie Mac updated its single-family social bond framework which […]
Fannie Mae has announced updates to its HomeReady product, including a temporary $2,500 credit for very low-income purchase borrowers to use for down payment and closing costs. Another step the government-sponsored enterprise took was to enhance the best efforts commitments on HomeReady loans. It allows lenders to lock in margins and reduce hedging costs. The enterprise […]
A cohort of former employees at now-defunct reverse mortgage lender Live Well Financial has been granted final settlement approval in a class action lawsuit brought against the company’s estate in May 2019. Monica Williams, a former loan account manager in Live Well’s Richmond, Va. headquarters, initially filed the suit days after Live Well had halted […]
San Diego-based reverse mortgage wholesale lender Smartfi Home Loans has forged a partnership with LoanPASS to use the technology company’s software-as-a-service (SaaS) product and pricing engine in its reverse lending operations. Stating its desire to expand reverse mortgage wholesale lending through a series of inter-company partnerships, the new accord serves as an example of its […]
Delinquencies rose in December but the rise is mostly due to the calendar: December ended on a Sunday, so payments made on the last day of the month were credited to January. As a result, some loans appeared temporarily delinquent, ICE noted in its First Look Mortgage Performance report. The national delinquency rate rose to […]
Mortgage demand continued to increase last week, as seen in an uptick in purchase activity. Mortgage applications rose by 3.7% in the week ending Jan. 19 compared to one week earlier on a seasonally adjusted basis, per the Mortgage Bankers Association‘s (MBA) weekly mortgage applications survey. “Conventional and FHA purchase applications drove most of the increase […]
Last month, DataDigest explored market experts’ expectations for 2024, with the consensus calling for a moderately better housing market than 2023. But a meeting of the Federal Open Market Committee the following week set off a market frenzy over expectations of interest rate cuts, moving mortgage rates down well ahead of experts’ forecasts and prompting […]
Financial services firm Consolidated Analytics acquired Real Info, Inc. — a provider of property data and valuation technology solutions. With the acquisition, Consolidated Analytics expands its valuation solutions, offering clients tools — from data and analytics to appraisals — to predict market value and access a more comprehensive selection of collateral assessment products, the company […]
Fifty-five percent of surveyed baby boomers plan to remain in their existing homes as they age, but less than a quarter of those surveyed have any plans to renovate their homes to more safely and easily accommodate natural changes that come with aging. This is according to a new report from home improvement services company […]
Chicago, Illinois-based mortgage tech firm Gateless announced an integration of its Smart Underwrite solution product with The Work Number – a digital verification solution – from consumer credit reporting agency Equifax. Smart Underwrite allows lenders to digitally analyze and interpret all essential loan data and documentation the moment they are received. For instance, when a […]
Constellation Software’s Dark Matter Technologies rolled out an automated workflow in the Empower loan origination system (LOS) that makes it easier for lenders to identify and qualify loan applicants who could benefit from evaluation of their positive rent payment history. Developed in partnership with Informative Research – a technology services and consulting company – utilizing […]
After a year of challenge in the reverse mortgage industry, the major lenders in the industry look a bit different for calendar year 2023 when compared with recent years past. Reduced volume, a challenging mortgage rate environment and industry consolidation has contributed to some of the broader changes. Here are the top 10 Federal Housing […]
He led Cenlar FSB’s digital transformation utilizing automation through chatbots as well as migrating its technology to the cloud. “The business of servicing has long since outgrown available technology which increases borrower dissatisfaction, exposure to risk, inefficiencies, and operating costs,” said Lewis Ranieri, founder and chairman of Ranieri Solutions. “Rob’s unique background in mortgage includes […]
Seniors largely want to remain in their own homes as they get older, and that preference could be remaking the housing market in the city of Chicago, according to a new report. Construction Coverage, a company that reviews construction software, insurance, and financial products in order to assist property builders, recently released a new report […]
Customer intelligence and mortgage tech firm Polly named Troy Coggiola as its chief operating officer amid the company’s effort to scale. Coggiola will be responsible for Polly’s product, implementation, support and design teams, working toward seamless cross-organization collaboration. He has more than 25 years of mortgage technology and enterprise software experience with his latest stint […]
Housing inventory, new listing data and mortgage rates are all rising, but the price cut data percentages are falling. Traditionally at this time of year purchase apps rise and the number of price cuts fall. However, at the current trend, we will break below the lows in the price cut percentage data that we saw […]
Country Club Mortgage, a home lender based in California, has decided to lay off over 100 employees due to “facility closures,” documents sent to state regulators show. “This letter serves to give you an amended 60-day notice of permanent layoffs and facility closures effective Feb. 6, 2024,” Sherry Carson, human resources generalist at Country Club Mortgage, wrote in […]
Tennessee-based community bank Patriot Bank agreed to pay $1.9 million to resolve allegations from the Department of Justice (DOJ) that it engaged in redlining discriminatory practices. The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority-Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in […]
No set path exists for any professional to enter the reverse mortgage industry. People often find themselves in the business from various other professions. It’s the case for Finance of America Companies (FOA) Chief Marketing Officer Chris Moschner. Arriving at FOA following its acquisition of American Advisors Group (AAG) last year, Moschner already had a […]