Wells Fargo cut over a hundred jobs in its mortgage division this week following its decision to exit the correspondent channel and shrink its servicing portfolio. A Worker Adjustment and Retraining Notification (WARN) filed in Illinois on January 18 outlines the bank’s plan to impose layoffs that will affect 140 employees. The workforce reduction started on […]
The slowdown in the Federal Reserve‘s short-term rate hikes, announced on Wednesday, was welcome news for the mortgage market and solidified expectations that the 30-year mortgage rates will drop throughout 2023. While mortgage rates have been trending lower, rates are still higher than 12 months ago, but some experts anticipate that the downward pressure on […]
Michigan-based lender United Wholesale Mortgage (UWM) has introduced a construction-to-permanent loan that covers the cost of building a home and then converts to a permanent mortgage once construction is complete. Starting February 1, UWM’s one-time close construction loans will be available on eligible 15- and 30-year fixed conventional loans and 7- and 10-year adjustable-rate mortgages […]
Borrower demand for home loans increased in the first three weeks of 2023, sparking optimism among mortgage industry executives and loan officers. But don’t fool yourself — there are signs of volatility on the horizon. “Overall application activity declined last week despite lower rates, which is an indication of the still volatile time of the […]
High interest rates, coupled with a still-low supply of housing, have created price hurtles that are keeping many first-time homebuyers and lower-income borrowers locked out of the housing market. Interest rates, though down slightly in recent weeks, are still double what they were at the end of 2021, and the Federal Reserve continues its monetary tightening policies to fight […]
Calque, a company that partners with lenders to offer non-contingent mortgages to homebuyers, has appointed Dan Mugge as its chief operating officer. Mugge, a mortgage industry veteran with more than two decades in technology and business management, will lead the company’s push to secure high-profile mortgage lending partners to offer Calque’s products. “What I love […]
Lack of inventory is an issue builders and mortgage loan originators alike are dealing with across the nation. It’s also what keeps Andrew Marquis, regional vice president at CrossCountry Mortgage and Scotsman Guide’s seventh top LO, up at night, especially as he sees more buyers entering the market. A recent combination of lower property value […]
The Federal Housing Administration (FHA) announced on Monday changes to its loss mitigation options for borrowers struggling to pay their mortgages. The announcement follows the Biden administration’s decision to set an end date for the COVID-19 pandemic national emergency declaration. Meanwhile, the FHA-Home Affordable Modification (FHA-HAMP) options were temporarily suspended to simplify loss mitigation options, […]
Scott Miller, a former mortgage loan originator at Sprout Mortgage, knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. The decision left more than 400 employees without a job, and Miller had two urgent tasks — to find a lender that would close his clients’ loans in […]
New York Community Bancorp, Inc. (NYCB) confirmed it’s closing 69% of the retail home lending offices outside of its branches after acquiring Michigan-based Flagstar Bank. “We made the strategic decision shortly after the transaction closed to swiftly restructure the business, which occurred in January,” Thomas Cangem, NYCB president and CEO, said in a statement. “Going […]
Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., has appointed D. James ‘Jim’ Daras as its CEO and president. Daras’ professional career spans more than four decades in the banking and mortgage banking industry. His specializations include risk management, banking and corporate finance functions, bank restructuring, company start-ups and venture capital […]
A group of 11 former employees are accusing AmeriSave Mortgage Corp. in a new lawsuit of failing to pay the wages, bonuses and commissions that were agreed to when they were hired by the company. The group also alleges that the company conducted a defamatory campaign against them after their layoffs in July 2022. According […]
We are off and going now, as seasonality has kicked into full gear with the purchase application data. And, so far, it’s been a good start to the year. Here’s the housing market rundown for the last week: Purchase application data showed positive weekly growth again — and the bounce from the bottom is more […]
Most retail lenders are desperately seeking high producing loan originators to make up for the losses that occurred in 2022. The majority of lenders easily lost half of the volume last year that they originated in 2021, and LOs who have their own databases to tap into are highly sought after. California-based retail lender JVM […]
Top-producing loan officer Dave Medina and his team at the Temecula, California-based branch have left Fairway Independent Mortgage to join Movement Mortgage. The move, which marks the start of Movement’s branch partnership strategy, comes four months after the South Carolina-based lender hired two top executives away from Fairway. “In the 20 years that I’ve been […]
The rapidly cooling housing market in 2022 was not kind to Big Four title insurer Old Republic. While the century-old firm, which is celebrating its 100th anniversary in 2023, did generate net income for both the fourth quarter of 2022 as well as for the year as a whole, it was down substantially last year. […]
Pending home sales ended 2022 on a positive note. After six consecutive months of declines, the Pending Home Sales Index rose 2.5% month over month in December to a reading of 76.9, according to data released Friday by the National Association of Realtors (NAR). “This recent low point in home sales activity is likely over,” Lawrence […]
What is happening with homebuilders and the new home sales sector as we head into the spring housing market? We have had some conflicting data points recently. On the one hand, cancelation rates have been rising. On the other hand, mortgage rates have gone down more than 1% since Oct. 20, 2022. The builders’ stock […]
Two months after receiving the Federal Reserve’s approval to merge with New York Community Bank, Michigan-based Flagstar Bank is reducing its footprint in the retail channel and laying off hundreds of staffers, according to laid off employees. “I just got news this morning that the company is scrapping retail outside of where the bank footprint […]
California-based lender American Pacific Mortgage (APM) announced an asset purchase agreement with retail lender Lend Smart Mortgage on Thursday in its latest move to drum up production across the country. APM bought assets that include about 25 branches from the Minnesota retail lender Lend Smart. APM also acquired a database of referral partners as well […]
Black Knight recently added the Collections solutions to its suite of solutions as a way for servicers to keep customers in their homes during periods of financial hardship. The Collections solutions are geared toward helping to prevent foreclosure and late-stage default by making qualified assistance options timelier and more accessible to both homeowners and servicers, […]
Affordability has improved in the mortgage market since December, thanks to declines in mortgage rates and a slowdown in home price appreciation. Here’s a spoiler: Industry experts believe this trend will continue for months, signaling that a good spring is ahead. “It’s been the rise in prices [and] interest rates that have constrained affordability,” Doug […]
New home sales increased in December — a sign that new residential sales have continued to rebound in recent months. Last month, new home sales increased by 2.3% to a seasonally adjusted annual rate of 616,000, according to data published by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). But […]
Loan quality and audit services company QC Ally appointed Nicole Booth as its chief executive officer and Melissa Peregord as its new chief growth officer. Booth served as the company’s chief marketing officer prior to this announcement. She joined the company last July. “I’ve spent the past seven months diving head-first into understanding the importance […]
Chicago-based mortgage lender Guaranteed Rate launched a new program this week that will provide up to $8,000 in assistance to potential first-time homebuyers from underserved communities. The initiative, called the Special Purpose Credit Program, aims to help homebuyers with down payments, deposit minimums, and move-in repair and maintenance costs. “This program helps tear down these […]
Real estate valuation technology company Clear Capital has conducted a new round of layoffs as part of a company restructuring plan. The firm announced on Wednesday that it was eliminating about 24% of its workforce, or over 250 jobs, as it “folds up” departments and consolidates teams amid a tough housing market. Per the firm, […]
As mortgage rates continue to decline, Chad Earnest’s mantra with his referral partners in 2023 is “no buyer left behind.” The Montgomery, Texas-based area manager, who moved from AmeriSave Mortgage Corporation to Cardinal Financial Company in November, launched in mid-2022 a platform to help their referral partners succeed. He makes co-marketing investments and helps partners with their databases by […]
Embattled digital lender Better.com launched a program that will allow customers to apply for a mortgage, get pre-approved, lock their rate and receive a mortgage commitment letter within 24 hours. The official rollout of the program, dubbed “One Day Mortgage,” comes after Better.com launched it in beta to a small segment of its customers in […]
About 25 people from loanDepot’s top producing team have joined boutique lender Revolution Mortgage to reunite with their former team lead. Roughly half of the team led by Stacy Chevalier, former area manager covering parts of the states in Washington and Idaho at loanDepot, made the transition as of Tuesday, Chevalier said in an interview […]
To root out racial bias in the U.S. appraisal system, some experts say there’s no point in nibbling at the edges. Instead, they suggest tearing the system down and starting fresh. “I think not many people understand how this byzantine system works,” Rohit Chopra, the Consumer Financial Protection Bureau (CFPB) director, said Tuesday. Chopra spoke […]
United Wholesale Mortgage‘s (UWM) aggressive moves to gain an edge on the competition tend to provoke controversy. The ‘ultimatum’ it imposed two years ago effectively prohibited broker partners from also doing business with two of UWM’s rivals. It quickly prompted antitrust lawsuits. The lender’s price reduction by 50 to 100 basis points across all its […]
Rocket Companies eliminated about 50 positions last week amid the industry rightsizing with layoffs in the higher-rate environment. “As is common practice in all companies, Rocket regularly looks at the priorities of the business and what roles are needed to achieve those goals,” Aaran Emerson, a Rocket spokesperson, said in a statement. The eliminated positions […]
California lender New American Funding has partnered with EasyKnock, a New York startup that buys homes and rents them back to sellers, allowing clients to access their home equity through non-traditional means. About a quarter of American homeowners are unable to access the equity in their homes because of strict lending standards, and EasyKnock said […]
Real estate technology company Doma Holdings, Inc. partnered with digital payment software-as-a-service platform paymints.io, the company announced last week. Title and closing firms use paymints.io to allow homebuyers deposit their earnest money digitally and directly from their checking account. The aim of the partnership is to reduce the risk of wire fraud by adding paymints.io […]
Here’s the housing market rundown for the last week: Purchase application data had a solid week-to-week gain of 25%. That’s a big jump, but context is critical. Housing inventory decreased by 566 units, which is not a significant decline. Mortgage rates fell, but the bond market didn’t break what I see as a critical level, […]
On Friday NAR reported that total housing inventory levels broke under 1 million in December, dropping to 970,00 units for a population of 330 million people. And existing home sales crashed in 2022 from a peak of around 6.5 million in January down to about 4 million in December, We now have total inventory levels […]
Blank-check firm Aurora Acquisition Corp. wants to extend the deadline for completing its merger deal with struggling digital mortgage lender Better.com by six months for the third time, further dimming the prospects for the deal to go through. Novator Capital-sponsored Aurora shareholders will vote on an undisclosed date to extend the deadline by which the […]
The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2023 HW Finance Leaders are open now through Friday, January 27, 2023. Click here to nominate your organization. When it comes to the challenges faced by C-suite executives in housing, no one has had to bear the […]
Homebuilder confidence and demand for mortgages have increased recently, keeping hopes high for an improved housing market in 2023. But a modest recession is still expected this year, and elevated mortgage rates, coupled with high home prices, will limit housing activity, according to Fannie Mae. Fannie Mae expects total home sales in 2023 to be […]
The phrase “in like a lion, out like a lamb” is typically used to describe the month of March, but it is also applicable to existing home sales trends in 2022. After posting a 6.5% month-over-month increase in January, existing home sales trended downward throughout the rest of the year. In December, the seasonally adjusted […]
The Census Bureau‘s housing starts report for December shows that housing completions are still too slow, and we are running out of time this year as housing permits are set to fall until the homebuilders get rid of their excess supply. We had some good news this week for the housing market: purchase application data […]
Nonbank California lender loanDepot will start moving some of its backend operations to Black Knight‘s cloud-based version of the Empower loan origination system this year as the firm continues its efforts to cut costs. Black Knight’s loan origination system will complement and integrate with loanDepot’s proprietary technology system, mello, which rolled out in 2017, Black […]
Declining mortgage rates spurred the demand for home loans at the beginning of 2023, spreading optimism across the industry. But that’s not the only reason for the uptick. After months of a slowing housing market, sellers are offering more discounts to close deals and mortgage lenders are launching programs to protect their clients’ rates. “The […]
When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. Shocked employees didn’t receive their last paychecks. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills. The lawsuits quickly came pouring in, […]
Tennessee-based mortgage lender Guaranty Home Mortgage Corporation hired Andy Voyles as executive vice president and director of retail lending. The mortgage lender hopes to boost volume in the channel. Voyles will be responsible for growing the retail division overseeing sales, operations and marketing as well as building on the existing framework, the company said Wednesday. […]