With economic uncertainty and supply chain issues plaguing the industry, homebuilders pulled back last month. Homes were started at an estimated annual pace of 1.309 million in January, down 4.5% month over month, according to a report released Thursday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD). Housing starts were down 21.4% […]
California-based retail lender American Pacific Mortgage (APM) has made leadership changes while continuing to eye expansion in the Midwest and Southeast. Bill Lowman was named vice chairman of APM, a newly created position while Ned Payment was promoted to chief executive officer from president of APM. Dustin Sheppard also moved up the ladder to president […]
After Celebrity Home Loans reportedly laid off most of its employees this week without paying their last paychecks, commissions and severance payments, On Q Financial said the deal to acquire some of the company’s assets has fallen apart. “There’s nothing left to acquire,” Patrick Lamb, an executive at On Q Financial, said during an interview. […]
Roughly a year after Mortgage Coach and Sales Boomerang were acquired by a private equity firm, they’ve merged their services onto one platform and rebranded to “TrustEngine.” The company unification and new platform come as mortgage origination volume falters and lenders struggle to stay afloat in a high mortgage rate environment. The TrustEngine Borrower Intelligence […]
Texas-based mortgage lender Click n’ Close announced on Tuesday that its primary technology partner, Alabama-based mortgage banker Barr Group Mortgage, has completed the first eNote transaction using the Click n’ Close non-delegated correspondent eNote program. “Working with Ameris Bank’s warehouse division SVP Jill Gainer helped ensure the set-up process was straightforward, and our first two […]
Expectations that high inflation may persist for longer than previously projected put pressure on mortgage rates last week. In turn, it affected borrowers’ appetite for home loans. The latest Mortgage Bankers Association (MBA) survey showed that mortgage loan application volume declined 7.7% for the week ending Feb. 10 from the previous week. Compared to the […]
Given the hotter inflation reported in Tuesday’s CPI data, can mortgage rates go above the 2022 peak of 7.37%? Initially the 10-year yield fell after the report, then rose higher, only to fall back down again. For all the hype around today’s stock market close, it was a dud of a Valentine’s date if you ask […]
The Community Home Lenders of America (CHLA) wants small banks to be exempted from the proposed rules from the Consumer Financial Protection Bureau (CFPB) that order registry for nonbank financial services providers. In December, the CFPB published a proposed rule that would require certain nonbank covered entities to report certain public agency enforcement actions and […]
Six months after shutting down its correspondent lending division, Illinois-based mortgage company Celebrity Home Loans‘ bread-and-butter retail channel is also at risk, multiple sources told HousingWire. According to former employees and business partners, several Celebrity’s retail branches transitioned to another lender in December and January. Celebrity is also in talks to strike a deal with […]
Earnings at Fannie Mae in 2022 sank to $12.9 billion as the housing market deteriorated, down dramatically from $22.1 billion in 2021, the government sponsored enterprise reported Tuesday. Last year’s $9.3 billion decrease in net income was primary driven by an $11.4 billion decline in home prices and a $1.6 billion shift to investment losses, […]
Timothy Bowler, president of Intercontinental Exchange, Inc. Benchmark Administration (IBA), will take on a new role as president of ICE Mortgage Technology starting on March 1. Bowler will be in charge of ICE’s business segment, which is focused on automating elements of the mortgage industry and delivered a revenue of $1.1 billion in 2022, the […]
Equity Prime Mortgage (EPM) filed a counterclaim against Jesse Iwuji Motorsports (JIM) last week for allegedly breaching a sponsorship contract. The Atlanta-based mortgage lender is accusing the stock car racing team of breaking the agreement by changing the driver of the car starting in May 2022. The counterclaim is a response to a lawsuit filed by […]
The housing market experienced more volatility last week, with housing inventory dropping as mortgage rates moved higher. Here is a quick rundown from last week: Purchase application data had a 3% week-to-week increase. The start of 2023 has been good, considering mortgage rates have stayed above 6% most of the time. Weekly housing inventory continues […]
Jay Farner will retire as CEO of Rocket Companies in June, ending his 27-year stint at the firm. He stepped down as member of the board of directors last week, Rocket disclosed in a filing with the Securities and Exchange Commission. On February 8, Farner, 49, notified the board of directors of Rocket of his […]
The drop in mortgage rates and seasonal tailwinds boosted mortgage rate lock activity by 32% in January, ending a nine-month streak of declines, according to Black Knight’s originations market monitor report. “Mortgage rates declined in January, continuing a trend that began in early November 2022,” Kevin McMahon, president of Optimal Blue, a division of Black […]
Beret Kechian, branch manager at loanDepot Beret Kechian: I’d say like, you know, probably 90 to 95% would be New Jersey, with New York and Pennsylvania making up the difference. Within New Jersey, [and] specifically Hudson County – which is a place that’s right across from New York City – [it] is very much like […]
Nashville, Tennessee-based mortgage lender Guaranty Home Mortgage Corporation (GHMC) has rolled out its new borrower online application portal, GAssist. The portal is designed to offer GHMC partners a “unique borrower online application experience” at no additional costs. The GAssist portal will provide its partners, which include community banks, credit unions, and brokers, with tools that […]
The servicing portfolio propelled Mr. Cooper Group‘s overall earnings in the fourth quarter of 2022 when cost-cutting initiatives weren’t enough to bring the origination business to profitability. And investors can expect the company to keep growing its servicing business in the months to come. Mr. Cooper reported on Friday it delivered $1 million in net […]
Nonbank mortgage lender and servicer Mr. Cooper has signed a definitive agreement to acquire the investment management firm Roosevelt Management Company, LLC., the company confirmed on Friday. The deal also includes the operations for affiliated company Rushmore Loan Management Services, LLC. “This acquisition will provide us with an asset management platform to raise third-party capital […]
Black Knight has decided to sell its loan origination software business Empower in a bid to save the $13 billion deal with Intercontinental Exchange Inc (ICE), Reuters reported, citing sources familiar with the matter. The Federal Trade Commission (FTC) has been scrutinizing the ICE-Black Knight deal for months amid mounting concerns from U.S. lawmakers and […]
A regulator in Illinois has suspended the MLO license of industry veteran Michael Strauss and the license for his mortgage company, Smart Rate Mortgage, essentially blocking the company from operating in the state, according to the Nationwide Multistate Licensing System (NMLS). The Division of Banking at the Department of Financial and Professional Regulation in Illinois […]
The 2023 market is unlike those we’ve seen in previous years. We’re coming off of back-to-back years where mortgage rates were in the 2s and 3s, and they’re now in the 6s. In a market like this, every lead, loan and basis point matters more than ever for LOs. Dave Savage, chief innovation officer for […]
Housing affordability hit a record low in the fourth quarter of 2022, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released Thursday. At the end of the fourth quarter, the index stood at its lowest level since the NAHB began tracking the data on a consistent basis in 2012. Despite this, […]
Optimism spread across the mortgage industry at the start of 2023. Signs that the disinflationary process was working raised hopes that the Federal Reserve may stop the federal funds rate hikes sooner rather than later. Mortgage rates also dropped about 30 basis points in January, hitting the lowest level since September 2022. But February brought a […]
LauraMac, a provider of mortgage loan review SaaS technology, announced on Thursday that it has integrated with LoanLogics IDEA, an intelligent document processing and data extraction technology. The outcome of the integration between IDEA and the LauraMac platform “will improve the quality and transparency of mortgage loan commerce,” LoanLogics CEO Dave Parker said in a […]
Amid the expectation of a wave of mergers and acquisitions in 2023, nonbank mortgage lenders American Portfolio Mortgage Corporation and Town Square Mortgage announced on Wednesday that the companies are merging their operations. The lenders, both privately held, will retain their names and brands after the transaction, but APMC will be the new legal entity as the companies come together. The […]
Homelendia Mortgage LLC, a Florida-based mortgage brokerage franchisor, launched its mortgage brokerage franchises this week, offering individual unit and regional opportunities to qualified individuals, teams, brokerages and loan originators. According to a statement from the company, “Homelendia Mortgage will offer a unique and streamlined approach to mortgage brokerage ownership and the mortgage process, utilizing cutting-edge technology to provide a seamless […]
Mortgage rates are on a declining trend, but don’t be fooled – the industry’s efforts to rightsize from a pandemic boom will continue through 2023. Up to 30% of the 1,000 largest independent mortgage banks will disappear by the end of this year, either through sales, mergers, or failures amid still-high inflation and rising interest […]
During the week that mortgage rates very briefly touched down into the 5% range, mortgage applications increased 7.4%, according to the latest reading from the Mortgage Bankers Association. Still, mortgage demand is down 58% from a year prior. Mortgage rates fell to 5.99% on Thursday, Feb. 2 following comments made by Federal Reserve Chairman Jerome Powell about disinflation. A […]
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 […]