With a turbulent housing market and a volatile rate environment playing out over much of the past year, concern about housing affordability has hit a fever pitch. Three housing policy experts recently joined HW Media COO Diego Sanchez to discuss the potential shifts in housing affordability over the next year. The panel took place during […]
Home Partners of America, a Chicago-based Blackstone portfolio company, has appointed Jennifer Deason as its chief executive officer, the company announced on Wednesday. Deason will step into the new role later this month. “Home Partners’ mission is particularly close to my own personal story, as I was raised by a single mom who did not […]
The Consumer Financial Protection Bureau (CFPB) is putting mortgage comparison sites on notice, laying out scenarios regarding how certain platforms could be violating the Real Estate Settlement Procedures Act (RESPA) section 8. If the mortgage comparison site “provides enhanced placement or otherwise steers consumers” to certain operators based on compensation, an operator is in violation […]
Amid a battle with the board of directors, loanDepot‘s founder Anthony Hsieh is stepping down as executive chairman. However, he will remain chairman for the company’s board, the company announced on Wednesday. The announcement came the day after Hsieh said he had decided to use his majority voting power to unilaterally nominate Williston Financial Group executive Steven Ozonian to […]
loanDepot founder and chairman Anthony Hsieh has decided to use his majority voting power to unilaterally nominate Steven Ozonian for election to the board of directors, exposing a dispute with other board members, the company disclosed in a regulatory filing on Tuesday. The decision on the new board member will be made in the company’s 2023 […]
Acquisitive lender Guild Mortgage on Tuesday announced the acquisition of Legacy Mortgage, increasing its footprint in the Southwest. Publicly traded Guild is picking up Legacy’s 13 branches across four Southwest states – Arizona, Colorado, New Mexico and Texas. Terms of the deal were not disclosed. “This acquisition is part of the company’s continued plan to grow […]
Digital closing platform Snapdocs announced on Tuesday that it has completed its integration with Mortgage Cadence, a cloud-based digital lending platform. This integration will enable lenders to finalize closing documents using Snapdocs within Mortgage Cadence’s loan origination system (LOS). Lenders can also use the system to order closing documents and other data. In addition, lenders […]
California-based Carrington Mortgage Services (CMS) sees a window of opportunity in the mortgage market. The Federal Reserve (Fed) actions that resulted in millions of borrowers receiving mortgage rates below 4% gave way to Fed actions that… triggered mortgage rates to rise above 7% in the fall of 2022. The duality of the Fed has resulted […]
HousingWire’s Rising Stars are back! Nominations for the popular award open today and will run until Friday, February 24, 2023. This year — in an effort to combine mortgage and real estate into one award — we’re excited to announce the HW Rising Stars is also the new home to the successful RealTrends Emerging Leaders […]
The NBA Board of Governors announced on Monday that it had approved the group, led by mortgage industry executive Mat Ishbia, to acquire the Phoenix Suns and Phoenix Mercury. The transaction, which values the Suns and Mercury at $4 billion, first became public in December. The NBA said in a news release that the deal […]
The year ahead for the mortgage-servicing rights market is shaping up to be a lucrative play for investors, lenders and others looking to purchase MSR assets. Independent mortgage banks (IMBs) leaning on MSR sales, however, now face a supply-demand imbalance, market observers say. That imbalance favors buyers and is expected to be a drag on […]
Rocket Pro TPO, the wholesale arm of Rocket Mortgage, wants to court brokers from its competitor United Wholesale Mortgage even if it means covering legal costs to bring them over. “Starting today, we stand behind brokers who want to use Rocket or Fairway [Independent Mortgage Corporation], but fear Mat Ishbia’s lawyers,” Mike Fawaz, EVP of […]
Home lender PrimeLending has promoted Kim Dybvad to lead its Mid-America division, months after the workforce quit en masse and joined a competitor. Dybvad, who joined the company in 2013 and is now a vice president, will be responsible for loan origination production in the Ohio, Indiana, Illinois, Michigan, Wisconsin and Kentucky markets. “Kim exhibits […]
The Mortgage Bankers Association (MBA) urged the Federal Housing Finance Agency (FHFA) to remove the addition of a debt-to-income loan level pricing adjustment (LLPA) in Fannie Mae and Freddie Mac‘s pricing framework. In January, the FHFA made a series of changes to LLPA fees with a revamped LLPA matrix that differentiates pricing by loan purpose, […]
Despite mortgage rates briefly falling below the 6% threshold, both housing inventory and mortgage demand fell last week. Let’s dive into the trend lines of the housing market. First, here is a quick housing market rundown from last week: Purchase application data was negative 10% week to week — but still positive for the year […]
America’s $13.3 trillion mortgage servicing sector shouldn’t be “disrupted” by financial technology, it should be reimagined with fintech. Most new-to-mortgage fintech folks who overuse the word “disruptor” will start by asking, “What are your requirements?” but that’s the wrong question. The right questions — asked by the right servicing fintech experts — clarify how to […]
Home prices growth and mortgage rates have come down from the peaks in 2022, but affordability still remains a challenge. In turn, borrowers who are entering the market are leaning heavily toward buying down their first lien interest rates by paying points up front. In the third week of January, 57% of all borrowers who […]
A federal judge in Illinois ruled in favor of Townstone Financial Inc. and its owner, Barry Sturner, on a motion to dismiss with prejudice a redlining lawsuit filed by the Consumer Financial Protection Bureau (CFPB). In July 2020, the CFPB filed a lawsuit accusing the nonbank retail lender of discouraging prospective African American borrowers in […]
The past few years in the housing industry have been nothing short of unprecedented. In 2020 and 2021, many homeowners refinanced, locking in historically low 30-year fixed rate mortgages. And now, with the impact of inflation and looming economic uncertainty, home equity lines of credit (HELOCs) are an increasingly popular choice for those who are […]
Mortgage lender and digital financial services company Guaranteed Rate hopes to court builders and borrowers with its newly launched programs — Lock ‘N’ Sell rate lock program and forward commitments – by helping the borrowers secure lower mortgage rates. The rate lock program allows builders to lock in a current rate for up to 120 […]
This article is part of our 2022 – 2023 Housing Market Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Housing Market Update. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the data for this year, along with a roundtable […]
San Antonio, Texas-headquartered USAA eliminated 130 positions in the real estate lending group amid projections that the mortgage industry will shrink in 2023. The layoffs at USAA Federal Savings Bank represent about 1.6% of the total bank workforce, Bradley Russell, USAA’s corporate spokesperson, confirmed. “In order to continue exceptional service to our members, we sometimes […]
The California-based Pennymac Financial Services executives rightsized the company and invested in its servicing portfolio amid a shrinking market in 2022. Despite their efforts, profits still dropped to $475.5 million last year, down from $1 billion in 2021, the company reported on Thursday. In Q4 2022, the net income came in at $37.6 million, declining […]
Maryland-based mortgage lender Apex Home Loans has appointed Leo Anzoleaga as its senior vice president of residential lending. In his new role, Anzoleaga will be tasked with generating more residential mortgage business, fostering business partnerships and improving customer experience. “What I’m most excited about in joining Apex is the opportunity to work with not only […]
Intercontinental Exchange (ICE) Mortgage Technology reported operating income of $57 million in 2022, down from last year’s $397 million — a reflection of the headwinds the mortgage industry is facing. The silver lining for the business was the strong sales in its Encompass loan origination software system in the fourth quarter, executives said in its […]
Finance of America (FOA) indirect subsidiary Incenter is selling its title insurance businesses, according to an announcement made on Thursday. Incenter has entered into an agreement with a wholly owned subsidiary of Essent Group Ltd. to sell the issued and outstanding shares of Agents National Title Holding Company (ANTIC) and the issues and outstanding membership […]
Dallas-based mortgage servicing software provider OrangeGrid announced on Thursday that Flagstar Bank has implemented its mortgage servicing software to “manage its loss mitigation processes and enhance internal efficiencies.” “OrangeGrid is good news for Flagstar’s borrowers because it means a faster review for them and a more timely return to a performing status for their loan,” […]
Wells Fargo cut over a hundred jobs in its mortgage division this week following its decision to exit the correspondent channel and shrink its servicing portfolio. A Worker Adjustment and Retraining Notification (WARN) filed in Illinois on January 18 outlines the bank’s plan to impose layoffs that will affect 140 employees. The workforce reduction started on […]
The slowdown in the Federal Reserve‘s short-term rate hikes, announced on Wednesday, was welcome news for the mortgage market and solidified expectations that the 30-year mortgage rates will drop throughout 2023. While mortgage rates have been trending lower, rates are still higher than 12 months ago, but some experts anticipate that the downward pressure on […]
Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete. Starting February 1, UWM’s one-time close construction loans will be available on eligible 15- and 30-year fixed conventional loans and 7- and 10-year adjustable-rate mortgages […]
Borrower demand for home loans increased in the first three weeks of 2023, sparking optimism among mortgage industry executives and loan officers. But don’t fool yourself — there are signs of volatility on the horizon. “Overall application activity declined last week despite lower rates, which is an indication of the still volatile time of the […]
High interest rates, coupled with a still-low supply of housing, have created price hurtles that are keeping many first-time homebuyers and lower-income borrowers locked out of the housing market. Interest rates, though down slightly in recent weeks, are still double what they were at the end of 2021, and the Federal Reserve continues its monetary tightening policies to fight […]
Calque, a company that partners with lenders to offer non-contingent mortgages to homebuyers, has appointed Dan Mugge as its chief operating officer. Mugge, a mortgage industry veteran with more than two decades in technology and business management, will lead the company’s push to secure high-profile mortgage lending partners to offer Calque’s products. “What I love […]
Lack of inventory is an issue builders and mortgage loan originators alike are dealing with across the nation. It’s also what keeps Andrew Marquis, regional vice president at CrossCountry Mortgage and Scotsman Guide’s seventh top LO, up at night, especially as he sees more buyers entering the market. A recent combination of lower property value […]
The Federal Housing Administration (FHA) announced on Monday changes to its loss mitigation options for borrowers struggling to pay their mortgages. The announcement follows the Biden administration’s decision to set an end date for the COVID-19 pandemic national emergency declaration. Meanwhile, the FHA-Home Affordable Modification (FHA-HAMP) options were temporarily suspended to simplify loss mitigation options, […]
Scott Miller, a former mortgage loan originator at Sprout Mortgage, knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. The decision left more than 400 employees without a job, and Miller had two urgent tasks — to find a lender that would close his clients’ loans in […]
New York Community Bancorp, Inc. (NYCB) confirmed it’s closing 69% of the retail home lending offices outside of its branches after acquiring Michigan-based Flagstar Bank. “We made the strategic decision shortly after the transaction closed to swiftly restructure the business, which occurred in January,” Thomas Cangem, NYCB president and CEO, said in a statement. “Going […]
Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., has appointed D. James ‘Jim’ Daras as its CEO and president. Daras’ professional career spans more than four decades in the banking and mortgage banking industry. His specializations include risk management, banking and corporate finance functions, bank restructuring, company start-ups and venture capital […]
A group of 11 former employees are accusing AmeriSave Mortgage Corp. in a new lawsuit of failing to pay the wages, bonuses and commissions that were agreed to when they were hired by the company. The group also alleges that the company conducted a defamatory campaign against them after their layoffs in July 2022. According […]
We are off and going now, as seasonality has kicked into full gear with the purchase application data. And, so far, it’s been a good start to the year. Here’s the housing market rundown for the last week: Purchase application data showed positive weekly growth again — and the bounce from the bottom is more […]
Most retail lenders are desperately seeking high producing loan originators to make up for the losses that occurred in 2022. The majority of lenders easily lost half of the volume last year that they originated in 2021, and LOs who have their own databases to tap into are highly sought after. California-based retail lender JVM […]
Top-producing loan officer Dave Medina and his team at the Temecula, California-based branch have left Fairway Independent Mortgage to join Movement Mortgage. The move, which marks the start of Movement’s branch partnership strategy, comes four months after the South Carolina-based lender hired two top executives away from Fairway. “In the 20 years that I’ve been […]
The rapidly cooling housing market in 2022 was not kind to Big Four title insurer Old Republic. While the century-old firm, which is celebrating its 100th anniversary in 2023, did generate net income for both the fourth quarter of 2022 as well as for the year as a whole, it was down substantially last year. […]
Pending home sales ended 2022 on a positive note. After six consecutive months of declines, the Pending Home Sales Index rose 2.5% month over month in December to a reading of 76.9, according to data released Friday by the National Association of Realtors (NAR). “This recent low point in home sales activity is likely over,” Lawrence […]
What is happening with homebuilders and the new home sales sector as we head into the spring housing market? We have had some conflicting data points recently. On the one hand, cancelation rates have been rising. On the other hand, mortgage rates have gone down more than 1% since Oct. 20, 2022. The builders’ stock […]