Housing Wire

APRIL 28, 2021

The parent company of Veritex Community Bank will acquire a 49% stake in Texas-based mortgage lender Thrive Mortgage , the firms announced late Tuesday afternoon. It’s acquired seven community banks across Texas since 2010, including Bank of Las Colinas , Independent Bank of Texas , Sovereign Bank , Liberty Bank and Green Bank.

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Housing Wire

JANUARY 27, 2022

Wells Fargo agreed to pay $12 million to more than 1,800 mortgage borrowers to resolve a class action lawsuit that alleged the bank’s clients had loan modifications wrongfully denied due to calculation errors in the bank’s system. A spokesperson for Wells Fargo, the largest depository residential mortgage lender in the U.S.,

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Housing Wire

FEBRUARY 5, 2021

Kicking off this week’s string of senior leadership hires, InterLinc Mortgage Services promoted to CEO Gene Thompson, who has served as president since 2010. Thompson started his mortgage career as an originator, working his way up to regional manager, eventually starting his own firm, Texas Capital Lending.

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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.

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Housing Wire

DECEMBER 1, 2020

Flagstar Bank and the FinTech Consortium revealed that fintech startups Home Lending Pal , Stavvy and Real Key are the latest initiates to the companies’ ongoing MortgageTech Accelerator program. RealKey was founded in 2015 by Christopher Hussain, who claims to have been the top mortgage originator in the U.S. in 2010 and 2011.

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Housing Wire

OCTOBER 31, 2022

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. Both these laws paved the way for more responsible lending and a more responsible consumer. Today, we are at 1.25

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Housing Wire

JULY 17, 2023

Mozilo was a pioneer of the mortgage industry, though a deeply controversial figure. “Independent of how people outside of the industry may perceive this man, insiders know what an incredible force he was,” his son Eric Mozilo wrote in a LinkedIn post. Mozilo was president of the Mortgage Bankers Association (MBA) in 1991-1992.

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Housing Wire

MARCH 15, 2021

First, the refinance boom’s main driver in the 2000s was unhealthy because of the marketplace’s speculative unhealthy lending standards. In the 2020 market, on the other hand, refinances were not driven just by an increase in equity but lower mortgage rates. The graph below is from an article by Len Kiefer of Freddie Mac.

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Housing Wire

DECEMBER 1, 2021

The company claims on its website that the total value of homes it has appraised is over $517 billion since 2010. Also, its total value of transactions closed and recorded since 2010 is over $436 billion. The acquired company will operate as a standalone division.

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Housing Wire

FEBRUARY 6, 2023

Last month, PrimeLending sued competitor First Community Mortgage, Inc. Dybvad’s professional career began in 1988 with her role as a mortgage originator at Savings of America. “She brings her high energy and optimism to work every day, inspiring all around her to achieve their very best.”

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Housing Wire

DECEMBER 28, 2022

Home Prices will fall, but don’t expect 2010. There will be two key differences between 2023 and 2010. First, mortgage lending standards have remained high after the last bubble. People can afford to pay their mortgages. The event is exclusively for HW+ members , and you can go here to register.

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Housing Wire

JUNE 15, 2022

In 2021, more than 90% of borrowers who closed a loan with fintech mortgage lender Neat Loans opted for a 30-year fixed-rate mortgage. The way ARMs work is lenders offer lower mortgage rates for the initial three, five, seven years. The mortgage industry is different from 14 years ago. in 2005, the MBA said.

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Housing Wire

JULY 18, 2022

The mortgage and real estate industries are quickly adapting to technological advances in order to keep up with consumer demands and the changing markets. Harley founded Fathom Realty in 2010, and the company has since expanded to Fathom Holdings.

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Real Estate Brokerage Technology Realty 362

Housing Wire

MARCH 1, 2022

Prior to her seven-year stint at the Federal Home Loan Bank of Pittsburgh, from 2013 to 2014 Anderson worked as an attorney at Relman, Dane & Colfax PLLC , specializing in fair lending counseling and compliance. As the mortgage world becomes more technologically interconnected, the risks to cybersecurity, data and infosecurity increase.

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Housing Wire

DECEMBER 9, 2020

The Consumer Financial Protection Bureau issued a consent order against Washington Federal Bank in October for Regulation C and Home Mortgage Disclosure Act violations. Washington Federal reported HMDA data for over 7,000 mortgage applications in each of 2016 and 2017, many of which contained data error rates reaching nearly 40%. .”

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Appraisal Buzz

APRIL 15, 2024

UAD originated in 2010 and since then we appraisers are accustomed to using codes like “C4,” “N;Res,” and “1200sf0sfin” in our mortgage appraisal reports to communicate the results of our analysis. It all starts with the standard appraisal forms used in the mortgage process.

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Housing Wire

JANUARY 24, 2023

United Wholesale Mortgage ‘s (UWM) aggressive moves to gain an edge on the competition tend to provoke controversy. LO compensation Regulation Z under the Truth in Lending Act protects Americans when they use consumer credit. Ultimately, they would be denied access to mortgages. It quickly prompted antitrust lawsuits.

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Housing Wire

OCTOBER 11, 2021

A lawsuit filed by the Fair Housing Center of Central Indiana in district court claims that Old National was purposefully cutting corners in serving communities of color by barely approving Black borrowers for mortgage credit and shuttering its branches in minority neighborhoods.

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Lending Loan Officers Law Mortgage 398

Housing Wire

OCTOBER 29, 2021

The Consumer Financial Protection Bureau (CFPB) has appointed two veteran regulators to lead enforcement and supervision, the latest indication that Director Rohit Chopra will heavily prioritize fair lending and racial equity issues. He also had a stint as director at the Center for Responsible Lending. a legal defense nonprofit.

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Housing Wire

APRIL 24, 2023

In addition to the lower mortgage rate forecast issued after the March banking turmoil, Fannie Mae’s Economic and Strategic Research (ESR) Group has upgraded its existing home sales outlook for the remainder of the year. million, the existing home sales forecast represents the slowest annual pace since 2010, according to the ESR Group. “The

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Housing Wire

SEPTEMBER 8, 2022

Well, it isn’t 2008, but this type of loan does have risk — and it’s the risk that is traditional among all late economic cycle lending in America when the loan requires low or no downpayment. As you can see below, we haven’t had the mortgage credit boom like we saw during the housing bubble years.

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Housing Wire

OCTOBER 18, 2022

Racial Equity Accelerator for Homeownership, a collaboration between Urban Institute and Federal Home Loan Bank (FHLB) of San Francisco , on Monday released a report that examines how the adoption of alternative data can benefit Black households within the mortgage lending landscape. FICO’s failures.

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Housing Wire

MAY 26, 2022

At least two financial institutions brought back adjustable-rate mortgage (ARM) products this week amid surging mortgage rates and double-digit home price growth. this month, a 14-year high, compared to just 3% at the beginning of the year, according to the Mortgage Bankers Association. Applications for ARMs rose 10.8%

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Housing Wire

MAY 3, 2022

Fast-rising mortgage rates, recently cresting above 5% , have reduced refinance volumes by 70% year over year as of the end of April. The new unit focuses on developing mortgage-adjacent lending products and services. The new unit includes the customer contact center, the mello DataMart, and the performance marketing engine.

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Housing Wire

MARCH 30, 2023

One of the main reasons for that fear was that housing credit was about to get tight, meaning fewer people could buy homes with mortgages. It means certain mortgage products might not be offered, FICO score requirements might be raised, and it can mean pricing for certain loans goes up to account for the risk. housing market.

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Housing Wire

APRIL 25, 2022

” Before the Dodd-Frank Act of 2010, only banks and credit unions were subject to federal supervision. In part because of a friendlier regulatory climate than what depository counterparts work in, nonbanks have become the dominant force in mortgage lending.

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Housing Wire

MARCH 10, 2021

In the last decade, community lenders—those credit unions, community banks, and independent mortgage banks who serve their local markets—have grown to own the market. The community lending segment has experienced impressive growth over the last 10 years. This segment needs a lot more education.

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Housing Wire

OCTOBER 16, 2023

Up from 45% last year and a notable increase from 37% in 2021, the report also mentioned that this share of first-time homebuyers likely hasn’t been this high since 2010, when there was a first-time homebuyer tax credit. Credit repair and management tactics A healthy credit score secures a favorable mortgage rate.

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Housing Wire

SEPTEMBER 22, 2021

HousingWire recently spoke with Bill Dallas, President of Finance of America Mortgage, to discuss how brokers can leverage technology to accommodate today’s average homebuyer. In 2019, the share of gig workers in companies jumped 15% compared to 2010, according to data from the ADP Research Institute.

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Housing Wire

MARCH 31, 2022

” The notion that educated homeowners with positive cash flow — who aren’t showing any stress in making their low payments thanks to historically low mortgage rates — would sell at 50%, 60% to 70% off current values and go back to renting, doesn’t seem realistic. Home prices have grown 108.3%

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Housing Market Inventory Lending Marketing 525

Housing Wire

OCTOBER 1, 2022

Mortgage interest rates have risen quickly in the past few months further eroding affordability. Another reason why distressed sales are likely low, is that lending standards remain tight. It is difficult to obtain a mortgage today. The real estate market has shifted, and we are in a new housing paradigm.

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Housing Wire

OCTOBER 1, 2020

The company has maintained a close working relationship with HUD for decades and was one of a select few lenders asked by HUD to participate in underwriting the first Home Equity Conversion Mortgage in the 1980s,” Kang said. The HECM program is a reverse mortgage program specifically for senior homeowners age 62 and older.

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Housing Wire

SEPTEMBER 22, 2020

Just two months after its public debut , Rocket Companies is looking to bulk up its wholesale operation by sweetening the pot for mortgage brokers. The Detroit-based firm, which began 35 years ago as a mortgage broker shop in southeast Michigan, is rebranding Quicken Loan Mortgage Services to Rocket Pro TPO.

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Housing Wire

AUGUST 30, 2022

Nor can we ever have a credit sales boom again with lending standards back to normal. The 2005 bankruptcy reform laws and the 2010 Qualified Mortgage laws, once passed, created an expansion that has produced the highest quality homeowners in our lifetime. million listings. However, not to the degree we saw from 2005-2008.

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Housing Wire

AUGUST 31, 2021

Since its founding in 2010, WFG National Title Insurance Company has worked to advance the real estate, mortgage lending and title industries, adding greater efficiency and accuracy to processes and a vastly improved experience for consumers.

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Real Estate Technology Development Design 243

Housing Wire

JANUARY 24, 2022

“Until recently … the appraisal industry seems to have escaped the type of regulation and scrutiny faced by other participants in the mortgage market,” the authors wrote. The GSE appraisal data, which goes back to 2010, is unparalleled in its scale. Marcia Fudge.

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Housing Wire

SEPTEMBER 25, 2023

If it is not reauthorized by Congress before that date, the mortgage industry could see consequences, including ceding control of certain land use policies and the cessation of some mortgage lending. There would also be a chilling effect on the mortgage industry, according to experts and lawmakers. “By

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