The Consumer Financial Protection Bureau (CFPB) on Friday announced that it is seeking a settlement with Chicago-based Townstone Financial that would resolve a case over what the bureau calls “discriminatory lending practices and redlining African American neighborhoods in Chicago.” The proposed order would prohibit Townstone from taking any action that would violate the Equal Credit […]
The Mortgage Industry Standards Maintenance Organization (MISMO), a subsidiary of the Mortgage Bankers Association (MBA), has been developing a series of uniform technology standards that will ideally allow for the somewhat siloed reverse mortgage industry to more easily collaborate with others in the mortgage finance ecosystem. Jonathan Kearns, vice president of technology at MISMO, sat […]
Editor in Chief Sarah Wheeler sat down with Optimal Blue CEO Joe Tyrrell to talk about how the company decides where to deploy generative AI and why return on investment (ROI) for customers is paramount. Before arriving at Optimal Blue this year, Tyrrell served as president at ICE Mortgage Technology and as chief operating officer […]
The National Reverse Mortgage Lenders Association (NRMLA) said this week that it has submitted comments to the U.S. Department of Housing and Urban Development (HUD) requesting that the agency, at minimum, align its cybersecurity reporting requirements with those of Ginnie Mae. Ideally, however, it wants the extension to be even longer. A draft Mortgagee Letter […]
With mortgage rates moving closer to 7% once again, recent homebuyers are finding creative ways to lock in lower rates. A survey from Zillow conducted between March and September of this year found that 45% of recent buyers — half of whom bought a home in the past year and the other half in the […]
Deephaven Mortgage, a Charlotte-based lender focused on nonqualified mortgages (non-QM), has recently expanded its home equity offerings with a new closed-end second-lien product and the introduction of a home equity line of credit (HELOC). “Today’s second-lien market presents a significant opportunity,” said Tom Davis, Deephaven’s chief sales officer, in an interview during the Mortgage Bankers […]
A recent episode of “The Loan Officer Podcast” features a high-profile guest masterclass. Host Dustin Owen sits down with Lower CEO Dan Snyder to explore his journey from studying law to founding a mortgage fintech platform, along with key entrepreneurial tips for aspiring originators. This interview has been edited for length and clarity. To start […]
Source: Mortgage Bankers Association The trade group’s national Purchase Applications Payment Index (PAPI) measures how new monthly mortgage payments vary over time relative to income and uses data from MBA’s By at least one measurement, affordability is improving for prospective homebuyers, even as home prices continue to rise and mortgage credit availability remains relatively low. […]
The Federal Housing Finance Agency (FHFA) on Thursday said it will aim to simplify the process of funding affordable housing projects through the Federal Home Loan Banks (FHLBanks). The advisory bulletin came in response to comments by sponsors that have called the process too cumbersome. “Each of the 11 FHLBanks operates an Affordable Housing Program […]
In the halls of the Colorado Convention Center on Monday, it was hard not to overhear mortgage bankers gnashing their teeth over the rumored price hikes for Fair Isaac Corp (FICO) scores. “They’ve got us by the balls,” said one mortgage pro in an interview between sales meetings at Mortgage Bankers Association (MBA) Annual 2024 […]
New York-based asset manager Rithm Capital, the owner of multichannel lender Newrez, reported a 58% increase in refinances to $3 billion in the third quarter of 2024 after mortgage rates dropped due to the Federal Reserve’s 50 basis-point rate cut. But executives expect things to calm down moving forward. “I think we’re going to get […]
You don’t often hear about someone with an affinity for nuclear physics finding their way into the reverse mortgage field, but that’s exactly the journey we’re charting in this edition of “Origins” from HousingWire’s Reverse Mortgage Daily (RMD). Rick Schluter, a New Jersey-based reverse mortgage specialist with Mutual of Omaha Mortgage, became engrossed in physics […]
A California regulator has revoked the residential mortgage lending license of LoanSnap, the latest in a series of difficulties for the fintech lender. According to a filing from the California Department of Financial Protection and Innovation dated Oct. 18, LoanSnap had its license revoked after it failed to renew its surety bond. That policy, which […]
Despite rampant political polarization, a majority of people affiliated with the Democratic and Republican parties agree that the state of retirement in the U.S. is concerning. This is according to a recent survey conducted by the National Institute on Retirement Security (NIRS). An overwhelming majority of Republicans (81%), Independents (79%) and Democrats (78%) agree that […]
When asked whether loan buybacks were a more significant issue last year than now, Freddie Mac executive Sonu Mittal says emphatically, “It depends on who you ask.” Freddie Mac has seen a nearly 55% reduction in repurchase requests from its peak in the first quarter of 2023. But public filings analyzed by Inside Mortgage Finance […]
A new episode of “The Loan Officer Podcast” aims to teach mortgage originators how to leverage tools and grow their businesses. Host Dustin Owen and Lauren Walton, a senior loan officer at Lower-backed Gerber Group, sit down to teach viewers how to move from the call-center model to retail lending as a top-ranked and self-sourced […]
A 60 basis point increase in mortgage rates in October has strangled mortgage demand, particularly for refinancings, according to the latest survey data from the Mortgage Bankers Association. Mortgage applications overall decreased 0.1% from one week earlier, per the MBA‘s weekly applications survey for the week ending Oct. 25. The Market Composite Index, a measure […]
Former House Speaker John Boehner, pictured on the big screen, shares his perspectives on the 2024 election during the MBA Annual event in Denver on Tuesday. (Photo by Chris Clow) If the U.S. presidential election were held today — one week prior to Election Day — then Donald Trump would retake the White House and […]
Employment data for October is set to be released Friday, and it will go a long way in determining the path for mortgage rates, which have surged upward in the past month. At HousingWire’s Mortgage Rates Center on Tuesday, the average rate for 30-year conforming loans was 6.72%. That’s up 10 basis points (bps) from […]
Earlier this year, Lewisville, Texas-based property services company MCS announced that it acquired Five Brothers Asset Management Solutions, a deal that brought MCS into the reverse mortgage industry for the first time. Soon after, CEO Craig Torrance offered an early look at what he hoped to achieve with the move. Roughly six months later, Torrance […]
If you didn’t know it before, you’re likely to be reminded every day between now and Nov. 5 that this is a close election for the balance of power in Washington, D.C. This theme persisted through the first full day at the Mortgage Bankers Association (MBA)’s Annual Convention and Expo in Denver this week. Programming […]
Industry-leading reverse mortgage lender Finance of America (FOA) announced this week that nearly all of the holders of outstanding senior notes that were set to mature in 2025 will participate in a new bond exchange offer that was first announced in June and amended last month. Under the amended offer, the current unsecured notes, due […]
While we can’t share their names, we can share their stories. It’s the same one, over and over again. An individual, often for the first time, is engaging in one of the most important transactions of their lifetime: homeownership. Already intimidated by the multitude of financial requirements that come with securing a mortgage, the borrower becomes […]
Mortgage technology company Gateless is offering its flagship automated underwriting platform to a new lender. The Loan Store — a wholesale lender based in Arizona — will now use the Gateless Smart Underwrite platform, according to a recent announcement. The artificial intelligence-based platform, the latest addition to the Gateless AI mortgage tool suite, aims to […]
On Monday, the Federal Housing Finance Agency (FHFA) announced that all approved lenders will have access to a fee-based alternative to repurchase Freddie Mac’s performing loans with defects, expanding a pilot program launched earlier this year. In addition, the FHFA announced that government-sponsored enterprises (GSEs) will give 60 days of advance notice for increases to […]
In a significant move designed to expand homeownership access, the Federal Home Loan Bank of New York (FHLBNY) announced the adoption of an alternative credit scoring model to boost mortgage credit availability. The wholesale bank will now allow members to pledge mortgage collateral using the VantageScore 4.0 system. FHLBNY will partner with 330 lenders across […]
It might be fitting that Bob Broeksmit struck a more conciliatory tone during his speech to kick off MBA Annual than he did last year, when he said the mortgage trade organization was “playing offense” to “stop the madness.” After all, the general election is a little over a week away and the MBA has […]
Fluctuating interest rates and a fast-changing market Last month, we saw the Federal Reserve deliver their long-awaited decision to lower interest rates with a 50 basis points cut, and 30-year mortgage rates reached as low as 6.08% according to ICE’s 30-year fixed conforming rate index. This increased refinance incentive, and mortgage applications reached their highest […]
Roughly 16% of women workers are “very confident” that their retirement prospects will lead them to have a satisfactory lifestyle, illustrating that women remain at greater risk than men for achieving a sustainable retirement. This is according to a new survey-based report from the Transamerica Center for Retirement Studies. “Women have made great strides in […]
The mortgage industry has long been promised a technological revolution to streamline workflows, reduce operational costs, and enhance efficiency. Yet, despite significant investments in new technologies, the cost to originate loans has dramatically increased. Companies still grapple with cyclical hiring and firing, and the anticipated return on investment (ROI) from technology implementations still needs to […]
The most challenging period for the mortgage industry appears to be in the rearview mirror, as the Mortgage Bankers Association (MBA) forecasts $2.3 trillion in origination volume for 2025—representing a robust 28.5% growth over 2024. “We are in a much better place now than a year ago. Let’s keep that in mind when we look […]
Clients who wish to use ICE Mortgage Technology‘s legacy Software Development Kit (SDK) technology on Encompass will be afforded a six-month grace period from the original Oct. 31, 2025, transition deadline to the API-based platform before being charged. The company characterized the new transition timeline not as a delay, but rather an “extension” afforded to […]
In prior conversations with HousingWire’s Reverse Mortgage Daily (RMD), leaders of equity sharing companies contend that their products are different from reverse mortgages largely because they are not debt-based instruments. But a court case playing out in the U.S. Court of Appeals for the Ninth Circuit features plaintiffs who argue that they are — at […]
In the latest episode of the Power House podcast, HousingWire CEO Clayton Collins sits down for a conversation with Uplist President Jeff Bell to explore coaching, loan monitoring, recapture strategies and more. These questions and responses have been lightly edited for length and clarity. Clayton Collins: Give us a glimpse into how you’ve developed as […]
The National Reverse Mortgage Lenders Association (NRMLA) has elected its board officers and co-chairs for the 2024-2025 term, including a slate of new officers along with both new and returning co-chairs. Mike Kent, senior vice president of reverse asset management and industry relations at PHH Mortgage Corp., has been reelected as co-chair. This will be […]
Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too. ” data-image-caption=” Open banking could transform the mortgage industry by allowing lenders to use more creative methodologies to assess risk and issue loans. But there are risks, too. (Image […]
The strongest market agitator in the first half (H1) of 2025 is not likely to be either U.S. unemployment or inflation caused by monetary or fiscal policy. Based on the latest readings, inflation is consistently decreasing, reacting as expected to the Federal Reserve’s interest rate hike campaign that sent mortgage rates higher than they have […]
Mortgage technology startup Novaprime is making its public debut with the launch of an AI-powered loan platform that it claims allows lenders to sell loans to investors in just days, instead of weeks, all with a high degree of accuracy. The platform evaluates the loan purchase eligibility and data quality while also handling document management […]
In this HousingWire Executive Conversation, Tom Davis, Chief Sales Officer at Deephaven, discusses the opportunities in the non-QM investor loan space as we head into the new year. He emphasizes the importance of a diverse product portfolio including DSCR and business-purpose loans, to better serve clients. Davis also highlights Deephaven’s edge in products like their […]
Mutual of Omaha Mortgage’s reverse division has launched a new program, “Broker Protect,” that aims to offer what it calls industry-first protections to brokers doing business with the company. Mutual of Omaha approved brokers and principal agents will have access to five core protections, including a promise that the lender “will not solicit borrowers established […]
Onity Group, the parent company of PHH Mortgage Corp. and Liberty Reverse Mortgage, announced this week that it will offer $500 million in senior notes due in 2029. The proceeds from this note sale, along with additional cash from the company, will be used to pay off older debt with higher interest rates. The deal […]
The Mortgage Bankers Association (MBA) on Thursday released a new white paper, which argues that Section 8 of the Real Estate Settlement Procedures Act (RESPA) is in need of reform and modernization to better reflect “today’s highly-regulated mortgage market.” Dec. 22, 2024, will mark the 50th anniversary of RESPA being signed into law by President […]
With an unprecedented wave of retirements—over 4.1 million Americans each year, according to the Peak65 report by Alliance for Lifetime Income—understanding the intricacies of reverse mortgages is essential. Our latest research report, developed in partnership with Longbridge Financial, equips you with the knowledge to navigate this growing market and serve your clients effectively. Download the […]
Over the past few years, mortgage industry participants have made great strides in efforts to help close the gap in minority homeownership. Nationwide initiatives, such as the MBA of America’s CONVERGENCE place-based initiatives, the NAREB Building Black Wealth Tour and the Hispanic Wealth Project, bring hope to both consumers and lenders. On October 2, 2024, […]
American Identity Group, an information security company that monitors and fixes security breaches and primarily operates in the wholesale lending space, has also become well established in the title and home warranty industries. The company now aims to embed its services in forward and reverse mortgages. Representatives journeyed to San Diego last month to meet […]