Available inventory of homes for sale is on the rise in late September, which is very unusual for this time of year. In fact, inventory is growing faster than this time a year ago. This is a demand-driven slowdown, because new listings supply is still running 9% to 10% fewer homes for sale each week […]
Equifax‘s new product integration with the United Kingdom’s IRIS Software Group aims to cut down underwriting time for mortgage borrowers at small- and medium-sized businesses (SMBs). Equifax’s digital income and employment verification tool – The Work Number – is available to one million additional employees of U.S. SMBs who use IRIS Payroll Relief software, Equifax […]
Data provider Curinos partnered with Polly, a software-as-service mortgage technology firm, aimed to support lenders’ effective margin decisions. By integrating Curinos’ market pricing data into Polly’s cloud-native Product and Pricing Engine (PPE), the partnership will enable mortgage lenders to optimize workflows and positively impact margin management, Curinos said in a news release. “Our partnership will […]
Just weeks after New York-based digital lender Better Home & Finance Holding went public, Better issued pink slips to employees in early September in a new round of layoffs, Insider reported. Better laid off about a quarter of its U.S. mortgage sales and origination team, according to the news outlet, citing two former employees who […]
Federal student loan payments resuming on Oct. 1 will negatively affect consumer loan asset quality, including credit card, auto and, to a lesser extent, residential mortgages. However, the overall effect will be modest, according to a Moody’s Analytics report. On Oct. 1, repayments are due to restart on Department of Education (DOE) federal student loans (Direct Student Loans), which […]
Five days remain in the currently authorized National Flood Insurance Program (NFIP). If it is not reauthorized by Congress before that date, the mortgage industry could see consequences, including ceding control of certain land use policies and the cessation of some mortgage lending. This is according to government researchers, other experts and lawmakers in a […]
Mortgage rates shot up last week after a hawkish Federal Reserve meeting, even though they didn’t raise rates. In addition, jobless claims data had another solid print, showing that the labor market hasn’t broken yet, which led to more selling of the 10-year yield. Mortgage rates did find some relief on Friday as bond yields […]
The Federal Reserve‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% this week, Fannie Mae Chief Economist Doug Duncan believes that mortgage rates will stay elevated before the Fed makes […]
Ginnie Mae President Alanna McCargo delivered a keynote address at the Barclays U.S. Rates and Residential Mortgage-Backed Securities (RMBS) Conference in Tokyo, Japan, addressing Ginnie Mae mortgage-backed securities (MBS) potential value for investors and the company’s recently expanded social impact and sustainability work. “As I travel around the world, one thing is clear: global investors […]
Guaranteed Rate’s PowerVP mobile app aims to enhance loan originators’ ability to keep in constant contact with customers anywhere, at any given time — 24/7. The PowerVP app will create new loans; invite customers to complete a digital mortgage; send a one-click conditional approval letter; lock in rates; obtain real-time pricing and run a credit report, […]
Mortgage rates remained well above 7% on Thursday as markets digested Wednesday’s Fed meeting. Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.19% as of Sept. 21, up one basis point from last week’s 7.18%. By contrast, the 30-year […]
The housing market will remain subdued until the Federal Reserve starts cutting rates next year, according to economists and housing pros following the central bank’s Wednesday announcement to leave the benchmark rate unchanged in the target range of 5.25%-5.5%. Until interest rates come down, affordability challenges will continue to put first-time buyers on the sidelines, […]
The same home insurance scenario being played out in states like Florida and California due to elevated risk of natural disasters is becoming more pronounced in the Pacific Northwest according to a new report from the Seattle Times. Dozens of state residents have appealed policy limitations, cancellations or site-unseen denials to the Washington Office of […]
Digital mortgage automation solution provider Floify launched verification of income (VOI) and verification of employment (VOE) waterfall technology that aims to save lenders and mortgage brokers time and reduce costs during the loan origination process. “The new VOI and VOE features in the Floify platform enable mortgage professionals to view the results of multiple verification […]
Trading volume in the mortgage servicing rights (MSR) market this year is still on track to reach or slightly exceed 2022’s $1 trillion mark, with trading volume in the fourth quarter of this year projected to be robust as market players race to finish deals prior to year’s end. Still, there are challenges facing the MSR […]
In the week leading up to the Federal Open Market Committee meeting, mortgage applications finally ticked up. For the week that ended Sept. 15, mortgage applications rose 5.4% from the prior week, according to data from the Mortgage Bankers Association. Last week, purchase applications increased for both conventional and FHA loans but remained 26% lower than […]
The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of legal requirements lenders must adhere to when using artificial intelligence (AI) or “other complex models” when making decisions about the creditworthiness of borrowers. “The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers,” the CFPB said […]
Alterra Home Loans, a Nevada headquartered retail lender and a Panorama Mortgage Group company, has promoted Fernando Ospina to president. Ospina, who has worked for the firm since 2018, formerly served as Alterra’s SVP of national production for the last year. He originated more than $46 million in loans in 2022, the company said. Ospina […]
The housing market faces renewed headwinds with mortgage rates settling above 7%. Still, the downside risk to home sales is limited as more sales are being driven by life events, according to Fannie Mae’s Economic and Strategic (ESR) Group. “New home sales were surprisingly strong in the first half of the year, due partly to […]
Dark Matter Technologies, formerly Black Knight Origination Technologies, is focused on mainly two things: the smooth transition to new owners, and lowering the cost to originate loans for lenders. Executives from Dark Matter Technologies, under the Constellation Software umbrella, said that a down market is the best time to make investments in technology and prepare […]
What’s going on with housing inventory? The last four weeks of new listings data have been the most volatile since mortgage rates breached 6% in 2022. One week, we had the biggest decline in new listings data all year, which might indicate Americans are giving up on listing their homes. But the next week we […]
The U.S. government is seeking to sell $13 billion worth of mortgage bonds amassed after the failures of both Silicon Valley Bank (SVB) and Signature Bank earlier this year. First reported this week by Bloomberg News, the bonds in question are part of $114 billion in assets the Federal Deposit Insurance Corporation (FDIC) recovered when […]
Mortgage tech firm Blend Labs has launched its first AI-powered chat tool, which it says will allow loan officers to be more efficient and offer a far more personalized touch for prospective borrowers. The AI-powered assistant ‘Copilot’ executes precise tasks and assists borrowers in giving timely answers to borrower questions on behalf of loan originators, […]
Guaranteed Rate Affinity has initiated legal action against former loan originators, accusing them of breaching contracts by failing to pay back advanced signing bonuses and commissions after they left the company. Two anonymous sources told HousingWire that multiple former employees have received demands from the company to return their compensation. It has resulted in the […]
Dark Matter Technologies, formerly Black Knight Origination Technologies, has rebranded after being acquired by the Perseus Operating Group of Constellation Software Inc. The company’s mission is to “revolutionize the mortgage origination business by supporting, growing and aggressively innovating new and existing products, including the popular AIVA artificial intelligence solution and the comprehensive Empower loan origination […]
The Government National Mortgage Association (Ginnie Mae) announced on Thursday an expansion of its Environmental, Social, and Governance (ESG) labeling to single-family mortgage-backed securities (MBS) pools, an expansion of a previous initiative that had only impacted multifamily pools, and which some analysts say an increasingly strong market for investors. In an interview with HousingWire, Ginnie […]
California-based loanDepot has appointed Dan Hanson to a newly-created role of executive director of enterprises partnerships and acquisitions as the company seeks to invest in profitable growth-generating initiatives, it announced on Thursday. The mortgage lender has had several changes to its leadership so far this year. In July, loanDepot appointed Darren Graeler as executive vice […]
Mortgage rates inched back up this week and remain anchored north of 7% as investors focus on the impact of rising headline inflation ahead of next week’s Fed rate decision. Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.18% […]
Most tech CEOs emphasize how their technology empowers, not replaces, humans. But Pavan Agarwal, CEO of Sun West Mortgage Company and the creator of the Angel Ai technology, has a different perspective, which he shares in this interview with HousingWire Editor in Chief Sarah Wheeler. This interview has been edited for length and clarity. Sarah […]
Demand for newly constructed homes continues to remain high as existing for-sale inventory remains historically low. Mortgage applications for new home purchases increased 20.6% in August on a year-over-year basis. Compared to July 2023, applications increased by 4%. This change does not include any adjustment for typical seasonal patterns. MBA’s survey tracks application volume from […]
Over one-third (34%) of prospective buyers have yet to purchase a home because there are not enough homes for sale in their budget, according to a new survey from the National Association of Realtors. The other top reasons include buyers are waiting for mortgage rates to drop (18%) and buyers are waiting for prices to […]
New York-based mortgage platform Roam has secured a $1.25 million seed round, allowing the company to officially launch its services on Wednesday. Roam focuses on a distinctive niche within the mortgage industry: assumable mortgages. Tech executive and investor Keith Rabois at venture capital firm Founders Fund led the capital injection. It also included Opendoor co-founder Eric Wu, Culdesac CEO Ryan Johnson and #ANGELS founding partner Jana Messerschmidt. Following the investment, Wu […]
The growth rate of inflation has been falling for a year, but mortgage rates are still near multi-decade highs. Why? While it is true that mortgage rates traditionally fall alongside inflation, I believed 2023 was going to be about the labor market. This was the core premise of my 2023 forecast, and so far it […]
Local Logic, a location intelligence platform that digitizes the built world, has teamed up with Plunk, an AI-driven analytics company, to empower end-users with the technology and insights they need to accelerate and improve home purchase decisions, the company announced on Tuesday. Plunk’s AI-powered home analytics platform offers real-time insights into home valuation, risk assessment, […]
Florida-based financial services firm The Graystone Company has completed the acquisition of mortgage banker and broker Direct Capital Investment Group through a reverse merger transaction, the companies announced Monday. The financials of the deal were not disclosed. Direct Capital, through its subsidiary Direct Mortgage, offers residential, commercial and SBA loans, per its website. The company has 98 loan officers and six branches, […]
CAPE Analytics has unveiled a new, AI-powered, automated property condition report (aPCR) tool crafted for institutional lenders, whole loan investors, and real estate investors. This latest product uses computer vision to assess aerial imagery from airplanes and other sources and extracts information about property conditions, with a focus on marketability and property value, the company […]
The mortgage servicing rights (MSR) market has been very active this year, with robust deal flow that is on par with last year’s record $1 trillion in trading volume and with generally good pricing for MSR packages, industry experts agree. A fly in the ointment, however, particularly for some independent mortgage banks (IMBs), is the elevated […]
The last time mortgage demand was this low, Toni Braxton’s “Un-break my heart” topped the Billboard charts. For the week that ended Sept. 8, mortgage applications fell 0.8% from the prior week, according to data from the Mortgage Bankers Association. Mortgage applications decreased for the seventh time in eight weeks, down to the lowest levels since December […]
With mortgage rates above 7%, historically low levels of housing inventory, defaults in commercial real estate, and a series of potentially onerous regulations to come, Mortgage Bankers Association President and CEO Bob Broeksmit said the trade group is doing all its can to influence policymakers. “MBA cannot control macroeconomic forces, but what we can do […]
Mortgage credit availability increased slightly in August but remained close to the very low levels last seen in January 2013, according a report from the Mortgage Bankers Association. Overall, an increase in the number of loan programs offering cash-out refinances and mid-range credit scores drove the uptick, said Joel Kan, MBA’s vice president and deputy […]
Shannon Hoff, a California-based branch manager at American Pacific Mortgage (APM), finds herself both enthusiastic and cautious as she assesses the prospects of the mortgage market in the coming year. After two of the most challenging years in recent history, economists and analysts project a shift in the mortgage market toward the end of 2023, […]
U.S. home price gains rose 2.5% year over year in July to mark the 138th straight month of annual growth. The annual acceleration reflects six consecutive monthly gains, which drove prices about 5% higher compared to the February bottom, according to CoreLogic‘s Home Price Index. “Annual home price growth regained momentum in July, which mostly reflects strong […]
New York-based Mortgage Industry Advisory Corporation (MIAC) has agreed to settle with the Securities and Exchange Commission (SEC) over allegations of multiple compliance failures. The investment adviser and analytics firm will pay $100,000, according to the agreement made public on Monday. The case first started in 2006, when the SEC’s division of examinations received notice of some deficiencies at the […]
These current mortgage markets are what make it challenging for independent mortgage banks (IMBs). For many of these transaction-oriented, monoline mortgage lenders, it’s always a question of feast or famine. For most of this century, they’ve come out on the winning side. Today, many might feel sorry for the IMB. This is true, even though […]
The Federal Housing Finance Agency (FHFA) on Monday announced that it will offer additional opportunities for public engagement as it considers the transition to updated credit score models and credit report requirements for loans acquired by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The new opportunities will include stakeholder forums and listening sessions, and […]