Housing Wire

JUNE 13, 2023

Dallas-based Comerica Bank has decided to “organically exit” the mortgage banker finance business following the tumult in the banking industry that threatened the nation’s top warehouse lenders. The bank expects to improve its loan-to-deposit ratio by 150 basis points by the end of 2023.

Banks 291

Banks Lending Finance Investor 291

Housing Wire

APRIL 18, 2023

Higher interest rates pushed up profits for Bank of America (BofA) in the first quarter of 2023, but much like its depository peers, JP Morgan Chase and Wells Fargo , the mortgage business dropped by double-digits during this period. The bank posted a net income of $8.2 Consumer banking division posted a net income of $3.1

Banks 302

Banks Mortgages Equity Loans 302

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 335

Equity Lending Loans Banks 335

Housing Wire

MARCH 10, 2023

Stubborn inflation and high interest rates continue to wreak havoc on the mortgage-origination market, but there is one asset class in the housing market that is arguably flourishing in these hard times – home equity. They are saying, ‘Tell me what’s working, how can I stand a program up so I can capture some of this [home-equity] business.”

Equity 353

Equity Marketing Debt-to-income ratio Lending 353

Housing Wire

JANUARY 12, 2023

The refi boom is in our rearview mirrors and the road ahead looks promising for home equity volume. Who knows how high that volume could go, considering tappable equity is at a historic high of $11 trillion and total home equity at a record $27.8 How do you identify the right home equity partner? Excellent turn times.

Equity 352

Equity Title Technology Inspection 352

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 351

Bankruptcy Banks Finance Lending 351

Housing Wire

JULY 25, 2022

Pink slips will arrive for 58 employees working in the mortgage business at Texana Bank in California, according to a Worker Adjustment Retraining Notification (WARN) sent to the state’s Employment Development Department. Industry observers expect staff eliminations in mortgage companies to continue as volume falls.

Banks 337

Banks Loan Officer Loans Lending 337

Housing Wire

JULY 28, 2021

Digital lending and cloud banking startup Blend Labs has launched Blend Impact , a program focused on increasing access and equity in housing and financial services with Blend’s nonprofit partners. Launched in 2012, Blend raised $300 million in January 2021, not long after it introduced a series of consumer banking tools.

Equity 394

Equity Lending Banks Development 394

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

Banks 368

Banks Mortgages Loans Investor 368

Housing Wire

JULY 30, 2021

While the exit of the large American banking institutions has reduced the visibility of the reverse mortgage product in a number of demonstrable ways, financial planners represent a key business segment that can help to make up some of the ground that was lost by the exit of those institutions from the business. A couple of things.

Industrial 372

Industrial Mortgages Loan Officer Banks 372

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 389

Banks Mortgages Loans Equity 389

Housing Wire

MARCH 27, 2024

Reverse mortgage software and calculator provider Ibis Software announced this week that it appointed Robert Sivori, a reverse mortgage industry veteran, to its board of directors. Department of Housing and Urban Development (HUD)-approved Home Equity Conversion Mortgage (HECM) loan counselors.

Equity 399

Equity Banks Industrial Mortgages 399

Housing Wire

NOVEMBER 18, 2022

These trends have exacerbated industry overcapacity, leading to continual layoffs. The resizing of the housing industry will continue as mortgage lenders work to adjust to the new origination environment, said Shampa Bhattacharya, Fitch director of non-bank financial institutions. Presented by: ServiceLink. PenFed originated $5.74

Industrial 392

Industrial Loan Officer Loans Lending 392

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 321

Equity Loan Officer Mortgages Industrial 321

Housing Wire

OCTOBER 18, 2023

mortgage lender Bank of America (BofA) reported declining mortgage and home equity production in the third quarter of 2023, compared to the previous quarter. And more declines are yet to come if regulators’ proposed capital rules are applied to banks, according to BofA’s executives. The home equity portfolio was $25.6

Mortgages 318

Mortgages Banks Equity Lending 318

Housing Wire

JUNE 8, 2022

We look forward to working with the enterprises, lenders, and other housing industry participants to further develop the ideas described in these plans.”. Mortgage industry stakeholders, including the Mortgage Bankers Association , have also pushed for the adoption of special purpose credit programs.

Equity 309

Equity Finance Loans Development 309

Housing Wire

OCTOBER 11, 2023

PNC Bank issued pink slips to an undisclosed number of employees this week as part of its focus on controlling costs. “As No Worker Adjustment and Retraining Notification (WARN) notices were submitted to the Pennsylvania Department of Labor & Industry. PNC is headquartered in Pittsburgh.

Equity 411

Equity Banks Residential Loans 411

Housing Wire

JANUARY 13, 2023

Like its nonbank competitors, Wells Fargo , JPMorgan Chase and Bank of America operated in a highly challenging mortgage market in 2022. “Volumes came in much lighter than industry expectations and margins were also below what we were expecting; we had thought 3Q22 results were trough levels,” they added. .

Mortgages 399

Mortgages Banks Equity Lending 399

Housing Wire

JULY 18, 2023

Bank of America (BofA), a top-20 U.S. But executives at all three banks expect some major regulatory headwinds. industry is the best industry in the world and actually does a lot of good for all the countries of the world, including the U.S. . billion in home equity loans in the second quarter, compared to $2.60

Mortgages 290

Mortgages Banks Equity Residential 290

Housing Wire

FEBRUARY 15, 2024

Wisconsin: No proprietary but plenty of opportunity Cullen, who works at University Bank , explained that while he occasionally gets business opportunities from outside Wisconsin , he prefers to remain within his home state since he likes to conduct business face to face as much as possible. Because that’s the biggest fear people have.

Mortgages 340

Mortgages Banks Equity Land 340

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 493

Equity Marketing Loans Bankruptcy 493

Better Dwelling

MARCH 30, 2021

The Canadian government will not be taxing home equity — at least not under the current administration. Minister Ahmed Hussen, who oversees the country’s housing portfolio, said they will not entertain a tax on home equity, today. This comes after increasing calls from academics, and even banks, to consider doing so.

Equity 126

Equity Industrial Banks 126

Housing Wire

FEBRUARY 3, 2023

The past few years in the housing industry have been nothing short of unprecedented. TD Bank ’s HELOC Trend Watch survey found that 43% of homeowners who are planning to renovate intend to use a HELOC or home equity loan to finance the project. There is risk involved as HELOCs are tied to the prime rate and can continue to rise.

Renovation 357

Renovation Fixed-rate mortgage Equity Finance 357

Housing Wire

JANUARY 22, 2024

Sagent , a fintech software company providing a servicing management platform for banks and lenders, appointed Chris Marshall as executive chairman. and was co-founder and CFO at Capital Bank Financial Corp. His term as executive chairman began on January 19. Marshall joined Sagent’s board under the terms of the transaction.

Technology 316

Technology Banks Equity Mortgages 316

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 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 361

Mortgages Banks Equity Residential 361

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 481

Closing Lending Banks Equity 481

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 355

Mortgages Marketing Banks Loans 355

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 346

Banks Lending Commercial Loans 346

Housing Wire

MAY 17, 2022

Mortgage and home equity fintech FirstClose received a $35 million investment from Lateral Investment Management on Tuesday. This is FirstClose’s first institutional equity investment round: The company has been self-funded since its founding in 2000. home equity and mortgage markets. home equity and mortgage markets.

Equity 316

Equity Lending Banks Technology 316

Housing Wire

OCTOBER 11, 2023

“By harnessing our industry-leading data and workflow solutions, we have taken the first step toward creating an all-in-one platform that transforms the mortgage process, benefiting both borrowers and loan officers,” said Bob Jennings, executive of collateral and risk solution at CoreLogic.

Mortgages 336

Mortgages Loan Officer Banks Lending 336

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

Banks 324

Banks Bankruptcy Commercial Equity 324

Housing Wire

FEBRUARY 12, 2024

The fact that year-over-year loan volume is no longer in the red is a powerful early sign that the industry recovery is at its early stages,” John Paasonen, co-founder and CEO of Maxwell, said in the report. And it marks the first year-over-year loan growth for any three-month period since Q1 2022.

Mortgages 424

Mortgages Lending Loans Equity 424

Housing Wire

SEPTEMBER 13, 2022

“Mortgage credit availability declined slightly in August, as investors reduced their offerings of ARM and non-QM loan programs,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. billion in 2022 from last year’s $4.4 trillion in the previous quarter.

Lending 367

Lending Loans Equity Mortgages 367

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 271

Equity Lending Finance Loans 271

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 381

Equity Fixed-rate mortgage Principal Loans 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 376

Equity Fixed-rate mortgage Principal Mortgages 376