Modern-day redlining persists, and it’s costing lenders millions in legal fees. Recently, the Department of Justice (DOJ) has taken a strong stance on redlining, taking direct legal action against bad actors and thrusting the topic into the national spotlight. Last October, Ameris Bank had to pay $9 million to settle a redlining case. More recently, […]
After a few months of downward data in its performance metrics, the reverse mortgage industry saw a slightly different story play out in March that should come as welcome news. Home Equity Conversion Mortgage (HECM) endorsements increased 8.3% to 2,058 loans in March, an increase helped by new case numbers and slightly telegraphed by recent […]
The Mortgage Bankers Association (MBA)’s policy advocacy group, the Mortgage Action Alliance (MAA), is urging its members in the state of Massachusetts to support the continued use of remote telephone and video counseling for reverse mortgages in the state following the lapse of an exemption allowing for remote counseling. “The provision in state law which […]
United Wholesale Mortgage’s (UWM) revenue margins “don’t stand out like” one would expect if the company was overcharging borrowers, analysts at BTIG said on Monday. 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 […]
Ginnie Mae this week issued a public notice to its issuer partners warning of an observation of higher prepayments in some of its mortgage-backed securities (MBS) programs, reminding issuers that a violation of its requirements could result in punitive action. In a prior All Participants Memorandum (APM) issued in December 2017, Ginnie Mae described how […]
Rep. Scott Fitzgerald (R-Wis.) has introduced a bill to the U.S. House of Representatives that would codify the “tri-merge” credit model into law, a rebuke to the Federal Housing Finance Agency (FHFA)’s recent efforts to transition to a “bi-merge” model that would require only two credit reports to be pulled instead of three. This is […]
To paraphrase Mark Twain, history may not repeat itself, but it does rhyme. The U.S. mortgage industry recently had to remind itself of this fact when a CNN analysis found that the nation’s largest credit union, Navy Federal, has the widest disparity in mortgage approval rates between white and black borrowers of any major lender. […]
The federal judge overseeing a case brought by Texas Capital Bank (TCB) against Ginnie Mae has dismissed a portion of the bank’s complaint against the government-owned company but will allow the majority of the case to progress, according to court filings reviewed by RMD. Presiding Judge Matthew Kacsmaryk ruled in the U.S. District Court for […]
Because we use the nearest 1/8%, HECM proposals often don’t change from week to week unless the 10-year CMT moves enough to push expected rates beyond a rounding threshold. Higher or lower expected rates impact principal limits Higher expected rates reduce borrowing capacity, while lower expected rates increase borrowing capacity. So, it is understandable that […]
This week in Washington, D.C., representatives at federal agencies reinforced their support for the new rules that would modernize the Community Reinvestment Act (CRA), a few days after a federal judge in Texas granted a preliminary injunction to banking associations that seek to halt its implementation. Meanwhile, community-focused trade groups and associations, although feeling that […]
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 gave the public extra time to comment on the rule because it was really complex. We’re analyzing those […]
Ocwen Financial Corp., the parent company of top five reverse mortgage lender Liberty Reverse Mortgage and PHH Mortgage Corp., announced on Wednesday that it is undergoing a rebranding effort and will be known as Onity Group Inc. This is according to a company spokesperson and a subsequent announcement issued on Wednesday. The only entity to […]
The Community Home Lenders of America (CHLA) this week submitted a letter to the Federal Housing Administration (FHA) that urges the agency to “provide comparable down payment treatment for FHA borrowers, regardless of whether or not the seller is willing to pay the home buyer broker commission,” according to an announcement by the organization. The […]
Top U.S. mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.” The lawsuit was filed on Tuesday in a Michigan district court by Therisa D. Escue, Billy […]
Mortgage demand receded for the third consecutive week despite slightly lower mortgage rates. Mortgage applications decreased by 0.6% on a seasonally adjusted basis during the week ending March 29, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Mortgage rates moved lower last week, but that did little to ignite overall mortgage application […]
Last month, Madison, Wisconsin-based mortgage lender Fairway Independent Mortgage Corp. announced the appointment of reverse mortgage industry veteran Dan Ventura to serve as its new vice president of reverse mortgage operations. The hiring came after a series of announcements in February, including the addition of new reverse mortgage investments and the company rejoining the National […]
Older Americans who own their home are financially incentivized to stay put, which is likely to worsen the ongoing inventory shortage, two Redfin studies found. In one recent survey, Redfin found that over three-quarters (78%) of older American homeowners (ages 60 and up) are planning to stay in their current home as they age. Meanwhile, […]
Josh Moody “I feel the experienced and trustworthy executive team at Highlands will enable us to offer a broader and more comprehensive product suite for our customers and allow our team to adapt rapidly to a constantly shifting mortgage environment,” Moody said in a statement. Moody is licensed in 32 states and his team includes […]
Mortgage rates remained stable this week as the personal consumption expenditures (PCE) inflation report matched economists’ expectations. As a result, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.17% on Tuesday, up from 7.16% one week earlier. At the same time one year ago, the 30-year fixed rate averaged […]
Mortgage technology company Aidium Mortgage CRM has closed a $19 million Series A funding round, led by growth equity firm PeakSpan Capital. Boulder, Colorado-based Aidium offers originators a customer relationship management platform that integrates sales and marketing automation to drive origination volume and enhance borrower engagement. The platform allows mortgage professionals to engage, convert, close and nurture borrowers in purchase […]
Larry Steinway, VP producing area sales manager at New American Funding He joins NAF from Revolution Mortgage, where he served as branch production sales manager and SVP of mortgage lending for a little over a year. Steinway was also one of the first four loan officers to be hired at Guaranteed Rate, where he earned […]
Former NEXA Mortgage president Mat Grella has accused his partner at the firm, Mike Kortas, of making aircraft-related purchases with company money without his consent, resulting in his “abrupt” termination from the company. Kortas denies his partner’s allegations. “I had grown frustrated with our partnership, coupled with Mike’s fixation on aircraft-related purchases. I had some concerns […]
In March 2022, reverse mortgage lender and servicer Longbridge Financial announced the launch of its national field sales (NFS) division, appointing reverse mortgage industry veteran Melanie Parks to lead the channel as vice president and national field sales leader. Two years later, the division has proven to be a key player in the business at […]
Mortgage rate buydowns and a limited supply of existing homes have buoyed housing demand for many months despite elevated interest rates. As home prices rose steadily, homeowners also accumulated significant equity. The typical homeowner who purchased a median-priced home in January 2020, assuming a 10% down payment and the prevailing 30-year fixed mortgage rate at that […]
While many proptech companies have struggled to adapt to the slower housing market conditions and challenging venture capital environment, Flyhomes is viewing this as a time to grow. In October 2023, the firm — which is known for its “buy before you sell” product that enables a mortgage lender to treat the client’s current home […]
After a series of high-profile challenges faced by senior living facilities in the wake of the COVID-19 pandemic, U.S. senior housing facilities appear poised for a rebound, according to reporting from The Wall Street Journal. Occupancy rates at private-pay senior care facilities are nearing pre-pandemic levels, according to new data from the National Investment Center […]
Anna Frankowska was recognized in 2017 as one of Forbes’ “30 Under 30” in Europe, having formerly worked in investment banking before heading to London to study economics. A passion for technology led her to work in the fintech and blockchain spaces, and she has now turned her attention to the senior finance space by […]
The Consumer Financial Protection Bureau (CFPB) this week released its 2023 Consumer Response Annual Report, offering an overview of consumer complaints in a variety of industries overseen by the bureau. While much of the report suggests “a continued increase in credit or consumer reporting complaints, with more than one million of these complaints being sent […]
Rocket Companies, the parent of Rocket Mortgage, promoted Noah Edwards as the firm’s chief accounting officer. Edwards will replace Brian Brown, who had assumed the CAO position in addition to being the company’s chief financial officer and treasurer. As chief accounting officer, Edwards will receive a base salary of $358,000. He will be eligible for […]
Late last week, Indiana Sen. Mike Braun (R) submitted a letter to Ginnie Mae president Alanna McCargo asking about what he identified as recent bouts of instability in both the Home Equity Conversion Mortgage (HECM) and HECM-backed Securities (HMBS) programs, which stemmed from the collapse of a major lender and challenges that Ginnie Mae has […]
Guaranteed Rate appointed Carlos Mata as its Atlanta branch manager, the company announced on Thursday. Mata was recognized as one of the top 250 Latino mortgage originators in 2024, according to the National Association of Hispanic Real Estate Professionals (NAHREP). “I have deep roots in Atlanta, strengthened by an active role with the NAHREP and […]
When it comes to reducing cybersecurity risks, your team plays a crucial role. To ensure the safety of your digital assets and sensitive information, it’s important to make sure all users are well-informed about cybersecurity and receive periodic training. To reduce risks, we’ll explore why empowering your team through education and training is essential to […]
Investigators at the U.S. Department of Labor announced on Wednesday that they found that PrimeLending, a Texas-based retail mortgage bank, violated whistleblower provisions in a case involving two employees who raised consumer fraud concerns. According to the DOL, the company terminated two California-based employees after they reported to a regional manager and the vice president of Human Resources that […]
Modern manufactured homes are an unusual feature of today’s housing market, the rare homeownership opportunity that is both lower-cost and high-quality. Thanks to the efficiencies baked into the construction processes of manufactured homes, these factory-built houses are both faster and less expensive to build than site-built homes, saving buyers between $50,000 to $100,000 per unit. […]
The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) are asking federal housing officials to confirm their treatment of interested party contributions (IPCs) to home purchase transactions. In a letter addressed to Federal Housing Finance Agency (FHFA) director Sandra Thompson, Fannie Mae CEO Priscilla Almodovar, Freddie Mac CEO Michael DeVito, and Federal […]
Better Home & Finance Holding Co., the parent of digital lender Better.com, narrowed its net loss between the third and fourth quarters of 2023 by more than 80%, driven by expense cuts to its platform and marketing efforts. Going forward, Better is focused on driving market share and reaching profitability in the medium term. The […]
New York-based multichannel lender US Mortgage Corporation is expanding its efforts in the reverse mortgage space, illustrating its focus on growth. The company recently hired reverse mortgage industry veteran Ken Krajewski to serve as its managing director and head of reverse mortgage lending. The expansion of US Mortgage’s dedicated reverse lending division, which has been […]
The National Association of Realtors (NAR) urged the U.S. Department of Veteran Affairs (VA) to revise its policies that ban veterans from paying broker commissions, an issue that is gaining attention following the NAR’s landmark $418 million settlement. Earlier this month, the NAR announced the settlement of various lawsuits filed by home sellers, which allege […]
Reverse mortgage software and calculator provider Ibis Software announced this week that it appointed Robert Sivori, a reverse mortgage industry veteran, to its board of directors. Sivori’s role became effective March 1, according to an announcement distributed to RMD by company president Jerry Wagner. “Bringing a wealth of experience from the reverse mortgage industry, Sivori […]
Clear Capital, a real estate valuation technology company, has broadened its collaboration with data management platform Cherre, the companies announced on Wednesday. Under the expanded partnership, Cherre’s customers will gain access to ClearAVM, Clear Capital’s automated valuation model (AVM), through Cherre’s advanced programming interface (API). ClearAVM offers precise property valuations, empowering property investors and asset […]
Figure Technology Solutions (FTS), the parent company of Figure Lending LLC, took another step this week to become a public company, just one week after announcing a reorganization of its enterprise structure. On Wednesday, the company said it “has confidentially submitted a draft registration statement” with the U.S. Securities and Exchange Commission (SEC) regarding the proposed initial public […]
Mortgage demand remained subdued for the second consecutive week despite slightly lower mortgage rates. Mortgage applications decreased by 0.7% on a seasonally adjusted basis during the week ending March 22, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage […]
The Home Equity Conversion Mortgage (HECM) program faces stability and viability challenges stemming from the 2022 collapse of a major industry lender and its extinguishment from the HECM-backed Securities (HMBS) program, which could warrant congressional scrutiny if these challenges are not properly addressed by the U.S. Department of Housing and Urban Development (HUD) and Ginnie […]
Last year might best be described as a risk-prone atmosphere for the single-family rental sector and the related fix-and-flip market. The risky operating environment has been marked by volatile, high interest rates (with 30-year fixed rates now hovering around 7%), high financing costs and moderating rental rates as an influx of multifamily rental properties continues […]
Mortgage rates rose this week as the yield on the benchmark 10-year Treasury note inched up. As of Monday, the yield on the 10-year U.S. Treasury note was about 4.25%, according to Tradeweb, up from 3.86% at the end of last year. As a result, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate […]