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. Michael Jeffrey Strauss registered a company called Smart Rate Mortgage, LLC.,

Mortgages 418

Mortgages Bankruptcy Loans Investor 418

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.

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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 360

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%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Kim: Spreads in the mortgage space are wide. level, mortgage rates will probably run to 4.5%

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Housing Wire

AUGUST 11, 2022

Likewise, Atlanta-based A ngel Oak Mortgage Inc. , a real estate investment trust focused on nonqualified mortgages, or non-QM, recently announced that it was struggling with red ink — recording a net loss of $52.1 a long-term player in the non-QM mortgage market. Redwood Trust Inc. , The Angel Oak Cos.

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Mortgages Loans Residential Lending 394

Housing Wire

MARCH 1, 2024

The funds will ultimately go to companies including Mirae Asset Securities , Industrial and Commercial Bank of China Financial Services (ICBC), Flagstar Bank , Customers Bank and the bankruptcy estate of Live Well itself, according to court filings reviewed by RMD. million; Customers Bank receive $7.64

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Banks Bankruptcy Commercial Equity 374

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 360

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. 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.

Mortgages 448

Mortgages Loans Bankruptcy Industrial 448

Housing Wire

FEBRUARY 23, 2024

Rocket Companies , the parent of Rocket Mortgage , lost money in 2023 , but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability. It boils down to increasing capacity at scale via higher productivity.

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Equity Bankruptcy Loans Mortgages 417

Housing Wire

MAY 10, 2022

Eric Hill, an Atlanta real estate agent representing a nationwide homebuilder, had a plan to help more than 100 homebuyers get mortgages. In the end, some $850,000 in claims had to be paid on defaulted government-backed mortgages insured by the Federal Housing Administration (FHA). The problem: They did not qualify for the loans.

Mortgages 410

Mortgages Marketing Loans Finance 410

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. A&D Mortgage is one example of an originator that is committed to prefunding quality control reviews.

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Loans Due diligence Investor Technology 413

Housing Wire

DECEMBER 27, 2022

The first half of the year, with mortgage rates in the 3s and 4s, was like “Fast and Furious.” The number of home listings dried up , contracts were canceled , the few buyers still out there demanded concessions , mortgage rates spiked to 7% and homebuilder sentiment hit rock bottom. over asking price. High octane stuff.

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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.

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Banks Bankruptcy Loans Investor 380

Housing Wire

SEPTEMBER 9, 2022

The pace of mortgage-backed securities (MBS) issuance in the nonagency market slowed considerably in July and August as rising interest rates and Federal Reserve MBS-purchase policy have combined to dampen the momentum exhibited in the private-label space in 2021 and over the first half of this year. billion over the same period in 2021.

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Housing Wire

JULY 22, 2022

Non-QM lender First Guaranty Mortgage Corp. FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Sprout Mortgage imploded in early July, leaving its employees out in the cold. It has since been sued by its former employees.

Lending 384

Lending Banks Bankruptcy Loans 384

Housing Wire

AUGUST 9, 2022

The latest non-QM player to feel the pain of the interest rate volatility afflicting the nation’s housing market this year is a Pasadena, California-based real estate investment trust called Western Asset Mortgage Capital Corp. The REIT, which is managed by investment advisor Western Asset Management Co. million loss in the first quarter.

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Housing Wire

FEBRUARY 5, 2021

Kind Lending , national wholesale mortgage lender and second brainchild to mortgage veteran Stearns, announced that the lender originated $1 billion in the first six months of production – a feat that took Stearns first company, Stearns Lending , 15 years to accomplish. Glenn Stearns is back, and not just on television.

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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 ” But this might all be coming to an end after the CFPB ’s latest enforcement action on RESPA and mortgage kickbacks. .”

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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. Garth Graham, senior partner at stratmor group.

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Loan Officer Loans Mortgages Industrial 435

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. These new programs will expand our reach with bank-statement and other alternative-documentation loans, interest-only, etc.,

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Housing Wire

MARCH 7, 2023

Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., DeHart’s professional career spans 25 years in the mortgage banking and financial services industry. Its client base includes banks, credit unions and mortgage bankers. Cenlar currently operates in all 50 states and U.S.

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Loans Banks Mortgages Technology 332

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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Housing Wire

DECEMBER 21, 2021

As 2021 draws to a close, it’s clear that the private-label residential mortgage-backed securities (RMBS) market has notched a year for the record books. Non-QM mortgages include loans that cannot command a government, or “agency,” stamp through Fannie Mae or Freddie Mac. For the full year, the RMBS 2.0

Marketing 390

Marketing Loans Investor Bankruptcy 390

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. . Through July 2021, AOMS [Angel Oak Mortgage Solutions] has originated $1.52 million,” the report states.

Lending 350

Lending Loans Bankruptcy Technology 350

Housing Wire

MAY 25, 2022

The most affordable manufactured homes are financed with private loans with higher interest rates, shorter terms and fewer consumer protections than mortgage loans. The GSEs, which back mortgages on traditional site-built homes, currently do not provide financing for chattel. That means the 17.5 A little bit jumbled.

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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. Just for a moment, let’s imagine a world in which a person purchases a home shortly before a global pandemic.

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Housing Wire

MARCH 28, 2022

The figures are drawn from the prime and nonprime (or non-QM) residential mortgage-backed securities deals tracked by Kroll Bond Rating Agency (KBRA). With mortgage rates now hovering around 5%, compared with 3% or lower for much of last year, the low-hanging fruit of the refinancing market is now pretty much picked over.

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Loans Lending Investor Mortgages 356

Housing Wire

JUNE 28, 2021

He started contracting with home mortgage lenders to appraise the value of the property tied to a loan. “It AMCs have been terrible for appraisers, mortgage originators, and the public,” said Jeremy Bagott, appraiser at Bender Rosenthal. Ultimately, DeZarn concluded, “We don’t know where this industry is going.”. It fit well.

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Realty Biz

AUGUST 20, 2023

Mortgage pre-approval is an essential step when buying a house. It's essential to gather the necessary documentation, such as bank statements and pay stubs, to support your application. How long it takes for lenders to give mortgage pre-approval can vary from a day to a week. What Is Mortgage Pre-approval?

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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. What Happened during the 2000s Housing Crisis?

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Pre-approval Bankruptcy Banks Loans 91

Marco Santarelli

APRIL 11, 2024

The subprime mortgage crisis , a pivotal event in U.S. home prices following the collapse of a housing bubble , leading to mortgage delinquencies , foreclosures , and the devaluation of housing-related securities. When the real estate bubble burst , it led to a sharp increase in high-risk mortgage defaults.

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Realtor.com

MAY 3, 2021

AAron Ontiveroz for The Wall Street Journal Black homeowners are having a harder time catching up on missed mortgage payments than other borrowers, new federal research shows. The share of homeowners in forbearance has decreased for eight straight weeks, to 4.49% as of mid-April, according to the Mortgage Bankers Association.

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Mortgages Bankruptcy Loans Banks 82

Realty Biz

AUGUST 18, 2020

According to the Mortgage Bankers Association , just under four million American homeowners are in forbearance. 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. About Kris Lindahl. The Q & A.

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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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Realtor.com

OCTOBER 30, 2020

On the east side of the street, getting a mortgage to buy a home is a breeze. Detroit is making a comeback after years of decline that led to a bankruptcy filing in 2013. But making mortgages in Detroit is a convoluted task. which is the nation’s largest mortgage lender by dollar amount lent and is based in Detroit.

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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.

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Banks Lending Investor Bankruptcy 52

Notorious ROB

JUNE 12, 2022

In part 1 , we covered legal and regulatory challenges to the real estate industry. Mortgage companies are laying off thousands as the higher rates are killing the refi business, and the general slowdown in the economy means demand is sharply lower. Tech companies are cutting staff by the thousands.

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