Will mortgage rates break toward 8% again, making another 2024 data line that looks like a carbon copy of 2023? It’s not part of my 2024 forecast, but since the Federal Reserve likes playing with fire, let’s look at where we are with mortgage rates and their impact on weekly housing data. Mortgage rates and […]
A bill introduced in the New Jersey Senate would require face-to-face counseling for the state’s reverse mortgage transactions and would nullify any loans originated without proof of such counseling having taken place. The bill is currently awaiting deliberation in the state Senate’s commerce committee. The bill, S2520, would also offer a seven-day right of rescission […]
Mortgage applications for new homes surged in January as a lack of existing homes continued to fuel the demand for new construction. Mortgage applications for new home purchases rose 19.1% in January on a year-over-year basis, the 12th consecutive month with an annual increase. Applications were up 38% from the previous month, according to the […]
On average, members of the baby boomer generation saved approximately $4,060 over the course of 2023, lagging behind the average savings levels of every other surveyed generation. This is according to the newest edition of the “Wealth Watch” survey conducted by New York Life Insurance Co. By comparison, millennials (ages 28 to 43 last year) […]
For most of its history, New American Funding (NAF) has focused on organic growth, but earlier this month, the company acquired Draper and Kramer Mortgage Corp. to enhance its presence in the Midwest and along the East Coast. HousingWire Editor in Chief Sarah Wheeler sat down with New American Funding CEO and Co-founder Rick Arvielo […]
United Wholesale Mortgage (UWM) has accused California-based brokerage and correspondent lender Mortgage Solutions FCS, dba Client Direct Mortgage, of breaching its early payoff (EPO) provision and its owner, Ramon Walker, of trademark infringement. UWM filed a lawsuit in a U.S. district court in Michigan on Wednesday. The legal battle follows the creation of a Facebook […]
Among homeowners who have a mortgage escrow account, only 52% fully understand how the account works, according to survey results released Thursday by property tax services provider LERETA. More than 80% of survey respondents said they know what an escrow account is and its primary purpose — to pay property taxes and other expenses, such […]
Opportunity in the current mortgage market may be challenging to find — and that could arguably be truer for those who offer reverse mortgage products for clients. Still, reverse mortgage professionals are always keeping their eyes peeled, and a group of them shared what they’re looking out for in 2024 for their businesses. To get […]
The combination of high home prices and insufficient savings for a down payment makes it challenging for first-time homebuyers to pull the trigger on a property purchase. But the good news is, more buyers have become aware of down payment assistance (DPA) options and are tapping into available resources for help, said Susanne Saller, a […]
Mortgage rates climbed 13 basis points this week on the back of Tuesday’s strong inflation reading. The 30-year fixed-rate mortgage averaged 6.77% as of Feb. 15, an increase from last week’s figure of 6.64%, according to Freddie Mac’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate averaged 6.12% this week, up […]
Better.com announced Thursday that it’s launching fully digital U.S. Department of Veteran Affairs (VA) loans through its Tinman platform. The product, which has no minimum down payment requirement, is expected to reach about 10% of the lender’s portfolio in 2024. “We’ve been working toward launching a VA product for the past two years,” Vishal Garg, founder and CEO […]
Government-sponsored enterprise (GSE) Freddie Mac reported a 65% annualized increase in income stemming from its single-family mortgage programs in fourth-quarter 2023, along with a 13% increase in net income for the full year, according to quarterly and annual earnings reports released on Wednesday. The full-year profit for 2023 reached $10.5 billion, the report stated. This […]
Analysts in the mortgage industry are projecting that 2024 will be a better year than 2023 across the board. In a HousingWire report, analyst firm Jeffries said that they believe the worst of the current mortgage cycle is behind us, and Moody’s forecasts that the Federal Reserve will decrease rates three or four times this […]
As reverse mortgage industry professionals continue to look ahead into 2024 after enduring a challenging year for business in 2023, the prevailing attitude is optimistic. Recently, the president of the industry’s leading lender discussed her eagerness to go back on “offense” this year, while loan originators across the country also shared that business seems to […]
CoreLogic is expanding its strategic alliance with Google Cloud, the company announced on Wednesday. The data provider will leverage the artificial intelligence capabilities of Google Cloud’s enterprise AI platform, Vertex AI. The new phase of the collaboration will help CoreLogic make the most of its property datasets by leveraging new machine learning models. The integration […]
Pueblo County, Colorado, which encompasses an estimated population of about 170,000 people in and around the city of Pueblo, is sounding the alarm over potential fraud by creating a new alert system designed specifically to protect property owners. The announcement was made by the Pueblo County Clerk and Recorder’s Office and reported on by the […]
The rapid collapse of four regional banks that began last March shocked regulators and investors alike. The banks had courted high-net-worth clients working in speculative tech and crypto startups in Silicon Valley, while also tying up a large portion of the banks’ assets in Treasury securities. When interest rates shot up, their customers needed cash […]
Gate House Strategies, a compliance firm formed in 2021 by former U.S. Department of Housing and Urban Development (HUD) deputy secretary Brian Montgomery and his partners, announced this week the launch of a new subsidiary that will offer its expertise to financial services firms seeking fair lending and other compliance management services. The subsidiary, Gate […]
Jeremy Foster, founder and chairman of Calque Buying a home today can be stressful and fraught with complicated issues, such as contingencies requiring the buyer to sell their current home before qualifying for the home they want to buy. Buy before you sell (BBYS) products may be the answer. Jeremy Foster, founder and chairman of […]
In January, the number of properties with a foreclosure filing inched up on both a monthly and a yearly basis, according to a report released Tuesday by Attom Data. In total, 33,270 U.S. properties received a default notice, were scheduled for auction or were undergoing bank repossession last month, up 10% from December and up […]
New York-based mortgage lender Logan Finance Corp. named Sarah Gonzalez as its chief operating officer. Gonzalez will be in charge of planning and executing the lender’s objectives and initiatives, according to her LinkedIn profile. She brings more than 25 years of experience in the mortgage industry to her new position. Gonzalez’s most recent position was at […]
Bringing awareness to potential opportunities in the reverse mortgage space can be a challenge, but Kristen Sieffert, president of Finance of America Companies (FOA), says it’s a task she’s more than willing to take on. After being promoted to the role of president following the FOA acquisition of former industry-leading lender American Advisors Group (AAG), […]
The state of California has extended the eligibility rules for its mortgage relief program, funded by the Homeowner Assistance Fund (HAF) allocation in the American Rescue Plan Act of 2021. The relief — which is available to reverse mortgage borrowers — is designed to assist anyone who has fallen behind on their mortgage payments due […]
Guild Mortgage has struck a deal to acquire retail rival Academy Mortgage Corporation, which could result in an additional 800-plus loan officers across the country, multiple sources told HousingWire. During an all-hands call Tuesday morning, Academy’s leadership informed employees about the M&A deal, which is expected to close in mid-April. Academy CEO Adam Kessler told […]
Mortgage tech firm TRAiNED Inc. hired two executives as it looks to take the company to its next phase of development. TRAiNED named Mark Cunningham, a co-founder of Sales Boomerang, as its new CEO. It also hired Arend de Jong, co-founder and former chief financial officer of Sales Boomerang, as CFO, the company announced. Cunningham […]
The Consumer Price Index rose more than forecasted in January, highlighting again the bumpy road to disinflation. Consumer prices were up 3.1% in January from a year earlier, down from 3.4% in December, according to data released by the Bureau of Labor Statistics on Tuesday. On a monthly basis, the index increased by 0.3%, the […]
Shannon Robinson has been serving as vice president for the reverse mortgage division at New American Funding (NAF) for just over a year, a time that was marked by a lot of challenges across the reverse mortgage. Some of these challenges, especially in relation to historic interest rate increases, were out of the industry’s control. […]
“With many predicting home prices to decline this year, HELOC demand may fall; still, as shown by Maxwell data, volume currently remains strong, and lenders may find continued opportunity in this loan type,” the report stated. Balances on HELOCs rose for seven consecutive quarters and stood at $360 billion in Q4 2023, according to recent […]
While aging in place is a dominant preference for seniors when compared to residing in a dedicated care facility, there are concerns that come with it. One of the biggest concerns is protecting seniors against feelings of isolation, which can be a serious threat to the well-being and cognitive function of older people. But emerging […]
Mortgage rates continued their downward trajectory at the start of 2024, incentivizing homebuyers to apply for loans. Meanwhile, an easing of the inventory shortage foreshadows the possible return of a stable housing market. Lock volume increased by 36% between December and January, driven by a 38% seasonal increase in purchase lock volume, according to Optimal […]
New Jersey-based mortgage lender The Money Store named industry veteran Coleen Bogle as chief marketing officer, the company announced on Monday. The hiring follows changes in marketing leadership at other mortgage companies, including Guild Mortgage and Rocket Companies. Bogle was at Chicago-based retail shop Draper and Kramer Mortgage Corp. (DKMC), which was acquired by New American Funding (NAF) in early February due to its parent […]
Amanda Phillips, EVP of Compliance, ACES Quality Management In the current mortgage landscape, ensuring the highest standards of loan quality is paramount not only during the origination process but also over the life of the loan. As the mortgage industry grapples with a changing market and regulatory complexities, we sat down with Amanda Phillips, Executive […]
So far in 2024, fewer homes are taking price cuts than in 2023, and this trend is on the verge of breaking below the 2023 lows in price cuts percentages. While weekly inventory is still falling, we have year-over-year growth in total active listing and new listings data. This calls into question a mortgage rate […]
The availability of mortgage credit increased in January, according to a report issued by the Mortgage Bankers Association (MBA) based on data sourced from ICE Mortgage Technology. The MBA’s Mortgage Credit Availability Index (MCAI) increased in January to 92.7, or by 0.7% over December’s figure, based on initial benchmarking of the index to 100 in […]
Last year was a challenging one for reverse mortgage business activity, and it likely hit no one harder than the industry’s front-line loan originators. After enduring challenges stemming from higher interest rates, stricter qualifications and broader industry consolidation, loan officers seem to be optimistic about how things have progressed in the early portion of 2024. […]
A lawsuit against the “All-In” initiative at United Wholesale Mortgage (UWM) should be dismissed, a federal judge said, citing inadequate evidence to prove accusations against the lender. Florida-based Okavage Group sued UWM in April 2021, following the lender’s announcement of an ultimatum that the wholesale lender will no longer partner with brokers who also work […]
Beginning this year, the baby-boom generation — primarily those born between 1945 and 1960, depending on the social scientist you talk to — will reach “peak 65.” This is the beginning of a period that will see the largest numbers of the cohort turn age 65. But as the population reaches this milestone, a bill […]
Mr. Cooper Group was profitable in 2023, a year marked by its acquisition of Home Point Capital and Roosevelt Management Co., along with the fallout from a cyberattack. Mr. Cooper’s strong performance was mainly due to its servicing business, which benefited from a higher interest rate environment. During a call with analysts on Friday morning, company executives addressed some […]
People have been screaming about a housing bubble crash on social media sites for over 12 years. The truth is, U.S. housing credit looks very different than in 2005, 2006, 2007 or 2008. Homeowners have actually never looked better and the data from the Federal Reserve‘s Quarterly Report on Household Debt and Credit shows why. […]
When creating retirement plans, people often consider their investments and other financial assets when determining the future course to take, but they rarely consider what is often their most valuable asset: their home. This is according to Steve Resch, vice president of retirement strategies at Finance of America Reverse (FAR), in a new column published […]
New York-based real estate investment trust Two Harbors has hired industry veteran Kyle Kilpatrick to lead its newly created mortgage originations division, which is part of the company’s strategy to retain borrowers from its servicing portfolio when interest rates drop. “He has experience building direct-to-consumer channel products and businesses from scratch,” Bill Greenberg, president and […]
Editor in Chief Sarah Wheeler sat down with Trevor Gauthier, CEO at ACES Quality Management, to talk about the benefits of tech partnerships and how the company is building a moat around their regulatory and compliance business. Sarah Wheeler: How do you think about build versus buy? Trevor Gauthier: For us, it’s actually four-fold. We […]
Mortgage rates stabilized this week despite newly released economic data. The 30-year fixed-rate mortgage averaged 6.64% as of Feb. 8, a slight increase from last week’s figure of 6.63%, according to Freddie Mac’s Primary Mortgage Market Survey released on Thursday. Meanwhile, the 15-year fixed rate averaged 5.90% this week, down from 5.94% during the prior […]
John “Buz” Gorman, a key figure in financial regulation for nearly 30 years, passed away on Monday following an eight-month battle with glioblastoma, a form of cancer. Throughout his tenure as general counsel for the Conference of State Bank Supervisors (CSBS), Gorman contributed to significant legislative milestones and nurtured the next generation of regulators. “The […]
Longtime reverse mortgage industry professional Bruce Simmons of American Liberty Mortgage in the Denver area has long used radio as both an educational and marketing tool for prospective reverse mortgage clients. Having endured many of the same business challenges in 2023 as other industry participants, Simmons recently sat down with RMD and described how a […]