Housing Wire

JANUARY 5, 2023

Silvergate Capital Corporation , parent company of Silvergate Bank , which provided services to Sam Bankman-Fried’s now-collapsed crypto empire, walked away from its mortgage warehouse business and cut workforce by 20% as clients pulled $8.1 billion in crypto-related deposits. Impacted employees were notified on January 4.

Lending 385

Lending Mortgages Bankruptcy Banks 385

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. To the extent that you can get loans off your balance sheet faster, it lowers your financing costs. The BUY+ program provided borrowers a credit equal to 1.5%

Equity 411

Equity Bankruptcy Loans Mortgages 411

Housing Wire

JANUARY 4, 2024

Endorsement volume falls slightly While not a pronounced drop, HECM endorsements fell 3% to end the month with 2,190 loans, but that general drop came with a few notable exceptions according to RMI. Any time we see exits and consolidations we tend to see a dip in industry production for a time,” McCue said. “In

Mortgages 438

Mortgages Bankruptcy Principal Finance 438

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.

Mortgages 370

Mortgages Marketing Banks Loans 370

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. trillion in the second quarter of 2022, capitalizing on home equity loans and home equity line of credit (HELOC). Layoffs, LOs leaving the industry for good.

Equity 523

Equity Marketing Loans Bankruptcy 523

Housing Wire

MARCH 23, 2022

Minneapolis-based CarVal Investors , a global alternative investment manager and long-time player in the mortgage market, has launched a real estate mortgage investment conduit, or REMIC, that plans to work with loan originators around the country to develop and acquire innovative nonagency mortgage products.

Banks 381

Banks Bankruptcy Loans Investor 381

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

AUGUST 9, 2022

A closer look at WMC’s books, however, shows that as of June 30 its residential whole loan portfolio, nearly all of which is comprised of non-QM loans, was underwater by some $44 million. That’s based on a comparison of the principal balance of the loans on the books and their fair market value as reported by the REIT as of that date.

Marketing 392

Marketing Bankruptcy Loans Principal 392

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.

Lending 381

Lending Banks Bankruptcy Loans 381

Housing Wire

FEBRUARY 5, 2021

“We have assembled the best in the industry and they have provided the rocket fuel to succeed,” Stearns said. At the time, the bankruptcy was being conducted by Blackstone , the private equity giant that acquired a majority stake in Stearns parent company, Stearns Holdings , back in 2015.

Lending 365

Lending Bankruptcy Mortgages Title 365

Housing Wire

SEPTEMBER 9, 2022

That’s less than half the volume of private-label securitizations tracked by KBRA over the same two-month period in 2021, when there was a total of 44 RMBS transactions backed by loan pools valued at $19.4 That compares to 135 RMBS offerings backed by loans valued at $57.1 billion over the same period in 2021.

Marketing 399

Marketing Fixed-rate mortgage Bankruptcy Mortgages 399

Housing Wire

MARCH 26, 2024

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. How could they ever justify walking away from a loan with this low of an interest rate ?

Equity 424

Equity Loans Bankruptcy New Construction 424

Housing Wire

DECEMBER 14, 2021

The non-QM mortgage market, which encompasses most home loans not backed by a government-sponsored guarantee, is expected to reach the $25 billion mark this year in private-label securitization volume. . It’s going to happen at some point, or at least make it much easier.”. Automation just increases efficiencies,” Hutchens added.

Lending 374

Lending Loans Bankruptcy Technology 374

Housing Wire

MAY 10, 2022

The problem: They did not qualify for the loans. Hill’s scheme, also enabled by a group of co-conspirators, caught up with him, in part because many of the loans started going south. Hill instructed the homebuyers on how to game the system by submitting fraudulent asset, income and employment information on loan applications.

Mortgages 393

Mortgages Marketing Loans Finance 393

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.”. These were 2000-2003, 2004-2008Q2, 2008Q3-2011, and 2012-2015. Specifically, the 1.9

Mortgages 414

Mortgages Loans Bankruptcy Industrial 414

Housing Wire

DECEMBER 21, 2021

The major driver of private-label issuance this year has been the jumbo-loan market. RMBS offerings backed by jumbo loans are projected to reach the $60 billion level for 2021, according to estimates by Redwood Trust , a sponsor of multiple private-label offerings through its Sequoia securitization program.

Marketing 397

Marketing Loans Investor Bankruptcy 397

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.

Loans 370

Loans Lending Investor Mortgages 370

Realty Biz

MARCH 4, 2023

This partnership allows Haute Lawyer to connect its affluent readers with industry-leading attorneys in their area. PPP / SBA Loan Fraud. Bank Fraud. Bankruptcy Fraud. Haute Lawyer offers a prominent collective of leading attorneys. The invitation-only network features only two lawyers per market. Money Laundering.

Bankruptcy 102

Bankruptcy Title Banks Loans 102

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.

Pre-approval 91

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. The subprime meltdown became apparent as borrowers with these risky loans were unable to meet their payment obligations. housing market experienced a remarkable boom.

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.

Bankruptcy 96

Bankruptcy Banks Loans Sales 96

Realty Biz

AUGUST 20, 2023

This thorough assessment determines how much you can borrow, which loans you may be approved for, and the potential interest rate. It's essential to gather the necessary documentation, such as bank statements and pay stubs, to support your application. It is one of the most significant steps in preparing to get a home loan.

Pre-approval 93

Pre-approval Debt-to-income ratio Mortgages Loans 93

Realtor.com

OCTOBER 30, 2020

Detroit is making a comeback after years of decline that led to a bankruptcy filing in 2013. Detroit is a hyperbolic example of the ways that systems can fail in terms of housing,” said Laura Grannemann, who oversees philanthropic work at the parent company of Quicken Loans Inc., On the west side, it is hardly worth trying.

Marketing 86

Marketing Bankruptcy Finance Banks 86

Realtor.com

MAY 3, 2021

The share of Black homeowners in forbearance stood at about 11% in mid-April, more than double the overall rate and that of white borrowers, according to the Federal Reserve Bank of Philadelphia. To postpone the foreclosure, Mr. Rose in September agreed to enter a forbearance with his mortgage servicer, Specialized Loan Servicing LLC.

Mortgages 82

Mortgages Bankruptcy Loans Banks 82

Marco Santarelli

MARCH 17, 2023

It began in 2007 and reached its peak in September 2008 when Lehman Brothers, one of the largest investment banks globally, filed for bankruptcy. Banks and other financial institutions gave out loans to people who did not have the creditworthiness to repay them.

Banks 52

Banks Lending Investor Bankruptcy 52

Kyle Handy

JANUARY 20, 2023

But there are a lot of industries that may be helpful if you’re looking to flip a house. Think about people within your community who might be able to give you a referral, even if they aren’t in your industry. You can target advertising on Google or Facebook to people interested in bankruptcy or foreclosure.

House Flipping 89

House Flipping Bankruptcy Investor Renovation 89

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. Redwood Trust Inc. , Likewise, Atlanta-based A ngel Oak Mortgage Inc. ,

Mortgages 382

Mortgages Loans Residential Lending 382

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. An REO agent represents banks and loan servicing companies to sell the homes that they foreclosed upon. Follow Industry Thought Leaders. Source: Redfin).

Agents 96

Agents Investor Banks Land 96

Notorious ROB

JUNE 12, 2022

In part 1 , we covered legal and regulatory challenges to the real estate industry. At least one major Wall Street bank, Deutsche Bank, has called for a major recession : Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one.

Investor 86

Investor Banks Bankruptcy Equity 86

Housing Wire

SEPTEMBER 29, 2022

MAXEX , a major mortgage trading and aggregating platform, has unveiled a series of new programs designed to serve originators and loan buyers in the growing non-QM lending market. Facilitating forward-trading agreements, which allow platform users to sell loan pools at a future date with pre-negotiated terms and pricing.’.

Marketing 378

Marketing Pre-approval Investor Bankruptcy 378

HomeLight

DECEMBER 2, 2021

Along with extensive research, we consulted with Richie Helali , mortgage sales lead at HomeLight Home Loans, and Christina Griffin , a top agent who works with 68% more single-family homes than the average Tampa, Florida, agent, to help decipher the long and short of short sales. Source: (Vidar Nordli-Mathisen / Unsplash). The timeline.

Short sale 82

Short sale Sales Loans Banks 82

The Close

JUNE 22, 2023

Motivated Sellers The motivated seller category is the submarket where you will find homeowners who are facing financial distresses like bankruptcy, foreclosure, and job loss or relocation. This is because there’s an entire industry that buys and sells these homes off-market. Consider the 2008 recession.

Investor 116

Investor Debt-to-income ratio New Construction Construction 116

Broke Agent Media

JUNE 2, 2023

Massive credit stress put many homebuyers in danger of foreclosure and bankruptcy, especially as many of them were unable to afford their payments on the mortgage loans banks were handing out like candy. For industry news, edutainment, and humor, sign up for the best newsletter on the planet for real estate agents.

Bankruptcy 52

Bankruptcy Principal Finance Mortgages 52

Marco Santarelli

JULY 25, 2022

Instead, they will lose their homes to foreclosure and often file for bankruptcy in the process. Neither the 20 percent interest rates of the early 1980s nor the devastation of the savings and loan sector in the early 1990s led to a similar drop in property values. An increase in subprime borrowing began in 1999.

Marketing 52

Marketing Lending Mortgages Equity 52

Boom Town

AUGUST 28, 2019

Additionally, this downturn has little to do with the housing industry. Rates of subprime loans are low (5% in 2015 compared to 20% in 2005). Higher lending standards from banks. There is a lower rate of bankruptcy filings ( 50% lower since the implementation of the Affordable Care Act!).

Marketing 75

Marketing Lending Bankruptcy Banks 75

HomeLight

APRIL 29, 2022

Much like other online platforms created in the late 1990s and early 2000s — think Amazon which primarily sold books and Facebook which was only available to college students — what began as a specialized site has grown into something much larger that now includes home loans, closing services, and Zillow Premier Agents. RealtyTrac.

Agents 93

Agents Bankruptcy Loans Sales 93

Marco Santarelli

SEPTEMBER 7, 2021

Avoid any area that is dependent on one economic driver such as the tourism or auto industry. Detroit is one such example of a market whose economy was heavily driven by the auto industry. When its auto industry failed, it led to a drastic decline in home values. It could involve renting out a corner to a bank to install an ATM.

Investor 111

Investor Bankruptcy Renovation Industrial 111