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 419

Loans Banks Mortgages Sales 419

Housing Wire

JANUARY 19, 2024

Tennessee-based community bank Patriot Bank agreed to pay $1.9 The DOJ alleged that from 2015 through at least 2020, Patriot avoided providing mortgage services to majority- Black and Hispanic neighborhoods in Memphis, Tennessee and discouraged people seeking credit in those communities from obtaining home loans.

Banks 388

Banks Loan Officer Lending Loans 388

Housing Wire

MARCH 16, 2022

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, announced on Wednesday it will accept personal or business bank statements in self-employed borrowers’ loan applications. The product is available for loans up to $3 million and up to 90% loan to value. No mortgage insurance will be required.

Banks 384

Banks Loans Debt-to-income ratio Lending 384

Housing Wire

FEBRUARY 6, 2024

Accused of redlining by regulators, First National Bank of Pennsylvania (FNB) has agreed to settle the case for $13.5 FNB was involved in the case as a successor in interest of Yadkin Bank , which it acquired in 2017. In addition, the bank discouraged these customers from obtaining home loans, according to the complaint.

Banks 383

Banks Lending Loan Officer Loans 383

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. We’re seeing a downward trend in total [loans] repurchased [on a dollar basis], and that’s true for both Fannie and Freddie,” Ludden said. . …

Loans 383

Loans Due diligence Investor Technology 383

Housing Wire

APRIL 10, 2024

The FDIC supervises approximately 3,000 state-chartered banks and thrifts not members of the Federal Reserve System. In practice, these rules prohibit giving or accepting a thing of value for referrals of settlement services in federal mortgage loans. Violations identified vary across different stages of the loan process.

Banks 362

Banks Brokerage Mortgages Loans 362

Housing Wire

JANUARY 10, 2024

University Bank ’s reverse mortgage division has added four key hires across different disciplines as it prepares to grow further in the reverse mortgage space. Jake Droge joins the company as a loan officer, while Carol Olmos has joined the company as an account executive. We’re looking to continue expanding.

Banks 406

Banks Mortgages Lending Loan Officer 406

Housing Wire

APRIL 15, 2024

If this scenario unfolds, analysts and executives will be ready to update their baseline expectations for 2024, including fewer refinance and purchase loans than previously forecast. At HousingWire’s Mortgage Rates Center , rates for conventional loans were 7.21% as of April 15. Last week, the U.S. in March compared to a year earlier.

As-is 445

As-is Industrial Mortgages Loans 445

Housing Wire

NOVEMBER 27, 2023

HousingWire recently spoke with David Bernard, senior managing director of Specialized Mortgage Services at Western Alliance Bank , Member FDIC, about warehouse lending and how the warehouse sector and mortgage finance have progressed and continue to evolve. Western Alliance Bank transformed this model over a decade ago.

Banks 339

Banks Lending Finance Mortgages 339

Housing Wire

NOVEMBER 7, 2023

In September, the nation’s banking regulators released a proposal to increase the capital required of banks with more than $100 billion in assets. The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market.

Banks 429

Banks Mortgages Marketing Lending 429

Housing Wire

JANUARY 24, 2024

New Jersey-based TD Bank has decided to invest $10 billion in affordable homeownership initiatives by 2027, including providing loans and liquidity to the residential lending market. In the mortgage space, TD Bank was a top-35 U.S. billion in loans, down 25% year over year, according to Inside Mortgage Finance estimates.

Banks 345

Banks Lending Loans Finance 345

Housing Wire

JULY 18, 2023

Bank , the fourth-largest U.S. Bank, we make decisions that position us well for today’s market and in the future,” a spokesperson told HousingWire. “As Bank, owned by U.S. However, mortgage volume has been in free fall at the bank amid surging rates. The bank’s total mortgage origination volume reached $9.6

Banks 370

Banks Mortgages Residential Lending 370

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 501

Loans Debt-to-income ratio Lending Banks 501

Housing Wire

FEBRUARY 5, 2024

Dallas-based OneTrust Home Loans brought on James Hecht as its CEO to spearhead the company’s various mortgage lending divisions. In a statement, Hecht expressed his enthusiasm about joining OneTrust Home Loans. Hecht has a reputation for building high-performing teams and driving production growth, the company’s news release states.

Loans 371

Loans Lending Construction Banks 371

Housing Wire

NOVEMBER 28, 2023

The baseline conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac in 2024 will be $766,550, up 5.5% Conforming loan limits are increasing at a slower pace, mirroring home prices, overall. Ultimately, the FHFA announced a 12.21% increase in loan limits for 2023. Virgin Islands.

Loans 533

Loans Finance Mortgages Land 533

Housing Wire

OCTOBER 24, 2023

Patton Gade, the top producing loan officer for VA home loans in the U.S. Military Academy at West Point, will continue to originate loans and hold the national director of military lending position at UMortgage. He’ll join forces with fellow veteran loan originator Jay Bunte in the brokerage firm.

VA loan 421

VA loan Loans Loan Officer Brokerage 421

Housing Wire

AUGUST 29, 2023

American Bank of Oklahoma has agreed to invest $1.5 The bank denies the allegations. The DOJ complaint, filed in federal court, claims that the bank failed to provide mortgage lending services from 2017 through at least 2021 in neighborhoods in and around Tulsa , including those that were the site of the 1921 Tulsa Race Massacre.

Banks 350

Banks Loans Lending Mortgages 350

Housing Wire

JANUARY 31, 2023

First Internet Bank is shutting down its consumer mortgage business due to a steep decline in mortgage volumes and the negative outlook for mortgage lending that is forecasted to continue for the next several years. The residential mortgage loan balance for First Internet was $383.9 The home equity loans balance was $24.7

Banks 403

Banks Mortgages Lending Commercial 403

Housing Wire

MARCH 15, 2023

Silicon Valley Bank resumed mortgage originations on Tuesday via its newly established “bridge bank” — just four days after California state regulators took possession of the financial institution and appointed the Federal Deposit Insurance Company (FDIC) as receivers. The company’s average mortgage loan was about $1.45

Banks 341

Banks Mortgages Loans Loan Officer 341

Housing Wire

JULY 31, 2023

Flagstar Bank , a top-25 U.S. Flagstar made news in recent months, expanding its footprint and further diversifying its business model with the completion of the merger with New York Community Bancorp (NYCB) and the acquisition of certain financially and strategically complementary parts of Signature Bank.

Banks 329

Banks Mortgages Commercial Lending 329

Housing Wire

JUNE 13, 2023

Dallas-based Comerica Bank has decided to “organically exit” the mortgage banker finance business following the tumult in the banking industry that threatened the nation’s top warehouse lenders. The bank expects to improve its loan-to-deposit ratio by 150 basis points by the end of 2023.

Banks 308

Banks Lending Finance Investor 308

Housing Wire

JANUARY 26, 2023

Two months after receiving the Federal Reserve ’s approval to merge with New York Community Bank, Michigan-based Flagstar Bank is reducing its footprint in the retail channel and laying off hundreds of staffers, according to laid off employees. “I A spokesperson for Flagstar Bank did not respond to a request for comments on Thursday.

Banks 450

Banks Mortgages Lending Finance 450

Housing Wire

MARCH 23, 2023

The collapses of Silvergate Bank , Silicon Valley Bank and Signature Bank , the rescue of First Republic Bank and the acquisition of Credit Suisse by UBS, brought turbulence to the financial markets that led to a decline in mortgage rates – despite the Federal Reserve hiking federal funds rate by 25 basis point on Wednesday.

Loans 422

Loans Mortgages Banks Fixed-rate mortgage 422

Housing Wire

FEBRUARY 21, 2024

Texas Capital Bank (TCB), a warehouse lender that is suing Ginnie Mae over loans made by TCB to now-bankrupt lender Reverse Mortgage Funding (RMF), has objected to a motion by U.S. Department of Justice (DOJ) attorneys seeking to stop the evidence gathering process, saying its requests are reasonable. That process is not burdensome.”

Banks 366

Banks Staging Loans Mortgages 366

Housing Wire

MARCH 15, 2023

The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Still, homebuyers took advantage of declining rates provoked by the turbulence and applied for home loans. It was the biggest bank failure since Washington Mutual collapsed in 2008.

Banks 361

Banks Mortgages Fixed-rate mortgage Loans 361

Housing Wire

OCTOBER 12, 2023

Bankrupt retail lender AmeriFirst Financial is seeking approval for a private sale of loans from a Delaware bankruptcy judge to pay off two warehouse lenders and fund restructuring costs. If approved, AmeriFirst’s retail and commercial loans worth more than $5 million will be sold to a non-QM lender Oaktree Funding Corp.,

Loans 391

Loans Bankruptcy Sales Commercial 391

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 378

Loans Debt-to-income ratio Banks Mortgages 378

Housing Wire

OCTOBER 4, 2023

In an environment where 30-year fixed mortgage rates are racing towards 8%, loan officer pipelines are thinning dramatically. But LOs who cater to first-time homebuyers’ needs – offering FHA loans and down payment assistance loans — are faring better, Michael Ullmann, producing branch leader at Movement Mortgage , explained.

FHA loan 441

FHA loan Loans Loan Officer Mortgages 441

Housing Wire

APRIL 3, 2023

Cornerstone Servicing , a division of recently formed Cornerstone Capital Bank , has launched a subservicing business, the company announced Monday. Homeowners can log into the company’s secure web portal or mobile app to access a full view of their loan and 24/7 self-service options. billion in assets.

Banks 339

Banks Loan Officer Lending Loans 339

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

MARCH 16, 2023

banks has agreed to make $30 billion in deposits at First Republic Bank to avoid another regional bank failure. This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” Secretary of the Treasury Janet L. Bank will contribute $1 billion each.

Banks 419

Banks Loans Closing Sales 419

Housing Wire

MARCH 16, 2023

financial institutions — and resulted in the failures of Silicon Valley Bank and Signature Bank. At Mortgage News Daily , the 30-year mortgage rate for conventional loans was 6.54% on Thursday afternoon. Rates for jumbo loans (greater than $726,200) were 6.15%. Rates for jumbo loans (greater than $726,200) were 6.15%.

Banks 379

Banks Mortgages Fixed-rate mortgage Lending 379

Housing Wire

JULY 18, 2023

The Federal Reserve , Federal Depository Insurance Corporation and the Office of the Comptroller of the Currency , which together regulate large depository banks, are expected to unveil the proposed changes on July 27. The regulators want smaller banks to be able to better compete with larger peers, Bloomberg reported.

Lending 355

Lending Banks Mortgages Residential 355

Housing Wire

APRIL 5, 2023

Mortgage rates declined last week as headlines on the bank crisis slowed, which could have spurred borrowers’ demand for home loans. But the decline in demand for mortgage loans was more evident in the government market, which consists of Federal Housing Administration (FHA), U.S. and USDA loan applications decreased to 23.6%

Loans 396

Loans Mortgages Fixed-rate mortgage Banks 396

Housing Wire

NOVEMBER 14, 2023

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $1,015 on each loan they originated in the third quarter of 2023. That’s nearly double the reported loss of $534 per loan in the previous quarter, according to the Mortgage Bankers Association (MBA).

Loans 416

Loans Banks Mortgages Sales 416

Housing Wire

DECEMBER 1, 2023

The latest baseline increase in conforming loan limits has enabled loan originator Dave Krichmar’s client to make a 5% down payment instead of 10%. The self-employed homebuyer found an $800,000 home in Texas, but with the conforming loan limit for 2023 being $726,200, the buyer needed a jumbo loan or a bank statement loan.

FHA loan 408

FHA loan Loans Finance Mortgages 408

Housing Wire

SEPTEMBER 26, 2023

Blend Builder – an initiative that started about four years ago and launched in March 2023 – is a cloud banking platform designed to help businesses in the financial services industry streamline processes for mortgages, loans, deposits and accounts. “We And it is putting its new cloud-based Blend Builder platform front and center.

Banks 387

Banks Mortgages Loans Investor 387