Housing Wire

MARCH 31, 2023

In its third year, the 2023 HW Finance Leaders award celebrates the outstanding achievements of the top finance executives in the real estate and mortgage space. Congratulations to the 2023 HW Finance Leaders. As the housing market continues to face volatility, the role of CFO has become increasingly critical.

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Housing Wire

JUNE 26, 2024

Reverse mortgage industry leader Finance of America (FOA) announced this week that it has restructured its unsecured debt into new, secured debt that will come due beyond the original 2025 maturity date. According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI), FOA was the No.

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Housing Wire

APRIL 1, 2025

These standout professionals all 40 years old or younger are driving innovation, transforming their organizations, and shaping the future of real estate, mortgage, and fintech. Each year, HousingWires Rising Stars award recognizes the next generation of leaders making a significant impact on the industry.

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Housing Wire

AUGUST 15, 2024

Swiss bank UBS Group AG has decided to sell Credit Suisse ’s mortgage servicing company, Select Portfolio Servicing (SPS), to a group of investors led by Sixth Street , HousingWire has learned. Banks have reduced their exposure to mortgage servicing rights (MSRs) due to expected higher capital requirements and risks.

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Housing Wire

APRIL 7, 2021

While overall complaints were up 54% year-over-year, complaints against mortgage companies were up just 7.5%, and complaints against mortgage servicers were actually down, by 3.5%. These results are notable considering the sheer speed and impact the pandemic had on the mortgage finance industry.

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Housing Wire

APRIL 1, 2024

In addition to that, conventional underwriting does not serve the new-age economy such as gig workers, so you are seeing this demand for alternative financing. “And And with rising home prices and the growing burden of traditional mortgage debt, homeowners are looking to tap into their home equity without taking on additional debt.”

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Housing Wire

APRIL 14, 2023

The Federal Reserve ’s 2019 Survey of Consumer Finances found that the median net worth of a homeowner is approximately $255,000 — more than 40 times that of a renter. First-time homebuyers are the driving force of the housing market and typically utilize low down payment mortgages to achieve homeownership. Today, roughly $1.5

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Finance Equity Mortgages Principal 370

Housing Wire

SEPTEMBER 10, 2024

Rocket Companies , the parent of Rocket Mortgage , has set ambitious goals to increase market share by 2027 using its multichannel reach, its origination and servicing flywheel, and its advanced technology platform. billion in volume during these six months, trailing only United Wholesale Mortgage ($60.7 Rocket originated $42.3

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Housing Wire

OCTOBER 2, 2023

Real estate investment trust Rithm Capital Corp has entered into a definitive agreement to acquire Computershare Mortgage Services Inc. Rithm’s deal with Computershare will add a mortgage servicing rights (MSR) portfolio of about $136 billion in unpaid principal balance (UPB) to the company. Rithm had 1.8

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Housing Wire

MAY 21, 2024

Traditional equity-tapping methods — such as selling the home or taking out a home equity loan — could present lifestyle challenges, which is where alternative options like reverse mortgages can come into play. Interest rates also further complicate matters if the homeowner has a more beneficial mortgage rate than is available today.

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Housing Wire

JULY 19, 2024

Late last month, Ginnie Mae released a term sheet for one of the most anticipated new developments for the reverse mortgage industry — a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) product referred to as “ HMBS 2.0.” To get a better idea of the potential impact that HMBS 2.0

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Housing Wire

APRIL 21, 2025

Amid inflation worries, political turmoil and ripple effects from new federal spending cuts , Americans are growing increasingly pessimistic about the economy, housing market and their personal finances, according to a new consumer sentiment survey. director of research and a managing principal at John Burns. Only 34% of U.S.

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Housing Wire

SEPTEMBER 3, 2024

With elevated mortgage rates having persisted over the past two years, Federal Reserve Chair Jerome Powell indicated recently that a cut to the federal funds rate at this month’s meeting of the Federal Open Market Committee (FOMC) is on the table, which would likely have the effect of driving mortgage rates lower.

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Housing Wire

APRIL 30, 2024

Top executives at Rithm said they continue to evaluate taking the mortgage business public. In its mortgage division, Rithm recorded a total pretax income of $408.1 At the end of March, Rithm had $587 billion in unpaid principal balance, relatively unchanged from the end of December and up 15% year over year.

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Housing Wire

MAY 29, 2024

The government-sponsored enterprises (GSEs) are now targeting a 20% reduction in principal and interest (P&I) payments to keep borrowers facing permanent financial stress in their homes. “The Flex Modification guarantees home retention for borrowers who face permanent hardships and can’t afford their mortgage payments.

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Housing Wire

AUGUST 13, 2024

Onity Group , parent company of top five reverse mortgage lender and servicer Liberty Reverse Mortgage , will acquire reverse mortgage assets from Mortgage Assets Management, LLC (MAM), a subsidiary of investment funds managed by Waterfall Asset Management. Onity became involved in reverse mortgage servicing with a $12.4

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Housing Wire

JUNE 5, 2024

Top mortgage technology executives say their companies are embracing artificial intelligence (AI) in their operations but still relying on human decision-making to sell loans. ” Jason Bressler, executive vice president and chief technology officer at United Wholesale Mortgage (UWM), said. billion in mortgages in the period. .

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Housing Wire

SEPTEMBER 29, 2023

And because mortgage rates have been above 7% for about two months consecutively, the cost of financing is extreme. The average principal and interest payment among borrowers purchasing a home using a 30-year fixed-rate loan hit its highest point ever in July at $2,306 , according to Black Knight ’s mortgage monitor report.

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Housing Wire

OCTOBER 13, 2021

Chicago-based mortgage originator Interfirst Mortgage Co. Principals of the private holding company StoicLane led the round, the firms said on Wednesday. The holding company will invest in finance, insurance, and real estate businesses. The post Interfirst Mortgage raises $175 million appeared first on HousingWire.

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Housing Wire

FEBRUARY 22, 2024

Recent cyberattacks at mortgage companies have put the industry in alert mode, executives at top lenders, servicers, tech vendors and investors told HousingWire. According to the tech leader, “it feels like there’s a target on mortgages,” which makes sense considering the types of data and documents these companies deal with.

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Housing Wire

MAY 9, 2024

Despite a challenging operating environment and broader concerns among industry professionals about connecting with new borrowers, the reverse mortgage industry’s key performance indicators showed improvements last month. Home Equity Conversion Mortgage (HECM) endorsements increased by 2.3% compared to the prior month.

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Housing Wire

JUNE 2, 2022

Movement Mortgage will pay $75,000 to resolve allegations of racial discrimination, in violation of the Fair Housing Act, identified by undercover testers from the National Community Reinvestment Coalition. ” NCRC had previously provided training to Movement Mortgage, at the lender’s request, in 2019.

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Housing Wire

OCTOBER 3, 2024

The reverse mortgage industry could begin seeing some benefits of lower interest rates , but endorsement volume and securities issuance largely continued its trend from the prior month. Home Equity Conversion Mortgage (HECM) endorsements fell by 2.1% Case numbers increased by 7.1% Refinances rose sharply as well, up 25.7%

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Housing Wire

MARCH 7, 2024

Finance of America Companies (FOA), parent of leading reverse mortgage lender Finance of America Reverse (FAR), narrowed its quarterly loss to $20 million and posted an overall improvement in its earnings to $164.7 Reverse mortgages are utilized by approximately 2% of the total addressable market,” she said. “As

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Housing Wire

DECEMBER 6, 2023

In September 2022, the 30-year fixed mortgage rate averaged 6.1%, according to Freddie Mac data. But compare mortgage delinquencies over the same period: 2.8% CoreLogic principal economist Molly Boesel attributes much of the stability in the low delinquency rate to low unemployment over the period. in September 2022, 2.8%

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Housing Wire

JULY 29, 2024

Officials in Montana continue to promote the specialized Reverse Annuity Mortgage (RAM) program for the state’s seniors, with one official saying that it could be a big difference-maker for those in Montana looking to age in place while gaining access to additional cash. It is serviced by the state. They hold the paper.

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Housing Wire

JUNE 11, 2024

And Rithm Capital priced an offering of $775 million in aggregate principal of senior unsecured notes due in 2029 at 8% per year. The new notes are guaranteed by, among other things, $60 million in nonagency mortgage servicing rights (MSR) and a securities account holding of $100.6 The new debt will pay 8.75% — an incremental 0.5%

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Housing Wire

SEPTEMBER 22, 2022

Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to around 6.5% Will Savage, an LO at PMC Mortgage. Before the Federal Reserve raised the federal funds rate by 0.75

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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.” One of the top 10 lenders that posted gains, however, was Open Mortgage. This is a different situation.” This represents $15.6

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Housing Wire

DECEMBER 15, 2021

Toronto-based cryptocurrency lending platform Ledn has raised $70 million in a Series B funding round to support the growth of its digital assets lending business, including a new Bitcoin-backed mortgage product. According to Ledn, if Bitcoin prices drop, the client needs to deposit more collateral or pay down some of the principal.

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Housing Wire

SEPTEMBER 28, 2023

mortgage delinquencies remained almost unchanged in July, nudging up 0.1 mortgage delinquencies remained near a record low in July, with the share of homes entering that status or progressing to later stages either unchanged or lower,” said Molly Boesel, principal economist for CoreLogic , in a news release. Overall U.S.

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Housing Wire

SEPTEMBER 30, 2022

The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage jumped 40 basis points to an average of 6.70% this week, the highest level since 2007. The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. Presented by: FormFree.

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Housing Wire

MARCH 21, 2024

While reverse mortgage volume in 2024 got off to a rocky start, new data that breaks out retail Home Equity Conversion Mortgage (HECM) endorsements versus wholesale production showed that it was the former that took the bigger hit in the first month of the year, based on new data compiled by Reverse Market Insight (RMI). to 358 loans).

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Housing Wire

OCTOBER 26, 2021

Seven months after a $16 million Series B round, digital mortgage platform Maxwell has raised $52.5 A source told Bloomberg that the latest financing – split between $28.5 The company, founded in 2015, uses artificial intelligence to streamline and accelerate the mortgage process for community lenders and their borrowers.

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Housing Wire

MAY 3, 2022

Fannie Mae , the government-sponsored enterprise that backs the majority of conventional mortgages, is not immune to the sharp decline in mortgage refinances. Fannie Mae’s net income decrease was mainly due to the expense of managing credit risk on mortgage loans. The enterprise reported $7.5 billion this quarter.

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Housing Wire

SEPTEMBER 16, 2022

Rocket Mortgage and its wholesale arm Rocket Pro TPO will reduce homebuyers’ monthly mortgage payments by one full percentage point for the first year of their loan. Rocket Mortgage will be covering the difference in mortgage payments in the first 12 months through a special escrow account.

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Housing Wire

APRIL 24, 2024

As any professional involved in it will know, bringing new people into the fold of the reverse mortgage business can be a difficult task. Reputational challenges , the narrow focus of the product and low mortgage market penetration are just a few of the reasons why. With the right ambassador, that task is made simpler.

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