The U.S. Securities and Exchange Commission uncovered a total of 487 instances over the past six years in which the nation’s SEC-registered credit-rating agencies were deemed by agency staff to be in non-compliance with federal securities laws or related SEC rules, a recent SEC staff report reveals. The bulk of the violations, which were uncovered during mandated […]
Nearly a year after a federal judge dismissed the Consumer Financial Protection Bureau‘s mortgage servicing misconduct suit against Ocwen Financial Corp., the watchdog agency is hoping to overturn the decision. During oral arguments in Miami before the U.S. Court of Appeals for the Eleventh Circuit, Lawrence DeMille-Wagman, CFPB’s attorney, argued that a consent agreement from […]
Freddie Mac has named former Wells Fargo deputy general counsel Heidi Mason its new general counsel. Mason will assume the role March 7, and will replace Jerry Weiss, who has been general counsel on an interim basis since March 2021. Weiss will continue to serve as Freddie Mac’s senior executive liaison to its conservator, the […]
Some mortgage rate indices topped 4% on Thursday, blowing past predictions that rates might reach those levels by the end of 2022. Economists had predicted rates would rise as the overall economy stabilized. The latest mortgage rate survey from Freddie Mac puts rates for the 30-year fixed-rate mortgage at 3.69%, while the average rate in […]
Maryland has over a dozen Eastern European stores that sell products like caviar, pumpernickel bread and salo, a Ukrainian-style bacon. Apart from selling produce that is popular in former Soviet countries, these stores represent a marketing opportunity for Alex Naumovych, a loan officer at Draper and Kramer Mortgage Corporation. Just before a customer buys a […]
Source: Polygon Research, CPSVision, Veterans Supplement August 2020 Loan originators can educate themselves about the Veterans with service-related disability in their communities and markets and look for opportunities to provide high quality education and financing in an efficient and transparent manner. Broadening the scope to include all Veterans within a certain age range regardless of disability status, we estimate that about 4 million Veterans are under the age of 50, with […]
Mr. Cooper, one of the nation’s top servicers, and Sagent, a loan servicing software developer, announced on Friday that they will join forces to create a cloud-native servicing platform. The definitive agreement reached by both parties stipulates that Mr. Cooper will sell certain intellectual property rights related to its proprietary, cloud-based technology platform for mortgage […]
Back in August, Christian Wallace spoke effusively about her future at Better.com. The digital lender generated so much money through mortgage refinancing that it bankrolled a formidable real estate division. And Wallace, a former Sotheby’s agent and Opendoor manager, was charged with ensuring the division blossomed. But on Thursday, Wallace said that she gave Better […]
Zillow CEO Rich Barton. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?w=1024″ width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?w=1024″ alt=”Rich Barton – HW+” class=”wp-image-297256″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2021/03/Rih-Barton-HW.jpg?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Zillow CEO Rich Barton. When Zillow stunned the housing world last November by announcing a wind down of its iBuying program – and beginning the […]
Reverse mortgage software solutions and loan origination system (LOS) provider ReverseVision announced on Thursday morning that it has been acquired by a division of Toronto-based Constellation Software, a holding company that bought another mortgage LOS in 2019. Staff at San Diego-based ReverseVision was informed of the sale this morning. Terms of the deal were not […]
Freddie Mac reported a net income of $12.1 billion for 2021, a 65% increase from 2020. The government-sponsored enterprise saw a 20% growth in its single-family mortgage portfolio from 2020 to 2021, driven by soaring home prices and an increase in the average size of loans it acquired. Freddie Mac’s net worth is now $28 […]
Mill Valley, California-based Redwood Trust Inc. (NYSE: RWT) on Wednesday reported fourth-quarter 2021 net income of $44 million, or $0.34 per diluted share, matching the Zacks consensus EPS estimate for the quarter. The earnings were off the company’s fourth-quarter 2020 mark of $54.3 million and down from third-quarter 2021 earnings of $88.3 million. Still, the Mill Valley-California real estate investment […]
The average 30-year-fixed rate mortgage climbed to 3.69% for the week ending Feb. 3, up eight basis points from the previous week. It’s the highest level since the start of the pandemic, according to the latest Freddie Mac PMMS Mortgage Survey. Before the uptick, the rates remained flat at 3.55% for three weeks, reflecting the impact of […]
While the real estate industry has witnessed the introduction of a number of spectacular and innovative developments in recent years, we still (sometimes unfairly) get tagged as “old fashioned” or “conservative.” This is especially true on the financial services side when it comes to transferring money for real estate. There’s really no experience quite like […]
Mortgage applications decreased 8.1% from the previous week, a response to an uptick in mortgage rates, according to the Mortgage Bankers Association (MBA) survey for the week ending Feb. 4. The seasonally adjusted refi index fell 7.3% while the purchase index dropped 9.6%. Compared to the same week one year ago, mortgage apps overall dropped 39.6%, with a sharp decline in […]
Fannie Mae this week unveiled its 24th sale of reperforming loans since its first offering in 2016. The current deal is composed of more than 8,000 mortgages with an aggregate unpaid principal balance of $1.3 billion. The sale of reperforming loans (RPLs) is being marketed in collaboration with Citigroup Global Markets, with bids due by […]
Newport Beach, California-based Excelerate Capital, a long-time non-QM lender with a growing market presence, finalized its acquisition of Castle Mortgage Corp. in early 2021 as part of a larger plan to expand its origination reach beyond California — with the goal of creating a national lending footprint. That plan is now in full motion and, if successful, will […]
Desktop appraisals arrived in March of 2020, allowing the housing market to keep humming while many stayed indoors to prevent the spread of COVID-19. Allowing appraisals without a walk-through was one of several flexibilities the Federal Housing Finance Agency allowed in light of the pandemic. Use of desktop or exterior-only appraisals peaked in April 2020, […]
Powerhouse lender and servicer New Residential Investment Corp. has reduced hundreds of job positions in its mortgage division, less than a year after acquiring the multichannel lender Caliber Home Loans. In total, NewRez LLC, the publicly traded company’s mortgage arm, is laying off 386 employees, about 3% of the division’s workforce, a company spokesperson confirmed […]
Larry Goldstone is tired of being ghosted. He is used to it by now, but the problem has only gotten worse since the beginning of the COVID-19 pandemic. Goldstone has tried contact via phone calls and emails consistently. If necessary, he even knocks on doors — without success. He has talked openly about it but […]
#2022 ” data-image-caption=” Home equity, property value ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?w=1024″ alt=”2022 Home equity” class=”wp-image-335167″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_homeequity.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>San Francisco-based fintech firm Unison plans several securitization deals to market in 2022, with private label offerings backed by home-equity assets. San Francisco-based […]
Pink slips will start arriving for Santander Bank’s employees working in the mortgage and home equity businesses following the bank’s announcement to stop originating such loans in the United States. In Pennsylvania, the company announced 53 permanent layoffs with effective date on April 8, according to a Worker Adjustment Retraining Notification (WARN) sent to the […]
Few things terrify lenders more than the arrival of a manila envelope from the Department of Housing and Urban Development (HUD) containing a redlining allegation. In recent months, HUD investigators have made redlining cases a departmental priority, according to interviews with attorneys who have reviewed the complaints, and lenders who declined to comment on the […]
United Wholesale Mortgage (UWM) is making good on its threat to take legal action against partnering broker shops that also send business to Rocket Mortgage and Fairway Independent Mortgage, a violation of the wholesaler’s controversial broker agreement. UWM filed a lawsuit in Michigan federal court late Thursday that claims America’s MoneyLine, a high-volume mortgage brokerage […]
California-based nonbank mortgage lender Pennymac Financial Services posted record loan production last year, but a significant decline in net profits. Reflecting the higher rate landscape, in the last three months of 2021, the servicing segment brought more returns to the company than production. The company reported a net income of $1 billion in 2021, […]
Freddie Mac recently announced that its credit-risk transfer (CRT) program is projecting note-issuance volume of at least $25 billion in 2022. The government-sponsored enterprise (GSE) has made its first down-payment on that projection by issuing two single-family CRT note offerings totaling $3.3 billion so far this year that are secured by reference loan pools valued […]
Amid higher rates, lower volumes, and fiercer competition, Santander Bank decided it will stop originating residential mortgages and home equity loans in the United States. On Wednesday, the bank announced that it will consider applications for residential mortgage or home equity line of credit (HELOC) on the portal EZApply only until Feb. 11. The Spanish […]
MSR ” data-image-caption=”” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?w=1024″ width=”1200″ height=”778″ src=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?w=1024″ alt=”HW+ money house balance” class=”wp-image-330483″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png 1200w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=150,97 150w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=300,195 300w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=768,498 768w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=1024,664 1024w, https://www.housingwire.com/wp-content/uploads/2021/11/HW-money-house-balance.png?resize=600,389 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> This article is part of our HousingWire 2022 forecast series. After the series wraps, join us on February 8 for the HW+ Virtual 2022 Forecast Event. […]
#2022 ” data-image-caption=” mortgage rates, mortgage rates decrease, lower mortgage rates ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?w=1024″ width=”1200″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?w=1024″ alt=”Mortgage rates” class=”wp-image-335013″ srcset=”https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png 1200w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?resize=150,88 150w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?resize=300,175 300w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?resize=768,448 768w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?resize=1024,597 1024w, https://www.housingwire.com/wp-content/uploads/2022/01/newsroom-template_mortgagerates.png?resize=600,350 600w” sizes=”(max-width: 1200px) 100vw, 1200px”>Investors have largely shunned nonbank mortgage stocks, and analysts believe the hard times are still ahead. Driven by a desire […]
The average 30-year-fixed rate mortgage remained flat for the third consecutive week at 3.55% for the week ending Feb. 3, reflecting the impacts of the Omicron variant in the economy, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.73%. The PMMS report is focused on conventional, conforming, fully amortizing […]
Incenter Mortgage Advisors was flooded with a surge of mortgage-servicing rights business in January — with bulk MSR sales approaching in one month what the firm normally tallies in an entire year. Denver-based Incenter’s managing director, Tom Piercy, said he expects the rising tide of business to continue for the foreseeable future, so long as the […]
ConsumerDirect Mortgage rebranded itself to Real Genius and announced the launch of a modern mortgage application platform to simplify a borrower’s experience. Real Genius, a division of FirstBank, one of Tennessee’s largest community banks, said that its application platform will provide borrowers with rate and cost transparency. Additionally, the lender promises borrowers a “personalized approach” […]
Mortgage industry participants may disagree a great deal on several different topics. However, I expect that you would find no argument with the following statement: Mortgage lending is a highly competitive business. While the scope of the market, which totaled roughly $4 trillion in volume each of the past two years, might suggest abundant opportunities, […]
Mortgage applications increased 12% from the previous week due to a surprising uptick in demand for “refis” as borrowers try to secure a lower rate, according to the Mortgage Bankers Association (MBA) survey for the week ending Jan. 28. The seasonally adjusted Refinance Index rose 18.4% in the same period. Meanwhile, the Purchase Index increased 4%. Compared to the same week one […]
Home prices across the nation climbed 18.5% year-over-year in December, according to a monthly report published by CoreLogic. On a month-over-month basis, home price gains rose by 1.3% in December 2021 compared to November. Consumer desire for homeownership paired with a low supply of for-sale homes were the main contributors to a red-hot housing market […]
Fannie Mae has unveiled its second credit-risk transfer (CRT) deal of 2002, a $1.2 billion note offering through its Connecticut Avenue Securities real estate mortgage investment conduit, or REMIC. The recent offering, CAS Series 2022-R02, involves transferring loan-portfolio risk to private investors via a $1.2 billion note offering backed by a reference pool of 149,393 residential mortgage […]
California-based loanDepot greatly increased loan origination volume in 2021, which guaranteed gains in marketshare compared to its competitors. But the multichannel lender’s gain-on-sale margin and net income fell significantly in the fourth quarter, reflecting changing market conditions. Overall, net income for the mortgage lender decreased all the way down to $623.1 million in 2021, compared […]
J.P. Morgan Mortgage Trust, the securitization conduit for financial giant JPMorgan, recently issued a $2 billion offering backed by a pool of jumbo loans — capping off a vibrant first month of 2022 for the overall private-label market. At least 25 transactions collateralized by more than 27,000 mortgages valued at $14.3 billion hit the market in […]
Brena NathHW+ Managing Editor I never thought I would see the day when the housing industry and the dating industry shared a common struggle — getting ghosted. The term is not so fondly used in the dating world when someone suddenly and without explanation withdraws from communication. In similar sentiment, the word is used in […]
California-based PennyMac Financial Services will invest $3.9 million to open a new mortgage origination center in Franklin, Tennessee. The nonbank mortgage lender is expanding its consumer direct lending business while some competitors are laying off employees with the expectation that the channel cools down with higher mortgage rates. PennyMac’s new project will create 325 jobs […]
Milo, a Miami-based digital lender, announced last week that it is rolling out a crypto mortgage product to clients with digital currency. Josip Rupena, the CEO of Milo, hopes that his mortgage product will allow borrowers who may not be able to qualify for a conventional mortgage to have a shot at a 30-year mortgage, […]
Consumer advocates, fair housing groups, banks and mortgage lenders don’t always play on the same team, but today they joined forces to critique the Federal Housing Administration’s proposed servicing defect taxonomy. In a joint letter to Lopa Kolluri, FHA’s principal deputy assistant secretary, the American Bankers Association, Americans for Financial Reform Education Fund, Center for […]
There are some interesting trends that have come out of the boom years of 2020 and 2021. The realignment of the mortgage industry should make us all rethink how we look at lenders by category. Rather than looking at bank-owned mortgage companies and independent mortgage companies, perhaps we should think of new categories. For example, […]
I have been a happy camper lately, particularly with the rise of the 10-year yield as I am seeking balance in the housing market. I love these times in the market and the San Francisco 49ers are making an epic run in the playoffs, so what else can a person ask for? Other people might […]
Two of the most powerful U.S. housing entities are at odds over the future of the federal government’s cash-strapped flood insurance program. The National Association of Realtors, which represents real estate agents, brokerages and consumers, wants the Federal Emergency Management Agency to carve out a privacy law exception, and require that the history of a […]