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Wealthy individuals are among the likely buyers of independent mortgage banks in 2023, according to one M&A expert. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?w=1024″ width=”1200″ height=”675″ src=”https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?w=1024″ alt=”independent mortgage banks” class=”wp-image-370313″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?resize=1024,576 1024w, https://www.housingwire.com/wp-content/uploads/2022/11/independent-mortgage-banks.jpg?resize=600,338 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> By the time 2022 is wrapped up, mortgage lenders will have […]

United Wholesale Mortgage (UWM) this week expanded its temporary rate buydown offerings amid higher interest rates and fierce competition. The Detroit-based lender now has an option for borrowers to reduce their rates by 3% during the first year of the loan, compared to the maximum 2% previously offered. UWM is also launching a lender-paid version […]

Mortgage demand rose as rates dropped following the October slowdown in inflation growth numbers. However, while purchase mortgage applications increased across all loan types, refinance activity remained depressed. The market composite index, a measure of mortgage loan application volume, increased 2.7% for the week ending November 11, according to the Mortgage Bankers Association (MBA). The […]

Lending standards tightened in October, largely due to higher mortgage rates and the worsening outlook for the economy, the Mortgage Bankers Association (MBA) said. The mortgage credit availability index (MCAI) fell by 0.5% to 102.0 last month, marking eight consecutive months of decline. This caused it to reach its lowest level since March 2013, according […]

California-based mortgage lender loanDepot terminated a master repurchase agreement (MRA) with J.V.B. Financial Group, reducing its funding capacity amid sharply decreasing originations.  “The maximum amount available for financing of mortgage loans and mortgage-related securities available under the MRA and certain ancillary documents was $750 million,” according to loanDepot’s 8-K filing disclosed on Tuesday. No borrowings […]

Full-service mortgage lender Nations Lending and local Indiana real estate firm Carpenter Realtors launched a joint venture, Commitment Mortgage, in order to offer an end-to-end experience — from finding a home to closing a loan in a cooled-down housing market. “We view the launch of this venture as the natural progression of our company’s growth,” […]

Rate lock volume has dropped by more than 60% over the past 12 months as it struggles under the weight of high mortgage rates, which closed out October at 7.06%. Amid the surging rates, the refinance market is nearing the bottom. The decline in rate lock volume was driven by a 25.1% decline in cash-out […]

After last week’s enormous bond and stock rally, I wondered when the Federal Reserve would make a statement to try to reverse some of that momentum. Well, it didn’t take long: on Sunday Federal Reserve Governor Christopher Waller made comments at an economic conference in Australia that made their position clear. This is the second […]

While elevated mortgage rates, sluggish home sales and high inflation have taken a significant toll on the housing industry, it’s unlikely that these issues will cause home prices to drop next year, at least according to National Association of Realtors (NAR) Chief Economist Lawrence Yun. In fact, we may see a further uptick in home […]

Cherre, a real estate data integration and insights platform, announced its partnership with real estate valuation technology company Clear Capital this week. Cherre customers can now use Clear Capital’s property analytics, which includes insights from 93% of all listings in the U.S., internal systems, and application data with accompanying contextual data. “By combining Clear Capital’s […]

This week’s HW+ member spotlight features James Polinori, chief marketing officer at Geneva Financial. Below, Polinori answers questions about the housing industry: HW Media: What is your current favorite HW+ article and why? James Polinori: “Applying lessons learned to adapt to a competitive market” by Aaron Davis. I enjoyed Aaron’s approach in communicating to panic-stricken originators. Those of us […]

Blend Lab‘s third-quarter loss of $133.98 million was driven by a decline in mortgage banking and its title insurance business revenue, which occurred despite its consumer banking revenue more than doubling from the same period last year. The loss also reflects a $57.9 million impairment of intangible assets and goodwill related to the Title365 segment, […]

Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network, multiple sources told HousingWire.   The transaction, confirmed by the companies, is a step to boost Movement’s presence on the East Coast amid shrinking loan origination volumes. The deal adds $2 billion in annual volume, 250 mortgage professionals and 31 branch […]

The increased fees that military veterans and active duty personnel pay for Veterans Administration (VA) mortgage loans should be allowed to expire on schedule, and congressional leaders should avoid any policies that would extend these fees, according the Community Home Lenders of America (CHLA). CHLA leadership spelled out their opposition to the increased VA home […]

Finally, some good news: the growth rate of inflation is cooling off for now, and with the CPI inflation report being positive, the 10-year yield fell noticeably, and mortgage rates will fall with that! So, the question is, are we reaching the peak of inflation and close to the end of the Fed rate hike […]

Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. The firm will focus on the non-qualified residential mortgages in the wholesale and correspondent channels.  “Angel Oak is exiting its retail distribution channel and divesting its retail distribution capabilities housed in Angel […]

Home Point Capital, the parent company of wholesale lender Homepoint, posted another fat loss in the third quarter of 2022, even after hitting the “reset button” and cutting 3,000 employees.  The company reported Thursday morning that reduced origination volumes – down to $4 billion – and depressed revenues resulted in a loss as it attempts to navigate a […]

Purchase application data is now below 2008 levels! But I need to explain why this level has more in common with 2014 housing data than the credit stress markets of 2005-2008, and why you should care. Understanding this data line and what it is trying to tell you will be more valuable than erroneously thinking […]

The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Rising interest rates, sparked by Federal Reserve tightening policies, is the primary cause of […]

The decision to exit the forward mortgage business hit Finance of America Companies hard in the third quarter of 2022.  The company registered a $302 million loss from July to September, mainly due to non-cash transactions. It lost $168 million, or about half of the Q3 losses, in the previous quarter.  FoA announced the shutdown […]

Potential homebuyers stayed on the sidelines for mortgages amid the Federal Reserve’s announcement of another interest rate hike. The Mortgage Bankers Association (MBA) survey shows that the mortgage composite index for the week ending Nov. 4 declined 0.1%  from the previous week. Mortgage loan application volume plummeted 70.3% compared to the same period in 2021. […]

Even though financial losses narrowed, loanDepot’s third-quarter earnings are evidence that the company’s struggles are far from over.  The California-based mortgage lender on Tuesday reported its second consecutive quarterly loss in large part to plummeting mortgage production. And it expects production to fall sharply in the fourth quarter. On the bright side, margins improved thanks […]

LodeStar Software Solutions, a provider of compliance tools for mortgage lenders, has partnered with loan origination system and software provider LendingPad, it announced on Tuesday. The aim of the partnership is to introduce LodeStar Discovery, a closing fee calculator, to mortgage loan originators using the LendingPad platform. LodeStar Discovery provides access to title and closing […]

The Federal Reserve has given the green light for the proposed merger between Flagstar Bank and New York Community Bank to go through, about 19 months after the deal was agreed to. The $2.6 billion merger deal, which was first announced in April 2021, is now expected to close on Dec. 1. The Office of the Comptroller […]

Mortgage insurer Radian Group Inc. announced it will lay off 166 employees, effective Dec. 1 from two of its offices in Pennsylvania. Out of these workers, 66 employees are from Radian’s Delaware County headquarters and 100 are from the Allegheny County office. The company employed 1,800 people at the end of 2021. Radian has joined […]

Mortgage Capital Trading (MCT) announced the appointment of Jennifer Kennelly as the new senior director of its investor services team. Kennelly’s professional career spans more than 25 years, including roles as national sales executive at LoanCare, capital markets director at Lenders One Mortgage Cooperative, managing director at Compass Analytics and positions at Freddie Mac. MCT […]

Publicly traded lending software firm MeridianLink has acquired OpenClose, a fintech company that specializes in residential mortgage software solutions for banks, credit unions and mortgage lenders. In a statement filed with the Securities and Exchange Commission, MeridianLink said it would pay $65 million in cash to buy the Florida-based company. “Combining the strengths of our […]

Revenue and net income were both down for Fannie Mae and Freddie Mac in the third quarter, and the two government sponsored entities (GSEs) expect the housing market to deteriorate further in the fourth quarter. Collectively, the GSEs have set aside $4.3 billion in credit loss builds to account for a decline in home values […]

Despite increased competition, wholesale lender Homepoint has rolled out a new home equity line of credit (HELOC) product. The goal is to court more brokers at a time when home equity levels remain high.  Available on investment properties, single-unit owner-occupied properties and second homes, Homepoint’s HELOC product allows eligible borrowers to access between $20,000 to […]

High mortgage rates and looming economic uncertainty caused trillions in equity to evaporate from the housing market in the third quarter of 2022, according to Black Knight’s mortgage monitor report. And while additional declines are expected to be on the horizon, the good news is that the country’s housing equity position is still strong compared […]

It’s yet another casualty in the non-QM space – California-based Athas Capital Group is winding down its operations and laying off more than 200 employees due to the challenges in the secondary market.  Executives at the mortgage lender announced their decision in a letter sent on Wednesday to business partners and employees, which was reviewed […]

California lender New American Funding issued pink slips to 240 employees last week, bringing the total cut this year to nearly 1,000. The force reductions come after two years or rapid expansion. “The mortgage market slowdown is unfortunately affecting our entire industry,” Rick Arvielo, CEO of New American Funding, told HousingWire in a statement. “It […]

There has been a flurry of recent articles prognosticating a decrease to Federal Housing Administration (FHA) insurance premiums. Several trade groups including the Mortgage Bankers Association have corresponded with the HUD Secretary in support of cuts. One news article suggested a possible presidential announcement of FHA premium reductions prior to the November elections.  A similar announcement was […]

United Wholesale Mortgage (UWM) is now the biggest mortgage lender in America, thanks in large part to a cut-rate pricing strategy that has put extreme pressure on competitors. UWM originated $33.5 billion in the third quarter, toppling its arch rival Rocket Mortgage‘s $25.6 billion in production. Purchase loans accounted for 82.7% of UWM’s mix in […]

Rocket Companies, the parent of Rocket Mortgage, lost money in the third quarter and also appears to have lost its title as America’s largest mortgage originator. Rocket originated $25.6 billion in mortgage volume in the third quarter, which was 71% lower than the $88 billion in volume it produced in the same period last year, […]

Retail lender and servicer Mr. Cooper has dropped the ax on approximately 800 staffers, roughly a week after hinting that job cuts were coming due to lower origination production. “In the face of market volatility and economic uncertainty, Mr. Cooper Group has taken a disciplined and proactive step to scale back the Originations business, including […]

A team of more than 60 mortgage bankers at now-defunct Finance of America Mortgage has landed at Hallmark Home Mortgage. The retail team covers the states of Colorado, Georgia, Kansas, Louisiana, Missouri, South Carolina and Texas. Marc Wadman will continue to lead the group as Hallmark’s senior vice president/regional manager. “Hallmark is now positioned to […]

The Federal Reserve’s tightening of monetary policy is causing mortgage rates to rise rapidly. For lenders, that means finding new ways to drum up business, like introducing programs that try to convince borrowers to ‘marry the house and date the rate.’ Mortgage rates rose more than four percentage points in 2022, up from last year’s […]

One mortgage M&A expert believes that of the 130 or so IMBs that did $1 billion to $2 billion for production in 2021, 17% of them will not even be able to do $500 million over the 12 months ending June 30, 2023. Up to 30% of the 1,000 largest independent mortgage banks are projected […]

Mortgage rates in the 6% range have frozen the housing market, forcing loan officers to find business outside their wheelhouses. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?w=1024″ alt=”For sale” class=”wp-image-363570″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/09/1200x700_forsale-empty-neighborhood.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Record-high mortgage rates have frozen the housing market, forcing loan officers […]

Rocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options in a rapidly shrinking industry. Borrowers can use this loan to finance a manufactured home with a down payment of as little as 5% for primary residences or at […]

The National Association of Mortgage Brokers (NAMB), a trade association representing mortgage professionals and homebuyers since its establishment in 1973, announced its agenda for 2023 at it NAMB National conference. According to a statement, NAMB pledged to advocate for a range of initiatives, including: The Trigger Leads Prohibition Act, which protects consumers’ data from being […]

Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve’s (Fed) meeting to announce the new target for the federal funds rate.  According to the latest survey from the Mortgage Bankers Association (MBA), the mortgage composite index for the week ending Oct. 28 fell 0.5% from the […]

As mortgage rates hit 7% and above, loan officers are seeing new borrowers increasingly interested in options that can help reduce their initial mortgage payments. These borrowers are hoping that rates will decline enough in the next few years that a refinance will bring their payments down permanently.  Options for borrowers include temporary rate buydowns […]

Mortgage tech firms Mortgage Coach and Polly have teamed up on a new application programming interface (API) integration that guides borrowers through a visual representation of their loan options. The goal is to help drum up business for lenders during an extremely challenging time in the industry.  Mortgage Coach, founded in 2009 and based in […]