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 360

Loans Due diligence Investor Technology 360

Housing Wire

DECEMBER 27, 2023

Guild Mortgage has an ambitious plan under the leadership of its new CEO, Terry Schmidt. United Wholesale Mortgage , the top lender in the country by volume, claimed just under 8% total market share over the first nine months of 2023. nationally, per Inside Mortgage Finance (IMF) estimates. bankruptcies. It won’t be easy.

Mortgages 366

Mortgages Bankruptcy Lending Loan Officer 366

Housing Wire

JANUARY 16, 2024

Ginnie Mae intends to develop a new reverse mortgage-backed security product enabling the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement, according to a new announcement.

Mortgages 367

Mortgages Bankruptcy Loans Equity 367

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

Loans 543

Loans Banks Equity Closing costs 543

Housing Wire

MAY 30, 2024

Ginnie Mae is aiming to roll out plans for its new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product by the end of the year, according to acting president Sam Valverde, who spoke at the National Reverse Mortgage Lenders Association (NRMLA) Eastern Regional Meeting in Washington, D.C., on Wednesday.

Bankruptcy 336

Bankruptcy Equity Loans Development 336

Realty Biz

MARCH 21, 2024

If you’re struggling financially and unable to pay your bills, you may have considered filing for bankruptcy. Filing for bankruptcy gives you a fresh start, but it stays on your credit report for up to 10 years — resulting in consequences for years to come. Understand the pros and cons before applying for this type of loan.

Bankruptcy 102

Bankruptcy Equity Loans Principal 102

Housing Wire

NOVEMBER 9, 2021

One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. What happened post-2010 is that exotic loan debt structures that don’t provide long-term fixed debt products left the system. The most important factor is that debt structures are vanilla.

Bankruptcy 479

Bankruptcy Mortgages Lending Loans 479

Housing Wire

NOVEMBER 10, 2022

Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. The firm will focus on the non-qualified residential mortgages in the wholesale and correspondent channels. Of the total volume, conventional loans accounted for 85.7% The lender originated $2.32

Loans 298

Loans Bankruptcy Loan Officer Lending 298

Housing Wire

SEPTEMBER 1, 2022

Arizona-based mortgage lender Suburban Mortgage Inc. ’s The message did not provide further details, such as the reasons for shutting down and the future of the loans portfolio. . The last paycheck was paid on Wednesday, but commissions on closing loans will happen through the end of September. “We

Mortgages 382

Mortgages Bankruptcy Loan Officer Loans 382

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. Charting the loan officer exit. million. .

Loan Officer 403

Loan Officer Loans Mortgages Industrial 403

Housing Wire

JANUARY 4, 2024

When assessing December’s Home Equity Conversion Mortgage (HECM) volume data for December 2023, Reverse Market Insight (RMI) used a choice word as the title for its commentary : “thud.” One of the top 10 lenders that posted gains, however, was Open Mortgage. The obvious culprit is still rates. This is a different situation.”

Mortgages 387

Mortgages Bankruptcy Principal Finance 387

Housing Wire

DECEMBER 10, 2021

In the world of mortgage-financing, there exists a product line defined by what it is not — non-qualified mortgage (non-QM), non-prime, non-agency or an alternative-documentation loan. Angel Oak, through its affiliates, both originates and securitizes non-QM loans. We just see tremendous opportunity.”.

Loans 467

Loans Lending Bankruptcy Mortgages 467

Housing Wire

JULY 28, 2023

million settlement with Sprout Mortgage for unpaid wages goes through. million on mortgage purchase agreements. New Wave Lending Group , JMJ Financial Group and EF Mortgage filed on July 5 an involuntary petition against Sprout under Chapter 7 of the Bankruptcy Code in a New York court, claiming the lender owes $1.3

Bankruptcy 284

Bankruptcy Banks Mortgages Loans 284

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. The mystery as to what happened to its loan pipeline and funding endure.

Mortgages 393

Mortgages Bankruptcy Loans Investor 393

Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

Lending 367

Lending Bankruptcy Mortgages Principal 367

Housing Wire

NOVEMBER 2, 2023

Smart Rate Mortgage, LLC is no longer licensed as a residential mortgage company in Illinois. Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). 3, indicating a voluntary surrender.

Loan Officer 400

Loan Officer Bankruptcy Loans Residential 400

Housing Wire

SEPTEMBER 29, 2022

Non-QM specialist Angel Oak Mortgage Solutions is the latest player in the space to cut a sizable chunk of its workforce amidst widespread market volatility. The company issued pink slips to 75 employees last week, about 20% of its workforce, citing the “current economic environment that has challenged the entire mortgage market.”

Mortgages 354

Mortgages Bankruptcy Lending Investor 354

Housing Wire

JANUARY 23, 2024

Ginnie Mae subsequently used its authority to extinguish RMF’s HMBS issuer status, and TCB — which believed it had first-lien authority on RMF collateral at the time it made loans to the company — saw few paths to recoup the loans following RMF’s bankruptcy. The presiding judge in a lawsuit playing out in the U.S.

Bankruptcy 345

Bankruptcy Banks Loans Equity 345

Housing Wire

APRIL 10, 2023

In December, HousingWire spoke to Flueid about the concept of instant title and why it is a misnomer for mortgage lenders. HousingWire: HousingWire recently spoke to Flueid about the concept of instant title and why it’s a misnomer for mortgage lenders.

Title 310

Title Loans Equity Title search 310

Housing Wire

FEBRUARY 17, 2021

The Fed said that increase was primarily driven by a dramatic increase in mortgage originations. Mortgage debt balances broached the $10 trillion mark in the fourth quarter, increasing by $182 billion from the third quarter to $10.04 The share of mortgages that transitioned to early delinquency dropped to 0.4%

Mortgages 525

Mortgages Bankruptcy Loans Banks 525

Housing Wire

JULY 8, 2022

Just two days after it abruptly shut down its operations, non-QM lender Sprout Mortgage became the target of a class-action-seeking lawsuit. First Guaranty Mortgage Corp. FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection in late June after suddenly cutting hundreds of jobs.

Mortgages 424

Mortgages Bankruptcy Loans Investor 424

Housing Wire

MARCH 6, 2024

California-based mortgage lender CMG Financial will partner with fintech Sagent for seven years as it brings its servicing business in-house. After an exhaustive search, it was clear Sagent was the right servicing fintech partner with deep mortgage expertise plus highly configurable platforms needed to realize our homeowner-first vision.”

Bankruptcy 322

Bankruptcy Loan Officer Mortgages Investor 322

Housing Wire

JANUARY 24, 2024

A cohort of former employees at now-defunct reverse mortgage lender Live Well Financial has been granted final settlement approval in a class action lawsuit brought against the company’s estate in May 2019. Monica Williams, a former loan account manager in Live Well’s Richmond, Va. The class action lawsuit was filed in the U.S.

Bankruptcy 322

Bankruptcy Loans Closing Mortgages 322

Housing Wire

OCTOBER 12, 2023

Within mortgage companies, even those that have huge scale versus small scale, they’re offering really the same borrower experience and the same loan officer experience. Obviously, they’ve got some different systems to handle hundreds of loans a month versus thousands or tens of thousands. SW: How do you fix that?

Mortgages 396

Mortgages Technology Loans Loan Officer 396

Housing Wire

JANUARY 3, 2024

Reverse mortgage servicing company Celink is seeking the dismissal of a lawsuit alleging that it had added unlawful servicing fees to reverse mortgage loans alongside now-bankrupt lender Reverse Mortgage Funding (RMF). In response to the recent recommendation by a magistrate judge against the dismissal of Dancy-Wilkins v.

Bankruptcy 322

Bankruptcy Loans Mortgages As-is 322

Realty Biz

APRIL 5, 2022

One of the frequently asked questions during today’s booming housing market is can I qualify for a mortgage during Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years. Mortgage Options During Chapter 13 Bankruptcy.

Bankruptcy 120

Bankruptcy Debt-to-income ratio VA loan FHA loan 120

Housing Wire

SEPTEMBER 22, 2023

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. this week, Fannie Mae Chief Economist Doug Duncan believes that mortgage rates will stay elevated before the Fed makes further rate cuts. “We’ve Kim: Spreads in the mortgage space are wide.

FHA loan 419

FHA loan Bankruptcy Marketing Loans 419

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. Mike Braun (R-Ind.)

Bankruptcy 310

Bankruptcy Loans Banks Mortgages 310

Housing Wire

AUGUST 11, 2022

a real estate investment trust (REIT) based in Mill Valley California that has residential operations focused on nonagency jumbo loans, recently reported a second-quarter 2022 net loss of $100 million, after recording a net gain of $31 million in the prior quarter. Likewise, Atlanta-based A ngel Oak Mortgage Inc. , The Angel Oak Cos.

Mortgages 374

Mortgages Loans Residential Lending 374

Housing Wire

MAY 13, 2024

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. The attention on nonbank mortgage companies have increased since their expansion following the financial crisis of the late 2000s.

Bankruptcy 395

Bankruptcy Finance Mortgages Banks 395

Housing Wire

FEBRUARY 8, 2024

Bankruptcies and foreclosures After 2010, the qualified mortgage laws came into play and all the exotic loan debt structures in the system, especially in the run-up in demand from 2002 to 2005, disappeared. People have been screaming about a housing bubble crash on social media sites for over 12 years. The truth is, U.S.

Bankruptcy 392

Bankruptcy Equity Loans Mortgages 392

Housing Wire

SEPTEMBER 18, 2023

Dark Matter Technologies , formerly Black Knight Origination Technologies, is focused on mainly two things: the smooth transition to new owners, and lowering the cost to originate loans for lenders. Read on to learn more about Dark Matter Technologies’ plan for mortgage. We plan to be in the mortgage tech space forever.

Technology 454

Technology Mortgages Bankruptcy Industrial 454

Housing Wire

OCTOBER 31, 2022

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. As we can see below, the bankruptcy levels were extremely high before the bankruptcy law was passed in 2005.

Bankruptcy 510

Bankruptcy Lending Equity Mortgages 510

Housing Wire

NOVEMBER 28, 2023

Mike Darne: In good times when qualified mortgage borrowers are plentiful, most originators don’t give a suboptimal credit score a second glance. But when every loan matters, like the market we find ourselves in today, it makes a lot of sense to take a closer look at the borrower’s credit score. Why is this important now?

Bankruptcy 343

Bankruptcy Loans Mortgages As-is 343

Housing Wire

MARCH 7, 2023

Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., appointed Michelle DeHart as the vice president of loan operations, escrow, the company announced on Tuesday. DeHart’s professional career spans 25 years in the mortgage banking and financial services industry. territories.

Loans 313

Loans Banks Mortgages Technology 313

Housing Wire

JULY 29, 2021

In a comprehensive study of mortgage market liquidity, Liquidity Crises in the Mortgage Market , several well-known academics provided compelling evidence for “liquidity vulnerabilities associated with nonbanks.” Many of these firms experienced bankruptcies and closures similar to that of New Century.”.

Mortgages 413

Mortgages Loans Bankruptcy Industrial 413

Housing Wire

OCTOBER 13, 2022

In the reflection, a mortgage executive sees faint images of the savings and loan crisis of the 1980s and 1990s. 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. Storm Brewing.

Mortgages 355

Mortgages Marketing Banks Loans 355