The last time mortgage demand was this low, Toni Braxton’s “Un-break my heart” topped the Billboard charts. For the week that ended Sept. 8, mortgage applications fell 0.8% from the prior week, according to data from the Mortgage Bankers Association. Mortgage applications decreased for the seventh time in eight weeks, down to the lowest levels since December […]
With mortgage rates above 7%, historically low levels of housing inventory, defaults in commercial real estate, and a series of potentially onerous regulations to come, Mortgage Bankers Association President and CEO Bob Broeksmit said the trade group is doing all its can to influence policymakers. “MBA cannot control macroeconomic forces, but what we can do […]
Mortgage credit availability increased slightly in August but remained close to the very low levels last seen in January 2013, according a report from the Mortgage Bankers Association. Overall, an increase in the number of loan programs offering cash-out refinances and mid-range credit scores drove the uptick, said Joel Kan, MBA’s vice president and deputy […]
Shannon Hoff, a California-based branch manager at American Pacific Mortgage (APM), finds herself both enthusiastic and cautious as she assesses the prospects of the mortgage market in the coming year. After two of the most challenging years in recent history, economists and analysts project a shift in the mortgage market toward the end of 2023, […]
U.S. home price gains rose 2.5% year over year in July to mark the 138th straight month of annual growth. The annual acceleration reflects six consecutive monthly gains, which drove prices about 5% higher compared to the February bottom, according to CoreLogic‘s Home Price Index. “Annual home price growth regained momentum in July, which mostly reflects strong […]
New York-based Mortgage Industry Advisory Corporation (MIAC) has agreed to settle with the Securities and Exchange Commission (SEC) over allegations of multiple compliance failures. The investment adviser and analytics firm will pay $100,000, according to the agreement made public on Monday. The case first started in 2006, when the SEC’s division of examinations received notice of some deficiencies at the […]
These current mortgage markets are what make it challenging for independent mortgage banks (IMBs). For many of these transaction-oriented, monoline mortgage lenders, it’s always a question of feast or famine. For most of this century, they’ve come out on the winning side. Today, many might feel sorry for the IMB. This is true, even though […]
The Federal Housing Finance Agency (FHFA) on Monday announced that it will offer additional opportunities for public engagement as it considers the transition to updated credit score models and credit report requirements for loans acquired by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The new opportunities will include stakeholder forums and listening sessions, and […]
Lesley Alli and Andrew Greenberg both joined NMI Holdings to serve as senior vice presidents, announced the parent company of National Mortgage Insurance Corporation Monday in a statement. Adam Pollitzer, president and CEO of National MI, said that the addition of Alli and Greenberg would help drive value for borrowers, lenders and shareholders. “We’re delighted […]
The Mortgage Bankers Association (MBA) presented its annual Ken Markison Legacy Achievement award to Michael Eising, a vice president and mortgage compliance manager at Merchants Bank of Indiana. The recipient retrieved his award Monday at the MBA’s Compliance and Risk Management Conference. The prize recognizes individuals who have distinguished themselves in pursuit of the Certified […]
Today, as Laurie points out, the GSEs are restricted in what they can buy. Per the 4th amendment to the PSPA (preferred stock purchase agreement), essentially the governing document for the two companies in conservatorship, it is stated clearly. Historically, the GSEs could make up for the short in demand if needed. For example, if […]
Cliffco Mortgage Bankers is among the rare independent mortgage banks doing more business than last year. And it’s looking to expand. The New York-based independent bank exceeded its 2022 production volume of $400 million in August, but the end goal is far more ambitious: The company is aiming to produce between $3 billion to $5 […]
Rate lock volume fell 1.5% in August, the third consecutive decline as mortgage rates climbed to the highest level in more than 20 years. Overall lock volumes were down 9.5% over the last three months and were 55% below that of August 2022, according to Black Knight’s August originations market monitor report. “Interestingly, we saw […]
Last week we saw a noticeable decline in new listings and active inventory was barely positive. Does this mean housing inventory has begun its seasonal decline? Here are the weekly numbers: Weekly active listings rose by only 343 Mortgage rates rose from 7.08% to end the week at 7.22% Purchase apps fell 2% week to week […]
Since the market’s peak in the second quarter of 2022, The total number of mortgaged residential properties in the U.S. with negative home equity decreased 6% in the second quarter from the prior quarter, according to CoreLogic Homeowner Equity Insights quarterly report. Conditions have improved in the Northeast, but homeowners in the West are still struggling. […]
Freddie Mac on Friday announced that Michael DeVito will retire as CEO in the first quarter of 2024 after less than three years in the job. DeVito has communicated his intention to the board of directors, which will begin a search for a successor. “A smooth transition is anticipated,” the company said in a news release. […]
The Federal Housing Administration (FHA) on Thursday announced that it has issued a waiver to a requirement that FHA-approved lenders flag rejected loans in the FHA Connection (FHAC) system, an effort the agency says will improve access to government-insured mortgage financing for qualified borrowers. “FHA has determined that this flag does not improve risk management […]
Equity Prime Mortgage (EPM) has completely shifted to the TPO business after seeing growth opportunities in the wholesale channel, a distribution channel that’s been growing in recent years. The Atlanta-based lender has fully exited the retail channel, a change in strategy the company has been preparing for over the past few months. EPM’s CEO Eddy Perez […]
For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. “That partnership is everything,” Amy Breach, a Seattle-based Keller Williams agent, told HousingWire in late 2022. “The lender and LO can make or break the transaction.” Finding reliable lending partners takes time and some trial and […]
Loan quality and audit services company QC Ally has appointed Jeffrey Flory as its new chief executive officer, the company said Thursday. The news comes eight months after the appointment of Nicole Booth as as company CEO. She left in August. “I am humbled to take on this role and help bring the company’s vision to […]
Mat Ishbia, president and CEO of United Wholesale Mortgage, has echoed the frustration of mortgage industry experts and leaders with the increased volume of loan buybacks from the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. In a recorded video distributed on Tuesday, Ishbia claimed the Federal Housing Finance Agency (FHFA), which oversees the GSEs, “is going to have to step in […]
United Wholesale Mortgage (UMW) has enhanced its Safe Check program, which provides credit reports without initiating unwanted trigger lead solicitations to brokers’ competitors. In some cases, the lender will provide a hard credit report at no additional cost to borrowers. The program was launched in October 2022 to provide brokers $10 single-bureau soft credit checks for conventional […]
FundingShield, the fintech provider of plug-and-play solutions to manage risk, compliance and fraud prevention, has partnered with Tata Consultancy Services (TCS), a technology services and consulting company. The partnership comes amid an increase in wire and title fraud risk. FundingShield and TCS aim to protect more lenders, homebuyers, sellers from wire and title fraud, both […]
Despite a slight drop in mortgage rates last week, mortgage applications fell to their lowest level since December 1996. For the week that ended Sept. 1, mortgage applications dropped 2.9% from the prior week, according to data from the Mortgage Bankers Association. “Both purchase and refinance applications fell, with the purchase index hitting a 28-year […]
In the face of spiking interest rates and historically high home prices, $3,000 monthly mortgage payments are common in today’s housing market. According to Black Knight’s mortgage monitor report, the average principal and interest payment among borrowers purchasing a home using a 30-year fixed-rate loan hit its highest point ever in July at $2,306. That’s […]
Intercontinental Exchange (ICE) completed its acquisition of Black Knight Tuesday, making the combined company the biggest player in the mortgage tech space. I sat down with Tim Bowler, president of ICE Mortgage Technology, a business unit of ICE, to talk about the company’s mortgage automation strategy — and what keeps him up at night. Sarah Wheeler: ICE’s acquisition of Black […]
Intercontinental Exchange (ICE) completed its acquisition of Black Knight in a $11.9 billion deal that dragged on more than a year due to antitrust concerns. It’s now easily the biggest player in the mortgage tech space. “Since our founding over 20 years ago, ICE has steadfastly adhered to our founding principle, demonstrated throughout our history, that […]
We had a crazy jobs week last week, with tons of data that the Federal Reserve was happy to see, but did those labor reports mean we’ve hit peak mortgage rates for 2023? Mortgage rates did fall, purchase application data rose and new listings data came back to trend. Weekly active listings rose by only 5,654 […]
New York-based investment firm Cerberus Capital Management has entered into a definitive agreement to acquire home equity lender Spring EQ, the companies announced on Friday. The terms of the deal were not disclosed. The transaction will allow Cerberus executives to realize new opportunities as demand for home equity solutions in the U.S. accelerates. Meanwhile, Spring EQ will be able […]
In its 8th year, the HW Insiders program is spotlighting the talented operations professionals who are laying the foundation of success for their organizations. Through the development of improved and sophisticated systems, protocols and technology, these operations leaders are driving their companies to growth and success. This year 75 honorees were honored as HW Insiders. […]
Pennymac Loan Services and RoundPoint Mortgage Servicing reported this week their customers were exposed to a data breach through the Sovos Compliance software, per filings with the Attorney General in California. Sovos, which provides services to financial companies, said that its vendor Progress Software had a vulnerability in its MOVEit Transfer application on May 31, […]
Intercontinental Exchange (ICE) received the green light to move forward with its acquisition of Black Knight after the Federal Trade Commission (FTC) accepted a binding settlement. Under the agreement, both firms will divest Black Knight’s loan origination system (LOS) Empower business and product and pricing engine (PPE) unit Optimal Blue to a subsidiary of Constellation […]
New York-based asset management firm Sculptor Capital Management said Wednesday it rejected an improved bid from a group of investors. Sculptor said it still prefers the deal with Rithm Capital due to the closing certainty. “The Special Committee has not concluded that the Consortium’s most recent revised proposal constitutes a superior proposal or is reasonably expected to lead to […]
Mortgage rates ticked down modestly after job openings data for July came out yesterday, but rates remain elevated. 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 7.18% as of Aug. 31, down from last week’s 7.23%. By contrast, the […]
NexTier, the holding company of NexTier Bank, will acquire Mars Bancorp, the holding company of Mars Bank. Terms of the deal were not disclosed. The combined company and branch locations will operate under the NexTier Bank brand, both banks said in a release Thursday. With the acquisition, NexTier Bank will have total assets in excess […]
In a letter to a group of founders and shareholders, New York-based asset management firm Sculptor Capital Management said their request to inspect the company’s books and records pertaining to its acquisition by Rithm Capital was “improper” and motivated by founder Daniel Och’s “long-standing resentment” of being exited from the company. Sculptor also said in […]
Freddie Mac on Wednesday announced that company veteran Peter Lillestolen will serve as vice president, production and sales of Targeted Affordable Housing (TAH) at Freddie Mac Multifamily. Lillestolen, a 12-year veteran of the government-sponsored enterprise (GSE), has worked in multifamily in several different roles. He began his career there as an analyst in the Capital […]
HousingWire Lead Analyst Logan Mohtashami appeared on CNBC‘s Squawk on the Street on Wednesday to talk about the health of the housing market, and more specifically about today’s pending home sales data. Mohtashami explained how demand for existing homes is still trending near 21st-century lows. As long as mortgage rates stay near 23-year highs, Mohtashami […]
Digital mortgage lender Better Home & Finance faces a $1.86 million suit for breaching advertising placement agreements with digital and print publisher Meredith Operations Corporation. Better failed to pay for two “insertion orders” – agreements where Meredith would place ads on its digital platforms in exchange for the mortgage lender’s fee – from the summer […]
Mortgage applications for home purchases and refinances increased for the first time in five weeks but remain at low levels. For the week that ended Aug. 25, mortgage applications picked up 2.3% from the prior week, according to data from the Mortgage Bankers Association. “Mortgage rates were mostly unchanged last week, with the 30-year fixed […]
Mat Ishbia, chairman and chief executive officer at United Wholesale Mortgage (UWM), provided more than half of the mortgage company’s outstanding shares as a guarantee to secure loans ahead of the acquisition of the Phoenix Suns, according to a Bloomberg report. According to the report, Ishbia pledged stock he controls to back two loans that were finalized days before his […]
American Bank of Oklahoma has agreed to invest $1.5 million in credit opportunities for neighborhoods of color in the Tulsa metropolitan area as a settlement with the Department of Justice in an alleged redlining case. The bank denies the allegations. The DOJ complaint, filed in federal court, claims that the bank failed to provide mortgage lending services from 2017 through […]
The ICE — Black Knight merger creates an end-to-end digital infrastructure that will reorder incentives and change how work occurs. New competitive pressures on long protected positions will force many to reinvent operations and rethink the markets they serve. The digital future is unknowable, but we do know that information power moves to consumers, value resides in […]
Non-bank originator Change Lending lost its Community Development Fund Institution (CDFI) certification, according to a report from Barron’s. Change Lending was removed from the CDFI Fund’s list of certified program lenders last week, the outlet reported. Its parent company, The Change Company CDFI, remains as one of the certified program originators. The CDFI certification is […]
Better Home & Finance Holding, the digital lender that debuted on Nasdaq last week, reported a net loss of $135.4 million in the first half of 2023, an improvement from nearly $400 million in the same period last year, according to its 8-K filing with the Securities and Exchange Commission (SEC) on Monday. Better is […]