In February 2024, Sagent, a Warburg Pincus-backed fintech firm, announced the launch of its mortgage software platform, Dara. A year later, HousingWire checked in with the Dara team about what lies ahead. “We previewed the Dara platform in February of 2024 at the MBA servicing conference,” said Perry Hilzendeger, Sagent’s executive vice president of servicing. […]
In his first official action as acting director of the Consumer Financial Protection Bureau (CFPB), Scott Bessent ordered staffers to stop bureau activities, including the issuance of final rules, settlement enforcement actions, or participation in legal cases. Agency staffers have also been instructed to suspend the effective date of any final rules that have not […]
The combined cost of mortgages, taxes and insurance now takes up a larger share of household income than it has since the early 1980s, according to an affordability index from John Burns Research & Consulting. The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability. […]
The Tech100 Mortgage award recognizes the most innovative and impactful organizations driving the mortgage industry forward. More than just an accolade, this award highlights organizations that are transforming the housing sector—enhancing efficiency, transparency, and accessibility in ways that reshape the future of mortgage lending. Now in its 13th year, the Tech100 program serves as a […]
The Consumer Financial Protection Bureau (CFPB) announced on Monday that Scott Bessent, the recently appointed secretary for the U.S. Department of the Treasury, will also serve as acting director for the CFPB following the firing of Rohit Chopra over the weekend. “On Jan. 31, 2025, President Trump designated Secretary of the Treasury Scott Bessent as […]
The hits keep coming for now-defunct residential sale-leaseback platform EasyKnock. After the company failed to have new council file an appearance, the court dismissed EasyKnock’s defamation lawsuit against law firm Feldman & Feldman last Monday. Originally filed by EasyKnock in Nov. 2021 in federal court in Houston, the suit accused Feldman & Feldman of defaming […]
The current environment of mergers and acquisitions (“M&A”) is evolving. There is constant movement in the mortgage industry with the desire for growth and expansion. It is easy to become blinded by the end goal of increasing loan volume and quality origination talent. Thus, it has never been more important to focus on due […]
A group of state representatives in Hawaii have introduced a new bill into the legislature, calling for the establishment of a state-specific Home Equity Conversion Mortgage (HECM) program to be managed by the Hawaii Housing Finance and Development Corp. (HFDC). This is according to the text of the bill reviewed by HousingWire’s Reverse Mortgage Daily […]
Alanna McCargo, the most recent Senate-confirmed president of Ginnie Mae who departed last year to become president and CEO of the Federal Home Loan Bank (FHLBank) of San Francisco, has left the bank’s leadership team to assume a new policy position working with the chair of the board of directors. Joseph E. Amato, the bank’s […]
PennyMac Financial Services Inc. reported Thursday that it earned $104.5 million in net income during the fourth quarter of 2024 on revenue of $470.1 million. It’s an about-face for PennyMac after it posted a net loss of $36.8 million in Q4 2023. For 2024 as a whole, the California-based lender earned a profit of $311.4 […]
Sage Home Loans Corp. recently hired Bijoy John as its new senior vice president of marketing. John expressed his excitement over joining Sage and implementing his vision at the company. Bijoy John Sage’s senior leadership team welcomed John with open arms, praising his track record of successfully reaching consumers. John will reportedly focus on leading […]
Britannica, the English-language encyclopedia that has roots as far back as the 1760s, recently highlighted a phrase familiar to the reverse mortgage industry — the “sandwich generation” — in recognition of the growing importance that caregiving for older relatives will have as the global population grows older. Highlighted on Britannica Money, an online portal designed […]
In this week’s episode of the Power House podcast, host and HousingWire President Diego Sanchez chats with Tom Davis, chief sales officer at Deephaven Mortgage. In this conversation, the duo explore niche lending, second lien product opportunities and demand for non-QM. Deephaven’s focus on non-QM lending is expected to drive its volume past $80 billion […]
The Mortgage Bankers Association (MBA) approves of Donald Trump’s nominee for director of the Federal Housing Finance Agency (FHFA). In a letter addressed to the Senate Committee on Banking, Housing and Urban Affairs, the MBA gave a strong endorsement of Bill Pulte to lead the FHFA. In that role, Pulte would oversee government-sponsored enterprises (GSEs) […]
A securitization of private reverse mortgages originated by Reverse Mortgage Funding (RMF) will require additional review due to the lender’s 2022 bankruptcy, according to a statement on the securitization issued by credit rating agency KBRA. “RMF Proprietary Issuance Trust 2019-1 (RPIT 2019-1),” which saw ratings assigned by DBRS Morningstar in mid-2020, has a key indenture […]
The Federal Reserve on Wednesday paused its recent string of interest rate cuts, holding benchmark rates steady at a range of 4.25% to 4.5%. The move was widely expected considering recent employment and inflation data showing that the U.S. economy continues to run hot. Market analysts were nearly unanimous heading into the day that the […]
Michigan-based United Wholesale Mortgage (UWM) has extended its 60 basis points (bps) pricing incentive until March 31 “due to its strong success and the substantial competitive edge it’s offered independent mortgage brokers in today’s market,” a spokesperson from UWM confirmed. The original program, dubbed “60bps for 60 Days,” was originally only available through January 31 […]
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.0% on a seasonally adjusted basis from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) latest weekly mortgage applications survey. This week’s results for the week ending Jan. 24, 2025, include an adjustment for the Martin Luther King holiday. […]
No one can know what, exactly, will change in 2025 for the mortgage servicing industry’s quality control units, but experts agree there will be changes. Rohit Chopra, head of the Consumer Financial Protection Bureau (CFPB), is unlikely to remain at the bureau’s helm after the new presidential administration is inaugurated, which will probably mean new […]
Last week, business-purpose residential mortgage lender Dunmor announced that it received a minority equity investment from Newfi Lending, a nonagency mortgage lender owned by funds managed by Apollo Global Management. Dunmor CEO Franck Ruimy spoke with HousingWire‘s Sarah Wolak on why he anticipates 2025 will be a strong sales year, and he highlighted the recent […]
Personal finance website WalletHub this week released its rankings of the best and worst states to retire in 2025. It determined that Florida, Minnesota and Colorado are the friendliest states for retirees, while Mississippi, Louisiana and Kentucky are at the opposite end of the spectrum. The company compiled its rankings through 46 metrics, including living […]
Nationstar Mortgage — currently doing business as Mr. Cooper — has agreed to settle a lawsuit which alleges that the company violated mortgage servicing laws and forced borrowers into foreclosure. Attorneys general and mortgage regulators in 50 states, as well the District of Columbia, agreed to a settlement that requires Mr. Cooper to provide $5.8 […]
Mortgage rates have been static in the first month of 2025. The long-term costs of a home loan are keeping borrowers on the sidelines as rates have been above 7% since Christmas — the longest such stretch since July 2024 when they were in the middle of a long and steady decline. But lenders and […]
This week, the Community Home Lenders of America (CHLA) released our latest annual CHLA Report on Independent Mortgage Banks (IMB). As the only national trade group that exclusively represents IMBs, we are taking this opportunity to explain what IMBs are, the role they play in mortgage markets, the issues that are critical to them, and […]
Against the backdrop of a new presidential administration and a new Congress, Mortgage Bankers Association President and CEO Bob Broeksmit laid out the trade group’s priorities during the opening session of the MBA’s IMB25 conference Monday. First on the list? A smooth exit from conservatorship for Fannie Mae and Freddie Mac. “We can’t let the […]
Today’s new home sales report beat market expectations, just like last week’s existing home sales report. However, a detailed analysis of the data explains why housing permits continue to remain at recession-level figures. Builders are struggling to get clarity on how many homes they can sell in this rate environment in the future. Without more […]
The Consumer Financial Protection Bureau (CFPB) this month published an issue spotlight that takes a closer look at home equity contracts, or what the industry refers to as home equity investments (HEIs) that offer a lump sum payment to clients in exchange for a stake in their home equity. At the time the contract is […]
Members of the U.S. home remodeling industry report that while market conditions are stalling larger-scale remodeling projects, consumers seeking remodeling work are focused on efforts that could serve to increase home values and to “future-proof” homes for later life and aging in place. This is according to a report at Kitchen & Bath Design News, […]
Mr. Cooper announced the appointment of Jason Cave as its new SVP of Government Affairs, which was confirmed with HousingWire today. Cave, who started on Jan. 21, confirmed the news on his LinkedIn today. Cave will report directly to Kurt Johnson, the company’s EVP and CFO. Cave joins the company with more than three decades […]
In this week’s episode of the Power House podcast, HousingWire President Diego Sanchez is joined by Newrez President Baron Silverstein. In this informative conversation, the duo touch on Newrez’s growth and acquisition strategies, the use of technology and artificial intelligence for client retention, and finding balance between mortgage servicing and origination activities. This conversation has […]
There were a total of 298 consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2024 that were related to the reverse mortgage industry, according to a database maintained by the bureau. This was 63 fewer complaints than in 2023. Of the total, about 43% were related to “trouble during the payment process.” […]
A state senator in Washington, citing dwindling enrollment numbers at an Olympia college and the impending “silver tsunami” of population trends, wants to close an existing college campus and transfer its control to the University of Washington to repurpose it for health sciences studies. This is according to an announcement from the senator’s office, along […]
Business-purpose residential mortgage lender Dunmor announced Thursday that it has received a minority equity investment from Newfi Lending, a nonagency mortgage lender owned by funds managed by Apollo Global Management. According to Dunmor, the investment is an extension of an original partnership initiated in June 2024. “Our team has created a remarkable platform and brand, […]
Fitch Ratings reported this week that recent natural disasters that have damaged thousands of homes and businesses — including the Southern California wildfires and hurricanes Milton and Helene in the Southeast — are not expected to heavily impact paid claims experience or credit ratings for mortgage insurers. The ratings agency said in commentary released Thursday […]
The Mortgage Collaborative (TMC), a member network comprised of independent mortgage banks, federally insured banks, credit unions and mortgage service providers, on Friday announced its appointment of Jodi Hall as CEO and president. Hall, who has nearly 30 years of mortgage industry experience, is the founder of DandaRoad Consulting, a firm that specializes in advising […]
The MBA Opens Doors Foundation announced yesterday the launch of the MBA Opens Doors Disaster Relief Program, which aims to support children and families affected by the wildfires in the Southern California area. The foundation will provide an additional $100,000 to Children’s Hospital Los Angeles (CHLA). As one of Opens Doors’ 13 hospital partners through […]
Ginnie Mae’s complementary Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program, dubbed “HMBS 2.0,” released a final term sheet in November which proved to be the final major policy work of former acting Ginnie Mae President Sam Valverde prior to his departure from the company. It has been roughly one year since Ginnie Mae announced […]
As older Americans run into more challenges with the cost of living on a fixed income, a coalition of advocacy groups in and around New York City are calling for action. Led by LiveOn NY, more than 50 organizations are rallying the city’s government for additional support for older residents as they navigate these challenges. […]
Thursday marks the third full day of the second Trump administration, and the Consumer Financial Protection Bureau (CFPB) still has a director that was nominated and confirmed under President Joe Biden. How long that will last is anyone’s guess, but for right now, Rohit Chopra is continuing to work until he is notified by the […]
Housing professionals have been waiting for a change of administration to see how mortgage rates will respond, but in the first week of President Donald Trump’s return to the White House, things have been quiet when it comes to the long-term costs of a home loan. HousingWire’s Mortgage Rates Center showed that 30-year conforming rates […]
What if the story of declining loan officer numbers is just that — a story? If you’ve been around the mortgage industry awhile, you’ve surely heard of a sharp decline in licensed loan officer (LOs) numbers. Some reference a 50% drop in the LO population. Worse yet, other believe that license renewals are down 60%. […]
Reverse mortgage lender and servicer Longbridge Financial, which offers both Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) loans as well as proprietary reverse mortgage products, announced that it has lowered the minimum home value for its fixed-rate proprietary products. Previously, the proprietary product line — which Longbridge calls “Platinum” — had its minimum […]
Home renovation projects could bring a variety of safety and efficiency improvements to older construction, but anxiety is a key element keeping many homeowners from exploring renovation projects. This is according to a report conducted by Renewal by Andersen, a home improvement company. The study surveyed 2,500 homeowners across four generations: Gen Z, millennials, Gen […]
Online real estate marketplace Auction.com announced Wednesday that it is launching SmartSale, a technology-powered option to foreclosure that lets distressed homeowners list and sell their property. SmartSale allows homeowners to sell their homes through direct offers from buyers or an auction process. For those who are struggling to repay their mortgages, the process aims to […]
Mortgage escrow accounts are an important, yet widely misunderstood asset in the housing market. Although 80% of mortgage holders have escrow accounts, only 60% fully understand them, up from 52% in early 2024. And those who don’t understand are paying dearly. That finding comes from a survey released Tuesday by tax and flood services provider […]