Housing Wire

NOVEMBER 7, 2023

In September, the nation’s banking regulators released a proposal to increase the capital required of banks with more than $100 billion in assets. The effort was intended to decrease systemic risk, but by focusing narrowly on the risk posed by banks, it would likely increase risk in the mortgage market.

Banks 450

Banks Mortgages Marketing Lending 450

Housing Wire

FEBRUARY 1, 2024

United Bank will consolidate its mortgage subsidiaries into one unified mortgage business amid the housing industry struggles with elevated interest rates. United Bank has been delivering mortgage services through three channels, including two mortgage subsidiaries — Crescent Mortgage Co. million, down from $38.1

Banks 405

Banks Mortgages Closing Industrial 405

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 366

Banks Lending Finance Investor 366

Housing Wire

MARCH 3, 2024

A record 47% of government-sponsored enterprise (GSE) purchase loans in 2023 came from first-time homebuyers, a number that’s been trending gradually higher throughout the past decade. Looking back, last year’s market was dominated by purchase lending, with loans to buy homes making up 82% of a historically low number of originations.

Loans 504

Loans Debt-to-income ratio Lending Banks 504

Housing Wire

JULY 31, 2023

Flagstar Bank , a top-25 U.S. Flagstar made news in recent months, expanding its footprint and further diversifying its business model with the completion of the merger with New York Community Bancorp (NYCB) and the acquisition of certain financially and strategically complementary parts of Signature Bank.

Banks 369

Banks Mortgages Commercial Lending 369

Housing Wire

MARCH 20, 2024

A fresh set of quarterly economic projections from Fed officials showed that borrowing costs are expected to end the year at 4.6%, suggesting that the central bank still plans to make three cuts of 25 basis points (bps) each in 2024. this year before declining to a range of 6% to 7% in 2025.

Industrial 441

Industrial Mortgages Banks Principal 441

Housing Wire

SEPTEMBER 12, 2023

MBA cannot control macroeconomic forces, but what we can do is make sure the actions of policymakers help our industry instead of hindering it at a crucial time,” Broeksmit said at the organization’s Compliance and Risk Management Conference this week in Washington, D.C. MBA is also looking ahead to a U.S.

Industrial 410

Industrial Banks Finance Commercial 410

Housing Wire

MARCH 22, 2023

The current bank crisis hit California-based Pacific Western Bank , a community bank owned by PacWest Bancorp that has a focus on real estate and commercial loans. billion from the Federal Home Loan Banks , $10.5 billion in Bank Term Funding Program borrowings. Pacific Western Bank reported $11.4

Banks 397

Banks Commercial Loans Investor 397

Housing Wire

APRIL 15, 2024

Last week’s above-consensus inflation figures brought the mortgage market back to a sour reality: The average 30-year fixed mortgage rate, an index closely watched by industry experts, may be close to or even above the 7% level for longer than previously expected. And more increases are yet to come.

As-is 458

As-is Industrial Mortgages Loans 458

Housing Wire

MAY 9, 2023

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those loans are going to be 20 points underwater, for the 3% to 3.5%

Loans 384

Loans Debt-to-income ratio Banks Mortgages 384

Housing Wire

FEBRUARY 9, 2023

Northpointe Bank , a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business. The last day for fundings is April 28, the regional bank said in an e-mailed response.

Lending 384

Lending Banks Finance Loans 384

Housing Wire

MARCH 15, 2023

The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Still, homebuyers took advantage of declining rates provoked by the turbulence and applied for home loans. for the week ending March 10 compared to the prior week.

Banks 370

Banks Mortgages Fixed-rate mortgage Loans 370

Housing Wire

SEPTEMBER 21, 2022

Cincinnati-based Fifth Third Bank NA, part of Fifth Third Bancorp, a regional lender with some $207 billion in assets, has launched a new warehouse-financing arm that will serve independent mortgage bankers. The lender ’s new warehouse financing arm will be led by Donnie Martin, who has more than 25 years of mortgage industry experience.

Lending 384

Lending Banks Commercial Finance 384

Housing Wire

JULY 1, 2022

Banks reported an increase in foreclosures during the first quarter of 2022, according to a quarterly survey published by the Office of the Comptroller of Currency this week. Most industry observers predicted that the national foreclosure rate would rise once foreclosure moratoriums ended on July 31, 2021. Presented by: Auction.com.

Banks 384

Banks Mortgages Principal Short sale 384

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 As for consolidation, it will be both a tailwind and a headwind for us.

Banks 421

Banks Mortgages Loans Investor 421

Housing Wire

MAY 18, 2023

Despite a marked improvement from the fourth quarter of 2022, independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks still lost a mountain of money in the first quarter. The volume by count per company averaged 1,264 loans, a drop from 1,395 loans during the same period.

Loans 409

Loans Banks Mortgages Industrial 409

Housing Wire

AUGUST 14, 2023

The mortgage industry continues to be battered by negative headlines amid the slow in demand, the challenges of housing supply, and rising interest rates. Evolving with non-QM expertise The first step to taking advantage of this sector is continuing education on non-QM loans and their unique features.

Loans 359

Loans Banks Mortgages Lending 359

Housing Wire

NOVEMBER 14, 2023

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $1,015 on each loan they originated in the third quarter of 2023. That’s nearly double the reported loss of $534 per loan in the previous quarter, according to the Mortgage Bankers Association (MBA).

Loans 421

Loans Banks Mortgages Sales 421

Housing Wire

APRIL 25, 2024

Independent mortgage banks ( IMBs ) and mortgage subsidiaries of chartered banks lost an average of $1,056 on each loan they originated in 2023, down from an average loss of $301 per loan in 2022, according to data released Thursday by the Mortgage Bankers Association (MBA). billion (8,371 loans) per company in 2022.

Banks 417

Banks Loans Mortgages Industrial 417

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 368

Banks Mortgages Equity Loans 368

Housing Wire

MARCH 23, 2023

The collapses of Silvergate Bank , Silicon Valley Bank and Signature Bank , the rescue of First Republic Bank and the acquisition of Credit Suisse by UBS, brought turbulence to the financial markets that led to a decline in mortgage rates – despite the Federal Reserve hiking federal funds rate by 25 basis point on Wednesday.

Loans 432

Loans Mortgages Banks Fixed-rate mortgage 432

Housing Wire

JANUARY 12, 2023

Los Angeles-headquartered City National Bank agreed to pay $31 million in relief to impacted individuals and communities to settle a redlining case with the U.S. Consequently, other banks received more than six times as many applications in these neighborhoods in Los Angeles County than City National each year.

Banks 384

Banks Loan Officer Loans Commercial 384

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. The layoffs include loan officers, underwriters, processors, post-closing and secondary market staff.

Banks 370

Banks Loan Officer Loans Lending 370

Housing Wire

MARCH 16, 2023

financial institutions — and resulted in the failures of Silicon Valley Bank and Signature Bank. Industry observers said that, at least in the short term, mortgage rate declines will support home prices but lead to a better outlook for the spring season. Rates for jumbo loans (greater than $726,200) were 6.15%.

Banks 384

Banks Mortgages Fixed-rate mortgage Lending 384

Housing Wire

APRIL 13, 2023

First Federal Bank will acquire the mortgage division of BNC National Bank , which will give the Florida-headquartered community-based bank a nationwide consumer direct mortgage platform. As with the entire mortgage industry, BNC National Bank was heavily impacted by rising interest rates last year.

Banks 384

Banks Mortgages Loan Officer Residential 384

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

NOVEMBER 2, 2023

Intercontinental Exchange (ICE) Mortgage Technology reported an adjusted operating income of $131 million in the third quarter of 2023, up from Q3 2022’s $126 million — despite the headwinds the mortgage industry is facing. Looking ahead to Q4 2023, ICE expects near-term cyclical headwinds in the mortgage industry to persist.

Industrial 311

Industrial Mortgages Technology Loan Officer 311

Housing Wire

APRIL 4, 2024

Federal Reserve vice chair for supervision Michael Barr said the central bank is taking “a very thoughtful approach” to the Basel III rules (aka the Basel endgame), which would significantly increase bank capital requirements and, if implemented, affect the mortgage industry. “We Barr said that the U.S.

Banks 502

Banks Commercial Residential Loans 502

Housing Wire

NOVEMBER 27, 2023

Mortgage rates have pulled back in recent weeks giving consumers and loan originators some breathing room, but headwinds in the industry are far from over. The industry would need to see a more persistent mortgage rate decline to near 6% for a more meaningful pickup in prepayment speeds, the note said.

Industrial 420

Industrial Mortgages Loans Banks 420

Housing Wire

AUGUST 5, 2022

Stakeholders on all sides of the issues sounded off on the proposed changes to the federal redlining statute in comments to the banking agencies marshaling the changes. Those agencies oversee banks, and are tasked with ensuring banks do not redline , by enforcing the Community Reinvestment Act.

Banks 421

Banks Debt-to-income ratio Lending Loans 421

Housing Wire

NOVEMBER 18, 2022

The third quarter used to be historically the strongest of the year for independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks. Acra Lending’s Eric Friedman said the servicing business right now is a “delicate balance between complying with regulations and servicing a loan for investors.”.

Loans 384

Loans Banks Lending Mortgages 384

Housing Wire

MAY 23, 2023

The growing wave of loan-repurchase requests from Fannie Mae and Freddie Mac has yet another major wrinkle, industry sources reveal, and this new problem, if accurate as alleged, threatens to disrupt future merger and acquisition (M&A) activity in the mortgage-finance industry.

Loans 397

Loans Purchase and sale agreement Due diligence Industrial 397

Marco Santarelli

APRIL 28, 2024

The banking sector is often seen as a barometer for the broader economy , and the closure of a bank can send ripples through the financial community. In 2024 , the United States witnessed its first bank failure of the year with the closure of Republic First Bank.

Banks 105

Banks Commercial Loans Technology 105

Housing Wire

JUNE 28, 2023

Most mortgage professionals have either started to adopt artificial intelligence (AI) or are at least aware of how it can be adopted to make the loan origination process more efficient. Automated comparison checks can help solve one of the biggest issues in mortgage banking: a lack of trust in data provided by borrowers and lenders. “We

Industrial 396

Industrial Mortgages Principal Loans 396

Housing Wire

NOVEMBER 1, 2021

The lender announced Friday a partnership with Salesforce to deliver Rocket’s mortgage origination capabilities directly to banks, credit unions and other FIs through Salesforce Financial Services Cloud. ” There are nearly 5,000 FDIC-insured banks and more than 5,000 credit unions in the U.S. .

Banks 420

Banks Mortgages Loan Officer Lending 420

Housing Wire

MAY 19, 2022

That’s the consensus forecast of a panel of non-agency industry experts who spoke at the Mortgage Bankers Association ’s (MBA’s) Secondary and Capital Markets Conference & Expo in New York City this week. . The topic of the panel discussion: “What’s New in Non-Agency?”. “I I think we’ll be seeing a lot more ARMs shortly,” Tomiak added.

Industrial 450

Industrial Loan Officer Fixed-rate mortgage Lending 450

Housing Wire

APRIL 9, 2021

Over the last several years, non-bank mortgage originators have established a much larger market share. Additionally, non-bank servicers have more than doubled their ownership of servicing rights in the last 10 years. There’s a lot of seasoning behind student loans, and the loans perform extremely well.

Lending 397

Lending Banks Loans Finance 397