Housing Wire

APRIL 18, 2024

Every business is on the brink of significant transformation driven by the potential of Artificial Intelligence (AI) and workflow automation, and the mortgage industry is no exception. HousingWire spoke with Gareth Borcherds , managing director at Ascent Software Group about how AI is speeding up processes in the mortgage industry.

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Industrial Mortgages Technology As-is 417

Housing Wire

JUNE 6, 2022

The deadline for the mortgage industry to chime in on the Federal Housing Administration ‘s (FHA) proposed 40-year loan modification rule was at the end of May. It remains unclear when the FHA plans to add the 40-year loan modification option to its servicing and loss mitigation handbook.

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Loans Industrial Mortgages Real-estate owned 417

Housing Wire

DECEMBER 21, 2023

Unfortunately, too many misconceptions persist among real estate and even mortgage industry professionals about the VA home loan, and those misconceptions have big (and negative) impacts. Earlier in my life, I was directed away from using a VA loan when I purchased my first home. Who is eligible?

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VA loan Loans Mortgages Lending 437

Housing Wire

APRIL 2, 2024

New American Funding (NAF) has snagged top Chicago loan officer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.

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Loan Officer Loans Finance Mortgages 414

Housing Wire

FEBRUARY 15, 2024

Department of Veteran Affairs (VA) loans through its Tinman platform. We were focused on being able to take a consumer all the way through on our technology platform for just the conventional loans, and we achieved that milestone back in the summer of 2023. VA loans are 12% of the mortgage market,” Garg said. “VA Eligible U.S.

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Housing Wire

MARCH 15, 2024

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $2,109 on each loan they originated in the fourth quarter of 2023, according to the Mortgage Bankers Association (MBA). Loan production expenses averaged around $7,389 per loan.

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Loans Banks Mortgages Sales 437

Housing Wire

MARCH 18, 2024

will move its servicing operations to the industry-leading MSP loan servicing system from ICE Mortgage Technology , ICE announced on Monday. With Lennar already leveraging ICE’s loan origination system, Encompass , the company will benefit from a seamless, digital mortgage ecosystem, the news release stated.

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Loans Mortgages Technology Finance 427

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. NEXA has always been focused on purchase loans , which means some of its LOs do significant business with buyers’ agents.

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Housing Wire

MARCH 21, 2024

Mike Fratantoni , the chief economist and senior vice president of research and industry technology at the Mortgage Bankers Association (MBA), addressed three major challenges in the housing market during testimony before the U.S. House of Representatives ‘ Financial Services Subcommittee on Housing and Insurance.

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Industrial Banks Residential Lending 393

Housing Wire

APRIL 17, 2024

Nearly half (48%) of a $65 billion portfolio of loans processed during the first quarter of 2024 contained vulnerabilities to wire and title fraud , according to a report released Wednesday by FundingShield. The portfolio of loans examined included residential, commercial investor and business purpose loans. billion in 2023.

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Loans Title Commercial Closing 446

Housing Wire

APRIL 3, 2024

The plaintiffs claim they hired independent mortgage brokers, believing the wholesale channel was the best option for getting affordable mortgages because these professionals can shop around — a different model from loan officers employed by retail lenders. “As The wholesale lender called the accusations a “sham.” Escue, Billy R.

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Loans Loan Officer Mortgages Closing costs 454

Housing Wire

APRIL 12, 2024

It can reduce the costs to manufacture or service a loan. There is little evidence so far that AI can fundamentally transform our industry in the next 5-10 years — there are too many structural and regulatory impediments for that to be the case,” they wrote. “I trillion in 2032. And I think AI is one of those things.

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Industrial Technology Banks Mortgages 410

Housing Wire

MARCH 3, 2024

A record 47% of government-sponsored enterprise (GSE) purchase loans in 2023 came from first-time homebuyers, a number that’s been trending gradually higher throughout the past decade. Looking back, last year’s market was dominated by purchase lending, with loans to buy homes making up 82% of a historically low number of originations.

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Loans Debt-to-income ratio Lending Banks 501

Housing Wire

SEPTEMBER 19, 2023

Alterra Home Loans , a Nevada headquartered retail lender and a Panorama Mortgage Group company, has promoted Fernando Ospina to president. He originated more than $46 million in loans in 2022, the company said. billion across 3,900 loans in 2022, data from mortgage data platform Modex showed. The company originated $1.23

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Loans Lending Residential Mortgages 427

Housing Wire

DECEMBER 20, 2023

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. After Mike paid his loan officer assistant, he was clearing just 40 bps. After Mike paid his loan officer assistant, he was clearing just 40 bps. The lower comp rate stung.

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Loan Officer Loans Lending Mortgages 454

Housing Wire

MARCH 8, 2024

Despite the protests of the title insurance industry, Fitch Ratings does not believe the lender title insurance waiver pilot program for certain refinance transactions announced by the Federal Housing Finance Agency (FHFA) on Thursday will have an impact on title insurer ratings. Soham Bhonsle, an analyst at BTIG, shares a similar outlook.

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Housing Wire

MARCH 11, 2024

I have been in the mortgage industry for more than two decades and have been working with reverse mortgages for about 12 of those years. While reverse mortgages are meant to be hands off, it was helpful to be hands on with helping my parents understand their loan options.

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Industrial Mortgages Loans Lending 454

Housing Wire

MAY 23, 2023

The growing wave of loan-repurchase requests from Fannie Mae and Freddie Mac has yet another major wrinkle, industry sources reveal, and this new problem, if accurate as alleged, threatens to disrupt future merger and acquisition (M&A) activity in the mortgage-finance industry.

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Loans Purchase and sale agreement Due diligence Industrial 394

Housing Wire

SEPTEMBER 9, 2020

Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021. Under § 1026.43(c)(2)(vii),

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Debt-to-income ratio Loans Industrial Mortgages 412

Housing Wire

MARCH 5, 2024

Many investors had expected the Fed to cut benchmark rates as early as March, and loan officers had hoped to see a decline in mortgage rates that tend to move in tandem with long-term yields. The originators who are weathering the industry headwinds told HousingWire that a significant decline in mortgage rates is no longer expected.

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Housing Wire

OCTOBER 16, 2023

Regarding lenders’ vociferous complaints about increased loan buybacks from Fannie Mae and Freddie Mac , FHFA Director Sandra Thompson said the regulator expects originators to deliver loans consistent with the guidelines. It cited loans missing key documents or those with inaccurate income calculations as the top factors.

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Loans Mortgages Development As-is 416

Housing Wire

MAY 9, 2023

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those loans are going to be 20 points underwater, for the 3% to 3.5%

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Loans Debt-to-income ratio Banks Mortgages 383

Housing Wire

MARCH 20, 2024

As with investors strengthening their bets of an initial rate cut in June, that same sentiment is shared among housing pros. “I anticipate that if inflation continues to be under control, the Fed will begin lowering rates in the second half of 2024,” said Rob Cook, vice president of marketing at Discover Home Loans.

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Industrial Mortgages Banks Principal 437

Housing Wire

AUGUST 9, 2023

We are hiring right now, whereas the industry as a whole is continuing to cut back on capacity,” Mat Ishbia, chairman and CEO, said in a statement. billion in mortgage loans in the second quarter of 2023 “despite a historic decline in industry-wide origination volume during 2023,” according to Ishbia. UWM originated $31.8

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As-is Principal Mortgages Loans 370

Housing Wire

APRIL 21, 2023

It’s been delayed, but that’s not enough for the mortgage industry. 1, 2023, with the regulator saying the DTI charges wouldn’t affect any loans purchased by Fannie Mae or Freddie Mac in 2023. A borrower’s income and expenses can change several times throughout the loan application and underwriting process.

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Industrial Mortgages Loans Closing 417

Housing Wire

SEPTEMBER 12, 2023

MBA cannot control macroeconomic forces, but what we can do is make sure the actions of policymakers help our industry instead of hindering it at a crucial time,” Broeksmit said at the organization’s Compliance and Risk Management Conference this week in Washington, D.C. MBA is also looking ahead to a U.S.

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Industrial Banks Finance Commercial 406

Housing Wire

NOVEMBER 27, 2023

Mortgage rates have pulled back in recent weeks giving consumers and loan originators some breathing room, but headwinds in the industry are far from over. The industry would need to see a more persistent mortgage rate decline to near 6% for a more meaningful pickup in prepayment speeds, the note said.

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Industrial Mortgages Loans Banks 415

Housing Wire

FEBRUARY 27, 2023

RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government.

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Lending Industrial Mortgages Loans 383

Housing Wire

MARCH 25, 2021

The private mortgage insurance industry also supported $600 billion in mortgage originations. The mortgage insurance industry also updated its guides and processes to align with the Federal Housing Finance Agency (FHFA) and the GSEs’ policies to implement nationwide forbearance programs. “The Presented by: Proctor Loan Protector.

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Industrial Mortgages FHA loan Finance 544

Housing Wire

AUGUST 14, 2023

The mortgage industry continues to be battered by negative headlines amid the slow in demand, the challenges of housing supply, and rising interest rates. Evolving with non-QM expertise The first step to taking advantage of this sector is continuing education on non-QM loans and their unique features.

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Loans Banks Mortgages Lending 356

Housing Wire

DECEMBER 21, 2021

If you take the temperature of how loan officers are feeling ahead of the holiday season, the scale would likely read “uneasy.” According to Fahad Janvekar, a loan officer at Fairway Independent Mortgage , “there is definitely some concern” about layoffs in the industry. ” They have good reason to feel anxious.

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Industrial Loan Officer Loans Mortgages 437

Housing Wire

NOVEMBER 9, 2022

The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Some 80% of the volume in our industry is done by about 40% of the LOs.

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Loan Officer Loans Mortgages Industrial 407

Housing Wire

JUNE 28, 2023

Most mortgage professionals have either started to adopt artificial intelligence (AI) or are at least aware of how it can be adopted to make the loan origination process more efficient. I think AI can eventually replace most non-borrower facing tasks on the mortgage loan.

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Industrial Mortgages Principal Loans 393

Housing Wire

OCTOBER 5, 2023

Industry-leading lender Movement Mortgage will become an “early adopter” of FICO Score 10 T, the updated credit scoring model designed to take advantage of trended data information to help expand mortgage approval rates. The word “trended” is the source of the “T” in the 10 T name.

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Loans Mortgages Lending Finance 417

Housing Wire

SEPTEMBER 28, 2023

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 billion and $2.07

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Loans Technology Mortgages Development 424

Housing Wire

NOVEMBER 1, 2022

Mortgage tech firms Mortgage Coach and Polly have teamed up on a new application programming interface (API) integration that guides borrowers through a visual representation of their loan options. The goal is to help drum up business for lenders during an extremely challenging time in the industry. .

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Industrial Mortgages Loan Officer Loans 426

Housing Wire

MAY 18, 2023

On average, IMBs reported a net loss of $1,972 on each loan originated from January to March, a 35% improvement from the reported loss of $2,812 per loan in the fourth quarter of 2022, according to the Mortgage Bankers Association (MBA).

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Loans Banks Mortgages Industrial 405