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CFPB Director Rohit Chopra ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ loading=”lazy” width=”1220″ height=”700″ src=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?w=1024″ alt=”HW-Rohit-Chopra” class=”wp-image-323927″ srcset=”https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png 1220w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=150,86 150w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=300,172 300w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=768,441 768w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=1024,588 1024w, https://www.housingwire.com/wp-content/uploads/2021/10/HW-Rohit-Chopra.png?resize=600,344 600w” sizes=”(max-width: 1220px) 100vw, 1220px”>CFPB Director Rohit Chopra The new Consumer Financial Protection Bureau (CFPB) debt collection rule allows mortgage servicers to communicate with borrowers on social media, but the compliance […]

Investment bank Goldman Sachs, through its affiliate Goldman Sachs Mortgage Co., has sponsored 18 private-label transactions so far in 2021 backed by more than 20,000 loans valued collectively at $9.9 billion, an analysis of bond-rating reports shows. Goldman Sachs’ string of residential mortgage-backed securities (RMBS) offerings this year were dominated by a dozen prime jumbo-loan […]

Vishal Garg, CEO of Better.com In the span of three minutes, 900 Better.com employees were fired via Zoom by the company’s CEO Vishal Garg last week. “If you’re on this call, you are part of the unlucky group,” Garg said nonchalantly in a video that was leaked to the internet. “Your employment is terminated effective […]

Mortgage applications increased 2% for the week ending Dec. 3, driven by a surge in government refinancings according to the Mortgage Bankers Association (MBA) survey published on Wednesday. The increase was mainly driven by the refinance index up 9% from the previous week on a seasonally adjusted basis. Concurrently, the purchase index decreased 5% from the week prior. “Mortgage […]

Record home price appreciation in recent years has pushed tappable home equity to new heights. According to a report published by data vendor Black Knight this week, the third quarter of 2021 saw a nearly $250 billion dollar increase in tappable equity—a record. In turn, Black Knight predicts that there will be an influx of […]

More than five million households failed to make their rent or mortgage payments in October, an increase compared to the same period of 2020, and a concern for mortgage servicers. According to the Mortgage Bankers Association‘s Research Institute for Housing America (RIHA), the number of households missing rent or mortgage payments increased from 5.33 million […]

The Federal Reserve Bank of New York later this week plans to sell up to $90 million in agency mortgage-backed securities (MBS) now held in portfolio, a small sale, but still an interesting move in the current economic climate.  The MBS asset sale is not indicative of a change in monetary policy on the part […]

Stakeholders are divided over whether, in light of proposed changes to its capital rule, the Federal Housing Finance Agency should retool its agreement with the U.S. Treasury and remove policies some say never belonged there in the first place. Even if the mortgage industry were in agreement, there is little they could do about it. […]

This week’s HW+ member spotlight features Reina Ramos, senior vice president, mortgage market leader at City National Bank of Florida. She joined CNBF after more than a decade with Seacoast Bank, where she served as senior vice president, residential lending production manager. Below, Ramos answers questions about the housing industry: HousingWire: To start off, what is […]

On Tuesday, the Federal Housing Finance Agency revealed the much-anticipated conforming loan limits for 2022, with the baseline number jumping by 18% to $647,200. It’s the largest-ever annual increase in the size of loans eligible to be bought by Fannie Mae and Freddie Mac. The figure, which is determined by a formula set by Congress, […]

Fannie Mae is once again back in the credit-risk transfer market with a $984 million note offering through its Connecticut Avenue Securities real estate mortgage investment conduit, or REMIC. The recent offering, CAS Series 2021-R02, was slated to close this week and involves transferring loan-portfolio risk to private investors via a $984 million note offering […]

Mortgage rates increased one basis point to 3.11% in the week ending Dec. 2, ignoring the volatility in the financial markets caused by the Omicron Covid variant, according to the latest Freddie Mac PMMS mortgage report. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.71%, according to the report published on Thursday. […]

The mortgage industry is contending with a loan-underwriter shortage that has acted like a governor on an engine — slowing the pace of a fast-growing private-label securitization market. The shortage stems from the imbalance created by the robust demand for underwriters in the private-label market set against the relatively stagnant supply of available underwriters — […]

Better.com founder and CEO Vishal Garg Digital mortgage lender Better.com is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group. Company officials say the moves will allow refi-heavy Better to increase its strength in a mortgage market that is increasingly becoming purchase-focused. The layoffs were announced […]

Online real estate platform Clever has raised $8 million in a Series B funding round to expand its team and accelerate its mortgage efforts, the company said on Wednesday. The round was led by Cultivation Capital, along with a strategic investment from The Mortgage Collaborative (TMC) Emerging Technology Fund.  Since its creation in 2017, the company has raised $13.5 […]

A federal judge ordered Ronald McCord, the founder of Oklahoma City-based lender and servicer First Mortgage Company, who was also once the president of the Mortgage Bankers Association (MBA), to pay $51.8 million in restitution for mortgage fraud. United States District Judge Robin Cauthron ordered McCord also serve 8.5 years in prison — the maximum the […]

Mortgage applications declined 7.2% for the week ending Nov. 26, reflecting a lower appetite for refinances, according to the Mortgage Bankers Association (MBA) survey published on Wednesday. The drop was mainly driven by the refinance index declining by 14.8% from the previous week, on a seasonally adjusted basis. Concurrently, the purchase index grew by 5.1% from the week prior. […]

Nonbank mortgage lenders regained their footing in the third quarter, upping their net profit by 28% to $2,594 on each loan originated, according to a quarterly report published by the Mortgage Bankers Association on Tuesday. But they would be wise to look at expenses, which climbed to the second-highest rate in recorded history. The results […]

Record-setting mortgage originations coupled with a resurgent private-label securitization market have created an expanding demand for loan underwriters at a time when they are in scarce supply.  That demand-supply imbalance has led to hiring blitzes, lucrative salary offers and bonuses that may help individual firms attract talent, but it also tends to exacerbate the shortage […]

The Federal Housing Finance Agency (FHFA) today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%. The federal government will now back mortgage loans of nearly $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas now $970,800 — or 150% of $647,200. Special […]

The supply-chain bottleneck afflicting the global economy has its own counterpart in the world of residential mortgage-backed securities, also referred to as RMBS. One group of industry players — loan underwriters — are the chief cause of the logjam. They are in high demand for each stage of the mortgage process, yet they are in […]

Life comes at you fast. During this Thanksgiving week, we went from higher yields and the first Fed rate hike storyline to a big drop in bond yields and scary headlines on a new COVID variant, Omicron. How do we make sense of all this? In this type of economic environment is it even possible […]

This week’s HW+ member spotlight features American Pacific Mortgage CEO Bill Lowman. Joining the company in 2002, American Pacific Mortgage named him president in 2004, and in 2016 he became CEO. Leading one of the largest independent mortgage banks in the country, Lowman is active in the industry, serving as immediate past chairman/treasurer at the […]

Mortgage rates remained at 3.10% in the week ending Nov. 24, according to the latest Freddie Mac PMMS mortgage report. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.72%. Sam Khater, Freddie Mac’s chief economist, said interest rate volatility has been low, despite the noise around the economy, inflation, and monetary policy. […]

Mortgage applications increased 1.8% for the week ending Nov. 19, despite higher rates, according to the Mortgage Bankers Association (MBA) survey published on Wednesday. The increase was mainly driven by the purchase index growing by 4.7% from the previous week, on a seasonally adjusted basis. Concurrently, the refinance index grew by 0.4% from the week prior. Joel […]

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″ loading=”lazy” 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 A former loanDepot employee has filed a lawsuit against the company and its CEO, Anthony Hsieh, for allegedly discriminating against him due to his physical disabilities and his sexual orientation. This is […]

Chicago-based Interfirst Mortgage Co. will lay off 77 employees in its Charlotte, North Carolina office come January 2022, a Worker Adjustment and Retraining Notification Act (WARN) notice filed by the company reveals. Among those getting a pink slip are 49 loan officers, 10 national account managers, seven retail sales managers and seven transaction coordinators. The […]

If you added up the impact that HousingWire’s Vanguard winners have had on the industry, you’d likely have a comprehensive list of the initiatives that have moved markets forward. These are the leaders who have dreamt, shaped and molded a better way to execute the home-buying journey. From injecting technology into the mortgage process to […]

A shortage of affordable starter homes is thwarting aspiring first-time homebuyers and fueling inflation in home prices. At the same time, many urban and rural communities are struggling for stability and vitality. It’s a fact: the homeownership gap between Black and white households is wider now than when the Fair Housing Act was passed in […]

The MSR sales market is finishing out 2021 at a robust pace that market observers expect will continue into the new year, propelled by a rising-rate environment and anticipated tax-code changes. As evidence, Denver-based Incenter Mortgage Advisors this month unveiled three new MSR bulk-sales packages that have been put out for bid that involve primarily […]

The Department of Veterans Affairs will raise appraisal fees and lengthen allowable turnaround times in select markets across the country in response to high demand for appraisals. The cabinet-level federal agency, which backs mortgage loans for veterans, said the move was in response to “unprecedented demand for appraisal services” in some markets. The fee increases, […]

On Tuesday, Mat Ishbia launched a strategy to attract sophisticated investors to United Wholesale Mortgage (UWM) shares and eliminate the “meme stock” label. However, that strategy is dead for now as UWM Holdings Corp. said on Thursday that its principal shareholder, SFS Holding Corp. — a holding firm controlled by Mat Ishbia and his father, […]

The Consumer Financial Protection Bureau (CFPB) is launching a voluntary review of its mortgage data collection — a key tool in bringing redlining cases — to assess its effectiveness in detecting discrimination. The evaluation of rules implementing the Home Mortgage Disclosure Act will support the CFPB in its efforts to maintain a “fair, competitive, and […]

Securitizations backed by jumbo loans and mortgages on residential investment properties have propelled a rebounding private-label market in 2021.  That gravy train, however, is expected to slow down some as we turn the corner into 2022 — with rising interest rates, spiking home prices and the expanding reach of government-sponsored enterprises (GSEs) Fannie Mae and […]

United Wholesale Mortgage (UWM) rolled out a new purchase product that will waive mortgage insurance payments if a borrower opts for a 10%-or-more down payment. But borrowers would be wise to note that they’ll get hit with higher interest rates. The product, dubbed “MI Buster,” will be available for conventional purchase loans starting at $200,000, […]

Mat Ishbia, president and CEO of United Wholesale Mortgage Mat Ishbia and his family will slightly reduce their ownership of United Wholesale Mortgage (UWM), a step to make the company more attractive to long-term investors – and, hopefully, to leave behind the “meme stock” label, according to analysts who follow the wholesale lender.  UWM Holdings […]

Mortgage rates strongly increased above 3% in the week ending November 18, according to the latest Freddie Mac PMMS mortgage report. The 30-year fixed-rate mortgage hit 3.10%, up 12 basis points from 2.98% the week prior. A year ago at this time, the average 30-year fixed-rate loan averaged just 2.72%. Sam Khater, Freddie Mac’s chief economist, said the […]

With the release to Congress of the FHA Actuarial Study it is time to make this call: HUD Secretary Marcia Fudge and President Joe Biden need to lower the FHA Premium. Not doing so is resulting in overcharging first-time homebuyers and especially African American and Hispanic borrowers, the segments of our housing population needing the […]

Refinance mortgage loan applications dipped 31% year-to-year on the week ending Nov. 12, according to a survey published by the Mortgage Bankers Association (MBA) on Wednesday. The refi volume decreased 5% compared to the previous week. Meanwhile, applications to purchase a new home declined 6% in one year. However, they were up 2% in comparison […]

Alessandro P. DiNello, president and CEO of president at Flagstar Bancorp Flagstar Bancorp. has been on a tear in 2021 when it comes to pursuing private-label securitizations, with 13 deals backed by some 22,000 home loans valued at $8 billion now under its belt through mid-November of this year. A pending merger with a New […]

Mortgage applications for new home purchases dipped by 15.2% year-to-year in October, according to a monthly builder survey published by the Mortgage Bankers Association this week. However, on a month-to-month basis, activity was actually 6% higher in October than in the month prior. The strong monthly gain puts MBA’s estimate of new home sales at […]

Rising home prices continue to fuel the growth of the nation’s multi-trillion dollar home-equity market, a fact not lost on behemoth investment-management firm PIMCO. The Newport Beach, California company has so far this year issued three-private-label transactions backed by home equity lines of credit and home-equity loans tied to a mix of performing and reperforming […]

Soon after the Department of Housing and Urban Development released its Mutual Mortgage Insurance fund report, housing finance and policy experts opined on whether the Federal Housing Administration (FHA) should lower the fees it charges borrowers. The fund, which insures mortgages backed by the Federal Housing Administration, benefited from the same macroeconomic factors that have […]

Michigan-based wholesale lender Homepoint is the latest firm to announce that it is making five, seven and 10-year adjustable-rate mortgages available to its network of mortgage broker partners, a move designed to generate purchase business. Earlier in November, United Wholesale Mortgage also announced a roll out of prime jumbo ARM products for its broker channel. […]

Vishal Garg, founder and CEO, Better.com Better.com is struggling to deal with the waning influence of refis in the mortgage market, with preliminary results published by their SPAC partner revealing that the digital lender expects a net loss between $85 million and $100 million in the third quarter. And the forecast looks even worse for […]