Housing Wire

NOVEMBER 10, 2023

Although the number of orders dropped, the average total fee per file remained in line with Q3 2023 levels at $3,618. year-over-year drop in revenue to $2.778 billion, while pre-tax earnings were up from $503 million in Q3 2022 to $603 million in Q3 2023. This is an outstanding result, especially given that U.S.

Title 417

Title Investor Commercial Mortgages 417

Housing Wire

NOVEMBER 2, 2023

The Detroit-headquartered lender’s GAAP net income in Q3 was $115 million, lower than the $139 million in Q2 2023 but better than the $96 million in the same period of 2022. In his first statement as CEO, Krishna said the company delivered “strong results against a challenging economic backdrop.” billion in Q2 2023.

Principal 442

Principal Loans Technology Mortgages 442

Housing Wire

NOVEMBER 7, 2023

The company’s GAAP net loss in Q3 was $41.8 Our third quarter results represent execution on both our revenue and operating loss targets for the third consecutive quarter. million in revenues in Q3, within the range of $40 million to $42 million provided during its investor day in September. million year over year.

Banks 372

Banks Mortgages Investor Title 372

Housing Wire

NOVEMBER 7, 2023

Compass surprised positively in the third quarter of 2023 by posting a number of strong results. The company also increased its agents count by 4%, reaching 14,055 principal agents in Q3. That’s a 4% year-over-year increase of 511 principal agents since Q3 2022 and a 3% increase of 422 agents compared to the second quarter of 2023.

Principal 382

Principal MLS Agents Brokerage 382

Housing Wire

APRIL 18, 2024

The loan repurchase trend that began to sting many mortgage originators in 2022 appears to finally be winding down, according to a recent report by Sterling Point Advisors and Augment Analytics. The report notes, however, that “in Q3 2023, Freddie repurchases fell 35% from the prior quarter while Fannie’s fell only 12%.”

Loans 413

Loans Due diligence Investor Technology 413

Housing Wire

OCTOBER 14, 2022

two of the nation’s largest banks, each faced a double-digit decline in their mortgage origination volumes in the third quarter of 2022. That’s a taste of what to expect from other mortgage lenders who have yet to report third-quarter results. billion in Q3 2022, down 37% quarter-over-quarter and 59% year-over-year.

Banks 450

Banks Lending Mortgages Loans 450

Housing Wire

NOVEMBER 2, 2023

Those plans can be deferred from 2022 to 2023, but not forever.” Also fueling Kelman’s optimism is Redfin’s increase in market share, which rose from 0.75% in Q2 2023 to 0.78% in Q3 2023 even as the housing market continued to cool. million in Q3 2022. I feel a twinge of optimism.

Technology 441

Technology Agents Brokerage Investor 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. from Q3 2022’s $276 million. from $150 million in the same period a year ago.

Industrial 287

Industrial Mortgages Technology Loan Officer 287

Housing Wire

NOVEMBER 1, 2023

In addition to discussing Zillow’s financial results and the continual evolution of its Housing Super App vision on its third quarter earnings call, CEO Rich Barton and Zillow executives took time to address the elephant in the room: the verdict of the Sitzer/Burnett commission lawsuit.

Residential 470

Residential Loans Industrial Branding 470

Housing Wire

MARCH 12, 2024

million in 2022. million, down from $29 million in Q3 2023. million in Q3 2023. billion in 2022. Similar to other major lenders, the purchase-focused Guild — which operates via a distributed retail model — reported a net loss of $39.1 million in 2023, compared to net income of $328.6 million in the previous quarter.

Marketing 418

Marketing Mortgages Loans Finance 418

Housing Wire

FEBRUARY 7, 2024

Earnings available for distribution reached $997 million last year, compared to $633 million in 2022. Our GAAP results reflect our write-down of our MSR book, which was significantly higher than the over $80 million we reported in GAAP losses,” Nierenberg told analysts. million in Q3. billion in Q4 2022. million in 2023.

Loan Officer 390

Loan Officer Loans Mortgages Principal 390

Housing Wire

FEBRUARY 28, 2024

We continue to be operationally profitable, the true measure of a mortgage originator’s health, while our financial loss was driven by the MSR markdown which is a result of interest rate movements,” UWM chairman and CEO Mat Ishbia said in a statement. billion reported in 2022. billion in Q3 2023 and $25.1 billion.

Loans 435

Loans Principal Mortgages Closing 435

Housing Wire

DECEMBER 14, 2022

Slower housing market conditions , mortgage rate volatility and rising affordability challenges took their toll on the title insurance industry during the third quarter of 2022. The same five states held the top spots in Q2 2022. of the market, it was again the largest company by share of premiums written during Q3 2022.

Title 397

Title Land Industrial Mortgages 397

Housing Wire

FEBRUARY 17, 2023

Americans’ debt balances continued to compound in 2022 as inflation put pressure on budgets and the cost of borrowing increased. Per the report, mortgage balances drove the uptick in household debt during the fourth quarter, with an increase of $254 billion compared to Q3. trillion by the end of December.

Mortgages 362

Mortgages Equity Loans Banks 362

Housing Wire

AUGUST 10, 2023

million in Q2 2022. Nima Ghamsari , head of Blend, said Q2 results exceeded expectations for the second quarter in a row largely driven by its resilient customer base. With client’s increases in adoption of add-on products and renewals, mortgage suite revenue per transaction increased from $77 to $93 from the same period in 2022.

Banks 340

Banks Title Mortgages Loans 340

Housing Wire

FEBRUARY 27, 2024

Despite being free cash-flow positive in both Q2 2023 and Q3 2023 , Compass recorded a free cash-flow loss of $41 million in Q4 , which contributed to a full year 2023 free cash-flow loss of $37.1 million in 2022. Compass’ other financial results also showed improvements over 2022. billion, its net loss of $83.8

Brokerage 383

Brokerage Investor Technology Agents 383

Housing Wire

OCTOBER 31, 2022

Given the current volatile mortgage rate environment and related slowdown in homebuyer demand , it was no surprise that all three firms recorded weaker financial results compared to the same quarter a year ago. At Stewart , Q3 revenue came in at $716.4 billion and net income fell from $445 million in Q3 2021 to $2 million in Q3 2022.

Title 323

Title Marketing Commercial Investor 323

Housing Wire

NOVEMBER 16, 2023

In five of the six size categories of teams both gross profit margins and net income margins declined from the second quarter 2023 results. To note, the financial data sets analyzed in Q3, 2023 are the same number of data sets in Q2, 2023. “Given all these factors it is surprising how durable the results were.”

Brokerage 365

Brokerage Sales Agents Finance 365

Housing Wire

FEBRUARY 2, 2023

The California-based Pennymac Financial Services executives rightsized the company and invested in its servicing portfolio amid a shrinking market in 2022. In Q4 2022, the net income came in at $37.6 million, declining from $135 million in Q3 2022 and $173 million in Q4 2021. trillion to $1.9 in 2021 to 15.3%

Marketing 305

Marketing Banks Principal Loans 305

Housing Wire

APRIL 10, 2024

The company also said it “continues to evaluate new products to reach additional segments of the population facing a retirement gap,” and describes recent reverse mortgage industry consolidation following influential industry changes in 2017 and the 2022 bankruptcy of Reverse Mortgage Funding (RMF). “As million in fourth-quarter 2023.

Investor 419

Investor Bankruptcy Finance Equity 419

Housing Wire

OCTOBER 25, 2023

However, the company still faces challenges on the origination side of the business, resulting in lower earnings and origination in the period. The firm’s profitability also improved compared to the third quarter of 2022, when net income came in at $113 million. billion in Q3 2023 from $2.2 The correspondent channel fell to $1.7

Purchase and sale agreement 384

Purchase and sale agreement Equity Principal Banks 384

Housing Wire

NOVEMBER 22, 2023

Compared to October 2022, existing home sales slumped 14.6%, down from 4.44 million on an annualized basis – the lowest since Q3 2010. At the same time, housing has been and continues to be under serious affordability pressure, resulting in recessionary-level home sales activity,” Duncan added. million in 2023, 4.7

Sales 425

Sales Mortgages Land As-is 425

Housing Wire

NOVEMBER 10, 2022

Home Point Capital , the parent company of wholesale lender Homepoint , posted another fat loss in the third quarter of 2022, even after hitting the “ reset button ” and cutting 3,000 employees. . million loss in the second quarter of 2022. million in the previous quarter and $184 million in Q3 2021.

Principal 374

Principal Finance Loans Mortgages 374

Housing Wire

AUGUST 3, 2023

The second quarter production represents a 35% drop compared to the same period in 2022. Its previous two rounds of buyouts resulted in a staff reduction of about 30% in 2022. A one-time charge of about $50 million related to the voluntary career transition program primarily in Q3. Revenue in Q2 2022 was $1.4

Loans 323

Loans Mortgages Loan Officer Principal 323

Housing Wire

JULY 11, 2023

Land sales volume continued to exceed the five-year average of $650 million in gross sales during the first six months of 2023, but gross sales are off from the record-setting pace of 2021 and 2022, according to Farmers National Company mid-year land values report , released Tuesday.

Land 346

Land Sales Investor Marketing 346

Housing Wire

AUGUST 9, 2022

United Wholesale Mortgage (UWM), the nation’s largest wholesale lender, posted a drop in origination volume and profits in the second quarter compared to the first three months of 2022, even after maintaining its gain-on-sale margins and increasing the fair value of mortgage servicing rights (MSRs). The result? UWM had $308.1

Principal 370

Principal Loans Mortgages Sales 370

Housing Wire

AUGUST 3, 2023

“Our second quarter results reflect a weaker than expected mortgage market coupled with the near-term effects of the proposed merger with ICE. million, declining 7% from the same period in 2022. in the same period of 2022. The company’s profit dropped 61% quarter over quarter to $55.3 million in Q2 2023.

Bankruptcy 330

Bankruptcy Mortgages Development Loans 330

Housing Wire

APRIL 8, 2024

The comments follow a Hunterbrook Media report from last week stating that UWM pressures brokers to send loans its way, resulting in higher costs to customers. “We think the premise of the thesis is misplaced,” Eric Hagen and Jake Katsikas wrote in the company’s weekly mortgage finance roundup. million in the previous year.

Loans 339

Loans Loan Officer Mortgages Closing costs 339

Housing Wire

MARCH 12, 2024

million loss in 2022. The reduction was impacted by its exit of the wholesale channel in 2022, and it was partially offset by growth in servicing income and home equity lines of credit (HELOCs), as well as higher margins. But its pull-through gain-on-sale margin was 2.75% last year, better than the 1.94% registered in 2022.

Principal 386

Principal Mortgages Equity Technology 386

Housing Wire

FEBRUARY 2, 2022

“We feel very good about where Old Republic International sits with our two key businesses, General Insurance and Title Insurance, and we look forward to another productive good year in 2022,” Smiddy said during the earnings call. As a result of the rising claim ratio, claim costs from 49.9% in 2021 to $112.9 billion, a 14.5%

Title 338

Title Land Closing Mortgages 338

Housing Wire

NOVEMBER 9, 2022

The decision to exit the forward mortgage business hit Finance of America Companies hard in the third quarter of 2022. It lost $168 million, or about half of the Q3 losses, in the previous quarter. According to a Q2 analysis by FundingShield, there was a 40.69% increase in wire-related issues compared to Q1 2022.

Mortgages 378

Mortgages Finance Loan Officer Commercial 378

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. “The fourth quarter results were weaker than we expected,” a team of mortgage lending analysts at Keefe, Bruyette & Woods wrote in a report. billion in the third quarter of 2022 to $9.3

Mortgages 440

Mortgages Banks Equity Lending 440

Housing Wire

DECEMBER 1, 2022

billion in Q3 2022, a 37% decline quarter-over-quarter. billion of the total production in the third quarter of 2022, declining 46% year-over-year. When those produce results, the people like them, we get the kudos for it. Wells Fargo, the third-largest U.S. Refinancings fell to 16% of the mix. The retail channel, at $12.4

Mortgages 448

Mortgages Lending Banks Investor 448

Housing Wire

AUGUST 3, 2023

The firm’s revenues came in at $2 billion in the second quarter of 2023, down 37% compared to the previous quarter and 53% related to 2Q 2022. Total operating expenses declined to $217 million, compared to $294 million in Q1 2023 and $454 million in Q2 2022. housing market,” Wheeler said.

As-is 336

As-is Marketing 336

Housing Wire

JANUARY 25, 2023

The multinational investment bank and financial services company says home prices, which have been on the decline since June 2022, will fall further this year than previously predicted. “As a result, we are raising our forecast for the 30-year fixed mortgage rate to 6.5%

Seller concession 414

Seller concession Investor Mortgages Land 414

Housing Wire

FEBRUARY 24, 2023

billion in Q3 and $5.2 billion in net income in 2022, down from $22.1 billion in net income recorded in the third quarter of 2022, but was a 36% decline from a year prior. Fannie Mae recorded $1.4 billion in net income in Q4, down from $2.4 billion a year earlier. In all, Fannie Mae recorded $12.9 billion in 2021.

Investor 378

Investor Finance Industrial Marketing 378

Housing Wire

AUGUST 4, 2022

As with other lenders seeing huge declines in mortgage origination volume, Finance of America’s traditional mortgage business took a hit due to tumbling refinance volumes and an increase in spreads on both non-agency and agency mortgage products, which resulted in revenue reductions. . The traditional mortgage business notched $4.23

Finance 414

Finance Commercial Mortgages Closing 414