Housing Wire

MARCH 26, 2024

The Home Equity Conversion Mortgage (HECM) program faces stability and viability challenges stemming from the 2022 collapse of a major industry lender and its extinguishment from the HECM-backed Securities (HMBS) program, which could warrant congressional scrutiny if these challenges are not properly addressed by the U.S.

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Bankruptcy Loans Banks Mortgages 310

Housing Wire

JANUARY 7, 2021

A taskforce established by the Consumer Financial Protection Bureau to examine the existing legal and regulatory environment facing consumers and financial services providers released its recommendations this week – a move that prompted conflicting reactions from the housing industry and consumer groups.

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Industrial Bankruptcy Technology Development 309

Housing Wire

SEPTEMBER 22, 2023

While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Elevated mortgage rates will lead to more lenders spilling red ink in the latter half of the year, in contrast to the improved financial performance of independent mortgage banks in Q2. We don’t know what third-quarter growth was.

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FHA loan Bankruptcy Marketing Loans 419

Housing Wire

JANUARY 4, 2024

Any time we see exits and consolidations we tend to see a dip in industry production for a time,” McCue said. “In In the case of large institutions such as Bank of America , Wells Fargo , and MetLife , we never regained their lost volume. The obvious culprit is still rates. Beyond that will depend on what happens to rates.”

Mortgages 387

Mortgages Bankruptcy Principal Finance 387

Housing Wire

FEBRUARY 23, 2024

The three areas in which AI is driving impact are mortgage banking, underwriting and servicing, Rocket CEO Varun Krishna shared with analysts during the latest earnings call. In 2023 alone, the mortgage industry saw a total of 62 merger and acquisition transactions, lender exits and bankruptcies. 31, 2023, up from $8.7

Equity 365

Equity Bankruptcy Loans Mortgages 365

Housing Wire

OCTOBER 13, 2022

The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond. The pressure cooker prompting that dire prediction is being heated by persistent inflation and rising interest rates. Storm Brewing.

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Mortgages Marketing Banks Loans 355

Housing Wire

MARCH 23, 2022

The new REMIC, Mill City Loan Holdings LLC , will serve as a mortgage conduit for funds managed by CarVal while also developing relationships with originators to acquire “residential mortgage assets across multiple strategies,” according to a CarVal statement announcing the launch of the REMIC, which will do business as Mill City Loans.

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Banks Bankruptcy Loans Investor 350

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. Shocked employees didn’t receive their last paychecks. Yet Strauss, who already has a $2.45

Mortgages 393

Mortgages Bankruptcy Loans Investor 393

Housing Wire

APRIL 18, 2024

ACES Quality Management , a fintech that provides quality-control software for the financial services industry, issued a Mortgage QC Industry Trends report with data through Q3 2023. This created balance-sheet havoc for a number of lenders, particularly for small and midsized originators.

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Loans Due diligence Investor Technology 360

Housing Wire

JULY 22, 2022

FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. 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. Non-QM lender First Guaranty Mortgage Corp.

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Lending Banks Bankruptcy Loans 355

Housing Wire

DECEMBER 27, 2022

The elevated mortgage rate environment has created a mortgage rate lockdown effect of sorts, limiting the pool of customers for the mortgage industry. Layoffs, LOs leaving the industry for good. The mortgage industry shrinking by more than half to an estimated $1.7 over asking price. High octane stuff. Or will soon.

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Equity Marketing Loans Bankruptcy 491

Housing Wire

FEBRUARY 5, 2021

“We have assembled the best in the industry and they have provided the rocket fuel to succeed,” Stearns said. “We have assembled the best in the industry and they have provided the rocket fuel to succeed,” Stearns said. Glenn Stearns is back, and not just on television.

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Lending Bankruptcy Mortgages Title 312

Housing Wire

SEPTEMBER 9, 2022

That cap doubled starting in September, meaning the central bank going forward will now allow up to $35 billion per month in MBS to roll off its balance sheet as the securities mature. In July and August of this year, there was a total of 25 residential mortgage-backed securities (RMBS) deals secured by mortgage pools valued at $8.3

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Housing Wire

AUGUST 9, 2022

The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. The REIT, which is managed by investment advisor Western Asset Management Co. a week earlier.

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Marketing Bankruptcy Loans Principal 357

Keeping Current Matters

JUNE 10, 2021

Lehman Brothers) and many more into bankruptcy. The financial crisis that accompanied the current pandemic caused hardship to certain industries and hurt many small businesses. We told banks they needed more reserves and that they could no longer underwrite toxic mortgages. However, it hasn’t rattled the world economy.

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Bankruptcy Banks Short sale Industrial 239

Housing Wire

SEPTEMBER 29, 2022

These new programs will expand our reach with bank-statement and other alternative-documentation loans, interest-only, etc., The growth of this fragmented market requires standardization to meet the long term needs of the consumer and the industry, [and] MAXEX is committed to providing that, just as we have for jumbo loans.”.

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Marketing Pre-approval Investor Bankruptcy 328

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 403

Housing Wire

AUGUST 11, 2022

Because they are deemed riskier loans than conforming agency-eligible mortgages, rates for non-QM loans generally average around 150 basis points higher than conforming rates in a normal market, according to industry experts. billion of unused warehouse capacity to support go-forward mortgage banking production.”. The Angel Oak Cos.

Mortgages 374

Mortgages Loans Residential Lending 374

Housing Wire

OCTOBER 10, 2023

After six years of no enforcement actions and a rapidly declining housing market, RESPA attorneys believe some in the industry may be more willing to test the boundaries. “I More than a dozen industry pros and attorneys told HousingWire that RESPA rules are unclear, leaving violations to flourish in a shrinking market.

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Loan Officer Loans Brokerage Mortgages 404

Housing Wire

MARCH 26, 2024

Just for a moment, let’s imagine a world in which a person purchases a home shortly before a global pandemic. Even though they have a low mortgage rate on their home loan, the pandemic causes unanticipated financial hardships which lead to a decrease in their annual income as well as the necessity of using credit cards for their basic needs.

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Housing Wire

MARCH 7, 2023

DeHart’s professional career spans 25 years in the mortgage banking and financial services industry. DeHart has also served in various roles for other large financial institutions, including Bank of America, JP Morgan Chase and Morgan Stanley. Its client base includes banks, credit unions and mortgage bankers.

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Loans Banks Mortgages Technology 313

Housing Wire

JULY 29, 2021

In light of this important industry and policy topic, I thought it instructive to provide further insight into the arguments raised from that previous piece. Many of these firms experienced bankruptcies and closures similar to that of New Century.”.

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Mortgages Loans Bankruptcy Industrial 413

Housing Wire

MAY 10, 2022

As the housing market enters a purchase-market cycle sparked by rising mortgage rates that have killed off a long-running refinance boom, we can expect to see mortgage-fraud schemes proliferate, industry experts say. The Hill case is not a common occurrence in the world of housing finance, but it is far from rare. Million — [Tampa, Florida].

Mortgages 375

Mortgages Marketing Loans Finance 375

Housing Wire

DECEMBER 14, 2021

Over the next several years, however, assuming interest rates continue to tick upward absent great volatility, the non-QM (or non-qualified mortgage) market has the potential to grow tenfold, according to some industry executives. And it is growing fast, he added. “We’re

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Lending Loans Bankruptcy Technology 315

Housing Wire

MAY 25, 2022

Manufactured homes are no more vulnerable than site-built homes in extreme weather events, industry groups claim. The most affordable manufactured homes are financed with private loans with higher interest rates, shorter terms and fewer consumer protections than mortgage loans. The loans, called chattel, are rarely refinanced.

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Finance FHA loan Loans Bankruptcy 352

Housing Wire

DECEMBER 21, 2021

The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. For the full year, the RMBS 2.0

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Marketing Loans Investor Bankruptcy 340

Housing Wire

MARCH 28, 2022

Consequently, the hunt is on for opportunities in the purchase market, and that’s why non-QM lending is expected to become a sweet spot in the mortgage market, according to industry observers. UWM recently rolled out bank statement loans targeting the self-employed as well as investor loans.

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Loans Lending Investor Mortgages 343

Housing Wire

JUNE 28, 2021

Ultimately, DeZarn concluded, “We don’t know where this industry is going.”. But they did not become key players in the home valuation industry until the recent housing bubble.”. But DeZarn was an independent contractor business of one, and he lost his clients in 2008 when the housing market imploded. Andrew Cuomo’s medium-sized idea.

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Bankruptcy Loans Industrial Mortgages 397

Realty Biz

MARCH 4, 2023

This partnership allows Haute Lawyer to connect its affluent readers with industry-leading attorneys in their area. This partnership allows Haute Lawyer to connect its affluent readers with industry-leading attorneys in their area. Bank Fraud. Bankruptcy Fraud. Mr. Teakell also served as a trial attorney for the U.S.

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McKissock

AUGUST 7, 2022

It didn’t help that the Federal Reserve was not strictly regulating the bank’s loan screening and approval process. Therefore, the banks approved mortgages to customers without regard for their ability to repay the loan. This crash didn’t just affect the real estate industry. Why is This Current Housing Crisis Different?

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Pre-approval Bankruptcy Banks Loans 91

Marco Santarelli

APRIL 11, 2024

Banks and other financial institutions began to offer home loans to individuals with poor credit histories , known as subprime mortgages. It highlighted the need for more stringent lending standards and better risk management practices in the financial industry. Government Response The U.S.

Lending 52

Lending Bankruptcy Loans Mortgages 52

Point2Homes

AUGUST 12, 2020

An uptick in Canada’s home prices might seem unlikely amid the COVID-19 crisis, particularly when the economy is facing significant job losses and a record-high number of bankruptcie s. While mortgage brokers noted there are tighter requirements for bank loans, eligible customers can snap up five-year fixed mortgages at 2% or lower.

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Bankruptcy Banks Loans Sales 96

Fancy Pants Homes

MAY 13, 2022

is once again trying to bank a $100+ million sale. Just one year after it sold at auction — banking a somewhat modest $51 million — the sprawling estate re-surfaced on the market with a $120 million asking price. The price point makes it the sixth-most-expensive residential listing in the Los Angeles area, Dirt reports.

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Bankruptcy Title Residential Banks 126

Kyle Handy

JANUARY 20, 2023

They’re someone investing in and improving their community. They’re putting old and damaged housing stock back onto the market. So, in looking for “distressed sellers,” what I’m looking for is people that I can help the most. So, let’s look deeper at my favorite strategies for finding houses to flip.

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The Close

DECEMBER 27, 2022

Preforeclosure and bank-owned properties, or REO. But it took time and experience to figure out the particular moments in a real estate market cycle that are better for different types of investing. While tracking market cycles is widely accepted in the stock market, it has been strangely ignored in real estate investing. Stage 1: The Turn.

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The Close

MARCH 15, 2022

This practice will put further strain on the already short-handed new home industry and prevent more new homes from being built for individual homeowners. That’s why I decided to write this article explaining what a real estate bubble is, if we’re in one now, and most importantly, if or when I think the bubble might pop. It gets worse.

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Agents Investor Banks Land 97

Realty Biz

AUGUST 18, 2020

Property owners impacted by the COVID-19 housing crisis are struggling to pay mortgages, and the imminent risk of foreclosure and bankruptcy looms large over the industry. Realty Biz News: So many people in the industry are talking about how a new stimulus package to help homeowners is much needed. About Kris Lindahl.

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Purchase and sale agreement Bankruptcy Mortgages Commercial 104