Housing Wire

SEPTEMBER 27, 2023

Rhode Island-based chartered bank Washington Trust Company has agreed to pay $9 million to settle a redlining case with the U.S. community bank, was accused of illegally avoiding providing mortgage services to majority Black and Hispanic neighborhoods in Rhode Island. However, the bank denies the allegations.

Banks 431

Banks Lending Loan Officer Equity 431

Housing Wire

NOVEMBER 3, 2022

One mortgage M&A expert believes that of the 130 or so IMBs that did $1 billion to $2 billion for production in 2021, 17% of them will not even be able to do $500 million over the 12 months ending June 30, 2023. The outlook is not good for large cohorts of the industry.”. trillion in 2021.

Banks 397

Banks Mortgages Loans Equity 397

Housing Wire

FEBRUARY 23, 2024

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. AI driving productivity across the board The bottom line as to why Rocket is pushing hard on AI?

Equity 420

Equity Bankruptcy Loans Mortgages 420

Housing Wire

MARCH 20, 2024

A fresh set of quarterly economic projections from Fed officials showed that borrowing costs are expected to end the year at 4.6%, suggesting that the central bank still plans to make three cuts of 25 basis points (bps) each in 2024. As widely anticipated, central bankers left the benchmark interest rate steady at 5.25% to 5.5%.

Industrial 441

Industrial Mortgages Banks Principal 441

Housing Wire

OCTOBER 16, 2023

The trough for the mortgage origination market is nearing an end point and 2024 is shaping up to be a better year for the industry, economists of the the Mortgage Bankers Association (MBA) said at the 2023 Annual Convention & Expo in Philadelphia, Pennsylvania. But then a rebound in 2024 — up 19%,” Fratantoni said. and reach 5.5%

Mortgages 496

Mortgages Marketing Banks Industrial 496

Housing Wire

MARCH 27, 2024

New York-based multichannel lender US Mortgage Corporation is expanding its efforts in the reverse mortgage space, illustrating its focus on growth. The company recently hired reverse mortgage industry veteran Ken Krajewski to serve as its managing director and head of reverse mortgage lending.

Mortgages 430

Mortgages Loan Officer Lending Loans 430

Housing Wire

DECEMBER 12, 2023

PrimeLending , a Texas-based retail mortgage bank, added 12 new loan originators as it attempts to grow market share within its existing Texas footprint. In June, the lender brought on 100 loan officers and hired 33 additional LOs based in Texas since that period. billion, data from Inside Mortgage Finance showed.

Loan Officer 421

Loan Officer Loans Lending Mortgages 421

Housing Wire

JANUARY 30, 2024

The mortgage-servicing rights (MSR) market remains robust as we turn the corner into 2024, and though it is expected to slightly underperform 2023, the market is still projected to notch healthy trading volumes in 2024 — hovering near the $1 trillion mark for the fourth year in a row, market observers forecast.

Marketing 405

Marketing Principal Banks Loans 405

Housing Wire

NOVEMBER 7, 2023

Mortgage tech firm Blend Labs continued to narrow its financial losses in the third quarter, driven by strong growth in its consumer banking business. Blend’s platform segment includes the mortgage suite, consumer banking suite and professional services. The San Francisco-based company reported a non-GAAP net loss of $21.4

Banks 409

Banks Mortgages Investor Title 409

Housing Wire

OCTOBER 5, 2023

As the housing market suffers through a drought of home sales and related mortgage originations in the current high-rate environment, home prices and home equity continue to climb, helping to spark a revival of another sector — home equity lending and investment. billion, according to a review of bond-rating and industry reports.

Equity 421

Equity Purchase and sale agreement Marketing Lending 421

Housing Wire

SEPTEMBER 11, 2023

Cliffco Mortgage Bankers is among the rare independent mortgage banks doing more business than last year. To get there, Cliffco, which has been in business since 1987, is going after the non-qualified mortgage ( non-QM ) market and investing in tech to get in front of buyers and non-agent referral partners.

Loan Officer 397

Loan Officer Agents Loans Technology 397

Housing Wire

JUNE 30, 2022

In response, many brokers are relying on extra support, and Flagstar Bank offers exactly that. With 35 years of experience in the mortgage business, Flagstar has reputation for successfully navigating the ebb and flow of an ever-changing housing market. We’re well-capitalized and committed to mortgage, particularly the broker channel.

Lending 368

Lending Banks Technology New Construction 368

Housing Wire

NOVEMBER 2, 2023

HousingWire recently spoke with Mack Walker, SVP of capital markets at Deephaven Mortgage , about how the year went for the non-QM sector and what’s in store for the industry in 2024. HousingWire: How did the non-QM sector fare this year among rate increases, slow purchase volumes and the difficulties in the banking sector?

Banks 448

Banks Investor Lending Loans 448

Housing Wire

SEPTEMBER 5, 2023

Despite difficulties in the mortgage market at large, non-QM lenders are seeing growth and opportunity. The non-QM demand for loans is very healthy,” Acra Lending CEO Keith Lind said. “We Lind is projecting that Acra’s non-QM mortgage originations will increase to about $2.6 billion in 2023, an increase from $2.1

Marketing 394

Marketing Lending Loan Officer Banks 394

Housing Wire

JUNE 6, 2023

Union Home Mortgage (UHM), an independent mortgage banking company, announced on Tuesday that it has appointed Linda Thomas as regional manager for the company’s Florida operations. In this role, Thomas will primarily focus on recruiting loan officers across the state. Union Home Mortgage Corp.

Loan Officer 370

Loan Officer Banks Lending Mortgages 370

Housing Wire

MAY 16, 2023

Wells Fargo -backed mortgage fintech Maxwell has struck a deal to acquire mortgage solutions provider LenderSelect Mortgage Group from Blue Ridge Bank. “They are bringing to us the scale and the relationship of their business.” The financial terms of the transaction have not been disclosed.

Mortgages 394

Mortgages Due diligence Banks Technology 394

Housing Wire

DECEMBER 12, 2022

The mortgage lender’s overall origination volume dropped 54% from January to September compared to the same period in 2021, according to data from Inside Mortgage Finance. The company has cut hundreds of jobs across layoffs in March , May , July and October , underscoring the immense challenges of the current mortgage market.

Marketing 397

Marketing Lending Banks Loans 397

Housing Wire

APRIL 15, 2024

Last week’s above-consensus inflation figures brought the mortgage market back to a sour reality: The average 30-year fixed mortgage rate, an index closely watched by industry experts, may be close to or even above the 7% level for longer than previously expected. Where are mortgage rates headed? Last week, the U.S.

As-is 458

As-is Industrial Mortgages Loans 458

Housing Wire

OCTOBER 1, 2020

“I can’t comment about any other fundraising, other than to say Better today is actually fundamentally profitable, with enviable profit margins and profit, not like startup-fuzzy-math-profit but actually like, the cash balance in your bank account goes up every month profit,” Garg said. billion a month in loans.

Banks 394

Banks Loans As-is Development 394

Housing Wire

NOVEMBER 15, 2022

While originations are down due to a volatile mortgage market, the population of underserved borrowers who require non-QM products is on the rise. There will always be a population of borrowers who cannot qualify for a home loan under traditional guidelines. The solution: Bank Statement loans. . Loans up to $1.5

Bankruptcy 384

Bankruptcy Short sale Investor Title 384

Housing Wire

APRIL 18, 2024

The loan repurchase trend that began to sting many mortgage originators in 2022 appears to finally be winding down, according to a recent report by Sterling Point Advisors and Augment Analytics. This created balance-sheet havoc for a number of lenders, particularly for small and midsized originators.

Loans 420

Loans Due diligence Investor Technology 420

Housing Wire

MARCH 6, 2024

Despite feelings of optimism expressed by loan originators in the opening weeks of 2024, the road to more normalized levels of reverse mortgage volume and securities issuances may be longer than expected. Home Equity Conversion Mortgage (HECM) endorsements fell 11.8% and Longbridge Financial recorded increases for the month.

Mortgages 431

Mortgages Seller concession Principal Loans 431

Housing Wire

AUGUST 15, 2022

In the face of a declining mortgage market and heightened regulatory scrutiny, Wells Fargo , the country’s largest depository mortgage lender by volume, is planning for a smaller footprint in correspondent lending and third-party servicing business. Servicing rights is treated as an asset by banks that generates revenue.

Lending 370

Lending FHA loan Banks Finance 370

Housing Wire

MAY 17, 2023

Rocket Mortgage ‘s top executives believe the mortgage market is near the bottom, which means a recovery may be on the horizon soon. So yes, we’re toward the bottom in that,” Bob Walters, CEO at Rocket Mortgage and president and COO at Rocket Companies , said. For most banks, it may be an afterthought.

Marketing 367

Marketing Banks Mortgages Industrial 367

Housing Wire

DECEMBER 1, 2022

Wells Fargo , the largest depository mortgage lender in America, cut hundreds of home lending jobs across the country on Thursday. Bloomberg first reported the news of the layoff, which is just the latest round of cuts for a lender that’s been open about its retreat from the upper echelon of the mortgage rankings.

Mortgages 421

Mortgages Lending Banks Investor 421

Housing Wire

APRIL 8, 2024

The Mortgage Bankers Association (MBA)’s policy advocacy group, the Mortgage Action Alliance (MAA), is urging its members in the state of Massachusetts to support the continued use of remote telephone and video counseling for reverse mortgages in the state following the lapse of an exemption allowing for remote counseling.

Mortgages 385

Mortgages Equity Banks Industrial 385

Housing Wire

NOVEMBER 28, 2022

Many lenders are not getting a sense of déjà vu with the current mortgage industry downturn, according to mortgage advisory firm Stratmor Group. “This one feels different,” a recent Stratmor report states, citing executives in the mortgage industry. . While 2021 was a record year for production volume at $4.4

Banks 370

Banks Loans Mortgages Industrial 370

Housing Wire

JULY 29, 2022

As mortgage origination volume continues to fall from the heights of the pandemic-spurred boom, many lenders see cost-cutting as their top priority this year. With mortgage origination volume expected to drop by about 40% to $2.4 billion in loan origination volume in 2021.

Mortgages 384

Mortgages Loan Officer Lending Banks 384

Housing Wire

JANUARY 17, 2023

Chantilly, Virginia-headquartered mortgage bank Prosperity Home Mortgage saw mortgage origination volume plummet by 40% last year — at a time when mortgage rates had more than doubled, home prices remained elevated and the market suffered from a shortage of inventory. . billion production volume in 2021.

Mortgages 397

Mortgages VA loan Loans Banks 397

Housing Wire

JULY 25, 2023

There’s about 8,500 fix-and-flip mortgage lenders in the U.S. Faes & Co has also been involved with building a short-term mortgage lender in Ireland. Faes’ career in mortgage lending goes back to 2008 when he co-founded non-bank mortgage lender LendInvest , which was listed on the London Stock Exchange in 2021.

Finance 369

Finance Marketing Lending Loans 369

Housing Wire

APRIL 14, 2022

Consolidation in the mortgage industry is likely in 2022, analysts and lending executives said. Justin Woodward has experienced the best and the worst of the mortgage industry in only 18 months. “I had not done first mortgage lending before, but I was familiar with the basics of real estate lending.

Mortgages 522

Mortgages Marketing Lending Loans 522

Housing Wire

NOVEMBER 15, 2022

Lending standards tightened in October, largely due to higher mortgage rates and the worsening outlook for the economy, the Mortgage Bankers Association (MBA) said. The mortgage credit availability index (MCAI) fell by 0.5% last month, marking eight consecutive months of decline. In October, ARMs made up 13.1% in September.

Lending 484

Lending Loans Mortgages Banks 484

Housing Wire

MARCH 28, 2024

A race is a useful analog for the mortgage business, especially as it relates to the refinance business. It’s amazing how many loan officers miss this, don’t return the call quickly, and lose their race before it’s even underway. Most experts believe that it’s only a matter of time before mortgage rates come down.

Mortgages 465

Mortgages Technology Loan Officer Loans 465

Housing Wire

OCTOBER 26, 2023

New York-based Rithm Capital’s profits declined in the third quarter of 2023, when the real estate investment trust got involved in a dispute for Sculptor Capital Management and announced the acquisition of Specialized Loan Servicing. Mortgage volumes increased to $11 billion in Q3, higher than the $9.9 million in Q2.

Principal 409

Principal Loans Mortgages Banks 409

Housing Wire

AUGUST 29, 2022

Rocket Companies , the parent company of Rocket Mortgage , extended the second round of voluntary career transition offers to employees amid the company’s forecast of much lower origination volume in the third quarter. . In April, Rocket offered buyouts to 8% of its employees at its mortgage operations and title teams.

Equity 421

Equity Loans Banks Title 421

Housing Wire

NOVEMBER 2, 2023

Intercontinental Exchange (ICE) Mortgage Technology reported an adjusted operating income of $131 million in the third quarter of 2023, up from Q3 2022’s $126 million — despite the headwinds the mortgage industry is facing. Looking ahead to Q4 2023, ICE expects near-term cyclical headwinds in the mortgage industry to persist.

Industrial 310

Industrial Mortgages Technology Loan Officer 310

Housing Wire

JANUARY 11, 2023

Nashville, Tennessee-headquartered Defy Mortgage is the latest player to join the non-QM (non-qualified mortgage) lending space, which targets entrepreneurs and gig workers who have various forms of collateral, including cryptocurrency. We are able to count it as liquidity from a reserve requirement and for asset depletion.”. “We

Lending 421

Lending Mortgages Marketing Loans 421