A 60 basis point increase in mortgage rates in October has strangled mortgage demand, particularly for refinancings, according to the latest survey data from the Mortgage Bankers Association. Mortgage applications overall decreased 0.1% from one week earlier, per the MBA‘s weekly applications survey for the week ending Oct. 25. The Market Composite Index, a measure […]
Former House Speaker John Boehner, pictured on the big screen, shares his perspectives on the 2024 election during the MBA Annual event in Denver on Tuesday. (Photo by Chris Clow) If the U.S. presidential election were held today — one week prior to Election Day — then Donald Trump would retake the White House and […]
Employment data for October is set to be released Friday, and it will go a long way in determining the path for mortgage rates, which have surged upward in the past month. At HousingWire’s Mortgage Rates Center on Tuesday, the average rate for 30-year conforming loans was 6.72%. That’s up 10 basis points (bps) from […]
Earlier this year, Lewisville, Texas-based property services company MCS announced that it acquired Five Brothers Asset Management Solutions, a deal that brought MCS into the reverse mortgage industry for the first time. Soon after, CEO Craig Torrance offered an early look at what he hoped to achieve with the move. Roughly six months later, Torrance […]
If you didn’t know it before, you’re likely to be reminded every day between now and Nov. 5 that this is a close election for the balance of power in Washington, D.C. This theme persisted through the first full day at the Mortgage Bankers Association (MBA)’s Annual Convention and Expo in Denver this week. Programming […]
Industry-leading reverse mortgage lender Finance of America (FOA) announced this week that nearly all of the holders of outstanding senior notes that were set to mature in 2025 will participate in a new bond exchange offer that was first announced in June and amended last month. Under the amended offer, the current unsecured notes, due […]
While we can’t share their names, we can share their stories. It’s the same one, over and over again. An individual, often for the first time, is engaging in one of the most important transactions of their lifetime: homeownership. Already intimidated by the multitude of financial requirements that come with securing a mortgage, the borrower becomes […]
Mortgage technology company Gateless is offering its flagship automated underwriting platform to a new lender. The Loan Store — a wholesale lender based in Arizona — will now use the Gateless Smart Underwrite platform, according to a recent announcement. The artificial intelligence-based platform, the latest addition to the Gateless AI mortgage tool suite, aims to […]
On Monday, the Federal Housing Finance Agency (FHFA) announced that all approved lenders will have access to a fee-based alternative to repurchase Freddie Mac’s performing loans with defects, expanding a pilot program launched earlier this year. In addition, the FHFA announced that government-sponsored enterprises (GSEs) will give 60 days of advance notice for increases to […]
In a significant move designed to expand homeownership access, the Federal Home Loan Bank of New York (FHLBNY) announced the adoption of an alternative credit scoring model to boost mortgage credit availability. The wholesale bank will now allow members to pledge mortgage collateral using the VantageScore 4.0 system. FHLBNY will partner with 330 lenders across […]
It might be fitting that Bob Broeksmit struck a more conciliatory tone during his speech to kick off MBA Annual than he did last year, when he said the mortgage trade organization was “playing offense” to “stop the madness.” After all, the general election is a little over a week away and the MBA has […]
Fluctuating interest rates and a fast-changing market Last month, we saw the Federal Reserve deliver their long-awaited decision to lower interest rates with a 50 basis points cut, and 30-year mortgage rates reached as low as 6.08% according to ICE’s 30-year fixed conforming rate index. This increased refinance incentive, and mortgage applications reached their highest […]
Roughly 16% of women workers are “very confident” that their retirement prospects will lead them to have a satisfactory lifestyle, illustrating that women remain at greater risk than men for achieving a sustainable retirement. This is according to a new survey-based report from the Transamerica Center for Retirement Studies. “Women have made great strides in […]
The mortgage industry has long been promised a technological revolution to streamline workflows, reduce operational costs, and enhance efficiency. Yet, despite significant investments in new technologies, the cost to originate loans has dramatically increased. Companies still grapple with cyclical hiring and firing, and the anticipated return on investment (ROI) from technology implementations still needs to […]
The most challenging period for the mortgage industry appears to be in the rearview mirror, as the Mortgage Bankers Association (MBA) forecasts $2.3 trillion in origination volume for 2025—representing a robust 28.5% growth over 2024. “We are in a much better place now than a year ago. Let’s keep that in mind when we look […]
Clients who wish to use ICE Mortgage Technology‘s legacy Software Development Kit (SDK) technology on Encompass will be afforded a six-month grace period from the original Oct. 31, 2025, transition deadline to the API-based platform before being charged. The company characterized the new transition timeline not as a delay, but rather an “extension” afforded to […]
In prior conversations with HousingWire’s Reverse Mortgage Daily (RMD), leaders of equity sharing companies contend that their products are different from reverse mortgages largely because they are not debt-based instruments. But a court case playing out in the U.S. Court of Appeals for the Ninth Circuit features plaintiffs who argue that they are — at […]
In the latest episode of the Power House podcast, HousingWire CEO Clayton Collins sits down for a conversation with Uplist President Jeff Bell to explore coaching, loan monitoring, recapture strategies and more. These questions and responses have been lightly edited for length and clarity. Clayton Collins: Give us a glimpse into how you’ve developed as […]
The National Reverse Mortgage Lenders Association (NRMLA) has elected its board officers and co-chairs for the 2024-2025 term, including a slate of new officers along with both new and returning co-chairs. Mike Kent, senior vice president of reverse asset management and industry relations at PHH Mortgage Corp., has been reelected as co-chair. This will be […]
Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too. ” data-image-caption=” Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too. (Image […]
The strongest market agitator in the first half (H1) of 2025 is not likely to be either U.S. unemployment or inflation caused by monetary or fiscal policy. Based on the latest readings, inflation is consistently decreasing, reacting as expected to the Federal Reserve’s interest rate hike campaign that sent mortgage rates higher than they have […]
Mortgage technology startup Novaprime is making its public debut with the launch of an AI-powered loan platform that it claims allows lenders to sell loans to investors in just days, instead of weeks, all with a high degree of accuracy. The platform evaluates the loan purchase eligibility and data quality while also handling document management […]
In this HousingWire Executive Conversation, Tom Davis, Chief Sales Officer at Deephaven, discusses the opportunities in the non-QM investor loan space as we head into the new year. He emphasizes the importance of a diverse product portfolio including DSCR and business-purpose loans, to better serve clients. Davis also highlights Deephaven’s edge in products like their […]
Mutual of Omaha Mortgage’s reverse division has launched a new program, “Broker Protect,” that aims to offer what it calls industry-first protections to brokers doing business with the company. Mutual of Omaha approved brokers and principal agents will have access to five core protections, including a promise that the lender “will not solicit borrowers established […]
Onity Group, the parent company of PHH Mortgage Corp. and Liberty Reverse Mortgage, announced this week that it will offer $500 million in senior notes due in 2029. The proceeds from this note sale, along with additional cash from the company, will be used to pay off older debt with higher interest rates. The deal […]
The Mortgage Bankers Association (MBA) on Thursday released a new white paper, which argues that Section 8 of the Real Estate Settlement Procedures Act (RESPA) is in need of reform and modernization to better reflect “today’s highly-regulated mortgage market.” Dec. 22, 2024, will mark the 50th anniversary of RESPA being signed into law by President […]
With an unprecedented wave of retirements—over 4.1 million Americans each year, according to the Peak65 report by Alliance for Lifetime Income—understanding the intricacies of reverse mortgages is essential. Our latest research report, developed in partnership with Longbridge Financial, equips you with the knowledge to navigate this growing market and serve your clients effectively. Download the […]
Over the past few years, mortgage industry participants have made great strides in efforts to help close the gap in minority homeownership. Nationwide initiatives, such as the MBA of America’s CONVERGENCE place-based initiatives, the NAREB Building Black Wealth Tour and the Hispanic Wealth Project, bring hope to both consumers and lenders. On October 2, 2024, […]
American Identity Group, an information security company that monitors and fixes security breaches and primarily operates in the wholesale lending space, has also become well established in the title and home warranty industries. The company now aims to embed its services in forward and reverse mortgages. Representatives journeyed to San Diego last month to meet […]
According to CoreLogic, in the first quarter of 2024, homeowners across the U.S. saw a remarkable surge in their equity, gaining an impressive $28,000 on average. According to CoreLogic, total home equity skyrocketed to an astounding $33.8 trillion by May 2024—up from just $19.5 trillion in 2019, marking a staggering 73% increase. With the first […]
UWM has debuted a new cash-out refi product without mortgage insurance. ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?w=1024″ tabindex=”0″ role=”button” src=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?w=1024″ alt=”_UWM’s-new-cash-out-refinance-product (1)” class=”wp-image-488384″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg 1200w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=150,84 150w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=300,169 300w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=768,432 768w, https://www.housingwire.com/wp-content/uploads/2024/10/UWMs-new-cash-out-refinance-product-1.jpg?resize=1024,576 1024w” sizes=”(max-width: 1200px) 100vw, 1200px”>UWM has debuted a new cash-out refi product without mortgage insurance. Is the juice worth the squeeze? United Wholesale Mortgage (UWM) has […]
Mr. Cooper Group’s Jay Bray, left, and Mike Weinbach say that mortgage origination income that exceeded expectations in Q3 2024 isn’t likely to be the norm in the near future. When mortgage rates declined in the third quarter of 2024, Mr. Cooper Group doubled its gains in the origination business. But executives don’t expect to […]
The Mortgage Bankers Association (MBA) this week announced the hiring of veteran financial leader Astrid Vermeer as the trade group’s new senior vice president and chief financial officer. Vermeer brings more than 20 years of financial management experience to MBA’s leadership team. The organization spoke highly of Vermeer’s long track record of executive-level decision-making for […]
Stubbornly high rates have hindered mortgage demand, but at least it’s better than it was a year ago. Mortgage applications decreased 6.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly applications survey for the week ending Oct. 18. The Market Composite Index, a measure of mortgage loan application volume, […]
After two years of optimization efforts, Rate CEO Victor Ciardelli talks about the public launch of the Rate Intelligence AI-powered lending platform. Chicago-based Rate was the eighth-largest mortgage lender in the country during the first half of 2024, according to estimates from Inside Mortgage Finance. On Wednesday, the company implicitly announced its intentions to grow […]
The third-quarter financials for Pennymac Financial Services illustrate the double-edged sword of declining interest rates for mortgage companies. It can improve loan production and acquisitions but hurt their servicing portfolios. When factoring both impacts on its earnings, the California-based lender delivered a profit of $69.4 million from July to September. That was less than its […]
Guaranteed Rate Affinity announced a promotion on Tuesday as the joint venture company named 22-year industry veteran Mark Rawls as vice president of mortgage lending. Rawls is the latest addition to a leadership team of seven executives at the developing company. Guaranteed Rate Affinity was formed in 2017 through a partnership between Rate, formerly branded […]
A new study from Morningstar focused on U.S. retirement readiness illustrates that while there has been some improvement over time, general retirement preparedness is lacking. Using data from the Federal Reserve’s Survey of Consumer Finances, Morningstar researchers analyzed data from 3,442 households before projecting 1,000 possible “life paths” for each of them. The company used […]
The Federal Housing Administration (FHA) this week announced two temporary policy waivers as the response to hurricanes Helene and Milton continues. The FHA’s 203(k) rehabilitation mortgage program currently has a requirement that “when a repair is considered ‘major,’ it becomes ineligible to be financed” as part of the 203(k) limited option, ”if the repairs prevent […]
If there’s one word that best encapsulates the current political climate, it might be “polarized.” People who are active in the political process are often tribal about their beliefs on how the country should be run, and that tribalism has manifested into political polarization that seems to be striking everywhere. But with only two weeks […]
In a recent episode of “The Loan Officer Podcast,” co-hosts Dustin Owen and John Coleman discuss key tips for loan officers when engaging in small talk with prospective clients. Owen and Coleman explore common discussion topics, conversational nuances and best practices for communicating with clients from different backgrounds. These questions and responses have been lightly […]
The Consumer Financial Protection Bureau (CFPB) has finalized a rule that lays the groundwork for open banking in the U.S. financial system, including the mortgage sector. But this rule has sparked mixed reactions within the industry, reflecting both enthusiasm and concerns. Announced on Tuesday, the new rule mandates that financial providers — including banks, credit […]
Mortgage technology company Uplist has launched what it says is a killer new tool that will help loan officers automatically generate refinance options for their clients. The technology, called “Recapture,” is integrated with the leading pricing engines, and it provides LOs with timely, accurate data that identifies multiple refi opportunities for clients. Unlike other industry […]
Unexpected financial hardships are an unfortunate but not uncommon challenge facing many homeowners. To help overcome these obstacles, Sagent has created its Dara Loss Mitigation platform as a solution that modernizes how homeowners and mortgage servicers address financial hardship. Modernizing the hardship application process Traditionally, applying for mortgage assistance has been cumbersome, involving extensive paperwork, […]
Another regulator has sued Rocket Mortgage for allegedly discriminating against a Black homeowner by undervaluing her home during an appraisal in Colorado three years ago. And the Detroit-based lender believes it’s a “massive overreach.” On Monday, the U.S. Department of Justice—following a move made by the U.S. Department of Housing and Urban Development (HUD) in […]