Housing Wire

APRIL 18, 2023

Higher interest rates pushed up profits for Bank of America (BofA) in the first quarter of 2023, but much like its depository peers, JP Morgan Chase and Wells Fargo , the mortgage business dropped by double-digits during this period. The bank posted a net income of $8.2 Consumer banking division posted a net income of $3.1

Banks 367

Banks Mortgages Equity Loans 367

Housing Wire

FEBRUARY 8, 2024

This week, Mortgage Cadence announced that it had appointed longtime reverse mortgage industry professional George Morales to serve on its sales team. The company is aiming to bring more reverse mortgage technology solutions to potential partners already in the industry and those that have yet to enter it.

Banks 408

Banks Mortgages Technology Branding 408

Housing Wire

SEPTEMBER 23, 2022

Last year, in a Housing Wire op-ed , Community Home Lenders of America took the lead nationally in opposing calls to extend the Community Reinvestment Act (CRA) to independent mortgage banks (IMBs). . And HousingWire brought us together for a spirted “Lunch and Learn” debate on the topic. So why would we extend it to IMBs?

Banks 369

Banks Lending Loans Mortgages 369

Housing Wire

MARCH 14, 2024

California mortgage tech firm Blend Labs narrowed its loss in 2023 by expanding its consumer banking footprint and growing its mortgage consumer base. In the fourth quarter, Blend closed eight new consumer banking deals, which included signing a multiyear consumer banking deal with Citizens Bank. 31, 2022.

Title 420

Title Banks Mortgages Loans 420

Housing Wire

MARCH 20, 2024

One of the major takeaways from Federal Reserve Chair Jerome Powell’s Wednesday news conference was that officials still expect interest rates to come down three times this year, indicating that recent higher-than-expected inflation numbers haven’t been enough to derail previous forecasts.

Industrial 441

Industrial Mortgages Banks Principal 441

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. banks in comparison to international standards.

Industrial 399

Industrial Banks Residential Lending 399

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

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. at the end of 2025 as Treasury rates decline and as the spread narrows.

Mortgages 496

Mortgages Marketing Banks Industrial 496

Housing Wire

MAY 3, 2023

30-year fixed mortgage rates declined slightly last week, the first rate drop in three weeks, but it wasn’t enough to boost mortgage demand. Mortgage applications fell last week by 1.2% The 30-year fixed rate decreased five basis points to 6.5% The 30-year fixed rate decreased five basis points to 6.5%

Mortgages 397

Mortgages Fixed-rate mortgage Banks Lending 397

Housing Wire

APRIL 3, 2023

The tumult in the banking industry set off by the failure of Silicon Valley Bank (SVB) on March 10, followed two days later by the collapse of Signature Bank , has sparked fear in the markets over a potential broader contagion infecting the entire financial industry — and ultimately the U.S.

Banks 383

Banks Lending Industrial Mortgages 383

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

JUNE 30, 2022

While a booming market kept brokers busy in 2021, the 2022 housing market has been underscored by rising interest rates, inflation and geopolitical turbulence. In response, many brokers are relying on extra support, and Flagstar Bank offers exactly that. We’re well-capitalized and committed to mortgage, particularly the broker channel.

Lending 368

Lending Banks Technology New Construction 368

Housing Wire

MAY 3, 2023

The Federal Reserve affirmed on Wednesday that its next key federal funds rate hikes will depend on incoming data. In turn, economists and housing industry experts have now turned their attention toward the June meeting, as that decision will dictate the future movement of mortgage rates.

Mortgages 419

Mortgages Debt-to-income ratio Banks Fixed-rate mortgage 419

Housing Wire

MARCH 12, 2023

We had a 21st-century bank run on Silicon Valley Bank and then the federal government took action over the weekend to stop the contagion. Mortgage rates fell even though the jobs report was stronger than anticipated. The bank failure spooked bond traders who were looking for higher yields and rates.

Mortgages 370

Mortgages Marketing Banks As-is 370

Housing Wire

MAY 24, 2023

The Federal Reserve ‘s monetary tightening policy and the recent banking crisis have the potential to change the mortgage-backed securities (MBS) market’s dynamics more than anything seen over the last two decades, according to secondary market experts. The Fed and U.S. trillion this year.

Marketing 382

Marketing Banks Fixed-rate mortgage Investor 382

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

OCTOBER 16, 2023

And the grind may not end anytime soon, Mortgage Bankers Association President and CEO Bob Broeksmit told attendees in a fiery speech at the trade group’s annual conference this week in Philadelphia. on a standard 30-year fixed-rate mortgage. The Fed, for example, could buy mortgage-backed securities.

Fixed-rate mortgage 420

Fixed-rate mortgage Banks Lending Mortgages 420

Housing Wire

SEPTEMBER 5, 2023

Despite difficulties in the mortgage market at large, non-QM lenders are seeing growth and opportunity. Lind is projecting that Acra’s non-QM mortgage originations will increase to about $2.6 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

MAY 8, 2023

Flagstar Bank , a top-25 U.S. mortgage lender, recently participated in two M&A deals. In December 2022 , the bank concluded the merger with New York Community Bancorp after waiting for regulatory approvals for over a year. “We are what we call a one-stop shop mortgage model,” he said. .

Banks 364

Banks Lending Loans Mortgages 364

Housing Wire

MAY 10, 2023

The massive inflation and double-digit mortgage rates of the 1970s and early 1980s seem to haunt the Federal Reserve , which wants to cool the economy and even provoke a job-loss recession to avoid that scenario. How did mortgage rates react? 27 , I made the case for lower mortgage rates and bond yields in 2023.

Mortgages 535

Mortgages Banks As-is Marketing 535

Housing Wire

SEPTEMBER 16, 2022

Wells Fargo will pay $94 million to settle a class-action lawsuit that argued it sent more than 200,000 mortgage borrowers into forbearance during the pandemic unlawfully and without their consent. We basically process the applications according to guidelines that the GSEs tell us we should,” Scharf said.

Mortgages 432

Mortgages Banks Lending Loans 432

Housing Wire

JUNE 22, 2023

Consumers in the Southern region of the nation tend to face increased difficulties with accessing credit and pay higher interest rates compared to other regions, according to new reports from the Consumer Financial Protection Bureau (CFPB). In the “ Banking and Credit Access in the Southern Region of the U.S.

Mortgages 366

Mortgages Banks Lending Finance 366

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

JUNE 17, 2022

Wells Fargo this week warned investors the bank’s mortgage business could drop by almost 50% in the second quarter from the prior quarter. “You’re still seeing some activity in the purchase market, which is good, but affordability does start to become an issue as rates continue to increase.”

Mortgages 410

Mortgages Lending Banks Investor 410

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

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. At the end of 2023, they anticipated six rate cuts for the year.

As-is 458

As-is Industrial Mortgages Loans 458

Housing Wire

DECEMBER 26, 2023

Kyle Joseph, a specialty finance equity research analyst at Jefferies , believes that the worst of the current mortgage cycle may be behind us, a sentiment shared by most analysts covering this industry. “If anything, every day seems to be a higher likelihood that rates are not going higher next year,” he said.

Mortgages 508

Mortgages Equity Banks Sales 508

Housing Wire

AUGUST 17, 2023

The 10-year yield closed today above my key level of 4.25%: Does that mean mortgage rates will hit 8%? To understand what’s happening, here’s how I look at the bond market and mortgage rates in my forecast for 2023. That 10-year yield channel equates to 5.75%- 7.25% mortgage rates.

Mortgages 370

Mortgages Banks As-is Closing 370

Housing Wire

JULY 22, 2022

Non-QM lender First Guaranty Mortgage Corp. Sprout Mortgage imploded in early July, leaving its employees out in the cold. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. It has since been sued by its former employees.

Lending 384

Lending Banks Bankruptcy Loans 384

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. . Meanwhile, forecast volume for 2022 is expected to drop by $2.18

Banks 370

Banks Loans Mortgages Industrial 370

Marco Santarelli

MARCH 19, 2023

Recently, a report posted on the Social Science Research Network found that 186 banks in the United States are at risk of failure due to rising interest rates and a high proportion of uninsured deposits. The report titled ‘Monetary Tightening and US Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?'

Banks 145

Banks Title Equity Industrial 145

Housing Wire

SEPTEMBER 10, 2021

According to the OCC, the fine is also a result of the bank violating the terms of a 2018 compliance consent order , which alleged that Wells Fargo did not implement or maintain a compliance risk management program proportionate with the bank’s size, complexity and risk profile, resulting in “reckless practices.”

Lending 458

Lending Banks Loans Mortgages 458

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

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

JANUARY 27, 2022

Wells Fargo agreed to pay $12 million to more than 1,800 mortgage borrowers to resolve a class action lawsuit that alleged the bank’s clients had loan modifications wrongfully denied due to calculation errors in the bank’s system. A judge from the U.S. Department of Treasury’s Home Affordable Modification Program (HAMP).

Mortgages 410

Mortgages Banks Loans Lending 410

Housing Wire

NOVEMBER 10, 2022

Mortgage lenders have imposed new rounds of layoffs in the fourth quarter, reflecting a dreadful landscape for originators. . This week, the latest Freddie Mac weekly survey data showed that the 30-year fixed-rate mortgage increased to 7.08%, up 13 basis points compared to last week. Rates averaged 2.98% this time last year. “As

Mortgages 370

Mortgages Loan Officer Banks Lending 370