In this week’s episode of the Power House podcast, Mr. Cooper CEO Jay Bray joins HousingWire president Diego Sanchez for a conversation centered on balanced servicing and origination activities in the mortgage space. The duo explore Mr. Cooper’s growth initiatives, artificial intelligence (AI) usage for revenue growth and the future of the mortgage business. The […]
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2025 Tech100 Award are open now through December 16, 2024. Click here to nominate a tech organization. The mortgage and real estate industries are on the cusp of a technological revolution, with emerging innovations like […]
President-elect Donald Trump and Republican Party critics of the Federal Reserve may not be aligned on what they see as key priorities for reforming the central bank. Trump has previously said that he wants more influence over its practices, but lawmakers may want the opposite, according to a report from Politico. “The president-elect’s chief issue […]
UWM Holdings Corp., the parent company of leading U.S. mortgage lender United Wholesale Mortgage (UMW), announced Thursday its plan to raise $500 million in debt through a private offering of senior notes that mature in 2030. The company intends to use the proceeds to pay down outstanding amounts on its mortgage servicing rights (MSR) facilities […]
As consumer debt reaches all-time highs and the cost of living continues to escalate, home equity investment fintech Splitero on Thursday announced a purchase commitment from funds managed by asset manager Blue Owl Capital. Per a release from the companies, Blue Owl’s alternative credit strategy funds will purchase up to $350 million of home equity […]
Rocket Mortgage, the third-largest U.S. mortgage lender, is suing the U.S. Department of Housing and Urban Development (HUD), alleging the agency is “unfairly” holding the company accountable for the actions of an independent appraiser in a 2021 case. The lawsuit was filed Wednesday in U.S District Court in Colorado. A HUD spokesperson told HousingWire that […]
A bill aimed at limiting the use of credit trigger leads was excluded from the Senate’s Fiscal Year 2025 National Defense Authorization Act (NDAA), the Broker Action Coalition informed its members on Wednesday. However, the group assured members that a backup strategy is already in place. “This bill, along with a slew of other provisions, […]
In my previous article, we examined whether technology is the problem rather than the solution in the mortgage industry. Despite significant investments to streamline workflows and reduce costs, the industry continues to face escalating origination expenses and cyclical workforce adjustments. This raises a new question: If technology alone isn’t the cure-all, what should the industry […]
The Federal Housing Administration (FHA) announced last week that the Home Equity Conversion Mortgage (HECM) limit for 2025 will be $1,209,750. It’s the ninth straight year that the limit will increase based on home-price appreciation levels, which feeds into a single, national limit for all HECM loans. While the increased limit theoretically increases the borrowing […]
Removing the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac from federal conservatorship — where they have been since the aftermath of the 2008 financial crisis — has been a longtime priority of Republican leaders in government. President-elect Donald Trump has spoken about it during his first term in the White House and in the […]
Michigan-based United Wholesale Mortgage (UWM) has launched a new pricing incentive, offering 60 basis points (bps) to its broker partners for the next 60 days, a period when mortgage market activity typically slows due to the holiday season. The program, dubbed “60bps for 60 Days,” applies to both conventional and government loans and is available […]
The Federal Housing Administration (FHA) on Wednesday published Mortgagee Letter (ML) 2024-24, which implements guidance first floated this past summer to open up communications between mortgage lenders and defaulted borrowers to remote and electronic methods. This is designed to broaden the ways for borrowers to meet with lenders following the success of remote communications on […]
After hitting a historic low point in 2023, mortgage delinquency rates have been climbing rapidly in recent quarters, particularly within the Federal Housing Administration (FHA) portfolio. The shift is being driven by a combination of factors, including macroeconomic pressures, the impact of natural disasters, and rising property insurance premiums and taxes. Certain borrower groups are […]
Mortgage applications increased 2.8% on a seasonally adjusted basis during the week ending Nov. 29 as borrowers took advantage of improved inventory levels and the lowest mortgage rates in a month, according to data released Wednesday by the Mortgage Bankers Association (MBA). Purchase loan activity drove total applications higher last week, which included an adjustment […]
While there has been something of a “yo-yo” of gains and losses in the reverse mortgage industry’s performance metrics for the past several months, some mixed signals on the horizon — such as higher interest rates that could depress origination volumes along with the potential implementation of HMBS 2.0 — leave 2024 winding down in […]
If housing industry professionals are looking for an early Christmas gift, they might receive it in the next two weeks if key economic indicators move in the right direction. At HousingWire’s Mortgage Rates Center on Tuesday, the 30-year conforming rate averaged 6.98%. That was down 4 basis points (bps) from a week ago and the […]
While much has been said about the so-called “Department of Government Efficiency” to be led by billionaire Elon Musk and former presidential candidate Vivek Ramaswamy, much of the focus has been levied at programs the new entity will aim to cut. But programs under the purview of the U.S. Department of Housing and Urban Development […]
The Federal Housing Administration (FHA) this week published a final Mortgagee Letter (ML), 2024-23, that requires lenders to report a cybersecurity breach within 36 hours of being detected. While the FHA posted a draft version of the ML online in September to seek feedback, the agency stated that the draft is being issued as final […]
In one of its final regulatory efforts under the Biden administration, the Consumer Financial Protection Bureau (CFPB) proposed a new rule on Tuesday that aims to protect consumer financial data from misuse by limiting its sale by data brokers. The proposal has drawn criticism from industry trade groups concerned about its potential implications. The U.S. […]
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2025 Tech100 Award are open now through December 16, 2024. Click here to nominate a tech organization. As the mortgage world continues to see rapid tech advancements, staying ahead of the curve requires more than just keeping […]
The reverse mortgage division of Rate, formerly known as Guaranteed Rate, has been on a mission to bolster its market presence for the past few years. According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), the company grew its endorsement volume by roughly 870% year to date through July. […]
Despite being the beneficiaries of historic increases in home-price appreciation during and after the COVID-19 pandemic, older baby boomers — many of whom are approaching the age of 80 in 2025 — are now finding themselves challenged by a dearth of housing inventory that can best accommodate living in later life. This is according to […]
A series of threats leading up to and following the Thanksgiving holiday targeted several prominent people in the Republican and Democratic parties, including cabinet nominees for president-elect Donald Trump’s upcoming administration and multiple Democratic lawmakers. Among the Trump cabinet nominees targeted was Scott Turner, Trump’s nominee to serve as secretary of the U.S. Department of […]
Wells Fargo announced on Monday that it has expanded its $10,000 down payment grant program for underserved borrowers to an additional 12 metro areas, more than a year after initially launching it in eight markets. “We are expanding the availability of our Homebuyer Access grant program to additional areas to expand opportunities for low-to-moderate income […]
Mortgage brokerage firms are now under heightened scrutiny from the Consumer Financial Protection Bureau (CFPB). The regulator has recently assembled a team to audit these firms as their market presence has grown to rival regional lenders, HousingWire has learned. The CFPB’s focus is on how brokerage firms comply with loan officer compensation rules, particularly in […]
Communities across the country, particularly those that are popular among retirees, are seeing an influx of older residents as a “silver tsunami” — based on population rather than housing inventory — prepares to wash over them. South Florida — already a popular retirement destination due to its warmer year-round climate — has been struggling with […]
The rational case for repealing MLS Clear Cooperation rules. Does cc work? Do I benefit from it? Would I like it to stay in place? Yes. Is it best for consumers, (who anti-trust laws are designed to protect?) It depends. Are we comparing it to Compass’ gamesmanship ushering in a worst-case scenario where buyers need […]
The Federal Housing Administration (FHA) announced this week that the Home Equity Conversion Mortgage (HECM) limit for 2025 will be $1,209,750. But reverse mortgage industry analysts who regularly cover developments in the space are split on whether the increase will make a material difference in the trajectory of the business in the new year. The […]
Late last week, president-elect Donald Trump announced that he had chosen Scott Turner, the former executive director of the White House Opportunity and Revitalization Council, to lead the U.S. Department of Housing and Urban Development (HUD). Housing industry reactions were primarily congratulatory for Turner. They included vows from organizations such as the Mortgage Bankers Association […]
Mortgage applications rose 6.3% on a seasonally adjusted basis during the week ending Nov. 22, driven by a 12% increase in demand for purchase loans, according to data released Wednesday by the Mortgage Bankers Association (MBA). It is the third straight weekly increase for applications — a good sign for mortgage lenders heading into the […]
Top U.S. wholesale lender United Wholesale Mortgage (UWM) has taken another aggressive move related to its product set, underscoring its strong commitment to government-backed loans. On Wednesday, the company announced the removal of all loan-level pricing adjustments (LLPAs) on government loans, albeit with some limitations. The program applies to Federal Housing Administration (FHA), U.S. Department […]
When I began working on this piece, I was told that the mortgage community as a whole—and loss mitigation professionals in particular—would be resistant to the message. But I don’t think that’s true. Because not only are we an industry that values the bottom line, we serve the spirit behind the American Dream of homeownership. […]
Mortgage technology platform Haven is allowing its users to access property tax monitoring and protesting services. The New Jersey-based company has partnered with property tax service provider Ownwell, according to a recent joint announcement. Through this partnership, Haven will offer an escrow monitoring feature through the platform’s affiliate marketplace, or app store, which offers products […]
The limit for federally backed reverse mortgages is increasing for the ninth consecutive year. The Federal Housing Administration (FHA) announced on Tuesday via Mortgagee Letter (ML) 2024-22 a maximum claim amount of $1,209,750 in 2025. That’s up $59,925 from the current limit of $1,149,825 for Home Equity Conversion Mortgages (HECMs), which equates to an increase […]
The mortgage rate increases of the past two months continued this week even as the pace of increases showed more signs of slowing. But rates have also crossed the 7% threshold once again, which could represent a mental hurdle for home shoppers. According to data at HousingWire’s Mortgage Rates Center, the average 30-year conforming rate […]
The Federal Housing Finance Agency (FHFA) has set a new baseline conforming loan limit of $806,500 for one-unit properties in 2025, authorizing Fannie Mae and Freddie Mac to purchase mortgages up to this amount. The new limit reflects a 5.2% increase over the current $766,550 cap for 2024, aligning with home price trends. The adjustment […]
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2025 Tech100 Award are open now through December 16, 2024. Click here to nominate a tech organization. For the past 14 years, HousingWire’s Tech100 award has been celebrating the most innovative and impactful tech organizations […]
The Federal Housing Finance Agency (FHFA) on Monday unveiled its three-year plan for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to improve housing opportunities in underserved areas. Key pillars of the plans include bolstering access in rural communities, looking to manufactured housing as an instrument to bolster supply, and addressing liquidity needs for […]
After spending their entire career in the “accumulation” phase of wealth building, retirees who then have to transition into the “decumulation” phase — spending down their assets with no additional employment income — is a source of stress for nearly half of American retirees. This is according to a study conducted by the Alliance for […]
Ginnie Mae on Monday released a final term sheet for its new, complementary Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program referred to as “HMBS 2.0.” Ginnie Mae has been developing the final term sheet in consultation with reverse mortgage industry stakeholders and comments submitted to the government-owned company. The final term sheet arrives after […]
In this HousingWire executive conversation, Chris Kennedy, Director of Sales and Business Development at RiskSpan, explores the key recapture strategies that lenders can follow to maximize profit in the 2025 real estate market. He stresses the importance of optimizing recapture workflows in the new market with new tools and strategies. Following that, Kennedy introduces RiskSpan’s […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down with Chad Smith, president and chief operating officer at Better. The duo discuss Smith’s decision to join Better, the company’s new platform and AI loan assistant, and its growth strategies going into 2025. This interview has been edited for length […]
President-elect Donald Trump announced late Friday that he has chosen Scott Turner, the former executive director of the White House Opportunity and Revitalization Council (WHORC), to serve as the next secretary of the U.S. Department of Housing and Urban Development (HUD) in his administration. Scott Turner, the nominee to lead HUD under President-elect Donald Trump. […]
The reverse mortgage industry has been anticipating the development of a new, complementary Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program designed to further address liquidity issues in the aftermath of the collapse of a major lender and issuer. But following the results of the 2024 presidential election, the implementation of “HMBS 2.0” and other […]
Treating older patients with chronic health conditions can already be a challenge for medical professionals, but some of these challenges can bite harder if a patient endures preventable trauma, including a fall. That’s why it’s so important to ensure a living space is appropriately fashioned for aging in place. This is according to James Taylor, […]