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.

Loans 441

Loans Banks Mortgages Sales 441

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.

Loans 450

Loans Title Commercial Closing 450

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.

VA loan 409

VA loan Loans Loan Officer FHA loan 409

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.

Loans 432

Loans Mortgages Technology Finance 432

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.

Industrial 425

Industrial Banks Residential Lending 425

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. LOs on average get about 1%.)

Industrial 504

Industrial Seller concession Purchase and sale agreement Agents 504

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. And more increases are yet to come.

As-is 458

As-is Industrial Mortgages Loans 458

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 And even those offerings generally do not convert into actual savings for clients.”

Loans 458

Loans Loan Officer Mortgages Closing costs 458

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. It can accomplish tasks that humans or other types of technology cannot.

Industrial 421

Industrial Technology Banks Mortgages 421

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.

Debt-to-income ratio 438

Debt-to-income ratio Loans Industrial Mortgages 438

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

Loans 432

Loans Lending Residential Mortgages 432

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.

Loans 504

Loans Debt-to-income ratio Lending Banks 504

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. In theory, this means loan officers provide the same service and pricing on loans, reducing the risk of steering.

Loan Officer 458

Loan Officer Loans Lending Mortgages 458

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.

Title 431

Title Industrial Land Closing costs 431

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.

Loans 397

Loans Purchase and sale agreement Due diligence Industrial 397

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. None of those pressures exists with a reverse mortgage.

Industrial 458

Industrial Mortgages Loans Lending 458

Housing Wire

MARCH 1, 2024

From leveraging the latest in artificial intelligence (AI) and digital marketing to mastering financial literacy, mortgage and real estate professionals have come together to provide these skills to loan officers in a new book titled, “Rethink Everything: You ‘Know’ About Being A Next-Gen Loan Officer.”

Loan Officer 421

Loan Officer Loans Marketing Title 421

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.

Loans 421

Loans Mortgages Development As-is 421

Housing Wire

SEPTEMBER 28, 2023

Jim Anderson Colorado-based lender Loan Simple brought on Jim Anderson as its new chief marketing officer. Anderson brings nearly seven years of experience in the mortgage industry with his latest stint as CMO at FoA. Prior to Finance of America, Anderson held CMO positions at Stearns Lending and Certainty Home Loans.

Loans 410

Loans Marketing Lending Finance 410

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%

Loans 384

Loans Debt-to-income ratio Banks Mortgages 384

Housing Wire

MARCH 20, 2024

“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. CoreLogic chief economist Selma Hepp expected the earliest implementation of lower rates will likely be in June or even later.

Industrial 441

Industrial Mortgages Banks Principal 441

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.

Industrial 421

Industrial Mortgages Loans Closing 421

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.

Loan Officer 421

Loan Officer Loans Mortgages Agents 421

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.

Lending 384

Lending Industrial Mortgages Loans 384

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.

Industrial 544

Industrial Mortgages FHA loan Finance 544

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.

Industrial 410

Industrial Banks Finance Commercial 410

Housing Wire

JUNE 30, 2023

The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2023-14 this week, which increases the threshold from $75 million to $120 million for multifamily loans to be considered large loans. Revising the threshold, which is almost a decade old, is an important step for us and for the industry,” he said. “We

Loans 384

Loans Development Finance Design 384

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).

Loans 410

Loans Banks Mortgages Industrial 410

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.

Industrial 441

Industrial Loan Officer Loans Mortgages 441

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.

Loan Officer 410

Loan Officer Loans Mortgages Industrial 410

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.

Industrial 421

Industrial Mortgages Loans Banks 421

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.

Industrial 397

Industrial Mortgages Principal Loans 397

Housing Wire

FEBRUARY 24, 2023

It is crunch time in the housing industry. Whether you’ve been affected by industry layoffs or you’re future-proofing your career, applying for new positions and interviewing can be daunting. This is especially true for former housing industry professionals who were in the game for many years before finding themselves on the job hunt.

Industrial 384

Industrial Loan Officer Loans Branding 384

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. a competing model that also incorporates trended credit bureau data.

Loans 421

Loans Mortgages Lending Finance 421

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. .

Industrial 432

Industrial Mortgages Loan Officer Loans 432

Housing Wire

JUNE 5, 2023

Providing presentations on whether to opt for a conventional loan, Federal Housing Administration (FHA) loan, Fannie Mae ’s HomeReady or Freddie Mac ’s HomePossible loans while winning over contracts in a multiple bid environment are key to creating client stickiness, Lotsoff added.

Loan Officer 384

Loan Officer Loans Mortgages FHA loan 384

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.

Loans 369

Loans Banks Mortgages Lending 369