He led Cenlar FSB’s digital transformation utilizing automation through chatbots as well as migrating its technology to the cloud. “The business of servicing has long since outgrown available technology which increases borrower dissatisfaction, exposure to risk, inefficiencies, and operating costs,” said Lewis Ranieri, founder and chairman of Ranieri Solutions. “Rob’s unique background in mortgage includes […]
Seniors largely want to remain in their own homes as they get older, and that preference could be remaking the housing market in the city of Chicago, according to a new report. Construction Coverage, a company that reviews construction software, insurance, and financial products in order to assist property builders, recently released a new report […]
Customer intelligence and mortgage tech firm Polly named Troy Coggiola as its chief operating officer amid the company’s effort to scale. Coggiola will be responsible for Polly’s product, implementation, support and design teams, working toward seamless cross-organization collaboration. He has more than 25 years of mortgage technology and enterprise software experience with his latest stint […]
Housing inventory, new listing data and mortgage rates are all rising, but the price cut data percentages are falling. Traditionally at this time of year purchase apps rise and the number of price cuts fall. However, at the current trend, we will break below the lows in the price cut percentage data that we saw […]
Country Club Mortgage, a home lender based in California, has decided to lay off over 100 employees due to “facility closures,” documents sent to state regulators show. “This letter serves to give you an amended 60-day notice of permanent layoffs and facility closures effective Feb. 6, 2024,” Sherry Carson, human resources generalist at Country Club Mortgage, wrote in […]
Tennessee-based community bank Patriot Bank agreed to pay $1.9 million to resolve allegations from the Department of Justice (DOJ) that it engaged in redlining discriminatory practices. The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority-Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in […]
No set path exists for any professional to enter the reverse mortgage industry. People often find themselves in the business from various other professions. It’s the case for Finance of America Companies (FOA) Chief Marketing Officer Chris Moschner. Arriving at FOA following its acquisition of American Advisors Group (AAG) last year, Moschner already had a […]
Courtesy: Fannie Mae Fannie Mae’s economic and strategic research (ESR) group expects home sales and mortgage origination activity to begin a gradual recovery in the presence of a slow-growing economy. “Inflation’s decline and the resultant Fed pivot to signaling future rate cuts rates lead us to believe that home sales and mortgage originations likely bottomed […]
The rash of recent mortgage and title industry data breaches serves as a sobering reminder of the paramount importance of cybersecurity. In this first installment of our reducing cyber risk series, let’s explore a crucial facet of cybersecurity: bolstering resilience in your critical systems and services. Just like a well-built castle can withstand attacks, having […]
Local community developers bidding on foreclosures in the second half of 2023 are signaling a slowdown in U.S. home price appreciation in the first half of 2024, with a rising risk that appreciation will dip back into negative territory. The risk of a double dip in home price appreciation varies substantially by market, even among […]
The city of Laguna Beach, Calif. recently offered details of its city-sponsored aging-in-place program, dubbed “Lifelong Laguna,” in a profile published by CNBC. It provides new insight into the measures cities can explore to more easily facilitate aging-in-place goals for older residents. 2021 research from AARP indicates that 77% of adults at or over the […]
Ted Tozer, former president of Ginnie Mae during the Obama administration and current president Alanna McCargo’s most recent Senate-confirmed predecessor, applauded the news that the company is looking into the development of a new Home Equity Conversion Mortgage (HECM)-backed Security (HMBS) product. Announced earlier this week as a part of a broader effort to introduce […]
HousingWire Editor in Chief Sarah Wheeler sat down with Jim Butler, chief technology officer at Stavvy, to talk about moving real estate from paper to a digital transaction, how the company is using AI, and the vibe you get working with industry experts. Previously, Butler served as CTO of HqO, an employee experience platform for […]
The Consumer Financial Protection Bureau (CFPB) is sounding the alarm about an accelerating rate of scams that most commonly target older Americans, where a bad actor will pose as an official representative of the Bureau or another federal agency. The CFPB published a blog post on Tuesday describing details of the scam, including the lengths […]
Fannie Mae and Freddie Mac are in the spotlight again over the role some housing-industry experts say they could play in reducing mortgage rates if they resumed a more active investor role in the mortgage-backed securities (MBS) market. That’s a role those government-sponsored enterprises (GSEs) have not played since prior to entering into conservatorship in the wake of […]
Mortgage rates at their lowest level in three weeks led to an increase in borrowers’ demand for home loans last week, spreading some optimism in the industry in the first few weeks of 2024. To prove it, analysts are already discussing a potential refi recovery. Overall, mortgage applications rose by 10.4% in the week ending Jan. […]
David Stevens, a legend of the mortgage banking industry who helmed the Federal Housing Agency and the Mortgage Bankers Association in a career that spanned four decades, has died. “The real estate finance community mourns the loss today of one of its great leaders and fiercest advocates,” current MBA President Bob Broeksmit said in a […]
Secretary of the U.S. Department of Housing and Urban Development (HUD) Marcia Fudge suggested to a congressional committee that the department could consider eliminating life-of-loan premium requirements for mortgages backed by the Federal Housing Administration (FHA), but did not offer any indication about the issue’s priority level at HUD. Sitting for a HUD oversight hearing […]
California-based fix-and-flip lender Anchor Loans launched a third-party originator (TPO) channel to serve mortgage brokers, banks, private and non-qualified mortgage (non-QM) lenders and other referral partners whose clients are home builders, developers and investors. Anchor Loans’ TPO channel will provide residential business purpose loan products – including bridge, fix and flip, ground-up construction and rental […]
A reverse mortgage may be a viable financial instrument to help pay for older Americans’ long-term care priorities, but they — and their implications on entitlement eligibility — need to be fully considered. This is according to a new column at MarketWatch, comparing reverse mortgage product features to other potential options and enlisting commentary from […]
Ginnie Mae intends to develop a new reverse mortgage-backed security product enabling the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement, according to a new announcement. Released on Tuesday morning, the move is a further attempt to address the well-documented liquidity challenges that have been plaguing the […]
Last week, housing inventory grew and the number of price cuts fell, which is expected at this time of the year. I hope the next thing we see is housing inventory grow at the level it typically does in January or February instead of being delayed until March or April. Last year at this time, […]
With much of the U.S. retirement conversation often focused on the increasing challenges of maintaining a quality of living into older age, a law passed by Congress in 2022 could be a positive sign. The Securing a Strong Retirement Act of 2022, known by its moniker “SECURE 2.0,” includes provisions including automatic enrollment of more […]
Mortgage businesses at Wells Fargo, JPMorgan Chase and Bank of America are now only a fraction of what they were in 2022. As a group, the trio originated about $80 billion in mortgages in 2023, down from nearly $218 billion the prior year – a $138 billion decline (63%). The downsized volume reflects two equally important […]
Guaranteed Rate has introduced a new feature that allows sellers working with a G-Rate loan officer to pay a fee that locks in a permanently discounted mortgage rate for a buyer. Known as “RateReduce Sell,” it’s a major enhancement to the existing RateReduce buydown program, in which sellers have paid to temporarily buy lower mortgage […]
Inflation came in hotter than expected on Thursday, but we are still talking about rate cuts in 2024! The 10-year yield had a mild reaction to today’s data, increasing a few basis points early. It’s now at 3.98%, a far cry from 5.04% as we saw last year. This, while jobless claims data is still historically […]
Just over 60% of U.S. seniors at or over the age of 50 have not sought out professional retirement planning advice, despite data indicating a general lack of retirement preparedness among the older population according to a survey published this month by AARP and conducted by the National Opinion Research Center (NORC) at the University […]
After a long period of silence and extensions granted by the U.S. District Court for the Northern District of Texas, Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from […]
I’ve interviewed 17 tech executives since we launched our HousingStack newsletter in September and I’ve been surprised and thankful for the candor and insight of each executive. Here are some of the highlights from those interviews on the important topics they’re thinking about. On the right tech mindset: Adam Carmel, Polly CEO: “When I was […]
Although what lies ahead in the world of real estate and mortgage services in 2024 remains a bit uncertain, it’s now crystal clear that, beyond the already-tired suggestion that we “survive until ’25,” quite a few businesses will be seeking to find additional sources of revenue. One potential stream that quickly comes to mind is […]
TransUnion released a new portfolio management solution designed to help lenders assess the riskiness of a portfolio from a property value perspective, the company announced on Wednesday. TruVision Consumer Property Insights’s mission is to help protect both lenders and borrowers from the potential risks associated with property value fluctuations, the company said. The product will […]
Nonbank mortgage lender and servicer Pennymac Financial Services scrapped its plans to hire more than 300 staff in North Carolina due to prolonged periods of elevated interest rates. In 2021, Pennymac vowed to create 322 jobs in Wake County, North Carolina and invest $4.3 million into Pennymac Loan Services, its mortgage lending subsidiary, to establish […]
Guild Mortgage has filed a petition in a district court in Washington to confirm a $10.7 million award resulted from an arbitration dispute against three former employees accused of poaching when they transitioned to rival CrossCountry Mortgage. The case began in August 2021 when Guild filed a demand for arbitration claiming Christopher Flowers, Cory Flynn and Lisa […]
Software development company Blue Sage Solutions has launched a new servicing platform that merges loan origination and servicing functions using API-based technology. Blue Sage Solutions’s primary product offering is a cloud-based digital lending platform designed to operate in the retail, wholesale, and correspondent lending channels while ensuring compliance. Additionally, the platform is accessible to all […]
Rapidly expanding Cleveland, Ohio-based CrossCountry Mortgage (CCM) has struck a deal to acquire the smaller retail mortgage lender AmCap Home Loans and bolster its operations in Texas. In an exclusive interview with HousingWire, Ron Leonhardt, a former mortgage broker who founded CCM in 2003, confirmed conversations with the parties started years ago, although the transaction closed on Tuesday. Leonhardt first […]
Mortgage giant Mr. Cooper Group has named Mike Weinbach, a former Wells Fargo and JPMorgan Chase executive, as its new president. He will succeed Chris Marshall, who is retiring at the end of 2024 but will assist with the transition. Weinbach, 50, will be in charge of the company’s operations, which includes originations, servicing and technology, Mr. Cooper announced on […]
Rocket Pro TPO, the wholesale arm of Rocket Mortgage, hopes to woo brokers with a slew of product enhancements and services. Rocket Pro TPO‘s executive vice president Mike Fawaz shared major changes and commitments for the broker community at its IGNITE Live event on Monday afternoon. Rocket Pro TPO affirmed that it will continue to […]
Among the numerous issues that retirement preparation can present to those near the end of their careers, long-term care (LTC) provides an increasingly common discussion point. One potential product that could assist in paying for LTC and its insurance could be a reverse mortgage, according to personal finance publication Kiplinger. LTC is already an expensive […]
360training.com, Inc. (360), an online regulated training provider, acquired Mortgage Educators and Compliance (MEC), a mortgage lending training company, both companies announced this week. Established in 1997, 360 specializes in comprehensive online training solutions for individuals and businesses across industries – including financial services, real estate, healthcare and environmental health and safety. The acquisition represents […]
Home-equity lending overall found its wings in 2023 as a number of independent mortgage banks ramped up product lines over the course of the year — despite a bump in the road in the third quarter when mortgage rates surged past 7%. The popularity of home equity lines of credit (HELOCs) and closed-end second (CES) […]
Is 2023 a year to forget? That’s what we’re supposed to say after a tough year, right? In the case of the mortgage industry, 2023 was not a pretty one. According to the Thomvest U.S. Housing Report, purchase loans were down 22% and refinance loan volume was down 65%. Home affordability was at its lowest […]
The presiding judge in the ongoing bankruptcy case of Reverse Mortgage Funding (RMF) has approved a stipulation that would resolve an administrative claim made against the company’s estate by reverse mortgage servicing company Celink, authorizing both companies to consummate the agreement. The new agreement The agreement, stemming from a proof of claim filed against RMF […]
ICE Mortgage Technology — part of Intercontinental Exchange (ICE) – will be offering lenders access to investment advisory advice in its Encompass loan origination system (LOS) through a partnership with Halcyon, a tech firm specializing in advanced data integration. “In the current market where the refi boom has dried up and interest rates are sky […]
The mortgage market should improve in 2024 due to a combination of competitive pressures easing and mortgage demand picking up from historical lows last year, according to a note from Piper Sandler, a leading investment bank. But don’t expect profitability to be significant compared to long-term historical averages as home prices still remain high. Mortgage […]
Top-15 U.S. mortgage lender loanDepot confirmed Monday morning that it is the industry’s latest cyberattack victim. The incident has brought loanDepot’s systems down. The California-based lender, which originated about $17 billion in mortgage loans from January to September 2023, said it launched an investigation with the support of cybersecurity experts and began notifying regulators after identifying an […]