Housing Wire

MARCH 6, 2024

The move strengthens the bank’s balance sheet amid a confidence crisis related to its commercial real estate loan portfolio. A former CEO of OneWest Bank from 2010 and 2015, Otting will become the CEO of NYCB, replacing Alessandro DiNello, who has held the position since Thomas Cangemi stepped down earlier this week.

Equity 328

Equity Mortgages Banks Commercial 328

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. Purchase loans are simply harder to market and convert, harder to process, and they generate lower revenues and higher expenses.”.

Banks 394

Banks Mortgages Loans Equity 394

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. Charting the loan officer exit.

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Loan Officer Loans Mortgages Industrial 406

Housing Wire

JANUARY 30, 2024

For at least the past five years, according to market data, the MSR sector has been increasingly dominated by nonbanks — with a good portion of the loan balance they service at historically low legacy rates. In 2019, total agency MSRs outstanding, based on agency loan balances serviced, stood at $6.219 trillion, Recursion data shows.

Marketing 360

Marketing Principal Banks Loans 360

Housing Wire

FEBRUARY 9, 2024

Last year was a challenging one for reverse mortgage business activity, and it likely hit no one harder than the industry’s front-line loan originators. In Green Bay, Wisconsin, Jim Cullen of University Bank reports a similar trend. including the states of California, Washington, Florida, Wisconsin and South Carolina.

Mortgages 396

Mortgages Principal Loans Loan Officer 396

Housing Wire

MARCH 19, 2024

It also included reduced compensation for loan officers, sources told HousingWire in February. It also included reduced compensation for loan officers, sources told HousingWire in February. Prior to joining Rithm, he held executive positions at Bank of America Merrill Lynch , J.P. Morgan , Bear Stearns , and Lehman Brothers.

Equity 335

Equity Loan Officer Principal Loans 335

Housing Wire

JULY 21, 2022

Bankruptcy Court in Delaware — show the lender owes more than $400 million to four warehouse lenders, which include Customers Bank, Flagstar Bank, Texas Capital Bank and J.V.B. Obligations to Customers Bank are further secured by a cash reserve account and related collateral,” Samples court pleadings add.

Bankruptcy 391

Bankruptcy Banks Pre-approval Principal 391

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.

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Industrial Mortgages Banks Principal 419

Housing Wire

DECEMBER 13, 2023

It also has been a brutal year for the secondary market that creates liquidity for mortgage lenders as greatly reduced mortgage originations, liquidity challenges and interest rate volatility have played havoc in the whole-loan trading as well as the private-label and agency securitization channels. “The

Mortgages 361

Mortgages Marketing Banks Investor 361

Housing Wire

SEPTEMBER 16, 2022

Fannie Mae has completed the sale of its 27 th reperforming-loan offering since the inaugural transaction in 2016. The deal represents Fannie Mae’s fourth reperforming-loan sale this year and involves a total of some 6,060 loans valued at $986.4 Pool 1 was composed of 1,790 loans valued at $337.8 acting as advisor.

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Sales Principal Loans Banks 395

Housing Wire

MARCH 6, 2024

Despite feelings of optimism expressed by loan originators in the opening weeks of 2024, the road to more normalized levels of reverse mortgage volume and securities issuances may be longer than expected. They also shared the progress they have made in building up loan pipelines, especially compared to the end of last year.

Mortgages 375

Mortgages Seller concession Principal Loans 375

Housing Wire

OCTOBER 11, 2023

The alarming data underscores why housing professionals need to understand the financial impact of climate change on the real estate industry, George Gallagher, senior leader and principal of ESG, climate risk, natural hazard and spatial solutions at CoreLogic told attendees during a session at HousingWire Annual on Wednesday.

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Principal Loans Investor Industrial 423

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. “Once data is identified, the system can then run a series of automated comparison checks or rules,” Jennifer Fortier , principal at Stratmor, said. .

Industrial 362

Industrial Mortgages Principal Loans 362

Housing Wire

MARCH 20, 2024

“I’ve also been working on the HECM Toolbox, which is really just for lenders and loan officers who haven’t really got to the point where they want to grow their business, and also for lenders that are in the [mortgage] space but not yet in the reverse mortgage space. It just seems like the morale is better out there, for sure.” ‘I

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Development Industrial Mortgages Loans 413

Housing Wire

APRIL 14, 2023

Wells Fargo has finalized the sale of a $50 billion block of mortgage-servicing rights (MSR), a deal that is expected to close later this year, according to bank officials. As of the end of the first quarter of 2023, the bank’s MSR portfolio was valued at $8.81 billion based on the unpaid principal balance (UPB), down from $679.2

Principal 412

Principal Loans Banks Mortgages 412

Housing Wire

APRIL 26, 2023

million customers and $853 billion in unpaid principal balance (UPB) at the end of March, compared to $870 billion at the end of December. Mr. Cooper announced it agreed to acquire Rushmore Loan Management Services ‘ s special servicing platform, which has $37 billion in sub-servicing contracts. Cooper had 4.1

Principal 360

Principal Banks Equity Loans 360

Housing Wire

AUGUST 4, 2022

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The government-sponsored enterprise will start accepting such loans immediately. The loan must be secured by a principal residence. Fannie Mae did not respond to a request to comment.

Principal 492

Principal Loans Banks Closing costs 492

Housing Wire

JULY 20, 2023

Rumors this week that regulators would increase residential mortgage capital requirements for larger depositary banks, far exceeding international standards under the Basel III rules, have raised alarms for industry executives, analysts and trade groups. To understand the context, U.S.

Mortgages 345

Mortgages Banks Marketing Residential 345

Housing Wire

FEBRUARY 15, 2023

The TrustEngine Borrower Intelligence Platform, as the platform is called, wraps around the entire mortgage tech stack to drive origination volume by “identifying loan opportunities and engagement strategies tailored to each borrower’s needs,” the companies said in a statement Wednesday.

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Sales Mortgages Loans Loan Officer 341

Realty Biz

DECEMBER 22, 2023

has just released its EMI Calculator, an efficient solution to simplify loan repayment planning. This tool benefits individuals and financial professionals, providing a simple method to compute monthly loan repayments. Prepayment Analysis : EMI calculators allow borrowers to evaluate the impact of prepayments on their loans.

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Loans Principal Finance Banks 90

Housing Wire

OCTOBER 26, 2023

billion in unpaid principal balance (UPB) as of Sept. Loan production Spector told analysts that the company’s multichannel approach to production enables consistent access to the origination market in the current high-rate environment. Pennymac’s total loan acquisitions and originations reached $25.1 million in Q2 2023.

Fixed-rate mortgage 392

Fixed-rate mortgage Principal Banks Loans 392

Housing Wire

NOVEMBER 3, 2023

Non-bank originator Change Lending will continue to originate non-qualified mortgages ( non-QMs ) for underserved borrowers after it reached a tentative deal with the U.S. Since becoming a CDFI in 2018, Change has funded more than $25 billion in loans to more than 75,000 families, according to the lender.

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Lending Principal Finance Loans 381

Housing Wire

FEBRUARY 16, 2023

LauraMac, a provider of mortgage loan review SaaS technology, has appointed Rick Seehausen as its chief strategy officer. I look forward to working closely with Rick to leverage the success of our Loan Review System, prepare the launch of our Loan Acquisition System, and guide us in the development of new product lines.”

Loans 319

Loans Principal Technology Development 319

Housing Wire

OCTOBER 19, 2022

Prior to joining Nations Direct, O’Brien held leadership positions at LoanDepot , was Northeast regional sales manager at Fifth Third Bank; principal at J.H. About half of its loans were originated in California. The company is licensed in 32 states.

Sales 371

Sales Mortgages Principal Equity 371

Housing Wire

MARCH 17, 2022

These multiple market pressures have fueled rate volatility and accompanying pricing-execution pressures that have led to a difficult beginning of the year for the private-label securities (PLS) market, according to market experts, and, as a side effect, sparked a more robust market for whole-loan sales — with loans often being sold at a discount.

Loans 309

Loans Marketing Due diligence Residential 309

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.

Banks 372

Banks Bankruptcy Loans Investor 372

Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

Lending 398

Lending Bankruptcy Mortgages Principal 398

Housing Wire

JULY 27, 2023

billion in unpaid principal balance (UPB) as of June 30, up 2% from March 31. Loan production Regarding the origination segment, Pennymac had $24.4 Loan production Regarding the origination segment, Pennymac had $24.4 Pennymac’s total loan acquisitions and originations reached $24.9 of the loan servicing market, 2.6%

Banks 303

Banks Principal Loans Commercial 303

Housing Wire

MAY 23, 2023

The lack of housing inventory – a major pain point for real estate agents and loan officers – is an issue that Mark Cohen, principal owner of Cohen Financial Group , also sees in the upper end of the Southern California market. Kim: You also do a lot of non-QM loans. Cohen funded $751.4 Who are your main borrowers?

Mortgages 344

Mortgages Marketing Loans Banks 344

Housing Wire

FEBRUARY 2, 2023

Kornfeld added that Pennymac’s profitability is the strongest among its rated non-bank mortgage peers now — just as it was in the previous downturn in 2018. Therefore, its results portend a challenging quarter for the non-bank mortgage sector,” Kornfeld said.

Marketing 315

Marketing Banks Principal Loans 315

Housing Wire

JUNE 9, 2021

Federal Reserve Chairman Jerome Powell recently observed that across all kinds of financial services, activities that had once been principally the province of banks have moved into the nonbank sector, including IMBs. Bank CRA obligations cover far more than their mortgage lending.

Banks 457

Banks Lending Loans Principal 457

Housing Wire

FEBRUARY 14, 2024

Additionally, modern mortgage servicing software and Application Programming Interfaces (APIs) automate investor reporting and compliance and create a more efficient workflow, effectively allowing servicers to service loans in-house to maximize their advantages. In addition to saving time, APIs minimize errors stemming from human oversight.

Investor 336

Investor Loans Mortgages Principal 336

Housing Wire

OCTOBER 26, 2023

New York-based Rithm Capital’s profits declined in the third quarter of 2023, when the real estate investment trust got involved in a dispute for Sculptor Capital Management and announced the acquisition of Specialized Loan Servicing. ” Expectations for servicing Loan servicing contributed $444.5 million in Q2.

Principal 384

Principal Loans Mortgages Banks 384

Housing Wire

DECEMBER 22, 2023

Last year, fast-rising rates and related volatility, coupled with liquidity challenges in the bank and nonbank sectors, high home prices and a shortage of housing inventory all worked together to suppress mortgage originations and the secondary market outlets for those loans as well.

Mortgages 423

Mortgages Banks Loans Industrial 423

Housing Wire

AUGUST 9, 2022

A closer look at WMC’s books, however, shows that as of June 30 its residential whole loan portfolio, nearly all of which is comprised of non-QM loans, was underwater by some $44 million. That’s based on a comparison of the principal balance of the loans on the books and their fair market value as reported by the REIT as of that date.

Marketing 381

Marketing Bankruptcy Loans Principal 381

Housing Wire

DECEMBER 15, 2021

Loan originations in dollars increased by more than 25% since the third quarter of 2020, and 44% of loan clients are in Latin America. The Bitcoin-backed mortgage product accepts Bitcoins and properties as collateral for loans to clients that want to purchase new real estate or finance a property they already own.

Mortgages 417

Mortgages Lending Banks Investor 417

Housing Wire

FEBRUARY 16, 2022

Incenter completed a dozen bulk MSR sales transactions in January involving MSRs for agency-backed loan pools that together had a total unpaid principal balance of $113.2 Wells Fargo’s agency MSR portfolio — including Fannie Mae, Freddie Mac and Ginnie Mae loan servicing — stood at $641.9 billion, or 8.2% market share.

Marketing 372

Marketing Principal Banks Loans 372