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

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Bankruptcy Banks Mortgages Loans 312

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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Marketing Fixed-rate mortgage Bankruptcy Mortgages 376

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. And they have to sell them now [in the whole loan market or via securitization when we are seeing] 6%, 6.5%

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Marketing Bankruptcy Loans Principal 380

Housing Wire

DECEMBER 27, 2023

The California-based retail lender has set a target of becoming a top-10 lender in the markets in which it has a presence, which would give it about 2% in overall market share. United Wholesale Mortgage , the top lender in the country by volume, claimed just under 8% total market share over the first nine months of 2023.

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Mortgages Bankruptcy Lending Loan Officer 394

Housing Wire

MAY 30, 2024

Sam Valverde Speaking to attendees during a keynote speech, Valverde said that the government-owned company had “a reputation of being less than transparent,” according to the reporting, and wanted to “sensitize” the reverse mortgage market to its plans for the new product. The announcement was reportedly met with applause from attendees.

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Bankruptcy Equity Loans Development 377

Housing Wire

OCTOBER 13, 2022

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. mortgage market was ripe for refinancing, but today closer to 10%. . RTC), closed 747 S&Ls with assets of more than $407 billion. .

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Mortgages Marketing Banks Loans 366

Housing Wire

FEBRUARY 8, 2022

Newport Beach, California-based Excelerate Capital , a long-time non-QM lender with a growing market presence, finalized its acquisition of Castle Mortgage Corp. With the Castle acquisition and tech integration now completed, our intent is to lend nation nationwide in the non-QM market. The growth is going to happen, regardless.

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Marketing Lending Loans Bankruptcy 357

Housing Wire

MAY 20, 2024

Others in the industry believe that’s the correct arena to deal with broader housing regulation. The FSOC report states that nonbank servicers increased their market share from 4% in 2008 to 54% in 2022. You normally don’t see that in the FSOC report.”

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Bankruptcy Finance Mortgages Banks 365

Housing Wire

JANUARY 16, 2024

Released on Tuesday morning, the move is a further attempt to address the well-documented liquidity challenges that have been plaguing the reverse mortgage business for most of the past year, stemming from the late 2022 bankruptcy of Reverse Mortgage Funding (RMF), the run-up in interest rates and a precipitous drop in loan volume.

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Mortgages Bankruptcy Loans Equity 398

Housing Wire

NOVEMBER 28, 2023

HousingWire recently spoke with Mike Darne, vice president of marketing at CreditXpert , about credit optimization and how taking a closer look at consumer credit can benefit borrowers. 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.

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Bankruptcy Loans Mortgages As-is 373

Housing Wire

JUNE 9, 2022

That negatively affected liquidity options in both the loan-trading and securitization markets as higher-rate loans [above 5%] subsequently hit the market. Thomas Yoon, president and CEO of non-QM lender Excelerate Capital , added that the housing industry in late 2021 and early 2022 was at the tail end of a historic refinancing boom.

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Marketing Loans Technology Bankruptcy 373

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. market — defined as all post-financial-crisis prime, non-prime and credit-risk transfer (CRT) transactions — is projected to exceed $115 billion in issuance.

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Marketing Loans Investor Bankruptcy 370

Housing Wire

JANUARY 4, 2024

When assessing December’s Home Equity Conversion Mortgage (HECM) volume data for December 2023, Reverse Market Insight (RMI) used a choice word as the title for its commentary : “thud.” Any time we see exits and consolidations we tend to see a dip in industry production for a time,” McCue said. “In This is a different situation.”

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Mortgages Bankruptcy Principal Finance 418

Housing Wire

JANUARY 4, 2022

Pontiac, Michigan-based United Wholesale Mortgage (UWM) capitalized on a booming private-label market in 2021 by sponsoring its inaugural securities transaction this past May, a prime jumbo deal involving 508 mortgages with an aggregate principal balance of $351.9 to 72% across the three deals in a market with fast-rising home prices.

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Marketing Debt-to-income ratio Loans Mortgages 329

Inman

JUNE 28, 2023

The company intends to sell "substantially all of its assets," including its technology platform to pay creditors that include thousands of retail investors.

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Bankruptcy Investor Technology Industrial 148

Housing Wire

JUNE 21, 2022

As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Real estate is a $3 trillion industry in the United States.

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Title Title search Due diligence Land 509

Housing Wire

APRIL 18, 2024

A large portion of those loans, once repurchased from the government-sponsored enterprises (GSEs) at par, were later resold for much less in the so-called “scratch and dent market. Levonick said that in today’s market, the economics have shifted toward encouraging more quality control reviews at the originator level.

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Loans Due diligence Investor Technology 389

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.

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Lending Bankruptcy Mortgages Title 339

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. The final amount will be determined by the trial judge.

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Banks Bankruptcy Commercial Equity 352

Housing Wire

MAY 10, 2022

As the housing market enters a purchase-market cycle sparked by rising mortgage rates that have killed off a long-running refinance boom, we can expect to see mortgage-fraud schemes proliferate, industry experts say. The post Risk of mortgage fraud is on the rise in the current market appeared first on HousingWire.

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Mortgages Marketing Loans Finance 390

Housing Wire

FEBRUARY 23, 2024

per share at market open on Friday, up from $10.98 per share at market close the day before. New client and market share acquisitions In a rare move, Rocket shared specific numbers of its market share growth. Deep pockets to pull from For a company with a market cap of $23.3 Rocket’s stock price rose to $11.75

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Equity Bankruptcy Loans Mortgages 393

Housing Wire

SEPTEMBER 18, 2023

Executives from Dark Matter Technologies, under the Constellation Software umbrella, said that a down market is the best time to make investments in technology and prepare for the next cycle. So it’s really the same story, just different markets,” Gagliano said. Kim: It’s a tough mortgage origination market right now.

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Technology Mortgages Bankruptcy Industrial 474

Housing Wire

FEBRUARY 22, 2024

Processes and risks In December 2022, Ginnie Mae seized RMF’s HMBS portfolio due to the company’s bankruptcy, and the resulting stresses contributed to the decision to investigate, Oliver Davis explained at the time.

Bankruptcy 370

Bankruptcy Loans Mortgages Equity 370

Housing Wire

JULY 8, 2022

FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection in late June after suddenly cutting hundreds of jobs. One former capital markets staffer, who requested anonymity, said Sprout had been dealing with liquidity and funding problems for months. They can hold it and wait for the market to recover.

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Mortgages Bankruptcy Loans Investor 427

Housing Wire

OCTOBER 31, 2023

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. Taking a harder look at consumer credit A glance at the headlines will tell you that more industry leaders are beginning to take the borrower’s credit seriously.

Bankruptcy 366

Bankruptcy Loans Mortgages As-is 366

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. Originations.

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Lending Bankruptcy Equity Loans 396

Housing Wire

FEBRUARY 18, 2022

housing market. And while Zillow has scrapped iBuying, which all evidence so far points to as a money-hemorrhaging industry , Kelman said that Redfin will stay the course. “We Also, marketing expenses soared 153% to $84 million in 2021, predominantly due to RentPath. What does that all add up to? When in doubt we go low.”.

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Bankruptcy Brokerage Title Equity 393

Housing Wire

MARCH 3, 2022

As all participants in the mortgage industry know, securitization is a critical tool for making loans to homeowners at affordable rates. One of the critical mechanisms of securitization is the separation of the underlying assets from the bankruptcy risk of the mortgage bond issuer. This separation is important for the market.

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Bankruptcy Investor Fixed-rate mortgage Loans 327

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 371

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. Shocked employees didn’t receive their last paychecks. Yet Strauss, who already has a $2.45

Mortgages 395

Mortgages Bankruptcy Loans Investor 395

Housing Wire

OCTOBER 12, 2023

You’re signing a contract in 2020-2021 when the industry is doing $3.5 So the technology that’s supposed to save you can also be the thing that drives the mortgage company into bankruptcy. The thing that the mortgage industry cannot correct for is human error, and there always is human error. SW: How do you fix that?

Mortgages 412

Mortgages Technology Loans Loan Officer 412

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 406

Housing Wire

MARCH 26, 2024

Then, the housing market takes off like a rocket with home values exceeding all expectations. If any of this resonates with your personal experience in the current market, you have officially entered the realm of interacting with homeowners in the post-pandemic economy.

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Equity Loans Bankruptcy New Construction 426

Housing Wire

JANUARY 22, 2021

After its filing of bankruptcy in February, Rentpath , which owns Rent.com, ApartmentGuide.com, Rentals.com and Lovely.com, agreed to sell to CoStar for a reported $558 million. billion market cap. How lenders will benefit from Black Knight’s acquisition of Optimal Blue. Presented by: Black Knight.

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Equity Bankruptcy Investor Commercial 349

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.”. Clifford Rossi is Professor-of-the Practice and Executive-in-Residence at the Robert H.

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Mortgages Loans Bankruptcy Industrial 417

Housing Wire

JULY 16, 2021

Success lending is looking for the most qualified mortgage professionals in the country in the industry who are committed to top service and best customer experience,” the eXp spokesperson said. billion market capitalization, less than half of its previous market value. The company now has a $4.2

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Mortgages Lending Bankruptcy Brokerage 398

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. . Automation just increases efficiencies,” Hutchens added.

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Lending Loans Bankruptcy Technology 344