Kiavi, one of the nation’s largest private lenders for residential real estate investors, closed a $350 million unrated securitization of residential transition loans (RTLs), the company announced on Monday. The loans bundled in the securitization were mostly investment property loans used for fix-and-flip transactions. This securitization marked Kiavi’s 16th such transaction and elevated the company’s […]
After attorneys made their cases for both the U.S. government and former Live Well Financial CEO Michael Hild regarding a restitution amount owed to the company’s creditors, a magistrate judge overseeing the issue has recommended that Hild pay more than $46 million. The final amount will be determined by the trial judge. The funds will […]
Mortgage trade groups have commended the moves taken by the Federal Housing Finance Agency (FHFA) and the government-sponsored enterprises (GSEs) to address a spike in loan buybacks — the latest being a new electronic notification made available by Fannie Mae. But advocates also say more is needed to improve the loan repurchase process. On Feb. 24, Fannie […]
Thomas Cangemi is stepping down as president and CEO of New York Community Bancorp (NYCB) following the company’s disclosure of internal control deficiencies and a goodwill impairment of $2.4 billion. Alessandro DiNello, appointed executive chairman of the board on Feb. 6, will replace Cangemi, effective immediately. DiNello was the president and CEO of Flagstar Bancorp, a bank recently […]
In a fiercely competitive market, mortgage originators need to rethink everything to gain market share and become savvy. From leveraging the latest in artificial intelligence (AI) and digital marketing to mastering financial literacy, mortgage and real estate professionals have come together to provide these skills to loan officers in a new book titled, “Rethink Everything: […]
Liberty Reverse Mortgage, a top 10 reverse mortgage lender owned by Ocwen Financial Corp. and its subsidiary PHH Mortgage Corp., allegedly violated California labor laws by failing to provide employees with rest breaks, meal breaks and appropriate compensation for off-the-clock and overtime work, according to a newly filed class-action lawsuit. The suit, filed by former […]
The Federal Housing Finance Agency (FHFA) announced on Thursday that the transition to new credit score requirements is expected to occur in the fourth quarter of 2025, a decision commended by the mortgage industry. That’s when the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac will acquire single-family loans based on the FICO 10T and VantageScore 4.0 credit models, replacing the Classic FICO […]
Mortgage rates continued to trend up this week and dampen homebuyer momentum. The 30-year fixed-rate mortgage averaged 6.94% as of Feb. 29, an increase from last week’s figure of 6.90%, according to Freddie Mac’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate averaged 6.26% this week, down from 6.29% during the […]
Independent brokerage Howard Hanna Real Estate Services has partnered with Zillow’s ShowingTime+ to allow agents in the Cleveland and Pittsburgh areas to leverage the Listing Showcase tool. Launched in June 2023, Listing Showcase is an AI-powered listing tool available exclusively on Zillow. It enables agents to differentiate themselves through original presentations of their brand and […]
EasyKnock completed a $28 million Series D funding round, the company announced on Wednesday. Northwestern Mutual Future Ventures, the venture capital arm of financial services company Northwestern Mutual, joined as an investor in this round. With its newest influx of capital, EasyKnock aims to advance the development of its platform by honing its suite of […]
The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced this week that they have filed an amicus brief in the U.S. Court of Appeals for the Eleventh Circuit, supporting plaintiffs that allege unlawful fees imposed by Ocwen Loan Servicing, a division of Ocwen Financial Corp. The case involves plaintiffs Sheryl Glover […]
Rocket Companies will soon shut down Rocket Pro Originate, a mortgage origination platform for real estate agents, insurance agents, tax professionals and other financial professionals who are also licensed to originate mortgages. According to a copy of an email sent to affected originators this week and reviewed by HousingWire, the Rocket Pro Originate platform — […]
Top 10 mortgage lender and servicer Newrez is partnering with Newzip, a tech-enabled real estate platform, to roll out a program aimed to save buyers and sellers on credit costs. Dubbed Newrez Home Rewards, buyers will be matched with a real estate agent who works with Newzip and provided booking services. They will also be […]
California is home to roughly 39 million people, making it by far the nation’s most populous state. In 2022, however, only 55.3% of its occupied homes were owner-occupied, the third lowest percentage in the U.S. after New York (53.9%) and Washington, D.C. (42.3%), according to the Census Bureau. Landing a California home is hard and […]
Higher interest rates in recent weeks have made a dent in housing activity, bringing down mortgage demand. Mortgage applications decreased by 5.6% on a seasonally adjusted basis during the week ending Feb. 23, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Higher rates in recent weeks have stalled activity, and last week […]
Ocwen Financial Corp., parent company of PHH Mortgage Corp. and its subsidiary Liberty Reverse Mortgage, posted a $64 million loss in 2023 but sees a generally positive trajectory for its reverse mortgage origination and servicing businesses. This is according to an earnings release and conference call detailing the company’s fourth-quarter and full year 2023 results. […]
California-based New American Funding (NAF), which recently acquired Draper and Kramer Mortgage Corp. (DKMC), has tapped industry veteran Mosi Gatling as senior vice president of strategic growth and expansion, a newly created role on NAF’s leadership team. Gatling was previously a sales manager at loanDepot, where she spent almost seven years. Last year, she produced about $78 million in […]
Real estate investment trust Rithm Capital, the parent of multichannel lender Newrez, has agreed to issue a one-year loan, purchase common stock and become the external manager of its peer Great Ajax Corp. New York-based Rithm Capital engaged in acquisitions last year to become a global asset manager focused on real estate. This year, it […]
Mortgage technology firm Xactus named Michael Crockett as its chief operating officer. He previously served as the company’s chief data officer. In his expanded role, Crockett will guide day-to-day operations and key departments at Xactus, including credit, verifications and tenant screening. Crockett will also evaluate internal and external customer experiences, with a focus on enhancing […]
After slowing to a 30-year low in 2023, the gears of housing finance are re-engaging. But before diving back in headfirst, it would be worthwhile for lenders to think through what the last two years of scarcity reveal about the normal working model of an independent mortgage bank (IMB). Last year, Floify commissioned an independent […]
More U.S. seniors are working today than ever before, a trend marked either by older Americans choosing not to retire, or choosing to actually rejoin the workforce after an initial retirement. This year is also set to see the U.S. population grow older at a faster rate. The trend was the subject of a recent […]
Top 10 mortgage lender and servicer Newrez sued one of its former executives over multiple allegations, including breach of contract, disclosure of confidential information and unfair competition tied to soliciting several Newrez executives to join a competing lender. OneTrust Home Loans, a direct competitor of Newrez’s retail mortgage business, conspired with James Hecht, former Newrez […]
Mortgage originators who seek success in 2024 need to move with confidence and adaptability. To reach strategic goals for the year ahead — and avoid being left behind — here are four strategies for originators to consider. 1. Identify potential market impact The mortgage market is feast or famine, with origination volumes varying between high […]
Mortgage rates have risen recently but they could be much worse than they are today. As someone who doesn’t believe the Federal Reserve has pivoted and that the Fed enacted a COVID-19 housing policy to keep existing home sales depressed, It’s not shocking to me that rates are still this high, even though we had […]
Rocket Companies, the parent of Rocket Mortgage, lost money in 2023, but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability. Despite reporting a GAAP net loss of $390 million in 2023, investors seem to be sold on the company’s path towards Rocket’s “AI-fueled […]
Mortgage servicers, regulators and economists are closely watching the delinquency rates for Federal Housing Administration (FHA) loans following a spike in the fourth quarter of 2023. Industry experts say that although there’s a correlation between unemployment and delinquency rates, some homeownership costs — including insurance — have increased significantly over the past two or three […]
The year 2024 has started with cautious optimism that mortgage rates will drop, sparking much-needed activity in the sluggish U.S. housing market. Mortgage rates, however, have been on a rising trend of late. Recent data shows that the economy is booming, while the Federal Reserve is signaling that it will take its time before cutting […]
Government-sponsored enterprise (GSE) Fannie Mae announced on Thursday the appointment of Peter Akwaboah as executive vice president and chief operating officer, effective May 20, 2024. Akwaboah, who is currently serving as COO for technology and global head of innovation at Morgan Stanley, has nearly 30 years of experience in the financial services industry. He will […]
Rocket Companies, the parent of Rocket Mortgage, was in the red again in 2023 as it reported a GAAP net loss of $390 million. The company reduced its cost structure by nearly 20% in 2023 following a nearly 25% reduction in 2022, but lower origination volume failed to keep the company profitable as the industry […]
Delinquencies improved in January, highlighting the resiliency of U.S. mortgage holders. The national delinquency rate fell to 3.38% in January, down from 3.57% in December, according to the Intercontinental Exchange (ICE) First Look Mortgage Performance report. The rate remained flat on a year-over-year basis and was the lowest recorded since October. The rebound was anticipated […]
HousingWire Editor in Chief Sarah Wheeler sat down with Jason Cave, former deputy director at the FHFA where he ran their FinTech Office, to talk about where mortgage tech is falling short, and what the government should do to help. Sarah Wheeler: What led you to leave FHFA for the private sector? Jason Cave: I […]
Hispanic families who own their homes have on average 26.4 times the net worth of those who rent. As of late 2023, Latinos had a homeownership rate of 49.5%, just shy of Hispanic household wealth ballooned to $63,400 in 2022, growing more rapidly than any other demographic group in the country, according to a recent […]
The U.S. Department of Veteran Affairs is still moving forward with its servicing purchase program, despite a hearing in the U.S. House Committee on Veterans Affairs last week raising uncertainties about its future. “We’re still moving forward; we’re still working to get our program out for veterans. We do believe that it can save up […]
Many analysts who cover the mortgage industry believe that the worst of the current cycle may be in the rearview mirror. In 2022 and 2023, quickly rising mortgage rates and shrinking volumes sent shockwaves through the industry and prompted massive job cutbacks. But analysts anticipate growth in both purchase and refinance originations this year. According […]
Texas Capital Bank (TCB), a warehouse lender that is suing Ginnie Mae over loans made by TCB to now-bankrupt lender Reverse Mortgage Funding (RMF), has objected to a motion by U.S. Department of Justice (DOJ) attorneys seeking to stop the evidence gathering process, saying its requests are reasonable. Late last month, DOJ attorneys initially filed […]
Longtime reverse mortgage industry professional Tane Cabe has joined C2 Financial’s reverse mortgage division as a “retirement mortgage expert,” according to an announcement issued by the company this week. Cabe, who most recently served as president of reverse mortgage lending at Fairway Independent Mortgage Corp., helped grow that company’s division after a series of changes […]
North Carolina-based mortgage lender Premier Lending Inc. has adopted the FICO Score 10 T credit-scoring model for its nonconforming loan originations and whole loan acquisitions. Premier Lending is adopting FICO’s updated credit-scoring model “to continue to drive the company’s innovation strategy forward and help make more homeownership dreams a reality,” the company stated in a […]
The U.S. Department of Housing and Urban Development (HUD) on Wednesday issued a mortgagee letter that implements the Federal Housing Administration’s (FHA) payment supplement partial claim. The new loss-mitigation alternative resulted from the FHA’s acknowledgment that its toolkit wasn’t enough to support struggling borrowers as mortgage rates surged. Since March 2020, lenders and servicers have […]
Mortgage demand continued its downward trajectory last week as interest rates moved back above 7%. Mortgage applications decreased by 10.6% on a seasonally adjusted basis during the week ending Feb. 16, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. A stronger-than-expected inflation reading sent mortgage rates back north of 7% and also […]
An affiliate of Paceline Equity Partners LLC, a private equity manager based in Texas, completed a debt investment in a subsidiary of Constellation Software Inc. The investment stems from a merger agreement between Intercontinental Exchange (ICE) and Black Knight, which included the divestiture of Optimal Blue. ICE and Black Knight agreed to sell Optimal Blue […]
Warburg Pincus-backed fintech Sagent launched on Wednesday its new servicing software platform called Dara, which has a single real-time database and user experience across the entire core, consumer and default servicing life cycle, according to the company. It’s the first launch for Sagent under the leadership of recently appointed CEO Geno Paluso, a retired U.S. Navy captain who […]
Infamous ransomware gang AlphV/BlackCat claimed it was behind the January cyberattack at top 15 U.S. mortgage lender loanDepot. loanDepot, which originated about $17 billion in mortgages in the first three quarters of 2023, had reported that a cyberattack brought down the company’s systems earlier this year. The ransomware gang claimed it offered loanDepot $6 million […]
Fairway Independent Mortgage Corporation announced on Tuesday a series of reverse mortgage maneuvers designed to increase the company’s investment in the space. The first initiative is the decision to rejoin the National Reverse Mortgage Lenders Association (NRMLA), which the company left at the end of 2021 under previous reverse division leadership. “Fairway is renewing its […]
Several historic events over the past few years have brought seismic changes to the way the mortgage lending industry operates. The impact of the pandemic and an unprecedented refinance boom followed in short order by the highest interest rates seen in decades cannot be overstated. Today, as we face what appears to be the beginning […]
Reston, Virginia-based Ardley Technologies announced on Tuesday the launching of its white-label automated underwriting engine called Autopilot, which the company states will enable lenders to create instant, conditional loan approvals for qualified borrowers. “The main thing about Autopilot is the speed with which we can offer a decision to a borrower,” Nate Den Herder, founder and CEO […]