Mortgage lenders and prospective borrowers looking for relief from high interest rates will need to wait longer. In a widely expected decision on Wednesday, the Federal Reserve kept rates steady at a range of 4.25% to 4.5% following its two-day meeting. This move continues a pause that the Federal Open Market Committee (FOMC) began in […]
Geoff Black spoke to a former client last week who was looking to purchase a newly built home. She was a “responsible” borrower but made a mistake: she had lost track of her student loan payments and was 60 days late. The client, who logged into her student loan portal and made a payment, is […]
In 2025, despite a lot of negative economic headlines, mortgage purchase application data has shown positive year-over-year growth for 14 consecutive weeks. In today’s MBA purchase application survey, this data reflected an 11% increase week over week and a 13% increase year over year, indicating resilient market performance. But how is this happening with terrible […]
Mortgage applications increased 11% from one week earlier amid a decline in rates, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending May 2, 2025. The index increased 12% on an unadjusted basis compared with the previous week. The refinance index, which increased 11% from the previous […]
As employees of the Consumer Financial Protection Bureau (CFPB) sit in home offices awaiting news of their fate, the enforcement landscape has already shifted to state regulators. And if Craig Ungaro’s experience is any indication, the dynamic will pose a very different challenge for independent mortgage banks. “There are some states very focused on unfair […]
loanDepot on Tuesday reported that its first-quarter 2025 revenue increased by 23% annually to $274 million, while its adjusted revenue was up 21% to $278 million on higher mortgage sales volumes and stronger margins. Revenues also increased on a quarterly basis, growing from a baseline figure of $257 million and an adjusted figure of $267 […]
After last week’s National Reverse Mortgage Lenders Association (NRMLA) Western Regional Meeting in Irvine, California, attendees were generally in high spirits from spending time with their industry colleagues. But a common topic of discussion among attendees who spoke on-site with HousingWire’s Reverse Mortgage Daily (RMD) was about the session that started the day. NRMLA co-chairs […]
Retirement is a well-known source of anxiety for individuals, businesses and governments alike. Shoring up dedicated retirement funds with good investments could be key to bolstering public- and private-sector retirement programs, but when it comes to cryptocurrency, one state’s leader does not believe these investments are appropriate. Arizona‘s S.B. 1025, would have allowed “the state […]
The average closing costs for a refinance mortgage in the U.S. totaled $2,403 last year, or about 0.72% of the loan amount, according to a new report from LodeStar Software Solutions. The findings mark the company’s first analysis of refinance-specific closing costs. Closing fees ranged widely by location and are influenced largely by state and […]
Following moves to close the Veteran Affairs Servicing Purchase (VASP) program, a bill from a lawmaker who railed against it that seeks to reform the U.S. Department of Veterans Affairs (VA) home loan program with the addition of a partial claim option has picked up support from the Mortgage Bankers Association (MBA). The MBA announced […]
After a series of severe winter storms and flooding in Virginia that compounded damage sustained from Hurricane Helene last fall, President Donald Trump recently issued a major disaster declaration. Now the U.S. Department of Housing and Urban Development (HUD) is moving to make disaster aid available for those with Federal Housing Administration (FHA)-insured mortgages. The […]
With sales activity stuck in neutral through the first four months of the year, there’s not much to suggest that the 2025 housing market will be vastly improved from 2023 or 2024. But mortgage leaders and economists are expressing cautious optimism even as the cost of a home loan remains higher than Americans would like. […]
United Wholesale Mortgage (UWM), the largest originator in America, produced $32.4 billion in mortgages in the first quarter of 2025, capitalizing on a brief decline in interest rates that spurred a wave of refinance activity. This production volume represents a 17% increase compared to the same period last year, and UWM expects even stronger results […]
The Hispanic Organization of Mortgage Experts (HOME) on Tuesday announced the launch of La Reina, the first-ever shoe created for women in mortgage. La Reina, which is Spanish for “the Queen,” was designed in partnership with AliveShoes and manufactured in Le Marche, Italy. Nicole Yelland, HOME’s chief communications and strategy officer, told HousingWire that the […]
Refinancing activity is primed for a surge — but not the way we’ve seen in thepast.It used to be that when rates dropped, demand would stay high for weeks or evenmonths. Lenders had time to scale up operations and ride the wave. Now, demandcomes in short, sharp bursts, triggered by even the slightest rate drops.Take […]
Why AI in mortgage lending needs a smarter narrative There’s no denying it, artificial intelligence (AI) has stormed into the mortgage industry in a variety of formats helping brokers and lenders create efficiencies, save time, and close more deals. From ChatGPT-powered marketing assistants to chatbot-driven customer support, generative AI has been the center of the […]
AppraisalVision has restructured its platform into what it describes as the mortgage industry’s first fully autonomous appraisal execution system. This comes on the heels of a new partnership with Alpha7X, an artificial intelligence (AI) firm with a focus on automating mortgage operations. The shift eliminates the need for traditional software-based appraisal order management systems. It […]
Preferences for aging in place are well-documented among older Americans, but there are some factors that should be considered carefully. This is according to Pamela Redwine, a family, health and wellness agent with the Mississippi State University Extension Service. The service is an educational arm of the university that provides research-based information, programs and services […]
Intercontinental Exchange‘s May 2025 Mortgage Monitor Report, released Monday, found that first-time homebuyers accounted for a record share of agency purchase lending (58%) in the first quarter 2025. While repeat buyer activity has softened markedly from pre-pandemic levels — with originations among this group down 31% compared to 2018 and 2019 — first-time homebuyer volume […]
Prudent AI on Monday announced the launch of Prudent AI Upfront, a one-touch pre-qualification platform designed to improve lender sales funnels. The company claims the product is the mortgage industry’s first of its kind and allows lenders to process more applications, reduce fallout and capture more business. Executives at Prudent AI said Upfront boosts sales […]
Top 10 U.S. mortgage lender Rate is investing in the nonqualified mortgage (non-QM) space by launching a new suite of products. It aims to attract borrowers with nontraditional financial profiles, including self-employed individuals, small-business owners, freelancers and real estate investors. The Chicago-based lender ranked as the eighth-largest in the country, originating $39.6 billion in mortgages […]
The nomination of Jonathan McKernan to lead the besieged Consumer Financial Protection Bureau (CFPB) remains uncertain. While his nomination was passed out of the Senate Banking Committee nearly two months ago, it has remained on the executive calendar of the Senate without being scheduled for a vote. There is not an abundance of hard facts […]
California-based real estate investment trust Redwood Trust is expanding its role as a liquidity provider in the jumbo mortgage market while policymakers continue to debate the future of Fannie Mae and Freddie Mac. Redwood’s jumbo loan lock volumes totaled $4 billion in the first three months of 2025, surging 73% compared to the the previous […]
Financial literacy resource provider FirstHome IQ has announced a partnership with Crib Equity, a co-investment platform that aims to improve affordability by increasing the down payment and lowering debt. Crib Equity’s model matches borrowers’ down payments as an investment rather than a loan, eliminating additional debt burdens for first-time homebuyers. Per Crib Equity’s website, the […]
PennyMac Financial Services has raised $850 million in debt in an oversubscribed transaction on Thursday. The California-based mortgage lender and servicer initially planned to issue $650 million. The new senior notes, guaranteed on an unsecured senior basis, pay 6.875% per annum and mature on May 15, 2032. The proceeds will be used to redeem senior […]
When industry experts think about what could lead to a significant departure of loan officers and real estate agents, two main things come to mind: AI and market conditions. Although AI and market conditions will have some level of impact, a much bigger game-changer is coming to the industry. It is the rise of the […]
On Tuesday, the National Reverse Mortgage Lenders Association (NRMLA) held its first dedicated reverse mortgage industry event of the year. The association’s Western Regional Meeting in Irvine, California, included an estimated 150 registrants from 75 companies around the country and took place in the state that often leads the nation in reverse mortgage volume. Attendee […]
Kathleen “Kathy” Martinez, a reverse mortgage industry veteran and account executive who most recently served with Mutual of Omaha Mortgage’s reverse division, died last week in her community in Florida. She was 60 years old. Martinez’s career in the reverse mortgage industry goes back more than two decades and included time working for former industry […]
Having telegraphed its impending end last month, the Veteran Affairs Servicing Purchase (VASP) program — which attempts to prevent foreclosure actions against military members who may be experiencing financial hardship due to the consequences of the COVID-19 pandemic — is officially over as of Thursday. In early April, the U.S. Department of Veterans Affairs (VA), […]
Sagent, a Warburg Pincus-backed fintech firm, on Thursday announced the launch of its Dara Attorney Portal to enhance efficiency between servicers and their attorney partners. The launch this week builds upon the original launch of Sagent’s mortgage software platform, Dara, in February 2024 at the MBA servicing conference. Since the 2024 conference, parts of Dara — the […]
Recognizing the rising prevalence of phishing scams — where a bad actor will seek to trick a target into revealing sensitive personal or financial information through fake websites, emails or text messages — the Federal Housing Administration (FHA) has announced it is implementing anti-phishing multifactor authentication (MFA) into FHA Catalyst (FHAC). FHAC provides FHA-approved lenders […]
Mark McArdle, who left the Consumer Finance Protection Bureau (CFPB) in February, will lead regulatory and public policy efforts at Newrez, the multichannel mortgage lender owned by Rithm Capital. The announcement, made on Thursday, comes amid a court battle to decide the future of the CFPB’s mass workforce reduction announced on April 17. That action […]
In a solid debt market for mortgage companies, PennyMac Financial Services announced on Thursday the issuance of $650 million in debt maturing in 2032, primarily to facilitate the redemption of notes that are due in October. “Proceeds from the offering, together with cash on hand, will be used for the redemption of the Company’s 5.375% […]
Gone are the days when speed and precision were simply nice-to-haves — they’re now the foundation of a lender’s survival. In a market shaped by rising borrower expectations, economic pressure, and the need for faster, more intelligent decision-making, innovation is no longer optional. In this exclusive docuseries series, we sit down with forward-looking mortgage leaders […]
In an industry where fractured technology stacks and rising operational costs are the norm, Remarkable Mortgage — powered by Oconee State Bank, an FDIC-insured institution — is setting a new standard by leveraging CANDID’s industry-leading sales and mortgage marketing operating system. With a 30% increase in business from 2023 to 2024 and ambitious plans for […]
Despite an overall reduction in its reverse mortgage servicing portfolio when compared to the prior year, the parent company of one of the nation’s largest reverse mortgage lenders continues to tout the overall performance and profitability of the division in a high mortgage rate environment. Onity Group, the parent of PHH Mortgage Corp. and its […]
United Wholesale Mortgage (UWM) is facing a class-action lawsuit alleging misuse and misallocation of assets within its 401(k) retirement plan. The company has called the suit a “baseless claim.” Filed Monday in a Michigan district court, the lawsuit accuses UWM of violating the Employee Retirement Income Security Act (ERISA) by using plan assets to reduce […]
Bill Pulte, the director of the Federal Housing Finance Agency (FHFA), has been tight-lipped with the media about his plans for the government-sponsored enterprises (GSEs). Pulte has used the social media platform X over the past few weeks to post announcements such as leadership changes at Fannie Mae and Freddie Mac. Since taking the helm at […]
Kind Lending recently announced the appointment of Jennifer Folk as its chief operating officer. Folk most recently held the role of VP, fulfillment operations at Tri Pointe Connect, the affiliated mortgage company of Tri Pointe Homes. She’s also held a variety of roles from loan officer to COO at places like Minute Mortgage, Sierra Pacific […]
United Wholesale Mortgage (UWM) is taking its mortgage servicing operations in-house, following the decision to end its relationship with Mr. Cooper Group in the wake of the latter’s $9.4 billion deal to sell to rival Rocket Mortgage. The Pontiac, Michigan-based wholesale lender also announced it has selected ICE Mortgage Technology’s MSP loan servicing system as […]
If the mortgage industry had a mantra at the start of last year, it was something like: Just survive to get to 2025. With high rates keeping volume low, everyone was cinching their belts and feeling the pain but yet, hope remained, fueled by predictions of pending interest rate cuts that would bring welcome relief […]
The federal trigger leads bill advanced in the U.S. House of Representatives after being officially noticed during a hearing of the Subcommittee on Financial Institutions on Tuesday. The Homebuyers Privacy Protection Act is expected to be considered during a markup session on May 20 — a process that determines whether a bill should be recommended […]
Kicking off the first 2025 event held by the National Reverse Mortgage Lenders Association (NRMLA) Tuesday morning in Irvine, Calif., the association’s co-chairs offered an update on the industry’s advocacy efforts. Mike Kent and Jim Cory – SVP of corporate development and industry relations at Liberty Reverse Mortgage and managing director of reverse at Guild […]
Mortgage market conditions have improved slightly as the calendar is set to flip to May, but anyone expecting sub-6% rates at the start of the year will be disappointed. Data at HousingWire’s Mortgage Rates Center on Tuesday showed that 30-year and 15-year conforming rates were averaging 6.95% and 6.82%, respectively. These figures were down slightly […]
A U.S. appeals court on Monday restored a temporary block on mass layoffs at the Consumer Financial Protection Bureau, allowing employees to keep their jobs for the time being despite the Trump administration’s plan to cut the agency’s staff by 90%. On Monday, Judges Cornelia Pillard and Gregory Katsas reinstated the ban on mass firings, […]