Housing Wire

JULY 28, 2023

It follows a request from the shuttered lender to halt the agreement due to an involuntary bankruptcy petition filed by three creditors. 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 321

Bankruptcy Banks Mortgages Loans 321

Housing Wire

JANUARY 24, 2024

Monica Williams, a former loan account manager in Live Well’s Richmond, Va. headquarters, initially filed the suit days after Live Well had halted funding for new loans and subsequently ceased operations entirely. The class action lawsuit was filed in the U.S. In a 92-minute court hearing held on Jan.

Bankruptcy 359

Bankruptcy Loans Closing Mortgages 359

Housing Wire

NOVEMBER 9, 2022

Similarly, news broke this week revealing that independent mortgage bank (IMB) New American Funding had culled its employee ranks by 240 — followed by news that non-QM lender Athas Capital Group was closing its doors and laying off more than 200 employees. Charting the loan officer exit. Bureau of Labor Statistics data shows.

Loan Officer 404

Loan Officer Loans Mortgages Industrial 404

Housing Wire

NOVEMBER 15, 2022

There will always be a population of borrowers who cannot qualify for a home loan under traditional guidelines. Originators who actively work within the non-QM space are closing additional loans every month. The solution: Bank Statement loans. . Angel Oak’s Bank Statement loan is ideal for the self-employed.

Bankruptcy 374

Bankruptcy Short sale Investor Title 374

Housing Wire

DECEMBER 27, 2023

The company hopes to reach its goal by growing organically with more loan officers under a dozen business development managers. There were also a few cases of bankruptcy. HousingWire tracked 62 mergers, acquisitions, exits and bankruptcies covered by the newsroom in 2023. bankruptcies. exits and 3.2%

Mortgages 397

Mortgages Bankruptcy Lending Loan Officer 397

Housing Wire

NOVEMBER 28, 2023

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. It’s why regulators are spending so much time considering changes and why more originators are stepping up to help their loan applicants increase their scores. Why is this important now?

Bankruptcy 378

Bankruptcy Loans Mortgages As-is 378

Housing Wire

FEBRUARY 23, 2024

per share at market close the day before. To the extent that you can get loans off your balance sheet faster, it lowers your financing costs. In 2023 alone, the mortgage industry saw a total of 62 merger and acquisition transactions, lender exits and bankruptcies. Rocket’s stock price rose to $11.75

Equity 396

Equity Bankruptcy Loans Mortgages 396

Housing Wire

SEPTEMBER 1, 2022

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 We had employees that had been with us for 33 years.

Mortgages 382

Mortgages Bankruptcy Loan Officer Loans 382

Housing Wire

JUNE 21, 2022

In a refinancing, homeowners obtain a new loan and lenders require a new title search and a title insurance policy on that loan to protect their investment. Discounts also may be available if using the same lender that issued the original loan. Real estate is a $3 trillion industry in the United States.

Title 506

Title Title search Due diligence Land 506

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 513

Bankruptcy Lending Equity Mortgages 513

Housing Wire

JANUARY 4, 2024

Amid an already challenging operating environment observed throughout 2023, both HECM endorsement volume and HECM-backed Securities (HMBS) issuance closed out the year on a low note, with both metrics falling lower from the month before, according to data from RMI and New View Advisors. This is a different situation.”

Mortgages 420

Mortgages Bankruptcy Principal Finance 420

Housing Wire

OCTOBER 31, 2023

1 reason a mortgage loan applicant is denied for a loan is a problem with their credit score. But when every loan matters, like the market we find themselves in today, it makes a lot of sense to take a closer look at the borrower’s credit score. But that’s only true if the problem is approached correctly.

Bankruptcy 371

Bankruptcy Loans Mortgages As-is 371

Housing Wire

NOVEMBER 8, 2023

The answer is no, and for that, we must thank the 2010 qualified mortgage (QM) rule, which has high standards for borrower credit scores and the ability to repay the loan. Foreclosures and bankruptcy data One of the most prominent credit stress data lines I have ever seen came during 2005-2008.

Fixed-rate mortgage 417

Fixed-rate mortgage Bankruptcy Loans Mortgages 417

Housing Wire

SEPTEMBER 29, 2022

Non-QM loans aren’t government-backed and aren’t eligible for purchase by Freddie Mac or Fannie Mae. Angel Oak Home Loans LLC – a full-service mortgage lender with its own LOs, and part of the Angel Oak family of companies – originated $2.44 As a result, they present a greater risk and typically come with higher interest rates.

Mortgages 368

Mortgages Bankruptcy Lending Investor 368

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 383

Marketing Bankruptcy Loans Principal 383

Realty Biz

JULY 12, 2021

I’m thinking that bankruptcy might be my only option. What’s important for me to know about filing bankruptcy as a homeowner? How bankruptcies work out is highly dependent on personal circumstances. You definitely want to talk to a bankruptcy attorney before making any final decisions or taking action. Code 6-10-2.).

Bankruptcy 91

Bankruptcy Equity Mortgages As-is 91

Housing Wire

AUGUST 3, 2022

The most recent layoff came on Tuesday when the California-based lender eliminated several hundred positions, including loan officers, mortgage underwriters, processors and training specialists, multiple former employees said. In 2021 I was reviewing about 50 to 100 loans a day,” said a former disclosure specialist who was laid off in 2022.

Bankruptcy 414

Bankruptcy Loan Officer Mortgages Loans 414

Housing Wire

JULY 8, 2022

Plaintiffs Nathaniel Agudelo and Helen Owens – both closing disclosure specialists who worked for Sprout from the fourth quarter of 2020 through July 6, 2022 – filed the lawsuit on their behalf and others in the same situation in the Eastern District of New York U.S. They can hold it and wait for the market to recover.

Mortgages 424

Mortgages Bankruptcy Loans Investor 424

Housing Wire

FEBRUARY 23, 2024

TCB’s “protection for those loans was a lien on certain collateral,” its attorneys state, and “Ginnie Mae — up to and including Ginnie Mae President Alanna McCargo — assured TCB that the collateral would be a source for repayment.” But Ginnie Mae has never sought to contract with TCB itself regarding TCB’s transactions with RMF.”

Banks 345

Banks Bankruptcy Lending Finance 345

Housing Wire

DECEMBER 27, 2022

Temporary rate buydowns have become a popular concession, especially among homebuilders, in which one out of 10 loans feature a seller-paid buydown, said Peter Idziak, senior associate at Polunsky Beitel Green. trillion in the second quarter of 2022, capitalizing on home equity loans and home equity line of credit (HELOC).

Equity 515

Equity Marketing Loans Bankruptcy 515

Housing Wire

AUGUST 3, 2023

Heightened focus on expenses by clients and prospects, as well as the proposed ICE transaction, has elongated the sales cycles in the short term; market conditions continue to result in elevated originator consolidation, bankruptcies and associated attrition, according to its filing with the Securities and Exchange Commission (SEC).

Bankruptcy 344

Bankruptcy Mortgages Development Loans 344

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 411

Mortgages Technology Loans Loan Officer 411

Realty Biz

MARCH 16, 2023

If qualifying for a conventional loan is difficult, and you aren't eligible for VA or USDA loans, an FHA loan could be the answer. FHA loans allow you to pay 3.5% But there are also downsides to FHA-insured loans. So is this type of loan right for you? We take a look at FHA loan requirements.

FHA loan 89

FHA loan Loans Debt-to-income ratio Due diligence 89

Realty Biz

DECEMBER 29, 2021

Among the many mortgage options buyers have, the FHA loan is one of the most popular. Read on for a complete rundown of what an FHA loan is, how you qualify for one, and how an FHA loan compares to a conventional home loan. What Is an FHA loan? An FHA loan can be for up to 96.5% homeownership rate.

FHA loan 104

FHA loan Loans Bankruptcy Mortgages 104

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. The bank calls out 16 non-QM lenders in the text message, indicating it is ramping up scrutiny of its loan reviews, prior to advancing warehouse funding.

Lending 376

Lending Banks Bankruptcy Loans 376

Housing Wire

NOVEMBER 2, 2020

Unique, comprehensive market and loan data—augmented with proprietary analytics—is integrated with these solutions for clearer insights to optimize clients’ success. Black Knight offers several advanced capabilities that integrate with loan origination systems, including Empower, to help lenders do more in less time, while reducing costs.

Lending 397

Lending Bankruptcy Equity Loans 397

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. . We’re expecting close to 100% growth [in 2022] from 2021, and this year, 2021, is our biggest year ever,” he said.

Lending 351

Lending Loans Bankruptcy Technology 351

Housing Wire

JULY 27, 2022

through its Angel Oak Mortgage Trust conduit, recently unveiled its latest private-label securitization (PLS) offering — a deal slated to close in early August backed by 788 predominately non-QM loans valued at $362 million. Angel Oak Cos., Counting this latest offering, Angel Oak Cos. AOMR is part of an Angel Oak Cos.

Marketing 375

Marketing Loans Investor Mortgages 375

Housing Wire

SEPTEMBER 21, 2022

through its mortgage-backed securities conduit Angel Mortgage Trust , has unveiled its sixth private-label securities (PLS) offering of 2022, even as fast-rising interest rates have jumped far ahead of the lower-rate legacy loans securing the deal. Atlanta-based non-QM lender Angel Oak Cos. How will non-QM perform for the rest of 2022?

Lending 390

Lending Loans Bankruptcy Mortgages 390

Housing Wire

AUGUST 30, 2022

The next job loss recession, when it happens, will have more foreclosures, short sales, and bankruptcies. The 2005 bankruptcy reform laws and the 2010 Qualified Mortgage laws, once passed, created an expansion that has produced the highest quality homeowners in our lifetime. However, not to the degree we saw from 2005-2008.

Bankruptcy 382

Bankruptcy Days on market Sales Short sale 382

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. The major driver of private-label issuance this year has been the jumbo-loan market. For the full year, the RMBS 2.0 Morgan, via its private label conduit, J.P.

Marketing 375

Marketing Loans Investor Bankruptcy 375

Rent, Buy & Sell

FEBRUARY 7, 2021

Great credit allows people to get the best interest rates on various types of loans. Bad credit is usually the result of late bill payments, bankruptcy, foreclosure and loan defaults. These loans are backed by the Federal Housing Administration and only require a minimum credit score of 500.

Loans 98

Loans VA loan FHA loan Hard money loan 98

Housing Wire

JULY 29, 2021

Many of these firms experienced bankruptcies and closures similar to that of New Century.”. Another major risk of nonbank originators and servicers is operational risk in terms of loan manufacturing quality. It is critical to understand how operational risks can be closely tied to other risks such as credit. .

Mortgages 414

Mortgages Loans Bankruptcy Industrial 414

Housing Wire

NOVEMBER 10, 2020

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. At that point, Dodson was actively working on a jumbo loan for friends of his from church. “And damn if we didn’t close Friday and they shut it down Monday.” So you stop.”. Everyone bowed out.

Debt-to-income ratio 424

Debt-to-income ratio Loans Banks Mortgages 424

Housing Wire

JUNE 9, 2022

Lenders saw the value of agency loans made at lower rates — in the 3% range — in 2021 and early January 2022 drop precipitously over the course of the first quarter. That negatively affected liquidity options in both the loan-trading and securitization markets as higher-rate loans [above 5%] subsequently hit the market.

Marketing 375

Marketing Loans Technology Bankruptcy 375

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 368

Mortgages Marketing Banks Loans 368

HomeLight

JULY 30, 2021

The bank will ask for a list of mortgage documents to prove you’ll be able to repay the loan. Together, these mortgage documents allow the lender to see if you have enough income to pay back the loan and determine whether you’re creditworthy. Bankruptcy discharge papers. Can you blame them?). Foreclosure documents.

Loans 98

Loans Mortgages Bankruptcy Purchase and sale agreement 98