Realty Biz

MARCH 19, 2024

But in today’s unpredictable economy, it’s easy even for homeowners to find themselves on the brink of bankruptcy. According to the most recent numbers, bankruptcies rose 10% last year. Being on the brink of bankruptcy isn’t the same thing as actually being bankrupt — not even close. But don’t lose hope.

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Bankruptcy Mortgages As-is Closing 103

Housing Wire

SEPTEMBER 1, 2022

Arizona-based mortgage lender Suburban Mortgage Inc. ’s The last paycheck was paid on Wednesday, but commissions on closing loans will happen through the end of September. “We Suburban was founded in September 1988 and has 38 licensed mortgage loan officers, according to the Nationwide Multistate Licensing System (NMLS).

Mortgages 382

Mortgages Bankruptcy Loan Officer Loans 382

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

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Bankruptcy Banks Mortgages Loans 309

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.

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Bankruptcy Loans Closing Mortgages 347

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 365

Mortgages Bankruptcy Lending Investor 365

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.

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Mortgages Bankruptcy Loans Investor 424

Housing Wire

NOVEMBER 15, 2022

While originations are down due to a volatile mortgage market, the population of underserved borrowers who require non-QM products is on the rise. Originators who actively work within the non-QM space are closing additional loans every month. We have closed multiple deals at one time for the same real estate investor.

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Bankruptcy Short sale Investor Title 369

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.

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Bankruptcy Lending Equity Mortgages 513

Housing Wire

SEPTEMBER 18, 2023

Read on to learn more about Dark Matter Technologies’ plan for mortgage. More recently, we started acquiring businesses in the mortgage tech space. We plan to be in the mortgage tech space forever. Kim : What other mortgage tech companies has Constellation Software acquired? And we plan to continue to acquire there.

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Technology Mortgages Bankruptcy Industrial 469

Housing Wire

AUGUST 5, 2020

That could be the death knell for rock-bottom mortgage rates. Fed Chairman Jerome Powell said at a news conference last week that the central bank was close to wrapping up a review of its policy-making strategy that began in 2019. The post Fed inflation plan could end rock-bottom mortgage rates appeared first on HousingWire.

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Mortgages Bankruptcy Investor Banks 502

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. SW: How does that impact you as a mortgage lender CEO? RW: For 95% of mortgage companies, the answer is buy and integrate and optimize. Well, then what?

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Mortgages Technology Loans Loan Officer 408

Housing Wire

FEBRUARY 23, 2024

The case stems from Ginnie Mae’s extinguishment of Reverse Mortgage Funding (RMF) from its reverse mortgage-backed securities program. Shortly after RMF declared bankruptcy in November 2022, the lender failed to make required payments to its borrowers, resulting in Ginnie Mae reaching out to TCB, the filing reads.

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Banks Bankruptcy Lending Finance 334

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. And we know from the millions of credit scores we analyze each year that the chances that any individual mortgage applicant could raise their score by at least one 20-point bucket is just over 70%.

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Bankruptcy Loans Mortgages As-is 368

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. per share at market close the day before. Rocket’s stock price rose to $11.75

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Equity Bankruptcy Loans Mortgages 388

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.”.

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Mortgages Loans Bankruptcy Industrial 414

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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Mortgages Marketing Banks Loans 366

Realty Biz

JULY 12, 2021

In other ways, the pandemic helped a little because I was able to take advantage of some financial help that became available, including the mortgage forbearance program that suspended mortgage payments. I’m thinking that bankruptcy might be my only option. What’s important for me to know about filing bankruptcy as a homeowner?

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Bankruptcy Equity Mortgages As-is 91

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. The overarching goal of prefunding QC is to ward off problems before they become issues on closed loans.

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Loans Due diligence Investor Technology 384

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. billion in mortgages in 2021. billion in the first six months of 2022, down 42.7%

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Bankruptcy Loan Officer Mortgages Loans 414

Housing Wire

AUGUST 3, 2023

Black Knight reported slimmer profits and slowing organic growth in the second quarter, largely due to weaker mortgage volume from clients as well as near-term effects from the proposed merger deal with Intercontinental Exchange (ICE). The company’s profit dropped 61% quarter over quarter to $55.3 million in Q2 2023. million in Q1 2023.

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Bankruptcy Mortgages Development Loans 335

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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Equity Marketing Loans Bankruptcy 510

Housing Wire

OCTOBER 31, 2023

1 reason a mortgage loan applicant is denied for a loan is a problem with their credit score. In good times when qualified mortgage borrowers are plentiful, most originators don’t give a suboptimal credit score a second glance. That means that credit optimization can benefit nearly every mortgage applicant.

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Bankruptcy Loans Mortgages As-is 361

Housing Wire

JUNE 21, 2022

During this same time, our industry helped consumers take advantage of low interest rates to refinance mortgages. There has been a great deal of innovation around purchasing homes, making credit available, and closing real estate transactions. The best resource for consumers is ALTA’s comprehensive home closing website, homeclosing101.org.

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Title Title search Due diligence Land 506

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. As you can see below, we haven’t had the mortgage credit boom like we saw during the housing bubble years.

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Loans Banks Equity Closing costs 543

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. And I’m not even talking about the over 40% of homes that don’t have a mortgage; I am just talking about homeowners who are paying a mortgage.

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Fixed-rate mortgage Bankruptcy Loans Mortgages 416

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. We’ve seen this shorten the transaction timeline by only about a day.

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Title Loans Equity Title search 335

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. Combined, the closing loan-pool balance for the two securitization deals was $834.2 The dreaded discount.

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Marketing Bankruptcy Loans Principal 377

Realty Biz

JUNE 7, 2021

What Is The Time Frame For Closing on a Home? One of the more popular questions asked from buyers and sellers is how long it will take to close on a house. When buying or selling a home, you feel relieved once the process closes and you have the home keys handed over to you. Hence, the closing timeline depends on your lender.

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Closing Purchase and sale agreement Inspection Title 120

Housing Wire

FEBRUARY 28, 2023

In its Q4 earnings statement on Tuesday, mortgage technology giant Black Knight remained tight-lipped regarding the Politico report that the U.S. Organic growth in 2022 declined from the previous year’s 10%, which is in line with the mortgage analytics data company’s expectations. Black Knights’ 2022 net earnings of $452.5

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Bankruptcy Mortgages Technology Banks 355

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.

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Bankruptcy Days on market Sales Short sale 382

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.

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Lending Banks Bankruptcy Loans 372

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?

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Lending Loans Bankruptcy Mortgages 387

Housing Wire

MARCH 5, 2021

In February, CoStar made an offer to acquire CoreLogic for close to $97 a share, roughly 20% higher than the accepted offer Stone Point Capital and Insight Partners made earlier that month, which was about $80 a share, all in cash. About 50% of CoreLogic’s revenues are tied directly to mortgage volumes.

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Marketing Bankruptcy Residential Investor 310

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. Some 80% of the volume in our industry is done by about 40% of the LOs.

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Loan Officer Loans Mortgages Industrial 404

Housing Wire

MARCH 31, 2022

We aren’t anywhere close to the housing bubble dynamics we had from 2002 to 2008; that environment is simply impossible to replicate. Over the years, I have tried to express that we won’t have a repeat of 2002-2005 when it comes to a speculative mortgage debt expansion on unsound credit. Let me explain. Home prices have grown 108.3%

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Bankruptcy Lending Mortgages Title 525

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. through its affiliated companies, including real estate investment trust, or REIT, Angel Oak Mortgage Inc. .

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Marketing Loans Investor Mortgages 370

Housing Wire

NOVEMBER 2, 2020

As a premier provider of innovative, high-performance software, data and analytics for mortgage and home equity lending and servicing, Black Knight is transforming the housing finance industry. Black Knight is a proven mortgage industry leader in servicing technology. Secondary Marketing.

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Lending Bankruptcy Equity Loans 392