Data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending Jan. 17 show mortgage applications increased 0.1% from a week earlier on a seasonally adjusted basis. On an unadjusted basis, applications increased by 3% compared with the previous week. The refinance index decreased 3% from the previous week and was […]
The Home Equity Conversion Mortgage (HECM) for Purchase (H4P) program has long been positioned by reverse mortgage professionals as a viable path for expanding the base of reverse mortgage business. It would allow older homeowners to use a reverse mortgage to purchase a new home. While the required down payment on a home purchased with […]
The Mortgage Bankers Association (MBA)’s education division, MBA Education, recently launched its Mortgage Banking Bound (MBB) program at Cleveland State University. The program, which is led by adjunct professor Debbie Hoffman — a visiting assistant professor at the Cleveland State University College of Law — offers a three-credit undergraduate course on residential mortgage origination and […]
As he has promised for months, President Donald Trump spent his first day back in the Oval Office signing a flurry of executive orders. These are designed to roll back Biden administration orders and policies, and to change the federal government’s stance on several overarching issues that reflect the priorities of the new administration. Two […]
President Donald Trump did not waste any time Monday after his inauguration as he signed dozens of executive orders tied to everything from immigration and energy policies to a temporary halt on a U.S. ban of TikTok. Trump also rolled back protections for transgender Americans and ended diversity, equity and inclusion (DEI) programs within the […]
After years of high interest rates, and price spikes, mortgage lenders are optimistic heading into 2025. Fannie Mae predicts a 28% increase in mortgage originations to $2.1 trillion. The Mortgage Bankers Association (MBA) also predicts that total origination volume will increase by 28.5% to $2.3 trillion. Alongside that, Fitch expects mortgage servicing rights (MSR) amortization […]
In this week’s episode of the PowerHouse podcast, HousingWire President Diego Sanchez talks with Lower CEO Dan Snyder about the digital lender’s recent acquisition of Neat Labs, its in-house tech development efforts and coaching programs for top producers. This conversation has been edited for length and clarity. To start the conversation, Sanchez asks a question […]
Inaction is easy. It’s quiet; unwritten; immune from critique. It sits undone; confidently static. But if buyers and sellers were compelled to transcribe their inaction, it would read like a sociopath’s diary entry: “We could have watched you grow up, but your grandpa and me weren’t willing to give up our 2.875% rate to move […]
As the dust settles from the confirmation hearing of Scott Turner to serve as the new secretary of the U.S. Department of Housing and Urban Development (HUD), lawmakers on both sides of the aisle are logging their reactions in official statements and social media posts ahead of an expected Senate vote. While reactions largely fall […]
A notice implemented into the reverse mortgage servicing process that is designed to flag potential foreclosures if they are in a federally declared disaster area could prove to be beneficial for any borrowers currently impacted by the Los Angeles-area wildfires, according to a servicing industry expert. Colorado fire and Ed Sharp After a reverse mortgage […]
Joel Kan, MBA’s vice president and deputy chief economist, highlighted a rise in government loan activity as a key factor behind new-home mortgage growth. “Applications for newly built homes increased 9 percent compared to a year ago in December, while the FHA share of applications reached its second highest level in the survey’s history at […]
The Federal Housing Administration (FHA) this week published Mortgagee Letter (ML) 2025-06, which codifies “updates to FHA’s permanent loss mitigation options based on learnings from its temporary COVID-19 policies and feedback received on the draft policies” from a proposal published this past November. Published on Thursday, the letter extends existing COVID-19 recovery options to February […]
Florida-based non-QM lender A&D Mortgage announced Friday that it has acquired the wholesale and nondelegated correspondent lending businesses of Mr. Cooper Group. The terms of the deal have not been disclosed but it is expected to close by the end of March 2025. A&D reported that the two entities being acquired funded more than $10 […]
In a changing real estate market, mortgage lenders face increasing demand. If high mortgage rates and increased liquidity management aren’t challenging, then regulatory changes, operation inefficiencies, and economic uncertainty are enough. With high mortgage rates and stagnated origination, many financiers are focusing on mitigating risk and boosting efficiency. This occurs while they manage the heavy […]
Attom‘s year-end 2024 foreclosure report revealed that 322,103 properties in the U.S. had some type of foreclosure filing — default notices, scheduled auctions or bank repossessions — last year. The data solutions company also reported that in fourth-quarter 2024, one in every 1,671 properties had a foreclosure filing. Attom also noted that foreclosure filings were […]
Many housing insiders often characterize the topic of housing as a bipartisan one that is somewhat insulated from the acrimony of more divisive issues during a historically polarized political era. This was mostly on display during the Senate confirmation hearing for Scott Turner to be the next secretary of the U.S. Department of Housing and […]
Bill Pulte, a private equity professional, philanthropist and grandson of the late homebuilding icon William Pulte, will be Donald Trump‘s nominee to lead the Federal Housing Finance Agency (FHFA), according to reports from multiple outlets on Thursday. Trump confirmed the nomination on his Truth Social account. “I am pleased to announce that Bill Pulte will […]
The Federal Communications Commission (FCC) this week warned consumers in all 50 states that fraudsters are posing as mortgage lenders by calling homeowners and asking them to pony up on payments. The scam, dubbed “Green Mirage,” involves callers contacting homeowners who oftentimes “have previously sought relief from their actual mortgage lender and may expect to […]
“The standard of living of the average American has to decline,” he said. “I don’t think you can escape that.” These were the words of Federal Reserve Chairman Paul Volcker as he testified before Congress in October 1979. Inflation was 13%. Volcker’s predecessors, Arthur Burns and William Miller, had failed to control prices. Stagflation gripped […]
Mutual of Omaha Mortgage, which rose to the No. 1 position on the reverse mortgage industry leaderboard for Home Equity Conversion Mortgage (HECM) endorsements in 2024, has responded to a September legal complaint by competitor Longbridge Financial. Mutual is denying allegations that it misled potential customers and is demanding a jury trial and for litigation […]
An Elkhart, Indiana, resident who is a beneficiary of U.S. Department of Housing and Urban Development (HUD) assistance is poised to lose his benefits on Jan. 31 after disclosing on a form that he had ingested marijuana a single time, according to local reporting by a South Bend-based NBC affiliate. This will cause him to […]
With an adjustment for the New Year’s holiday, mortgage applications increased 33.3% from one week earlier, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey, released today. This week’s reading, for the week ending Jan. 10, 2025, is a stark difference from last week’s applications, which reflected a seasonal lull following Christmas. While […]
The year 2025 will be transformative for real estate. Rising personal home insurance rates, fueled by escalating claims costs, increasing property values and the growing frequency of natural disasters, will all have a profound impact on market dynamics — and homeowner’s insurance costs. For real estate professionals and mortgage lenders, these shifts present both challenges and […]
At the tail end of 2024, mortgage borrowers shifted their attention away from conforming mortgages and toward refinance opportunities. A report released Tuesday by Optimal Blue found that the conforming loan share sank to historic lows in December. Optimal Blue’s December 2024 Market Advantage report is a monthly study that analyzes key indicators to provide […]
Home Equity Conversion Mortgage (HECM) volume took a hit in 2024 and the HECM-backed Securities (HMBS) issuance market also saw overall reductions in output for the year, giving further context to a challenging period for the reverse mortgage industry broadly. Once again, total issuance was down in 2024, and the top 10 issuers reshuffled slightly. […]
As President-elect Donald Trump’s nominee to serve as secretary for the U.S. Department of Housing and Urban Development (HUD), Scott Turner will be questioned on Thursday by lawmakers of both parties in his confirmation hearing before the Senate Committee on Banking, Housing and Urban Affairs. But ahead of that hearing, a familiar Trump foe — […]
Mortgage rates continued their ascent this week after Friday’s jobs report showed that employers added more positions than expected in December, which is likely to cement a pause on interest rate cuts by the Federal Reserve later this month. HousingWire’s Mortgage Rates Center showed that the average 30-year conforming loan rate was 7.15% on Tuesday, […]
Fannie Mae‘s latest Home Price Index (HPI) shows single-family home prices increased 5.8% from Q4 2023 to Q4 2024, a surprising increase from the previous quarter’s downwardly revised annual growth rate of 5.4%. Quarterly, home prices rose a seasonally adjusted 1.7% in Q4 2024, an increase from the downwardly revised 1.2% growth rate in Q3 […]
Rocket Companies, the parent of Rocket Mortgage, on Tuesday unveiled a refresh to its brand identity in an effort to unify Rocket’s many companies under a single umbrella. As part of this effort, Rocket is rebranding some of its businesses. Its title producer and appraisal management arm, Amrock, will now be known as Rocket Close. […]
Digital mortgage lender Lower on Tuesday announced the hiring of Adam Wiener as its new president. Wiener, who previously served as president of real estate services at Redfin, will lead Lower’s technology, marketing, data science and direct-to-consumer sales organizations. In an exclusive interview with HousingWire, Wiener shared that he started his new role on Dec. […]
The U.S. Department of Housing and Urban Development (HUD) on Monday announced that it has reached a settlement with PHH Mortgage Corp., a division of the Onity Group, over the alleged imposition of fees for borrowers making payments on their mortgages, which is in violation of Federal Housing Administration (FHA) requirements. Describing the settlement as […]
The Consumer Financial Protection Bureau (CFPB) has found that homeowners facing flooding from rivers and creeks are more likely to be underinsured against flood risk than homeowners in coastal areas, according to a report published on Monday. The report is based on a sample of mortgage applications from 2018 to 2022, and it examines flood […]
Mike Rawls “Since taking on the role of CEO in 2020, Mike has skillfully led Xome to become the powerhouse Mr. Cooper Group named former vice chairman and President Chris Marshall as the new CEO of subsidiary real estate solutions firm Xome. Marshall will replace former CEO Mike Rawls, who is set to retire effective […]
Top 20 U.S. mortgage lender loanDepot announced the promotion of regional sales director Bart Evans to regional vice president for the Southeast region. Evans will help manage retail business in states like Alabama, Arkansas and Tennessee. He will report directly to senior vice president of production Paul Ramos. The new regional vice president brings a […]
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are aiming to remind homeowners and renters impacted by the ongoing wildfires in Los Angeles of various relief options. These include forbearance and other payment deferral plans, as well as disaster recovery counseling programs through the U.S. Department of Housing and Urban Development (HUD). “The number one […]
In a new episode of 10 Minute Talks, HousingWire President Diego Sanchez sits down for an in-depth conversation with Rob Pieklo, president and chief operating officer of American Financial Resources (AFR). During the 10-minute conversation, Pieklo explores his new focus on developing AFR’s wholesale lending strategy, the competitive landscape of the mortgage market, and the […]
With more than 153,000 people currently under evacuation orders in the Los Angeles area due to multiple wildfires, an estimated 10 deaths and thousands of structures burned, the reverse mortgage industry at multiple levels is mobilizing with a clear, overarching message: Impacted borrowers must get in touch with their loan servicer and insurance carrier as […]
The U.S. Senate Committee on Banking, Housing and Urban Affairs announced that it will hold a confirmation hearing on Thursday, Jan. 16, for Scott Turner to lead the U.S. Department of Housing and Urban Development (HUD). Scott Turner, the nominee to lead HUD under President-elect Donald Trump. ” data-image-caption=” Scott Turner ” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/11/scottturner_hud.jpg?w=201″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/11/scottturner_hud.jpg?w=534″ src=”https://www.housingwire.com/wp-content/uploads/2024/11/scottturner_hud.jpg?w=534″ […]
Wayne Brown “Kat and Wayne are both strategic problem solvers,” Duffy said in a statement. “Our clients appreciate their ability to internalize their core challenges, and apply their comprehensive industry knowledge to solving them.” Brown brings 20 years of experience to his new role, including 12 years at Freddie Mac, where he served as senior […]
While the unemployment rate was up compared to the start of the year, the job market ended the year up, with 256,000 jobs added to the economy in December according to data released Friday by the U.S. Bureau of Labor Statistics (BLS). Unemployment finished the year at a rate of 4.1%, down from 4.2% the month prior. The unemployment […]
The Consumer Financial Protection Bureau (CFPB) in December released its 2023 Mortgage Market Activity and Trends report, which included a brief look at activity from the reverse mortgage industry based on Home Mortgage Disclosure Act (HMDA) data from 2023. While the majority of the data largely excluded reverse mortgages from trends in the broader mortgage […]
Mortgage verification services firm Xactus announced this week that it appointed Mike Brown, its former chief integration officer, as its new chief product officer. This hiring underscores the company’s commitment to technology and product innovation. Brown will oversee Xactus’ product life cycle from ideation and development to launch and implementation. His hiring follows another key […]
Ridgeland Mortgage, a recently formed joint venture between loanDepot and homebuilder Smith Douglas Homes, on Thursday announced the appointment of Teresa Carlile as president. In her new role, Carlile will lead Ridgeland’s growth strategy and daily operations. “Teresa is a trusted leader in the mortgage industry, and as our first key hire, she’s an exceptional […]
Federal Housing Finance Agency (FHFA) Director Sandra Thompson will leave her post on Jan. 19, a day before the inauguration of President-elect Donald Trump, according to an agency spokesperson who spoke with Bloomberg. Thompson first joined FHFA following a 23-year tenure at the Federal Deposit Insurance Corp. (FDIC) before becoming its deputy director in 2013. […]
The Mortgage Firm, a Florida-based mortgage lender, has agreed to invest $1.5 million to settle a redlining case with the U.S. Department of Justice (DOJ), the parties announced Wednesday. The DOJ accused the company of discrimination against predominantly Black and Hispanic neighborhoods in the Miami-Fort Lauderdale-West Palm Beach metropolitan area. The complaint, filed in the […]