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Northpointe Bank to shutter its correspondent lending business

Housing Wire

Northpointe Bank , a regional bank headquartered in Michigan, will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan servicing business. Northpointe was the 24th largest correspondent lender , according to Inside Mortgage Finance.

Lending 351
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Mortgage credit availability tightened in May

Housing Wire

Mortgage credit availability dropped in May, a consequence of a tougher mortgage landscape that has resulted in lender consolidation as well as high rates and limited inventory that has stretched consumer budgets. The monthly Mortgage Credit Availability Index fell by 3.1% and the Conforming MCAI dropped by 3.9%.

Mortgage 337
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What happens when borrowers have more control of the lending process?

Housing Wire

Through every financial transaction in a person’s life — whether a mortgage, auto, student or personal loan — there is one constant: the borrower. Yet borrowers have had limited agency in the lending process to date. The smart contract presents the borrower’s lending request to the exchange. A bigger vision. “We’re

Lending 395
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Trade groups express concern to FHFA over historic credit data

Housing Wire

A coalition of trade organizations — including the American Bankers Association (ABA), the Housing Policy Council (HPC), the Independent Community Bankers of America (ICBA), the Mortgage Bankers Association (MBA) and U.S. historical dataset. “We FHFA was comfortable approving VantageScore 4.0 that use trended credit bureau data.

Legal 340
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Interfirst, the phoenix of mortgage, lays off hundreds

Housing Wire

Interfirst Mortgage , the retail mortgage business he founded in 2001, had grown to $14.5 By July 2013, things were going so well that Godin and his wife purchased a lakefront mansion in Winnetka, Illinois, for nearly $13 million , a record for the posh Chicago suburb. In 2012, Dmitry Godin was seemingly on top of the world.

Mortgage 338
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MBA economists: The overcapacity that still needs to be cut

Housing Wire

After two record-setting years of mortgage origination volume, the mortgage industry is contracting, sharply. Based on our read of 2021 Home Mortgage Disclosure Act (HMDA) data, we estimate that total originations volume last year was $4.4 Source: Mortgage Bankers Association.

Lending 382
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How to grow housing supply in 2021

Housing Wire

The reasons for that are solid demographics and low mortgage rates , which will not change much in 2021. My housing economic mindset really starts from 1996 as mortgage rates are much lower now than in previous decades. Of course, today is a much different story; our demographics are much better, and mortgage rates are lower.

Inventory 543