U.S. homebuyers continued making historically large down payments in late 2024, responding to a year of record-high upfront housing costs, according to a Realtor.com report. The typical down payment in the fourth quarter was $30,250, slightly below the previous quarter but roughly $3,000 above results from late-2023. For all of 2024, buyers put down an […]
Following the submission of a report from a subject matter expert by Texas Capital Bank (TCB) in its ongoing suit against Ginnie Mae over reverse mortgage collateral, the presiding judge has rejected a challenge by the government and will allow the report to be submitted as part of the record. TCB said the former executive, […]
Another day, another series of policy changes at the Federal Housing Finance Agency (FHFA). On Wednesday, the regulator directed Fannie Mae and Freddie Mac to revise their respective radon policies for multifamily properties. The FHFA also issued an order ending a requirement for the government-sponsored enterprises (GSEs) to engage in joint discussions and share information […]
The Department of Housing and Urban Development (HUD)’s order to “crack down” on non-permanent residents receiving mortgages insured by the Federal Housing Administration (FHA) is a “setback,” the leader of the nation’s largest Hispanic real estate trade group said Wednesday. Gary Acosta, the co-founder and CEO of the National Association of Hispanic Real Estate Professionals […]
Mortgage affordability remained flat in February as the national median monthly payment for purchase loan applicants remained unchanged at $2,205. That figure is up $21, or 1%, from a year ago. That’s according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time relative […]
Self-branded “financial fitness” platform FinLocker announced Wednesday that it will cover 100% of the verification costs for mortgage borrowers who use lenders’ FinLocker-powered apps. The company calls the move an “industry-first initiative.” According to data from the Community Home Lenders of America, verification of income, employment and assets typically costs up to $280 per mortgage […]
In an extraordinary move stemming from a 2020 redlining lawsuit, an official working with the Consumer Financial Protection Bureau (CFPB) at the behest of the White House Office of Management and Budget (OMB) alleges that the bureau improperly sought a lawsuit against Chicago-based nonbank mortgage lender and brokerage Townstone Financial, according to court filings reviewed […]
Seeking to align with recent executive orders issued by President Donald Trump, the Federal Housing Administration (FHA) announced on Wednesday the publication of a new mortgagee letter (ML) that restricts qualification for FHA-backed mortgages to U.S. citizens or permanent residents. The measure applies to all Title II single-family mortgage programs, including the Home Equity Conversion […]
While many measurements of retirement readiness suggest that older Americans will fall short of maintaining their quality of life after completing their careers, the overwhelming majority of retirees (92%) report in surveys that they are either “moderately” or “very” satisfied. This disconnect may mean that retirement satisfaction surveys may not be the most helpful tools […]
United Wholesale Mortgage (UWM) announced Wednesday that it is extending its removal of Loan Level Pricing Adjustments (LLPAs) on government loans for borrowers with a FICO score of 600 and above. The program applies to Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) loans. LLPAs, which are fees based on a borrower’s risk […]
As the Trump administration aligns government policies with its priorities on broader issues, the Federal Housing Administration (FHA) on Wednesday published new guidance that directs all FHA loan programs to implement a U.S. citizenship or permanent residency requirement. The guidance in two documents — ML 2025-09 and TI Letter 490 — applies to Title I […]
Purchase applications saw a slight uptick even as overall mortgage applications decreased 2.0% from last week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 21, 2025. The index decreased 2.0% on a seasonally adjusted basis from one week earlier, and on an unadjusted basis, the […]
The current concept of retirement planning in the U.S. is “dangerously incomplete,” and the recent high-profile deaths of actor Gene Hackman and his wife Betsy Arakawa illustrate why longevity planning needs a more central role in the conversation. Joseph Coughlin, the director of the Massachusetts Institute of Technology (MIT) AgeLab — which is focused on […]
As the scrutiny of home equity investment (HEI) products has accelerated, credit ratings agency Fitch Ratings this week released a report explaining its approach to such products, reiterating that it does not rate them. While some other ratings agencies have opted to provide assessments for such products, Fitch continues to avoid “provid[ing] rating criteria for […]
In a series of posts to his account on social media platform X, Federal Housing Finance Agency (FHFA) Director Bill Pulte published housing orders that terminate special purpose credit programs (SPCPs) and rescinds a 2024 advisory bulletin detailing the agency’s enforcement against unfair or deceptive acts or practices (UDAP). Pulte did not include separate comments […]
FHFA Director Bill Pulte said Tuesday that he won’t cut the conforming loan limits for loans bought by Fannie Mae and Freddie Mac, ending speculation that the Trump administration would look to substantially shrink the size of the two GSEs through limiting the size of loans they could buy. This is according to reporting by […]
Mortgage rates have leveled off over the past two weeks after consistent declines since the start of the year. HousingWire‘s Mortgage Rates Center showed that 30-year conforming loan rates averaged 6.80% on Tuesday, up 1 basis point in the past week, while 15-year conforming rates increased by 9 basis points and averaged 6.67%. Although the […]
Global investment bank Cambridge Wilkinson today announced the closing of a forward flow agreement up to $100 million for a private real estate lending platform specializing in short-term bridge, fix-and-flip, construction and land development loans. The agreement is designed to fit the New York-based lender’s asset-based underwriting model, allowing for greater flexibility in how capital […]
What’s the deal with all the discussion across the lending community about the fluctuation of the loan officer population recently? There have been social media posts and editorials debating the current total number of loan officers, whether the population has decreased, and if so, by how much. That’s not the right focal point: It’s time […]
In March 2024, Fannie Mae launched a title waiver pilot program that allowed approved lenders to use an automated title review process to assess title risk during loan manufacturing and prior to loan purchase. The pilot is limited to certain refinance loans with loan-to-value ratios less than 80% in certain geographic areas. But one year […]
Following initial reactions by trade groups and senior advocacy organizations to a new in-person identity verification requirement from the Social Security Administration (SSA), others are weighing in about the potential challenges that older Americans could face if the requirement is fully implemented. Last week, SSA announced that beneficiaries who are unable to complete their identity […]
Prospective buyers face numerous obstacles on their journey to homeownership, with access to credit often serving as a major hurdle. Mortgage denial rates vary significantly across the U.S., with some states seeing far higher rejection rates than others, according to a new report from the National Association of Realtors (NAR). Three Southern states recorded the […]
New York-headquartered Rithm Capital, the parent company of multichannel lender Newrez, on Monday announced the successful closing of what it calls the largest-ever mortgage servicing rights (MSR) debt issuance. The MSR-backed note totals $878 million and is only the second nonrecourse MSR securitization in market history, following Rithm’s $461 million offering in November 2024. This […]
Amid a series of shakeups last week at the government-sponsored enterprises (GSEs) and its regulator, the Federal Housing Finance Agency (FHFA), two office closures inside the agency could hamper its fair lending and data gathering efforts that support the broader mortgage industry. The Trump administration has moved quickly to scale back the headcount of the […]
Tim Bowler, the president of ICE Mortgage Technology, appreciates a good analogy. The former Goldman Sachs managing director and U.S. Treasury official says that the mortgage technology giant’s integration of Black Knight isn’t dissimilar to building a rail line. Much of the underlying technology that powers Encompass, ICE’s core originations technology, runs on, let’s say, […]
As high property taxes continue to be a source of financial strain for homeowners, a proposal floated last month by Florida Gov. Ron DeSantis (R) to ban property taxes in the state appears to be gaining traction, according to a new report in the Wall Street Journal. The plan, while popular, is not without risk […]
Despite having lower overall volumes when compared to the forward mortgage business, Liberty Reverse Mortgage remains one of the more profitable segments of parent company Onity Group’s portfolio, according to information shared by executive leaders at a recent investor presentation. At this month’s Sidoti Virtual Investor Conference, Onity leaders including CEO Glen Messina and chief […]
One of the biggest housing stories so far this year is Rocket’s pending acquisition of Redfin. That acquisition also kicked off a new battle between Rocket and Zillow over who will get to the consumer first — and serve them best — through a housing ‘super app.’ In a presentation for investors, Rocket outlined how […]
The U.S. housing market remains challenging for prospective buyers as concerns over mortgage rates, home prices and affordability persist in 2025. With affordability shrinking, buyers are taking more risks to secure homes, according to HomeLight’s 2025 Lender Insights & Predictions survey. Findings include 71% of loan officers reporting an increase in buyers who are willing […]
The Federal Open Market Committee (FOMC)’s job is never easy as policymakers must sift through mounds of data to arrive at policy decisions that will never be universally applauded. But the committee’s task has gotten more difficult with the return of Donald Trump to the White House. The president’s desire to overhaul the federal government […]
The national delinquency rate edged up 5 basis points (bps) to 3.53% in February, which marked a month-over-month change of 1.45% and a year-over-year change of 5.69%. That’s according to Intercontinental Exchange’s (ICE) first look for its February 2025 month-end mortgage performance statistics. Today’s first look at the data revealed that FHA mortgages accounted for […]
The top executives at Freddie Mac, along with a top HR official at the Federal Housing Finance Agency (FHFA), were fired today, according to a report on SEMAFOR. The publication reported that Freddie Mac’s CEO, COO and head of HR plus the FHFA’s COO and head of HR were all fired on Thursday. The news […]
“There is no single, simple and scalable solution to this supply problem,” and we’ll need to build between 1.1 million and 1.5 million units over the next decade to start making a real dent in the undersupply problem, he said. Zoning/building codes/planning Speakers on Wednesday said the U.S. lags behind other advanced nations when it […]
Retirees and advocates for older Americans are expressing unease and bewilderment at a series of announcements made by the Social Security Administration (SSA). The agency is seeking to implement new in-person identity verification requirements and plans to close more than two dozen field offices across the country, according to CBS News. On Wednesday, SSA announced […]
In a move designed to increase the speed that recovery funds can be provided, the U.S. Department of Housing and Urban Development (HUD) on Thursday published a universal notice about Community Development Block Grant Disaster Recovery (CDBG-DR) programs that will consolidate guidance from disparate notices going back to 1992. The notice “consolidates relevant requirements from […]
On Wednesday, the Federal Open Market Committee announced its decision to maintain benchmark interest rates at a range of 4.25% to 4.5%, The move itself was unsurprising to the mortgage industry and market observers. The decision does not remove uncertainty around the short-term trajectory of mortgage rates, which have steadily declined over the past two […]
Only 24 hours after a sweeping move to transform the governing boards at the government-sponsored enterprises Fannie Mae and Freddie Mac, a board member with links to Elon Musk’s business empire and the U.S. DOGE Service who was appointed just the day before has left the board at Fannie Mae. Christopher Stanley, a cybersecurity engineer […]
Blue Ridge Bankshares Inc., the holding company for Blue Ridge Bank and BRB Financial Group Inc., on Thursday announced that Blue Ridge Bank has entered into a definitive asset purchase and sale agreement to sell certain assets of its mortgage division. A press release from Blue Ridge confirmed that the division, currently operating as Monarch […]
Rocket Companies hopes to close a $1.75 billion deal to acquire Redfin in 2025. ” data-image-caption=” Rocket Companies hopes to close a $1.75 billion deal to acquire Redfin in 2025. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2025/03/Copy-of-Newsroom-Template-9.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2025/03/Copy-of-Newsroom-Template-9.jpg?w=1024″ src=”https://www.housingwire.com/wp-content/uploads/2025/03/Copy-of-Newsroom-Template-9.jpg?w=1024″ alt=”Rocket Companies hopes to close a $1.75 billion deal to acquire Redfin in 2025.” class=”wp-image-511728″ srcset=”https://www.housingwire.com/wp-content/uploads/2025/03/Copy-of-Newsroom-Template-9.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2025/03/Copy-of-Newsroom-Template-9.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2025/03/Copy-of-Newsroom-Template-9.jpg?resize=300,169 300w, […]
The surge in first-time homebuyers during 2020 has led to a new trend: first-time home sellers. Many who bought during the pandemic are now rethinking their decisions, citing changing lifestyles, financial miscalculations, and shifting market conditions, according to new data from Opendoor. A survey of 1,000 first-time sellers found that 79% regretted aspects of their […]
Truework bolstered its mortgage technology platform by creating a new tool, Truework Intelligence, the company announced on Thursday. The platform will give property managers and mortgage lenders access to a comprehensive, end-to-end verification tool. Truework calls the new and improved platform the first automated and comprehensive income verification tool. The company said that Truework Intelligence […]
After taking the time to digest elements of a proposal from lawmakers in Hawaii, the National Reverse Mortgage Lenders Association (NRMLA) has expressed support for a measure to establish a state-run Home Equity Conversion Mortgage (HECM) program there. In a letter submitted by NRMLA to sponsor lawmakers at the end of February, the association explained […]
Financial services veteran Patrick Halonen has joined reverse mortgage lender and servicer Longbridge Financial as the company’s new head of credit policy, underwriting and quality control. “With over 25 years of expertise in the financial services industry, Halonen’s appointment underscores Longbridge’s continued commitment to enhance its operational frameworks as the company continues to expand,” the […]
Cardinal Financial Wholesale has introduced Cardinal Complete, a new loan processing solution aimed at streamlining operations for mortgage brokers. The platform offers an end-to-end processing service designed to reduce administrative burdens and improve efficiency from application to closing. The service, powered by Cardinal Financial’s proprietary loan origination system, Octane, provides brokers with a dedicated team […]
There was no surprise on Wednesday as the Federal Open Market Committee (FOMC) chose to leave the federal funds rate unchanged at a range of 4.25% to 4.5%. The decision was almost universally expected by market observers as the Federal Reserve weighs data that could be pushing the U.S. toward a recession. The short-term direction […]