The New York Stock Exchange (NYSE) on Wednesday announced that the warrants of Finance of America, traded under the ticker symbol “FOA.WS,” will be delisted from the exchange due to being out of compliance with the exchange’s continued listing standard. The class A common shares traded under the “FOA” ticker symbol, however, will continue to […]
Mortgage applications declined by 2.6% on a seasonally adjusted basis during the week ending June 28, according to data released Wednesday by the Mortgage Bankers Association (MBA). The trade group cited upward movement in mortgage rates as the key reason why. According to HousingWire’s Mortgage Rates Center, the average rate for 30-year conventional loans was […]
As humans, we love projecting our emotions on non-human things like animals, objects and weather events. I’m told the psychological term for this is anthropomorphism, which is difficult to say three times super fast. We especially seem to label human-like characteristics for things that we can’t fully understand or have no means of explaining – […]
Editor in Chief Sarah Wheeler sat down with Consumer Financial Protection Bureau Director Rohit Chopra for a podcast this week and the talk turned to technology and tech companies. This interview has been edited for length and clarity. Listen to the whole episode here. Sarah Wheeler: Let’s talk about technology’s role in making these things […]
After the reverse mortgage industry’s key performance metrics rallied in May, June fared slightly worse than previously telegraphed by case number assignments. Home Equity Conversion Mortgage (HECM) endorsements fell by 14.4% in June to 2,105, while HECM case numbers for May dropped 7.9% to 3,214. This is according to data compiled by Reverse Market Insight […]
The Consumer Financial Protection Bureau (CFPB) last month issued an enforcement order against former Home Equity Conversion Mortgage (HECM) servicing contractor NOVAD Management Consulting and subcontractor Sutherland Global for what the bureau called “illegal activities that harmed older homeowners and caused them to fear losing their homes.” An attorney said the decision could have broad […]
Patrice Ficklin, who has served at the Consumer Financial Protection Bureau (CFPB) since the agency’s founding in 2011, will depart for Fannie Mae to serve as the government-sponsored enterprise’s fair lending officer. The news was first reported by American Banker. Ficklin has been a mainstay at the CFPB, overseeing the launch of the bureau’s fair […]
A new report by IDIQ®, a financial intelligence company, details top consumer credit concerns provided by mortgage, real estate, and lending professionals as well as borrowers themselves. The research included surveys of more than 100 mortgage and real estate professionals, more than 200 prospective borrowers, and a study of proprietary data of more than 20,000 […]
Chicago-based Guaranteed Rate, one of the country’s largest mortgage lenders, has rebranded to Rate. The company made the announcement Monday on social media. “Today, we’re rebranding as Rate,” the company posted on LinkedIn. “Just like our streamlined name, we’re committed to making the mortgage process smoother, faster and smarter, using AI to empower both customers […]
97% of consumers search for local businesses online, and 78% of marketers report that digital marketing significantly increases business revenue. If you’re not leveraging digital marketing in today’s mortgage landscape, you’re missing out on a significant opportunity. In our fast-paced, technology-driven world, digital marketing has become an essential competitive advantage for mortgage loan officers (MLOs) […]
HousingWire is excited to announce the winners of the 2024 Women of Influence award, recognizing 100 women who are shaping and propelling the housing economy forward with their impressive achievements. This year marks the 15th year of this award program. Many of this year’s winners mentor women in the industry, paving the way for a […]
Texas Capital Bank (TCB) is seeking a new partial summary judgment in its suit against Ginnie Mae. The suit alleges that the government-owned company “extinguished, in return for no consideration, TCB’s first priority lien on tens of millions of dollars in collateral” stemming from the Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgage (HECM) program. […]
In light of market fluctuations and regulatory changes, mortgage lenders face significant challenges in today’s market. Even at the highest demand levels in 2024, purchase mortgage applications were nearly 45% lower compared to the same weeks in 2018 and 2019, exacerbated by record-high origination costs. Freddie Mac’s recent study reveals the average cost to originate […]
After initially announcing the development of a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program in January, government-owned company Ginnie Mae — which oversees the government’s mortgage-backed securities (MBS) portfolio — released a highly anticipated term sheet this week for what is being referred to as “HMBS 2.0.” To get a better understanding of […]
Homeowners 62 and older saw their collective home equity levels rise in the first quarter of 2024 by roughly $328.5 billion to a total of $13.19 trillion, a recovery after decreases observed over the past year. This is according to the Reverse Mortgage Market Index (RMMI), a measure of senior-held home equity maintained by the […]
Paul Giangrande “Paul brings a distinguished reputation in the mortgage industry with an uncanny sense of distribution. We are honored to have him lead our expanding mortgage financing efforts,” David Shapiro, EquiFi’s CEO and founder, said in a statement. “His impressive industry acumen and established mortgage credentials add significant strength and valuable perspective to our […]
HousingWire CEO Clayton Collins sat down with Rick Roque, executive vice president of retail growth and strategy at Sierra Pacific Mortgage and Andrew Maas, co-founder and CEO of Pointable, to talk about AI on his PowerHouse podcast. Roque and Maas will be speaking at HousingWire’s AI Summit on July 23. This conversation has been edited […]
During Thursday night’s historic presidential debate broadcast by CNN, housing issues only came up briefly, and only from one candidate. The debate was the first in decades not to be sponsored by the bipartisan Commission on Presidential Debates, the first presidential debate with a commercial break and the first television debate between a current and […]
Dominion Financial Services, a Baltimore-based private lender with products tailored to real estate investors, has launched a third-party origination program for mortgage brokers, according to an announcement on Thursday. “This marks a significant milestone in the company’s commitment to expanding its reach and fostering partnerships within the real estate investment industry,“ the company said in […]
Ginnie Mae on Thursday released a new term sheet for its proposed Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) offering, which is an additional program that the company and reverse mortgage industry alike have referred to as “HMBS 2.0.” Last month at a National Reverse Mortgage Lenders Association (NRMLA) event, Ginnie Mae acting president Sam […]
Mortgage data provider Optimal Blue this week announced the launch of Competitive Data License, a product that is designed to help lenders price loans accurately and drive profitability. In its announcement, the Texas-based company described the product as “a collection of key national mortgage pricing data that enables lenders to price products competitively, operate more […]
Chart courtesy of The Kaplan Group Rounding out the states where residents have the most mortgage debt are Mortgage debt has ballooned by 80% over the past 20 years, resulting in an unprecedented level of household debt among Americans. That’s according to a new study from debt collection agency The Kaplan Group that examines debt […]
Digital multichannel lender Lower has hired industry veteran Craig Montgomery, previously the chief production officer at CrossCountry Mortgage (CCM), as its chief strategy officer. Montgomery “will oversee retail strategy and expand the company’s tech-driven platform, which provides origination teams the resources they need to achieve their goals,” the company said in a statement. Montgomery spent […]
Heather Lovier replaced Bill Emerson as chief operating officer of Rocket Companies following the appointment of the board of directors on June 20. Emerson will remain as Rocket’s president. An industry veteran, Lovier joined Rocket Mortgage, the company’s lending arm, in 2003. She has focused the past two decades on driving operational excellence and enhancing […]
Reverse mortgage industry leader Finance of America (FOA) announced this week that it has restructured its unsecured debt into new, secured debt that will come due beyond the original 2025 maturity date. This is according to an announcement and an 8-K filing with the Securities and Exchange Commission (SEC) that was reviewed by HousingWire’s Reverse […]
Chart courtesy of BadCredit.org “The findings are a sobering reminder of the financial hurdles that low-income earners face in achieving the American Dream of homeownership,” Jon McDonald, senior editor at BadCredit.org, said in a news release. “While we’re seeing increases in minimum wage, such as the recent rise for The upfront cost of homeownership can be […]
The Housing Policy Council (HPC) announced on Wednesday that it has appointed Michael Drayne as its new senior vice president of capital markets, effective July 1. Drayne has three decades of capital markets experience. He served from 2011 to 2023 in various roles at government-owned company Ginnie Mae, where he helped to manage different elements […]
Craig Stammler In a statement, Stammler said that NAF’s “excellent culture and leadership,“ supported by top executives Craig Stammler has joined New American Funding (NAF) as a regional vice president, the California-based mortgage lender announced Tuesday. Stammler, who previously worked for loanDepot, Wells Fargo and Countrywide, will be responsible for overseeing the company’s southern Idaho […]
Customer engagement platform Total Expert is launching a marketplace this week for financial institutions to build their marketing technology stack. Partners will plug into the Total Expert platform to offer solutions such as chats and texts supported by artificial intelligence (AI), targeted mail campaigns, and management of their online reputation. Customers, including banks, lenders and […]
Joseph Peterson “We are excited to have Joe join our leadership team,“ Xactus President Xactus, a Pennsylvania-based mortgage technology firm that specializes in borrower verifications, announced Tuesday that it has hired Joseph Peterson as chief financial officer. Peterson will be responsible for the company’s overall financial operations. He will manage the strategic direction of the […]
The number of homebuyers who enjoy the process of getting a mortgage might be able to be counted on one hand. And while taking out a six- or seven-figure loan is probably never going to be fun, Rocket Mortgage has a plan to at least make it easier. The country’s largest mortgage lender announced a […]
The Consumer Financial Protection Bureau (CFPB) this week announced the approval of a new rule that aims to govern “current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.” The rule specifically targets automated valuation models (AVMs), according to an announcement from CFPB Director Rohit Chopra and […]
Anaheim, California-based nonbank Change Lending on Tuesday announced the hiring of Madison Simm as its new chief financial officer. Simm has more than 25 years of experience in financial services and has held multiple executive roles at banks and mortgage companies. He comes to Change Lending after a stint as president of real estate at […]
Mortgage rates have leveled off in the past week, according to data on HousingWire‘s Mortgage Rates Center. The average 30-year rate for conforming loans sat at 7.08% on Tuesday, unchanged from one week ago, while the 15-year rate rose 1 basis point to 6.63% during the week. There has been considerable downward movement in rates […]
The year was 2019. I was working hard to make my mark as the Midwest Regional Director for Franchise Sales for Coldwell Banker Real Estate, LLC, the national franchisor. It wasn’t a job I was overly excited about, but I knew the training and field work would help round out my resume. It was the […]
In an era where businesses are increasingly expected to contribute to the well-being of their communities, finding the sweet spot between local engagement and national growth can feel like an impossible challenge. However, tailoring your business model to resonate with the communities you serve builds trust and unlocks benefits such as heightened brand visibility and […]
Top 10 reverse mortgage industry lender South River Mortgage is aiming to focus on its strengths. In addition to offering a proprietary reverse mortgage product option and transitioning last year from a broker to a direct lender, the company is focusing on its core business while staying engaged with the broader industry dynamics. South River […]
An executive refinance banker formerly employed by Rocket Mortgage is suing the company for treating her unfairly in the workplace. She alleges that the company refused a transfer request, cut her salary and demoted her when similarly situated white male employees were not given similar treatment, according to court documents reviewed by HousingWire. Zara Northover, […]
Nominations for the 2024 HousingWire Insiders award are open throughout the month of June. This prestigious award recognizes the operational leaders who are driving the growth and success of their organizations behind the scenes. Over the years, Insiders have shared how this recognition has positively impacted their careers and professional growth. Here’s what some of […]
The U.S. Department of Housing and Urban Development (HUD) on Monday announced $469 million in new funding that will go toward fixing up older homes, renovating existing stock with new safety features and preserving affordable housing. The funds will be allocated to state and local governments under HUD’s lead-hazard control grant programs, which are targeted […]
The Independent Community Bankers of America (ICBA) issued a statement on Monday that opposes the conditional approval of Freddie Mac’s plan to buy closed-end second mortgages. The plan was approved on Friday by Freddie Mac’s regulator, the Federal Housing Finance Agency (FHFA), which said that it reached the decision to begin the pilot program following […]
The Biden administration, through the U.S. Department of the Treasury, announced the launch of multiple initiatives on Monday to increase funding sources for housing production. The announcement comes as high mortgage rates and a lack of supply have created affordability challenges. In a speech in Minneapolis, Treasury Secretary Janet Yellen will announce the new funding […]
United Wholesale Mortgage (UWM) is fighting back against a group of borrowers who filed a class-action lawsuit in April that accuses the lender of structuring a “corrupt” scheme with brokers to steer loans. On Friday, the top U.S. mortgage lender filed a motion to dismiss the case with prejudice in a district court in Michigan, […]
The Federal Housing Finance Agency (FHFA) on Friday announced that it has given conditional approval for Freddie Mac to begin purchasing closed-end second mortgages through a pilot program. The pilot program includes several limitations to the types of loans the government sponsored enterprise will be allowed to purchase. The program is only for primary residences […]
The U.S. Department of Housing and Urban Development (HUD) on Friday announced a new round of disaster relief in the state of Hawaii that is targeted for the island of Kauai following severe storms, flooding and landslides that took place there in April. On June 17, President Joe Biden issued an executive order approving a […]