The rollercoaster is still climbing. Mortgage rates are approaching 4.5%, a level economists forecasted would not be reached until the tail end of 2022. And there’s good reason to believe mortgage rates will be in the 5% range before too long. According to data from Freddie Mac‘s PMMS survey, mortgage rates on the traditional 30-year fixed-rate mortgage […]
We finally got mortgage rates to rise, and for people like me who have been concerned about how unhealthy the housing market was last year — and it got a lot worse this year — it’s a blessing that was much needed. Recently, I downgraded the housing market from an unhealthy housing market to a […]
Minneapolis-based CarVal Investors, a global alternative investment manager and long-time player in the mortgage market, has launched a real estate mortgage investment conduit, or REMIC, that plans to work with loan originators around the country to develop and acquire innovative nonagency mortgage products. The new REMIC, Mill City Loan Holdings LLC, will serve as a […]
Ginnie Mae recently filled two executive roles, naming Sam Valverde as its first Hispanic executive vice president and Felecia Rotellini as senior advisor and chief of staff to the president. Alanna McCargo, president of Ginnie Mae, announced the appointments during the National Association of Hispanic Real Estate Professionals conference that took place in Washington D.C. last […]
United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday a new product that will qualify borrowers for investment properties based on the monthly rental income, rather than the their current income. This is the second new non-QM product the Pontiac-based lender has launched this month – the wholesale lender also unveiled a bank statement loan […]
Interest in residential mortgage loans fell 8.1% for the week ending March 18 as mortgage rates rose to 4.5%, the highest level in years, according to the Mortgage Bankers Association‘s latest survey. “The jump in rates comes as markets moved to price in a much faster pace of rate hikes, as well as expectations of fewer MBS purchases […]
#2022 ” data-image-caption=” Mortgage rates, rates ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?w=1024″ alt=”2022 Mortgage rates” class=”wp-image-335142″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_rates.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Mortgage rates, rates New York-based Mortgage Industry Advisory Corp. (MIAC) is in the market with two whole-loan offerings of nonperforming Ginnie Mae-insured mortgages that combined are […]
On the heels of completing its first credit insurance risk transfer (CIRT) deal of the year in early March, Fannie Mae has announced that it has executed two additional CIRT deals. The newest deals, CIRT 2022-2 and CIRT 2022-3, together transferred $1.8 billion of mortgage credit risk to private insurers and reinsurers. “We appreciate our continued partnership with […]
Nonbanks and mortgage subsidiaries of chartered banks reported grim profitability figures in the fourth quarter of 2021, when costs reached a new high and margins fell to the lowest level since early 2019. And most industry observers think it will only get worse in the next few quarters. Net gains in Q4 declined to $1,099 […]
Digital mortgage platform Maxwell has brought on Amy Brandt to its board of directors to gain perspective on the challenges that lenders face and the gaps in the mortgage digitalization process. A veteran with two decades of experience in digital mortgage solutions, Brandt most recently served as president and CEO at First American Docutech. She […]
Servicers’ forbearance portfolio volume dropped in February for the 21st-consecutive month, with more borrowers current on their mortgage payments due to improvements in the economy and viable loss mitigation options. The total number of loans in forbearance decreased by 12 basis points, from 1.30% in January to 1.18% in February, according to the Mortgage Bankers […]
Fannie Mae is off to steady start on its path toward issuing $15 billion in notes this year through its Connecticut Avenue Securities (CAS) real estate mortgage investment conduit, or REMIC. The agency is about to unveil its third deal this year through its CAS credit-risk transfer vehicle. The March offering, CAS Series 2022-R03, involves […]
During the Great Recession, “zombie foreclosures” were a thorn in the side of servicers. With no money to pay their mortgages, some underwater borrowers simply abandoned their homes. When the Covid-19 pandemic began in March 2020, zombie foreclosures were one of the housing industry’s greatest fears. In August 2021, the Consumer Financial Protection Bureau (CFPB) […]
UWM’s headquarters in Pontiac, Michigan. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?w=1024″ width=”1200″ height=”737″ src=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?w=1024″ alt=”HW-UWM” class=”wp-image-324074″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=150,92 150w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=300,184 300w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=768,472 768w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=1024,629 1024w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-UWM.png?resize=600,369 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>UWM’s headquarters in Pontiac, Michigan. United Wholesale Mortgage (UWM) announced late last year that it would turn the appraisal space on its head by launching an in-house […]
Veteran mortgage executive Bill Dallas has left his position as president of Finance of America Mortgage amid larger changes to the Texas-based nonbank lender’s C-Suite and business lines. Dallas, a seasoned entrepreneur, joined FoA Mortgage four years ago after selling one of his companies to Finance of America Companies, the Blackstone Group-controlled parent company. Dallas […]
The HousingWire award spotlight series highlights the individuals who have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s Marketing Leaders award are now open through Friday, March 25, 2022. Click here to nominate someone you know — it can even be you! As the housing market continues to move from last year’s refinance […]
The rate volatility created by fast-rising inflation, now approaching 8% annualized, and the opposing flight to quality sparked by the war in Ukraine, is complicating an already challenging execution environment in the private-label securities market. Into March of this year, according to multiple market experts, the nonagency secondary market has been digesting a large backlog […]
Online home mortgage lender AmeriSave Mortgage Corporation announced on Thursday that Sudhir Nair, the former head of information and technology at loanDepot, has been tapped as its first-ever chief digital officer. Nair, who has worked in technology leadership roles at Bank of America, Xome/Mr. Cooper, CountryWide, Amazon and others, will help the lender become more […]
Figure, a blockchain-focused financial service company and Apollo, a global alternative asset manager, announced today completing a transaction involving the origination of digital mortgage loans and transfer of ownership via blockchain technology, according to a press release shared with FinLedger. The companies say the secure process was a “first of its kind” in the mortgage […]
As the Federal Reserve raised short-term rates for the first time in years, mortgage rates climbed 31 basis points to 4.16%, according to data from Freddie Mac‘s PMMS survey. “The 30-year fixed-rate mortgage exceeded four percent for the first time since May of 2019,” said Sam Khater, Freddie Mac’s chief economist. “The Federal Reserve raising […]
Anthony Hsieh, founder and CEO of loandepot ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/09/Anthony-Hsieh-e1632930256968.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/09/Anthony-Hsieh-e1632930256968.png?w=1024″ width=”3990″ height=”2390″ src=”https://www.housingwire.com/wp-content/uploads/2021/09/Anthony-Hsieh-e1632930256968.png?w=1024″ alt=”Anthony Hsieh” class=”wp-image-322982″>Anthony Hsieh, founder and CEO of loandepot California-based nonbank lender loanDepot is the target of a new shareholder lawsuit. Investor Tuyet Vu accuses seven top executives and board members, including loanDepot’s founder Anthony Hsieh, of making misleading statements and omitting […]
On Wednesday the Federal Reserve hiked interest rates 0.25%, which has forced me to raise my second recession red flag on this historic economic recovery and expansion. From the Federal Reserve: Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined […]
The Federal Open Market Committee on Wednesday raised the federal funds rate for the first time in four years, marking an end to the easy money that gave rise to the hottest mortgage market in U.S. history. The FOMC, as was predicted, raised the federal funds rate by 25 basis points to 0.25-0.50 percent, the […]
United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. The step comes as rising interest rates slow the flood of refinances, reduce lenders’ origination volume, and companies prepare to boost their non-qualified mortgage (non-QM) products. According to UWM, only […]
California-based ICE Mortgage Technology announced this week two enterprise agreements to integrate its eClose solution to Maxwell and Roostify platforms, enabling a more streamlined closing process for lenders and borrowers. Encompass eClose will be part of the mortgage fintech Maxwell’s point-of-sale platform. Roostify, a mortgage technology provider, will integrate the solution to its digital home lending platform. Parvesh Sahi, senior vice […]
Angel Oak Mortgage Inc., a real estate investment trust focused on investing in nonqualified mortgages, announced that it recorded net income of $21.1 million for the year ended December 31, 2021, and $3.1 million for the final quarter of last year, on net interest income of $49.1 million and $16.6 million, respectively. The earnings performance […]
Tech-fueled retail mortgage lender InstaMortgage has merged with mortgage broker shop All Cal Financial, a rare example of a top-performing brokerage switching channels. Terms of the deal, which was announced on Tuesday, were not disclosed. As part of the merger, Jim Black, the founder of All Cal, will become chief lending officer of InstaMortgage. Black, […]
Last year, the Hispanic homeownership rate grew to 48.4% from 47.5% in 2019, but they are still much more likely than non-Hispanic whites to get denied a conventional loan. The rate of Hispanic homeownership has been inching up each year since 2014, according to U.S. Census Bureau statistics. But there are many obstacles to further […]
The key to winning purchase business in 2022 remains as it was in 2021, the year before that, and the year before that – building and maintaining relationships with real estate agents. But in the most competitive purchase market in years, they’ll have to scrap, leverage social media and add a personal touch. According to three […]
#2022 ” data-image-caption=” Layoffs, layoff, fired ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?w=1024″ alt=”2022 Layoff” class=”wp-image-335200″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_layoffs.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Layoffs, layoff, fired Knock CEO Sean Black has a lot on his mind including “the difficult decision to part ways with many of our beloved […]
#2022 ” data-image-caption=” Judge, judicial, court, regulation, Supreme Court, HUD, FHFA, ruling, fair housing ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?w=1024″ alt=”Regulation” class=”wp-image-335106″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_judicial.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Judge, judicial, court, regulation, Supreme Court, HUD, FHFA, ruling, fair housing A recent judge’s ruling in pending litigation […]
NAHREP co-Founder and CEO Gary Acosta Over the next two decades, housing finance experts predict Hispanic homeowners will make up 70% of all new homeowners. That figure explains at least some of the palpable optimism among attendees of the policy summit the National Association of Hispanic Real Estate Professionals hosted this week in Washington, D.C. […]
To mortgage lenders, adoption has been the constant, insurmountable challenge keeping the industry from realizing the benefits of technological advances. Why embrace the new when the folks in the back office were doing just fine with the tried-and-true tools — even if these tools were pen and paper? It’s no wonder that lenders as a […]
Guild Mortgage CEO Mary Ann McGarry The parent company of California-based Guild Mortgage reported on Monday it has identified material weaknesses in its internal control over financial reporting, according to its annual 10K document filed with the U.S. Securities and Exchange Commission (SEC). The nonbank lender said it did not have sufficient staff with the experience to design and […]
Walmart photo credit: wolterke – stock.adobe.com Lenders One Cooperative and Walmart want mortgages in your shopping cart. On Monday, the cooperative announced that it has struck a deal to lease space in Walmart stores to sell purchase mortgages, refinances, and home equity loans. Lenders One did not disclose the financial terms of the contract. This […]
Despite significant market volatility, nonbank lender Impac Mortgage Holdings appears to be long on non-QM. The California-based company reported non-QM originations of $382.1 million in the fourth quarter, roughly double that of the third quarter, and positioned the company for an annualized run rate of approximately $1.5 billion. In total, Impac originated nearly $700 million […]
As lender concerns about margin compression rise, why aren’t we seeking to better understand our mortgage application fallout rates to increase revenue? For mortgage originators of all sizes, “fallout” is a word that induces headaches and nausea at roughly the same level as terms like “repurchase demand” or “regulatory audit.” We don’t often talk about […]
Each fall, trendsetters at Pantone decide on the next year’s “color of the year,” which they feel will define and influence the upcoming year. Whether the “color of the year” is a self-fulfilling prophecy or the trendsetters really are that on trend is currently unknown. Similarly, the mortgage industry has no shortage of trend predictions […]
California-based Guild Mortgage can be added to the growing list of lenders with waning profitability. But Guild’s executives believe the retail lender is well positioned to succeed in a lower-volume environment, whether it’s organically or through acquisitions. The nonbank mortgage lender increased its total originations in 2021, despite a reduction in the fourth quarter. But margins under […]
How much does a typical low-income first-time homebuyer with a Fannie Mae-backed mortgage bring to the closing table? According to Fannie Mae, in a working paper entitled “Mortgage costs as a share of housing costs—placing the cost of credit in broader context,” the average low-income, first-time homebuyer has about $28,000 for a down payment. The […]
On Thursday, the Bureau of Labor Statistics reported the same trend that all Americans have seen lately: the inflation rate of growth is rampant and doesn’t show any sign of easing up due to the Russian Invasion of Ukraine. The Consumer Price Index for all Urban Consumers “increased 0.8 percent in February on a seasonally […]
Nonbank heavyweight loanDepot announced on Thursday an operational restructuring with the creation of a new business division called mello, under the leadership of the digital technology veteran Zeenat Sidi. The California-based lender plans to use mello to boost the development of innovative products and services in a market that has gotten ultra-competitive, with power buyers, real estate […]
Lakeview Loan Servicing, one of the nation’s largest issuers of Ginnie Mae securities, is making a play in the private-label securities market by sponsoring an offering backed by a pool of 2,192 Federal Housing Administration-guaranteed mortgages valued at $423.6 million. The offering, via a conduit called Lakeview Trust 2022-EBO1, is a rare transaction involving mostly […]
Following two weeks of declines, mortgage rates rose this week, reflecting the volatility of the U.S. economy brought by inflation and Russia’s war in Ukraine. The average 30-year-fixed rate mortgage increased to 3.85% for the week ending March 10, up from 3.76% in the previous week, according to the latest Freddie Mac PMMS Mortgage Survey. A year […]
Incenter is adding a third-party due diligence review firm to its umbrella of companies. Edgemac, which Incenter acquired at the end of last year, does due diligencing for mostly non-QM and jumbo loans, as well as private label reverse mortgages that could eventually be securitized. The firm, founded in 2008, also provides document management services […]