The recently completed $300 million-plus acquisition of Home Point Capital by Mr. Cooper provided an attractive opportunity to bolster the company’s existing mortgage servicing rights (MSR) portfolio, and it’s expected to boost the company’s bottom line within the next couple of quarters. This is according to Jay Bray, CEO of Mr. Cooper, in an interview […]
The loan officers that Scott Groves talks to are struggling. Really struggling. Mortgage rates are around 7.7%, the highest levels in over 20 years, and LOs across America are having to reset their strategies. It’s no longer about just outlasting a bad market for a couple of months. “I would say a vast majority of […]
Even though mortgage origination volumes are down, we’re experiencing a highly competitive purchase market. That means a number of businesses, seeking to grow their revenue, will likely look to expand their reach to the default and REO space. But for those who haven’t done their homework, this is not an easy step, nor is it […]
Having completed the $12 billion acquisition of Black Knight, Intercontinental Exchange (ICE) is confident in evolving into a true life-of-loan platform: powering origination to final settlement, all in one unified digital ecosystem, executives said during its conference call with analysts. “By integrating Black Knight servicing, and robust data and analytics offering with ICE’s industry leading […]
Mortgage rates climbed again this week as investors braced themselves for ‘higher-for-longer’ conditions following last week’s Fed meeting. Additionally, the yield on 10-year treasuries shot up to 4.6% on September 27 from 4.3% a week prior. Just before noon on Thursday, they were Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming […]
HousingWire Editor in Chief Sarah Wheeler sat down with John Ashley, chief information officer and chief information security officer at PRMG, to talk about what the company is building versus buying, and how regulators are ramping up privacy and security standards. Sarah Wheeler: Tell me a little bit about your background and what you’ve done […]
Rhode Island-based chartered bank Washington Trust Company has agreed to pay $9 million to settle a redlining case with the U.S. Department of Justice (DOJ), the parties announced Wednesday. The agreement requires court approval. Washington Trust, known as the oldest U.S. community bank, was accused of illegally avoiding providing mortgage services to majority Black and Hispanic neighborhoods in Rhode Island. […]
Homebuyers faced surging mortgage costs, fees and monthly payments in 2022 amid a tightening monetary policy designed to combat persistent inflation. And because their income didn’t keep up, lenders’ denials for a home loan jumped last year, according to a Consumer Financial Protection Bureau (CFPB) report released Wednesday. Unfortunately, there’s been no sign of relief in 2023. […]
Government-sponsored enterprise (GSE) Fannie Mae announced on Wednesday that it will launch new programs and resources designed to tackle the homeownership gap experienced by the Latino community, designed to “to provide responsible access to housing and long-term sustainable homeownership opportunities.” The company also announced an expansion of its Special Purpose Credit Program (SPCP) pilot to […]
Maxwell, a Wells Fargo-backed mortgage fintech, announced Wednesday that it has struck a deal to acquire the digital lending platform Revvin (formerly known as MortgageHippo) to enhance its point-of-sale technology. The financial terms of the transaction have not been disclosed. That is Maxwell’s second acquisition since its inception in 2015. Maxwell acquired LenderSelect Mortgage Group […]
In the week following the Federal Open Market Committee‘s meeting, mortgage applications sunk. For the week that ended Sept. 22, mortgage applications fell 1.3% from the prior week, according to data from the Mortgage Bankers Association. Based on the FOMC’s most recent projections, rates are expected to be higher for longer, which has driven Treasury […]
Source: Blend In Q2 2023, Blend reported a non-GAAP net loss of $22.7 million in the second quarter, narrowing its financial loss compared to a non-GAAP net loss of $35.6 million in Q1 and non-GAAP net loss of $45.1 million in Q2 2022. By focusing on cutting costs and prioritizing the Blend Builder platform, executives […]
Mortgage Machine Services, a digital origination technology provider, has appointed Dan McGrew as director of sales. In this role, McGrew will shoulder the responsibility of marketing the company’s digital products, including the flagship loan origination system (LOS) Mortgage Machine. “As Mortgage Machine Services continues to pioneer technology for the mortgage industry, we knew we needed […]
Mortgage servicer Nationstar, doing business as Mr. Cooper, has filed a lawsuit against electronic payment processing vendor ACI Payments related to the damages it allegedly suffered from unauthorized mortgage payments imposed on its customers two years ago. In June, ACI Worldwide and one of its subsidiaries, ACI Payments, agreed to pay a $25 million civil penalty, without admitting any wrongdoing, for illegally […]
With the U.S. House of Representatives Republican majority unable to bring government funding measures to the House floor for a vote, federal officials, lawmakers and agencies are preparing for a federal government shutdown that would take place after current appropriations expire at midnight on September 30. Organizations including the National Low Income Housing Coalition (NLIHC), […]
Acra Lending, a private mortgage lender, announced its integration with Tavant’s Touchless Lending Collateral Analysis. This partnership marks a milestone in Tavant’s expansion into non-QM lending. It is also turning Acra’s business into a technology-first one, the statement said. Collateral Analysis is a proprietary product of Tavant’s Touchless Lending automation platform. It was designed to seamlessly integrate […]
Plunk, an AI-powered home analytics platform, has partnered with two real estate industry marketing companies, Union Street Media and Realforce, to scale its real-time data and analytics across multiple digital channels. Plunk’s platform offers real-time insights into home valuation, risk assessment, and remodeling possibilities. The company is partnering with Union Street Media, a leader in business […]
Mortgage tech firm Blend Labs has added an assets-derived income capability to its existing “Blend Income” product. The newest enhancement will allow lenders to have additional ways to verify more income sources – including social security benefits, pension distributions, military benefits, child support and alimony payments – far earlier in the application process than traditionally […]
After a boost in July, the sales pace of new homes slowed in August, according to data published on Wednesday by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). In August, the sales pace of new homes fell 8.7% compared to July, reaching a seasonally adjusted annual rate of 675,000. […]
Available inventory of homes for sale is on the rise in late September, which is very unusual for this time of year. In fact, inventory is growing faster than this time a year ago. This is a demand-driven slowdown, because new listings supply is still running 9% to 10% fewer homes for sale each week […]
Equifax‘s new product integration with the United Kingdom’s IRIS Software Group aims to cut down underwriting time for mortgage borrowers at small- and medium-sized businesses (SMBs). Equifax’s digital income and employment verification tool – The Work Number – is available to one million additional employees of U.S. SMBs who use IRIS Payroll Relief software, Equifax […]
Data provider Curinos partnered with Polly, a software-as-service mortgage technology firm, aimed to support lenders’ effective margin decisions. By integrating Curinos’ market pricing data into Polly’s cloud-native Product and Pricing Engine (PPE), the partnership will enable mortgage lenders to optimize workflows and positively impact margin management, Curinos said in a news release. “Our partnership will […]
Just weeks after New York-based digital lender Better Home & Finance Holding went public, Better issued pink slips to employees in early September in a new round of layoffs, Insider reported. Better laid off about a quarter of its U.S. mortgage sales and origination team, according to the news outlet, citing two former employees who […]
Federal student loan payments resuming on Oct. 1 will negatively affect consumer loan asset quality, including credit card, auto and, to a lesser extent, residential mortgages. However, the overall effect will be modest, according to a Moody’s Analytics report. On Oct. 1, repayments are due to restart on Department of Education (DOE) federal student loans (Direct Student Loans), which […]
Five days remain in the currently authorized National Flood Insurance Program (NFIP). If it is not reauthorized by Congress before that date, the mortgage industry could see consequences, including ceding control of certain land use policies and the cessation of some mortgage lending. This is according to government researchers, other experts and lawmakers in a […]
Mortgage rates shot up last week after a hawkish Federal Reserve meeting, even though they didn’t raise rates. In addition, jobless claims data had another solid print, showing that the labor market hasn’t broken yet, which led to more selling of the 10-year yield. Mortgage rates did find some relief on Friday as bond yields […]
The Federal Reserve‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% this week, Fannie Mae Chief Economist Doug Duncan believes that mortgage rates will stay elevated before the Fed makes […]
Ginnie Mae President Alanna McCargo delivered a keynote address at the Barclays U.S. Rates and Residential Mortgage-Backed Securities (RMBS) Conference in Tokyo, Japan, addressing Ginnie Mae mortgage-backed securities (MBS) potential value for investors and the company’s recently expanded social impact and sustainability work. “As I travel around the world, one thing is clear: global investors […]
Guaranteed Rate’s PowerVP mobile app aims to enhance loan originators’ ability to keep in constant contact with customers anywhere, at any given time — 24/7. The PowerVP app will create new loans; invite customers to complete a digital mortgage; send a one-click conditional approval letter; lock in rates; obtain real-time pricing and run a credit report, […]
Mortgage rates remained well above 7% on Thursday as markets digested Wednesday’s Fed meeting. Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.19% as of Sept. 21, up one basis point from last week’s 7.18%. By contrast, the 30-year […]
The housing market will remain subdued until the Federal Reserve starts cutting rates next year, according to economists and housing pros following the central bank’s Wednesday announcement to leave the benchmark rate unchanged in the target range of 5.25%-5.5%. Until interest rates come down, affordability challenges will continue to put first-time buyers on the sidelines, […]
The same home insurance scenario being played out in states like Florida and California due to elevated risk of natural disasters is becoming more pronounced in the Pacific Northwest according to a new report from the Seattle Times. Dozens of state residents have appealed policy limitations, cancellations or site-unseen denials to the Washington Office of […]
Digital mortgage automation solution provider Floify launched verification of income (VOI) and verification of employment (VOE) waterfall technology that aims to save lenders and mortgage brokers time and reduce costs during the loan origination process. “The new VOI and VOE features in the Floify platform enable mortgage professionals to view the results of multiple verification […]
Trading volume in the mortgage servicing rights (MSR) market this year is still on track to reach or slightly exceed 2022’s $1 trillion mark, with trading volume in the fourth quarter of this year projected to be robust as market players race to finish deals prior to year’s end. Still, there are challenges facing the MSR […]
In the week leading up to the Federal Open Market Committee meeting, mortgage applications finally ticked up. For the week that ended Sept. 15, mortgage applications rose 5.4% from the prior week, according to data from the Mortgage Bankers Association. Last week, purchase applications increased for both conventional and FHA loans but remained 26% lower than […]
The Consumer Financial Protection Bureau (CFPB) on Tuesday announced a series of legal requirements lenders must adhere to when using artificial intelligence (AI) or “other complex models” when making decisions about the creditworthiness of borrowers. “The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers,” the CFPB said […]
Alterra Home Loans, a Nevada headquartered retail lender and a Panorama Mortgage Group company, has promoted Fernando Ospina to president. Ospina, who has worked for the firm since 2018, formerly served as Alterra’s SVP of national production for the last year. He originated more than $46 million in loans in 2022, the company said. Ospina […]
The housing market faces renewed headwinds with mortgage rates settling above 7%. Still, the downside risk to home sales is limited as more sales are being driven by life events, according to Fannie Mae’s Economic and Strategic (ESR) Group. “New home sales were surprisingly strong in the first half of the year, due partly to […]
Dark Matter Technologies, formerly Black Knight Origination Technologies, is focused on mainly two things: the smooth transition to new owners, and lowering the cost to originate loans for lenders. Executives from Dark Matter Technologies, under the Constellation Software umbrella, said that a down market is the best time to make investments in technology and prepare […]
What’s going on with housing inventory? The last four weeks of new listings data have been the most volatile since mortgage rates breached 6% in 2022. One week, we had the biggest decline in new listings data all year, which might indicate Americans are giving up on listing their homes. But the next week we […]
The U.S. government is seeking to sell $13 billion worth of mortgage bonds amassed after the failures of both Silicon Valley Bank (SVB) and Signature Bank earlier this year. First reported this week by Bloomberg News, the bonds in question are part of $114 billion in assets the Federal Deposit Insurance Corporation (FDIC) recovered when […]
Mortgage tech firm Blend Labs has launched its first AI-powered chat tool, which it says will allow loan officers to be more efficient and offer a far more personalized touch for prospective borrowers. The AI-powered assistant ‘Copilot’ executes precise tasks and assists borrowers in giving timely answers to borrower questions on behalf of loan originators, […]
Guaranteed Rate Affinity has initiated legal action against former loan originators, accusing them of breaching contracts by failing to pay back advanced signing bonuses and commissions after they left the company. Two anonymous sources told HousingWire that multiple former employees have received demands from the company to return their compensation. It has resulted in the […]
Dark Matter Technologies, formerly Black Knight Origination Technologies, has rebranded after being acquired by the Perseus Operating Group of Constellation Software Inc. The company’s mission is to “revolutionize the mortgage origination business by supporting, growing and aggressively innovating new and existing products, including the popular AIVA artificial intelligence solution and the comprehensive Empower loan origination […]
The Government National Mortgage Association (Ginnie Mae) announced on Thursday an expansion of its Environmental, Social, and Governance (ESG) labeling to single-family mortgage-backed securities (MBS) pools, an expansion of a previous initiative that had only impacted multifamily pools, and which some analysts say an increasingly strong market for investors. In an interview with HousingWire, Ginnie […]