Housing Wire

FEBRUARY 3, 2022

Amid higher rates, lower volumes, and fiercer competition , Santander Bank decided it will stop originating residential mortgages and home equity loans in the United States. The Spanish bank said it will continue to service current loans and honor pending borrowers’ applications. mortgage industry are in the past.

Banks 441

Banks Mortgages Fixed-rate mortgage Equity 441

Housing Wire

JUNE 30, 2022

Pennsylvania-based Customers Bank , which has warehouse lending operations located in Hamilton, New Jersey, is listed as the largest unsecured creditor in the FGMC Chapter 11 case — with a claim of $25 million, court pleadings show. FMGC is listed as the only equity security holder in Maverick II Holdings, court pleadings show.

Bankruptcy 369

Bankruptcy Banks Finance Lending 369

Housing Wire

MARCH 29, 2023

The demand for home-equity loans, particularly home-equity lines of credit (HELOCs) as well as shared-equity investment products, is now stronger than at any time since before the global financial crisis some 15 years ago. Those 17 deals were backed by home-equity collateral valued in total at $3.9

Equity 374

Equity Lending Loans Banks 374

Housing Wire

SEPTEMBER 26, 2023

Blend Builder – an initiative that started about four years ago and launched in March 2023 – is a cloud banking platform designed to help businesses in the financial services industry streamline processes for mortgages, loans, deposits and accounts. “We It’s the first time that we’re now sharing free cash flow targets.

Banks 410

Banks Mortgages Loans Investor 410

Housing Wire

NOVEMBER 3, 2022

Up to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers or failures in the wake of the double whammy of still-rising inflation and interest rates. The outlook is not good for large cohorts of the industry.”. trillion in 2021. trillion in 2021.

Banks 397

Banks Mortgages Loans Equity 397

Housing Wire

NOVEMBER 18, 2022

These trends have exacerbated industry overcapacity, leading to continual layoffs. This week, American Financing Corporation reduced employee headcount by almost two thirds and power buyer Homeward slashed 25% of its workforce as the companies faced headwinds. American Financing Corporation originated $4.13 PenFed originated $5.74

Industrial 419

Industrial Loan Officer Loans Lending 419

Housing Wire

JUNE 8, 2022

The Federal Housing Finance Agency (FHFA), under the leadership of Director Sandra Thompson, on Wednesday unveiled landmark equitable housing finance plans for Fannie Mae and Freddie Mac. A September 2021 request for input ahead of the equitable housing finance plans indicated the FHFA would implement the plans by January 1, 2022.

Equity 353

Equity Finance Loans Development 353

Housing Wire

FEBRUARY 3, 2023

The past few years in the housing industry have been nothing short of unprecedented. HELOCs have continued to set the stage as flexible, helpful products that provide quick access to financing for a multitude of uses including home renovations, debt consolidations or emergency purchases.

Renovation 382

Renovation Fixed-rate mortgage Equity Finance 382

Housing Wire

APRIL 18, 2024

Shelley Giordano In 2019, the group exited the American College and reformed as the Academy for Home Equity in Financial Planning at the UIUC. The group will continue under the auspices of Mutual of Omaha, which currently stands as the second-largest lender in the reverse mortgage industry behind Finance of America Reverse (FAR).

Equity 400

Equity Loan Officer Mortgages Industrial 400

Housing Wire

MARCH 29, 2024

Anna Frankowska was recognized in 2017 as one of Forbes’ “ 30 Under 30 ” in Europe, having studied economics in London before moving to work in investment banking. My parents are retired, and putting my entrepreneurial and finance hats on, I just got to see challenges they face and conversations they’ve had,” she said.

Mortgages 437

Mortgages Finance Loan Officer Equity 437

Housing Wire

JANUARY 10, 2023

Bank executives reportedly expressed concerns about “reputational risk” when financing large amounts of loans originated from other firms. As the largest bank lender to Black and Hispanic families for the last decade, we remain deeply committed to advancing racial equity in homeownership.”.

Closing 485

Closing Lending Banks Equity 485

Housing Wire

MARCH 20, 2023

Flagstar Bank , a top-20 U.S. mortgage lender owned by New York Community Bancorp, announced on Sunday that it has assumed most deposits and acquired certain assets, business lines and liabilities of Signature Bridge Bank, N.A. Ultimately, the New York state chartering authority closed the bank on March 12.

Banks 368

Banks Lending Commercial Loans 368

Housing Wire

APRIL 18, 2023

MISMO , the real estate finance industry’s standards organization and a subsidiary of the Mortgage Bankers Association , plans to launch a working group that will create standards for Electronic Home Equity Lines of Credit (eHELOC). The volume of HELOC loans declined by 17% to $60.1 Overall, HELOCS accounted for 20.7%

Equity 320

Equity Lending Finance Loans 320

Housing Wire

DECEMBER 27, 2022

They are not selling and have a lot of equity in their homes. The elevated mortgage rate environment has created a mortgage rate lockdown effect of sorts, limiting the pool of customers for the mortgage industry. Homeowners in 2022 also tapped into their home equity, which peaked at $11.5 Or will soon.

Equity 522

Equity Marketing Loans Bankruptcy 522

Housing Wire

FEBRUARY 7, 2022

Pink slips will start arriving for Santander Bank ’s employees working in the mortgage and home equity businesses following the bank’s announcement to stop originating such loans in the United States. HousingWire has learned that the bank’s exit from the residential mortgage business in the U.S.

Mortgages 370

Mortgages Banks Equity Residential 370

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. The firm specializes in asset-backed credit, whole loans and private equity. There likely will be 40 to 50 deals done this year.

Mortgages 369

Mortgages Marketing Banks Loans 369

HomeLight

AUGUST 31, 2022

If you need assistance navigating the financial or tax implications of unlocking your home’s equity, HomeLight always encourages you to reach out to your own advisor. homeowners with mortgages (roughly 62% of all properties) saw their equity increase by a total of more than $3.8 What is home equity? According to CoreLogic , U.S.

Equity 101

Equity Finance Loans Closing costs 101

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 410

Equity Bankruptcy Loans Mortgages 410

Housing Wire

AUGUST 10, 2023

Homeownership is central to building wealth but has been out of reach for many minority families as a result of systemic inequalities in housing and finance,” Kevin Reen, head of Wells Fargo Home Lending, said in a statement. Eligible buyers can combine the bank’s grant with other programs including — Wells Fargo’s Dream.

Fixed-rate mortgage 370

Fixed-rate mortgage Closing costs Lending Banks 370

Housing Wire

OCTOBER 21, 2021

The nation’s network of Federal Home Loan Banks (FHLBanks ) expects to be required to increase its share of investments in affordable housing. The total volume should not be lower than $100 million for each bank. In the first week of October, the bank also launched a $1.5 In May, Sen. Catherine Cortez Masto (D-NV) and Rep.

Banks 362

Banks Loans Equity Finance 362

Housing Wire

APRIL 6, 2023

The Federal Housing Finance Agency (FHFA) will host the Appraisal Subcommittee (ASC) in May for its second public hearing on appraisal bias. At the first ASC hearing in January, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra took aim at the dysfunctional regulatory system that governs the appraisal industry. “I

Industrial 381

Industrial Lending Equity Banks 381

Housing Wire

MAY 3, 2022

Between February 2020 and January 2022, we witnessed something in the mortgage industry that we thought we’d never see — 30-year fixed-rate mortgages under 3.5%. As people look for alternate means to access the equity in their homes, home equity lines of credit (HELOCs) are poised to make a comeback. trillion in 2021.

Equity 396

Equity Fixed-rate mortgage Principal Mortgages 396

Housing Wire

JANUARY 5, 2023

Major factors that will shape the RMBS market include a dramatic reduction in origination volume and mortgage lenders exiting the business , according to a report from DBRS Morningstar on the outlook of the industry. . RMBS at DBRS Morningstar said in a report.

Marketing 443

Marketing Equity Loans Investor 443

Housing Wire

OCTOBER 16, 2023

The MBA, alongside several other trade groups, sent a letter to lawmakers and monetary policymakers that the government can do much more to help the housing industry while still fighting inflation. ” He said that the proposed new capital increases for banks “are a dagger aimed at the heart of the housing market.”

Fixed-rate mortgage 410

Fixed-rate mortgage Banks Lending Mortgages 410

Housing Wire

DECEMBER 22, 2023

The year ahead promises to offer the housing industry some relief, compared with a grueling 2023, but it is likely to be only a small bounce forward toward a healthier market. Still, a sluggish to slightly better forecast for 2024 beats the hardscrabble path of retrenchment the industry endured in 2023.

Mortgages 436

Mortgages Banks Loans Industrial 436

Housing Wire

JUNE 1, 2022

Between February 2020 and January 2022, we witnessed something in the mortgage industry that we thought we’d never see — 30-year fixed-rate mortgages under 3.5%. As people look for alternate means to access the equity in their homes, home equity lines of credit (HELOCs) are poised to make a comeback. trillion in 2021.

Equity 384

Equity Fixed-rate mortgage Principal Loans 384

Housing Wire

DECEMBER 26, 2023

Kyle Joseph, a specialty finance equity research analyst at Jefferies , believes that the worst of the current mortgage cycle may be behind us, a sentiment shared by most analysts covering this industry. It really sent shockwaves through the industry.” ” Kornfeld expects mortgage originations to range from $1.8

Mortgages 508

Mortgages Equity Banks Sales 508

Housing Wire

APRIL 21, 2022

Meanwhile, Ethan Elzen will be the executive vice president of business development and operational finance. . Cooper, he held executive positions at First Horizon National Corporation and Capital Bank. Elzen has more than 20 years of experience in the financial services industry. million in total compensation in 2021.

Banks 394

Banks Principal Finance Equity 394

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.”

Mortgages 437

Mortgages Bankruptcy Principal Finance 437

Housing Wire

MAY 5, 2022

Homebuyers will have to look elsewhere to secure a mortgage, as the members-only big box store announced it’s no longer in the business of financing homes. The other lenders Costco partnered with include Box Home Loans , Lending.com , Mutual of Omaha Mortgage , NASB , NBKC Bank , Real Genius and Strong Home Mortgage. trillion in 2022.

Mortgages 370

Mortgages Equity Finance Loans 370

Marco Santarelli

MARCH 19, 2023

Recently, a report posted on the Social Science Research Network found that 186 banks in the United States are at risk of failure due to rising interest rates and a high proportion of uninsured deposits. The report titled ‘Monetary Tightening and US Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?'

Banks 145

Banks Title Equity Industrial 145

Housing Wire

FEBRUARY 14, 2024

As a result, homeowners either must sell their current home and suffer through double moves and short-term rentals to access the equity they’ve accrued, or they have to make contingent offers that require the sale of their current house to close. Consequently, 37% of homeowners say they want to move but are staying in their current home.

Backup offer 405

Backup offer Loan Officer Home sale contingency Branding 405

Housing Wire

APRIL 14, 2022

Consolidation in the mortgage industry is likely in 2022, analysts and lending executives said. Justin Woodward has experienced the best and the worst of the mortgage industry in only 18 months. “We know that the mortgage industry is about boom and bust,” said Woodward. “It For Woodward, the pink slip arrived in October.

Mortgages 522

Mortgages Marketing Lending Loans 522

Housing Wire

MARCH 21, 2022

Michael DeVito, CEO of Freddie Mac, said it was important to have a “standalone officer” for the role to enhance the focus on diversity, equity and inclusion programs. Anderson was previously the chief diversity and inclusion officer at the Federal Home Loan Bank of Pittsburgh. of the loans Freddie Mac acquired went to Black borrowers.

Lending 362

Lending Equity Loans Finance 362

Housing Wire

AUGUST 4, 2021

Depository bank Citi continues to round out its mortgage executive team under the stewardship of Brad Wayman. Citi announced this week that it had appointed industry veteran Liz Bryant as the new head of retail mortgage sales for the U.S. The bank funded $33.94 Bank and Sulur at USAA ). Bryant comes to the St.

Mortgages 403

Mortgages Banks Land Lending 403

Housing Wire

JANUARY 11, 2021

LoanDepot , backed by private equity firm Parthenon Capital Partners, first announced plans to go public in September 2015 but canceled the IPO just hours before pricing, citing adverse “market conditions.” Thanks to our brand investment over time, we are also one of the most recognized brands in the industry today. billion to $2.6

Branding 485

Branding Banks Loans Finance 485

Housing Wire

APRIL 9, 2024

The education gap The reverse mortgage industry has long made serious investments in educational programs, particularly when looking at the efforts of current and former major lenders in the space like Finance of America Reverse (FAR), American Advisors Group (AAG) and others. I think the survey bears that out.”

Mortgages 384

Mortgages Equity Banks Brokerage 384