Thrive Mortgage to acquire American Mortgage Service Company

Housing Wire

Texas-based independent mortgage bank Thrive Mortgage has signed a letter of intent to acquire the Ohio-based lender American Mortgage Service Company (AMSC). Founded in 1975 in Cincinnati, AMSC originated $836 million in mortgages over the last 12 months.

Sprout Mortgage to shutter

Housing Wire

Non-QM lender Sprout Mortgage is shutting down operations, multiple workers said on Wednesday. The closure of Long Island-based Sprout, headed by industry veteran Michael Strauss, represents the second non-QM mortgage lender to close in recent weeks amid historic volatility.

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Canadian mortgage brokerage takes Rocket Mortgage name

Housing Wire

Rocket Companies ‘ subsidiary Edison Financial will rebrand as Rocket Mortgage next month in Canada, a market with more than $760 billion (CAD) in mortgage originations annually. Rocket Mortgage also plans to become a direct lender in Canada later this year.

With mortgage rate volatility, buyers can save by shopping around

Housing Wire

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 index compiles only purchase mortgage rates reported by lenders during the past three days.

The Real Estate Pulse: Analyzing the 2022 Housing Market

Speaker: Grier Allen, CEO and Co-Founder of BoomTown

In this session, Grier Allen, CEO and Co-Founder of BoomTown, will breakdown the top housing trends for 2022, and help you navigate the constant changes in the market so that you can achieve success!

Did Suburban Mortgage shut down?

Housing Wire

Arizona-based mortgage lender Suburban Mortgage Inc. ’s Suburban was founded in September 1988 and has 38 licensed mortgage loan officers, according to the Nationwide Multistate Licensing System (NMLS). The post Did Suburban Mortgage shut down?

Mortgage rates might soar even higher

Housing Wire

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. Matt Topping, an LO at Movement Mortgage.

Mortgage applications jump 16%

Housing Wire

After several consecutive weeks of drops, mortgage applications jumped 16% for the week ending July 9, 2021, according to the latest report from the Mortgage Bankers Association. The refinance share of activity of total mortgage applications increased to 64.1%

Movement Mortgage acquires brokerage Superior Rate

Housing Wire

South Carolina-based Movement Mortgage has acquired the brokerage Superior Rate Mortgage of New England to expand operations in the region, the company announced Wednesday. Founded in 2014, Massachusetts-based Superior Rate Mortgage reached $412 million in sales volume in 2021.

NewRez debuts 40-year non-QM mortgage product

Housing Wire

Top mortgage lender NewRez has added to its line of “Smart Series” non-QM products, launching a 40-year fixed-rate interest-only mortgage loan. The new product comes amid mortgage rates around 6.25% and declining home sales. “We

Angel Oak Mortgage shakes up leadership

Housing Wire

Non-QM real estate investment trust Angel Oak Mortgage Inc. Angel Oak Mortgage Inc., He said Angel Oak Mortgage Inc. Angel Oak Mortgage Solutions , a separate company within the Angel Oak family, this week announced layoffs affecting 75 staffers.

Are we seeing a mortgage rate lockdown?

Housing Wire

The premise of a mortgage rate lockdown is simple: so many American households have such low mortgage rates that some will never move once rates rise, which then locks up housing inventory. One of the best hedges against inflation is a fixed mortgage rate.

Mortgage applications rebound as mortgage rates drop

Housing Wire

After two weeks of decreases, the Mortgage Bankers Association reported that mortgage applications increased 1.1% 11 amid mortgage rates that hit a new survey low. The refinance share of mortgage activity increased to 72.7%

Mortgage delinquency rate nears historic low?

Housing Wire

The overall mortgage delinquency rate declined to 2.79% in August from 3.6% A total of 1.489 million properties were in early-stage delinquencies, defined as borrowers who missed a single mortgage payment, which is a decrease of 3.61% from July.

Purchase mortgage apps defy surging rates

Housing Wire

Despite mortgage rates reaching the highest level in 14 years, mortgage applications increased 4.2% from the prior week, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 17.

Top tips for mortgage professionals using TikTok

Housing Wire

Many mortgage professionals are turning to the platform as a way to connect with prospective borrowers and educate them on mortgage, as well as market themselves. Check out these mortgage and real estate accounts you should be following! Mortgage TikTok

Purchase mortgage rates are back above 5%

Housing Wire

Purchase mortgage rates continue their roller coaster ride – they moved above 5% this week, according to the latest purchase mortgage survey from Freddie Mac. The 30-year fixed-rate mortgage increased this week to average 5.22%, up from last week’s 4.99%.

Fintech Milo unveils crypto-mortgage refis

Housing Wire

Miami-based fintech Milo has started to diversify its portfolio for investors with digital holdings by offering its first crypto-mortgage refinancing product, the company announced on Tuesday. Milo is not currently offering mortgage solutions outside the United States.

Mortgage apps decline 3.7% as rates surge

Housing Wire

Demand for mortgage loans declined last week when mortgage rates surged due to Federal Reserve Chairman Jerome Powell ’s speech indicating that combating persistent inflation will cause some pain now. . Due to higher mortgage rates, the refinance index had a 7.7%

Mortgage applications decrease 4%

Housing Wire

After two straight weeks of increases , mortgage applications dropped 4.2% for the week ending May 21, 2021, according to the Mortgage Bankers Association ‘s weekly mortgage applications survey. of total mortgage applications from 63.3%

Freedom Mortgage conducts layoffs, sends jobs overseas: sources

Housing Wire

Top 10 lender and servicer Freedom Mortgage has trimmed its workforce across multiple rounds of layoffs this year and continues to “offshore” some jobs, former employees tell HousingWire. Mortgage Freedom Mortgage mortgage layoffs Offshoring Stanley Middleman wholesale lending

Mortgage rates see sizable increase

Housing Wire

The average 30-year fixed rate mortgage increased to 3.45% during the week ending Jan. 13, up from 3.22% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.79%.

Milo reaches $10M crypto-mortgage milestone

Housing Wire

Miami-based fintech Milo has closed $10 million in cryptocurrency mortgages since unveiling the product earlier this year, the company announced early Tuesday. The lower the ratio, of course, the higher the rate adjustment will be for the crypto-mortgage.

JPMorgan Chase starts to cut mortgage jobs

Housing Wire

JPMorgan Chase , the nation’s largest bank, has started a workforce reduction of its mortgage lending business this week after having been struck by a tightening monetary policy that drove mortgage rates to over 6%.

Citi trims mortgage workforce amid reorganization

Housing Wire

Depository bank Citi has trimmed staffing levels in its mortgage business, following surging rates and a reorganization of its operations. . The bank funded $16 billion in residential mortgages from January to June, a decrease of 5.9%

Lone Peak Lending joins Panorama Mortgage Group

Housing Wire

Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Donovan Stamps, a 27-year mortgage veteran with stints at Stearns Lending , SoFi Mortgage , First Guaranty Mortgage Corp.

BayFirst National Bank withdraws from residential mortgage business?

Housing Wire

Higher mortgage rates, lower volume and fiercer competition forced BayFirst National Bank to shut down its residential mortgage business and lay off staffers. The bank will continue to originate mortgage loans in its local Florida offices, the firm said.

Banks 316

Purchase mortgage rates rise to 5.66%

Housing Wire

Expectations of a continuing aggressive monetary policy led mortgage rates to increase 11 basis points this week, according to the latest survey from Freddie Mac. The 30-year fixed-rate mortgage rose to an average of 5.66%, up from last week’s 5.55%.

Expert Forecasts on Mortgage Rates

Keeping Current Matters

If you’ve been thinking of buying a home, you may have been watching what’s happened with mortgage rates over the past year. Housing Market Updates Interest Rates Content Hub

 Pennymac hires chief mortgage innovation officer

Housing Wire

Pennymac Financial Services named longtime industry veteran Jerry Halbrook as its new chief mortgage innovation officer. Halbrook, who announced his new position via LinkedIn on Monday, brings more than 25 years of experience in mortgages. Mortgage Jerry Halbrook PennyMac people mover

Mortgage rates jump to 2.81%

Housing Wire

After three weeks of unchanged rates, the average mortgage rate for a 30-year fixed loan jumped 8 basis points to 2.81%, reaching its highest point since mid-November, according to Freddie Mac ’s Primary Mortgage Market Survey.

Staircase debuts tool to automate non-delegated mortgage insurance underwriting

Housing Wire

Mortgage tech startup Staircase says it has launched a tool that enables mortgage insurers to automate the underwriting of non-delegated mortgage insurance (MI) policies for lenders at about half of the typical cost.

Mortgage demand continues to fall amid pressure on rates

Housing Wire

Demand for mortgage loans declined last week as the markets continue to exert pressure on rates. The market composite index, a measure of mortgage loan application volume, fell 0.8% 2, compared to the previous week, according to the Mortgage Bankers Association (MBA).

Mortgage demand falters as rates inch past 7%

Housing Wire

Demand for mortgage loans dropped following the Fed’s decision to raise interest rates by an additional 75 basis points last week. The market composite index, a measure of mortgage loan application volume, declined 3.7% retail, residential mortgage applications.

Mortgage applications rise despite higher rates

Housing Wire

Prospective homebuyers aren’t deterred by the skyrocketing mortgage rates amid a slow start to the spring home-buying season this year. The refinance share of mortgage activity dropped to 32.4% With mortgage rates on the rise here are some products originators should tap into.