Seller impersonation fraud has reportedly risen significantly over the years, and one such fraudster attempted to cash in by facilitating a fraudulent sale of Graceland, the famous Memphis, Tennessee, home owned by the late Elvis Presley. But while a fraud attempt targeting such a famous structure and family would easily make national news, the vast […]
Shopping around for a mortgage could prove beneficial for borrowers looking to save money, particularly in a high interest rate environment, according to a new report from LendingTree. The potential savings breaks down to roughly $212 a month, or $2,547 per year on average, according to the report. But in states with higher home prices […]
On an enforcement streak since the U.S. Supreme Court rejected a challenge to its funding mechanism in mid-May, the Consumer Financial Protection Bureau (CFPB) is now targeting the use of what it deemed “unlawful or unenforceable” terms and conditions in contracts. On Tuesday, the U.S. consumer financial watchdog released a circular warning companies that use […]
A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. Released late last year, the study examined three core elements of HECM program effectiveness between 2000 […]
As the U.S. and much of the world will have to reckon with a population that is growing older at a faster rate, governments are determining the best courses of action to deliver on age-related initiatives. To that end, the U.S. Department of Health and Human Services (HHS) has delivered a strategic framework for a […]
The Consumer Financial Protection Bureau (CFPB) is creating a public database to identify nonbank financial companies that violate consumer laws, aiming to avoid recidivism trends. On Monday, the U.S. consumer financial watchdog announced that it finalized a rule establishing the new registry. It requires lenders caught violating consumer law to report certain final agency and […]
More than nine in 10 adult members of Generation Z say that housing affordability is a key factor when deciding who to vote for in the upcoming U.S. presidential election, making it the top issue for that cohort as it prepares to go to the polls. This is according to a report released Monday by […]
Lakeland, Florida, now has the largest surplus, with 43% more homes for sale in April than it averaged from 2017 to 2019, according to ICE. Austin was next at 29% and San Antonio came in third at 27%. By contrast, the Connecticut metros of Annual home price gains continued to cool in April, marking the […]
Mortgage subservicer Dovenmuehle Mortgage announced two promotions within its business development team this week. Anna Krogh was named senior vice president and director of business development, while Chris Torres is the new vice president of business development and manager for the Western region. Krogh joined Dovenmuehle in 2022 from Associated Bank in Chicago. She has […]
Roof AI, an artificial intelligence-powered sales assistant that helps real estate and mortgage companies generate revenue across their business units, announced the integration of OpenAI’s technology into its system, significantly boosting its capabilities. At the heart of this innovation is Roof AI’s sales assistant, which is now powered by advanced large language models (LLMs). This […]
Mortgage rates have been a bit more volatile recently due to hawkish Federal Reserve statements and inflation data, which has impacted some of the recent movement in the 10-year yield. But now we have the big jobs week coming up! So, what does this all mean for the housing market and the future of mortgage […]
Open the door to the most powerful room in housing. Join us at The Gathering 2025 in Denver, CO, June 8-11. Go here to lock in special pricing with your registration. Since announcing their new CEO last year, Rocket has revealed more of its strategy through first-ever leadership positions that all carry one big theme — technology is the […]
Home Equity Conversion Mortgage (HECM) endorsements declined by 4.2% in March, a dynamic primarily driven by an drop in endorsements from the wholesale side of the business even as the retail side saw a month-over-month improvement in originations. This is according to data compiled by Reverse Market Insight (RMI). Retail endorsements gained 9% over their […]
Ginnie Mae, which manages the government-guaranteed portfolio of forward and reverse mortgage-backed securities (MBS), announced this week at a National Reverse Mortgage Lenders Association (NRMLA) event that it will release initial details of its forthcoming Home Equity Conversion Mortgage-backed Securities (HMBS) product as soon as next month. RMD submitted a request for comment to Ginnie […]
Homebuyer affordability declined in April, according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI) released Thursday. The index measures how new monthly mortgage payments vary across time, relative to income, drawing from data from MBA’s weekly applications survey. The national median payment for purchase mortgage applicants was $2,256 in April, up from […]
Mortgage lenders GO Mortgage and PacRes struck a deal to merge their businesses, allowing them to gain scale and reduce the cost of originating a loan in a higher-for-longer mortgage rate environment. The financials of the transaction were not disclosed. “By uniting our unique capabilities and resources, we will achieve significant operational improvements,” Michael Isaacs, […]
Ginnie Mae is aiming to roll out plans for its new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product by the end of the year, according to acting president Sam Valverde, who spoke at the National Reverse Mortgage Lenders Association (NRMLA) Eastern Regional Meeting in Washington, D.C., on Wednesday. The news was first reported by […]
The share of older workers in the U.S. has grown significantly since the turn of the century, with 29.5% of workers in 2023 at least 65 years old, compared to 23% in 2000, according to a new report from the Employee Benefit Research Institute (EBRI). This occurred as labor force participation by older Americans between […]
The Consumer Financial Protection Bureau (CFPB) on Thursday issued a new request for information (RFI) from the public concerning “fees charged by providers of mortgages and related settlement services,” according to the RFI document reviewed by HousingWire. Part of a broader attack on what both the bureau and the Biden administration call “junk fees” — […]
The U.S. Department of Veteran Affairs (VA) announced on Wednesday that it has called on mortgage servicers to extend the moratorium on foreclosures for VA-guaranteed loans through Dec. 31, 2024, while these companies implement a new program to help struggling veterans. The current moratorium, announced in November, was set to end on Friday. It was implemented […]
Home equity fintech lender Point, in collaboration with its long-time financing partner Atalaya Capital Management, has successfully closed a $141 million rated asset-backed securities transaction. The securitization was completed on May 15 and marked Point’s second rated securitization and third overall deal in the secondary market, with all securities receiving ratings from Morningstar DBRS. Point […]
Calque, a company that partners with lenders to offer non-contingent mortgages to homebuyers, has announced new strategic partnerships with Fancher Mortgage Group and Jones Mortgage Group to extend its Trade-In Mortgage product. The collaborations aim to simplify the homebuying process by leveraging a homeowner’s existing equity to secure a new property before they sell their […]
Ninety-three percent of U.S. adults ages 55 and older view aging in place in their homes as an “important goal,” with 49% attributing aging as a reason they would choose to bring assistive technologies into their homes. This is according to surveys conducted in 2023 and 2024 by U.S. News & World Report. Results from […]
Earlier this year, New Jersey-based mortgage broker Joe Racamato, president of Silex Financial Group Inc., changed his firm’s preapproval process for home purchase applicants. Racamato is now orienting his team to look closely at clients’ bank statements to find multiple — and often interest-free — installments of a few hundred or thousand dollars paid to […]
Tammy Richards Richards will oversee all operational aspects of Kind Lending, with a focus on scaling the company’s infrastructure and processes, the lender stated in a news release. In a prepared statement, Kind Lending President Yvonne Ketchum added that Richards will enhance operational efficiency as Kind continues to grow and innovate. According to the […]
Mortgage applications slumped heading into Memorial Day weekend. Applications decreased by 5.7% on a seasonally adjusted basis during the week ending May 24, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. The MBA said the 30-year fixed mortgage rate rose for the first time in four weeks, to 7.05% from 7.01%. (Other […]
Fathom Holdings, the parent company of cloud-based real estate brokerage Fathom Realty, appointed Jon Gwin as chief operating officer. He replaces Samantha Giuggio, who held the role since January 2022. Gwin brings a wealth of experience to the role, having previously held executive positions at American Financial Network, Wachovia Bank, Wells Fargo and Accredited Home […]
Ocwen Financial Corp, the parent company of PHH Mortgage Corp. and its reverse mortgage subsidiary Liberty Reverse Mortgage, announced on Tuesday that its shareholders have approved the company’s planned rebranding initiative to Onity Group. The initial phase of the rebranding will first go into effect for the parent company on June 10 and will roll […]
Despite the potential for savings, more than half of all U.S. homebuyers (54%) who took out a mortgage for their most recent home purchase received only one loan offer. This indicates that a sizable portion of borrowers do not shop around for the best mortgage deal, according to new survey results from LendingTree. Twenty-two percent […]
The Federal Deposit Insurance Corp. (FDIC) this month announced a settlement with Arkansas-based Bank of England over alleged violations of the Federal Trade Commission Act, the Real Estate Settlement Procedures Act (RESPA), the Fair Credit Reporting Act (FCRA) and the Home Mortgage Disclosure Act (HMDA). The bank has been issued an order to pay a […]
Mortgage rates kept sliding toward 7% as HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.25% on Tuesday, below the rate of 7.34% one week ago. At the same time one year ago, the average 30-year conforming rate was 6.8%. Meanwhile, the 15-year conforming fixed rate averaged 6.77% on […]
Philadelphia-based Incenter Lender Services has promoted Sara Parrish to chief operating officer amid a plan to attract independent mortgage banks (IMBs) with variable-cost services. Parrish will remain as president of CampusDoor, an Incenter subsidiary that focuses on student loans. “A big part of my job is preparing us for scale,” Parrish said in an interview with HousingWire. “We are getting […]
A group of Republicans in the U.S. Congress sent a letter to the Federal Housing Finance Agency (FHFA) that opposes a plan for the government-sponsored enterprise (GSE) Freddie Mac to purchase and guarantee single-family, closed-end second mortgages. The document sent on Friday states that, if implemented, the “misguided” and “hastily executed” proposal has the potential […]
Just about a year ago, Chicago-based multichannel mortgage lender Guaranteed Rate announced its plans to expand its reverse mortgage division — including around the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) product. Roughly five months after that announcement, the company named Ryan Ogata as the division’s new executive vice president. Ogata joined the reverse […]
Connecticut Gov. Ned Lamont signed a bill into law on Tuesday that aims to improve the prospects for seniors who seek to age in place in their current homes. The law, which was supported by senior advocacy organization AARP, creates a state registry of home care providers to promote awareness and accessibility for home-based care. […]
U.S. Bank appointed John Hummel to lead its East market for retail home lending. Hummel, who previously led the correspondent and Housing Finance Agency (HFA) business at U.S. Bank, will now oversee a team of 750 sales managers and mortgage loan officers responsible for generating $7 billion in originations, according to a news release. John […]
Movement Mortgage, a multichannel mortgage lender, has appointed Joe Thompson as its new regional director. Thompson, recognized as a HousingWire Rising Star in 2018, will oversee more than 60 loan officers across Texas, Oklahoma and New Mexico. In his new role, Thompson will also be responsible for driving growth and expanding the company’s market presence […]
Most Americans still view homeownership as a key to building wealth, but for many, that piece of the American dream is on hold or out of reach thanks to the heavy burden of student debt. In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify […]
Sonu Mittal In their comments, trade groups expressed concerns about private players’ participation in the secondary market and the elevated risks the product poses to the enterprise. The MBA said it recognized that the product provides access to equity at lower rates and is a “cost-effective alternative to cash-out refinances.“ Also, if created, the “quick delivery […]
A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period. The study, released late last year, examined three core elements of HECM program effectiveness between 2000 […]
A reverse mortgage has potential utility for a homeowner in the right situation, but loan terms must be observed closely to remain in good standing and avoid the possibility of foreclosure. This is according to a look at the reverse mortgage product category published by Newsweek. As part of its recently launched “Newsweek Vault” subsite, […]
Under the leadership of acting secretary Adrianne Todman since March, the U.S. Department of Housing and Urban Development (HUD) is focusing on launching initiatives to increase home supply, review existing rules in and ensure the agency is “getting the money out the door.“ “In Economics 101, the increase in interest rates should have been coexisting […]
Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported a pretax net loss of $645 on each loan they originated in the first quarter of 2024 — a decrease from the average loss of $2,109 per loan in Q4 2023, according to the Mortgage Bankers Association’s (MBA) newest quarterly performance report. “While the […]
To truly experience the most powerful room in housing, reserve your spot now to join us at The Gathering 2025. However, if you want a glimpse into what that room looks like in action, we compiled a handful of our sessions from this year’s event to share on demand. These select videos from our event […]
Dallas-based Certainty Home Lending, an affiliate of Guaranteed Rate, named Shadi Kamran as its new national business development executive. Kamran is based in Los Angeles and will support Certainty’s strategy and sales performance. “Our comprehensive product suite offers solutions for virtually every mortgage and home financing need,” Kamran said in a statement. “The technologically advanced […]