In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez sits down with Terry Schmidt, CEO of San Diego-based Guild Mortgage, to discuss the company’s recent acquisitions, reverse mortgages and the use of artificial intelligence for mortgage originators. This interview has been edited for length and clarity. To start the conversation, the duo […]
The Mortgage Bankers Association (MBA) this week published a proposal for Ginnie Mae to develop a new mortgage securitization product that could boost the availability of private capital liquidity sources into the market, particularly in periods of stress for the U.S. economy. Importantly, the association said that the recent development of Ginnie Mae’s new, complementary […]
While the mortgage industry debates the future of Fannie Mae and Freddie Mac under the incoming Trump administration, the Congressional Budget Office (CBO) released a study on Friday suggesting that a recapitalization of the government-sponsored enterprises (GSEs) could benefit the U.S. Department of the Treasury in most scenarios. This follows a separate CBO study from […]
A reauthorized version of the Older Americans Act (OAA), originally passed by Congress and signed into law by President Lyndon Johnson in 1965, has passed the Senate and is now making its way to the House of Representatives. This is according to announcements by Senate Health, Education, Labor and Pensions (HELP) Committee Chair Bernie Sanders […]
Planet Financial Group, the parent company of Planet Home Lending, completed the issuance of $475 million in senior unsecured notes this week, the latest mortgage company to raise debt in an oversubscribed transaction. The company’s initial target for the offering was $400 million. The notes, which carry a 10.5% interest rate, are due in December […]
The Republican steering committee in the U.S. House of Representatives has selected Rep. French Hill to chair the powerful House Financial Services Committee, which oversees the entirety of the U.S. financial services industry including the housing, insurance, securities and banking sectors. The committee routinely examines issues and proposed legislation relevant to these businesses, and it […]
President-elect Donald Trump’s transition team is reportedly considering sweeping structural changes to bank watchdogs, which have the potential to impact the mortgage market. Analysts anticipated a shift toward a more lenient regulatory environment for the financial sector under the new Trump administration, but recent discussions suggest even more drastic measures are on the table. The […]
While buyback volumes remain well below their 2022 peak, they are still elevated compared to pre-pandemic levels. The added cost pours salt in the wound for credit unions, banks, and independent mortgage bankers, who are already recording average pre-tax losses of $534 per loan origination. This challenging environment, marked by high operating costs and low […]
September signified a steady decline in mortgage performance since the end of third-quarter 2023. About 3% of all mortgages were in some form of delinquency in September 2024 — up 20 basis points year over year, according to a CoreLogic report released this week. This is the fourth consecutive month that the national delinquency increased […]
Editor in Chief Sarah Wheeler sat down with Jeff Bell, president of both UpWell Mortgage and software company Uplist, to talk about how he thinks about technology, and the good news that the industry is turning a corner after two rough years. Bell was in tech in the late 1990s, then got into the mortgage […]
The Consumer Financial Protection Bureau (CFPB) has been something of a political lightning rod ever since it began operations in 2011 under the Obama administration. But with the incoming Trump administration showing signs of fierce opposition to the agency, some of its biggest defenders are coming to its defense ahead of a period of uncertainty. […]
The Mortgage Bankers Association (MBA) on Thursday published a proposal for Ginnie Mae to develop a new mortgage securitization product. The association said it would boost the availability of private capital liquidity sources into the market, particularly in periods of stress for the U.S. economy. The proposal is presented by the trade group in the […]
Institutional sellers at distressed property auctions have gradually lowered pricing over the last six months as rising retail inventory and stubbornly high mortgage rates act as twin headwinds for buyers purchasing at these auctions. This downward pricing trend at distressed property auctions, combined with affordability constraints for retail buyers and rising rates of serious delinquency, […]
Leading U.S. mortgage lenders United Wholesale Mortgage (UWM) and Better have joined Fannie Mae’s pilot program that waives lender title insurance requirements for certain refinance transactions, HousingWire has learned. The initiative, announced by President Joe Biden during his March 2024 State of the Union address, seeks to reduce closing costs as part of his broader […]
The U.S. Department of Housing and Urban Development (HUD)’s Office of Policy Development and Research recently published a report that more closely examines the housing needs of older Americans and the pain points that have exacerbated their needs stemming from a national housing crisis. The material featured came from a workshop hosted by Fannie Mae […]
The Federal Housing Administration (FHA) on Wednesday published a final rule in the Federal Register, establishing a permanent program to sell seriously delinquent, FHA-insured single-family mortgages following the release of a proposal over the summer. A public inspection version of the rule was released on Tuesday prior to its final publication. “This rule amends the […]
Mortgage applications increased 5.4% on a seasonally adjusted basis during the week ending Dec. 6, stemming from a 27% jump in refinance activity, according to a report released Wednesday by the Mortgage Bankers Association (MBA). This is the latest weekly increase in mortgage applications, following a trend of steady demand increases over the past several […]
The Community Home Lenders of America (CHLA) this week sent a letter to the Consumer Financial Protection Bureau (CFPB), urging action on mortgage trigger leads after an amendment to address them was removed from a must-pass spending bill. CHLA is effectively asking the CFPB to adopt the provisions of the amendment to the National Defense […]
San Francisco-based mortgage software development company Blend Labs announced Tuesday that it’s hiring Srini Venkatramani as head of product, technology and customer operations. Venkatramani joins Blend after the company’s profitable third-quarter 2024 performance. The technology leader brings 23 years of experience, including a recent role as chief product and technology officer at PlanSource. He will […]
Sierra Pacific Mortgage has hired Suzy Lindblom as its new Chief Operating Officer, the company announced in a LinkedIn post. Lindblom confirmed the move in her own post, adding that she has been working with Sierra Pacific as a consultant for the last six months. With more than 40 years of experience in the mortgage […]
Foreclosure activity slowed slightly in November 2024, reversing a trend of rising foreclosures in October. But this decline may merely be a seasonal phenomenon, according to real estate data provider Attom. On Tuesday, Attom released its November 2024 U.S. Foreclosure Market Report. The report includes the total number of properties nationwide that have at least […]
After briefly crossing the 7% threshold, mortgage rates have moved lower in the past two weeks. And they have the potential to continue dropping by the end of the year, depending on how markets react after next week’s Federal Reserve meeting. At HousingWire’s Mortgage Rates Center on Tuesday, the 30-year conforming rate averaged 6.87%. That […]
The Consumer Financial Protection Bureau (CFPB) this week announced it has launched rulemaking to address harmful financial consequences of crimes including domestic violence and elder abuse. The Bureau is announcing it ahead of time to gather feedback for potential amendments to the regulation that implements the Fair Credit Reporting Act (FCRA), Regulation V. Specifically, the […]
A welcome drop in 30-year conforming mortgage rates to the low-6% range led to a burst of refinance activity early in the fall, with more than 300,000 mortgage holders closing refinance transactions in September and October. That’s according to the December 2024 Mortgage Monitor report from Intercontinental Exchange (ICE). “Homeowners pounced on their incentive to refinance […]
In an industry without formal education requirements, mortgage coaches can play a critical role in professional education and development. But gone are the days when loan officers were the only ones who needed to stand out from their competition — mortgage coaches are now the ones competing for a dwindling pool of LOs. At the same […]
In a recent episode of “The Loan Officer Podcast,” co-hosts Dustin Owen and John Coleman dive into the potential impacts of Elon Musk’s idea to disband the Consumer Finance Protection Bureau (CFPB). This conversation has been edited for length and clarity. To start the episode, Coleman asks Owen to share his perspectives on Musk’s plan […]
As we approach the end of the year and celebrate the holidays, let’s not forget your organizations #1 asset. YOUR TEAM! I know the year hasn’t been the greatest for our industry, or most industries for that matter. But if your company is still standing (I’m still standing, yea… yea… yea – in my Elton […]
Residential sale-leaseback platform EasyKnock has abruptly shut down its operations after facing scrutiny from state regulators and being under fire from disgruntled consumers. “After many years of serving consumers, EasyKnock has closed its doors,” a message on the company’s website states. “We are deeply grateful for the trust placed in us to be part of […]
The reverse mortgage division of Rate — formerly known as Guaranteed Rate — recently announced the hiring of reverse industry veteran Jesse Allen as the president for Rate’s reverse lending division as the company heads into 2025. In a wide-ranging interview with HousingWire‘s Reverse Mortgage Daily (RMD), Allen first explored the state of the business […]
A survey of 1,000 Americans ages 65 and older found that nearly 90% want to age in place in their own homes. The survey also listed the best and worst cities for aging in place based on cost of living, availability of care and life expectancy. The survey, conducted by This Old House, asked respondents […]
The U.S. Department of Housing and Urban Development (HUD) on Monday announced the disbursement of $72.6 million in new funding under the Indian Community Development Block Grant (ICDBG) program, adding up to $2 million to 38 individual community recipients to bolster housing development, expansion and preservation. The grant funds will be primarily deployed to bolster […]
If 2024 was a rollercoaster, 2025 is shaping up to be a championship game—and every buyer, seller and homeowner has a shot at winning big. After a year filled with rate swings, unpredictable markets and a bit of drama (thank you, inflation), the real estate world is ready for a fresh start. Whether you’re looking […]
U.S. mortgage holders experienced a home equity increase in the third quarter of 2024 — up 2.5% year over year to a total of $17.5 trillion nationwide. But that was down from 8% growth in the second quarter, and negative equity also ramped up for the first time in two years, according to a CoreLogic […]
In the newest episode of the HousingWire Daily podcast, Editor in Chief Sarah Wheeler sits down with author and investment banker Chris Whalen to explore the potential pitfalls of ending the federal conservatorships of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. This interview has been edited for length and clarity. To start the […]
Many older Americans say they have no plans to sell their homes. What does this mean for younger generations who are looking to enter the homeownership phase of life? (Image generated by AI in Midjourney) There are two particular ways for people to interpret the phrase “silver tsunami” in the context of an aging population’s […]
Tim Nelson, reverse department manager at VIP Mortgage, is a 35-year veteran of the mortgage business, and he has been solely focused on reverse mortgages for the past 15 years. Nelson recently sat down with HousingWire’s Reverse Mortgage Daily (RMD) to share perspectives on what it was like to move from being a reverse mortgage […]
The Federal Housing Administration (FHA) on Friday announced two new key responses to its ongoing disaster recovery efforts in the wake of an accelerating trend of extreme weather events. These include an extension of a foreclosure moratorium for victims of hurricanes Helene and Milton, as well as a new pre-disaster housing partnership with the Federal […]
Sam Valverde, who stepped down as acting president of Ginnie Mae on Nov. 30, will join Freddie Mac as vice president of mission and community engagement in the government-sponsored enterprise’s single-family acquisitions division. The move is effective Monday. With more than 20 years of experience in housing and capital markets, Valverde has held senior positions […]
UWM Holdings Corp., the parent company of leading U.S. mortgage lender United Wholesale Mortgage (UWM), has raised $800 million through an unsecured debt offering, a 60% increase from its initial plan. The offering, targeted at qualified investors, priced at 6.625% with senior notes due in 2030. These notes are guaranteed on a senior unsecured basis […]
Home Equity Conversion Mortgage (HECM) endorsements continued to decline in the 2024 fiscal year from a recent peak observed in 2022, while the HECM line of credit continued its dominance as a payment option. Single women were the single largest cohort served by the HECM program. This is according to program data from the Federal […]
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 […]