Housing Wire

DECEMBER 29, 2022

There are similarities and significant differences between the housing recession we’ve seen this year versus 2008, and looking at specific factors in both timeframes gives us an idea of what to expect in 2023. Let’s look at the recessionary factors we see now versus 2008. First, we must define what we mean by recession.

Housing Market 545

Housing Market Marketing Inventory Sellers 545

Housing Wire

JUNE 20, 2023

Smith, whose experience includes leadership roles at companies such as Keller Williams and CitiMortgage , will oversee the strategy and execution of originations, fulfillment, servicing and warehouse lending. Prior to joining Truist, Smith led the mortgage lending, insurance and title businesses affiliated with Keller Williams.

Business 341

Business Mortgage Retail Lending 341

Housing Wire

DECEMBER 7, 2023

Since the 2008 housing crisis , there have been significant changes that prompted the Treasury to place Fannie Mae and Freddie Mac under conservatorship. In fact, this was never the route intended by Congress when it passed HERA in 2008. So how do we get there?

Tools 533

Tools Development Mortgage Law 533

Housing Wire

NOVEMBER 4, 2020

We are also uniquely qualified to address the influx over assets in REO once the moratorium is lifted, due to our experience during the previous crisis in 2008,” Murray said. The post VRM takes a tailored approach to servicing and lending challenges amid uncertainty appeared first on HousingWire.

Lending 300

Lending Clients Training Investors 300

Housing Wire

NOVEMBER 29, 2022

“Despite decades of government intervention and the growth of high-priced consultancies devoted to fair lending practices, there is clearly much work to be done,” said FairPlay CEO and report co-author Kareem Saleh. . HDMA data on Hispanic applicants only dates back to 2008. in 2021 from 77.7%

Lending 358

Lending Government Mortgage Valuation 358

Appraisal Buzz

APRIL 29, 2024

Then came 2008: I suddenly found myself with a three-year old appraisal firm, a large office building full of furniture and equipment, several employees and trainees, and two young children—as the global economy imploded. Prior to the 2008 dust-up, this strategy had helped us become a dominant player in our market.

Clients 195

Clients Business Appraisal Lending 195

Housing Wire

NOVEMBER 7, 2022

Industry veterans Alim Kassam, Brian O’Shaughnessy and Kevin O’Shaughnessy founded Athas Capital Group and its in-house financing arm Rama Capital when the financial crisis hit the country in 2008. Since 2008, it has funded over 14,000 loans, reaching $5.5 billion in volume and becoming a top 10 non-QM originator.

Lending 430

Lending Investors Business Mortgage 430

Housing Wire

JUNE 7, 2021

During the previous economic expansion from 2008 to 2019, the housing market was subject to the constant refrain of build more homes. The previous economic expansion from 2008 to 2019 was the weakest housing recovery ever. Because that period followed a housing boom and bust when inventory was overbuilt.

Housing Market 545

Housing Market Marketing Inventory Construction 545

Housing Wire

SEPTEMBER 8, 2022

People’s first reaction was to wonder if this was 2008 all over again. 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. We have a much better housing ecosystem now for sure.

Inventory 544

Inventory Law Housing Market Design 544

Housing Wire

AUGUST 2, 2021

Banks moved to ease lending standards for most mortgage loan products during the second quarter, according to a loan officer opinion survey published this week by the Federal Reserve Board. Overall, feedback from participants – 75 domestic banks and 22 U.S.

Mortgage 473

Mortgage Lending Government Loan Officers 473

Housing Wire

SEPTEMBER 26, 2023

. “This is about the same rate of price growth that occurred during the 2002 through 2006 period when subprime lending drove exuberant housing demand. “But that is where the similarities end.

Inventory 450

Inventory Housing Market Lending Buyers 450

Housing Wire

JULY 14, 2023

Bordick , under the federal Truth in Lending Act (TILA) on behalf of a couple that took out a mortgage in 2008 in order to purchase land for the construction of a new home. While they sold the home in 2014, the sale proceeds were not enough to cover the debt since the home lost value during the 2008 financial crisis.

Law 299

Law Mortgage Construction Lending 299

Housing Wire

MARCH 31, 2022

We aren’t anywhere close to the housing bubble dynamics we had from 2002 to 2008; that environment is simply impossible to replicate. The speculative debt boom we saw from 2002-to 2005 can’t be repeated with the current lending standards in place. This is a good thing, it protects us well in downturns.

Housing Market 527

Housing Market Inventory Lending Marketing 527

Housing Wire

OCTOBER 31, 2022

Both these laws paved the way for more responsible lending and a more responsible consumer. Then we saw an uptick in people filing for foreclosures and bankruptcy during an economic expansion from 2005 to 2008. All my six recession red flags were raised toward the end of 2006, and the recession didn’t start until later in 2008.

Law 517

Law Inventory Lending Mortgage 517

Housing Wire

JULY 22, 2022

He added Crawford’s “depth of executive experience, including lending expertise, will be an excellent addition” to the board. Founded in 2008, Live Oak Bank has a digital, cloud-based bank serving small business owners in all 50 states.

Loan Officers 368

Loan Officers Retail Lending Mortgage 368

Housing Wire

AUGUST 30, 2022

“Rolling a VOA/IE option into the electronic signing experience within Solex provides our clients with a valuable opportunity to compress loan cycle times at a critical milestone in the lending process,” Emily Shapiro, president of Docutech, said in a prepared statement. . trillion in 2022 from the previous year, according to Fannie Mae.

Retail 384

Retail Lending Mortgage Clients 384

Housing Wire

JANUARY 2, 2024

However, two former employees said the company communicated it’s shutting down its mortgage lending business. The FDIC was the receiver of Washington Mutual Bank after it failed during the 2008 financial crisis. It wasn’t immediately clear what restructuring Mosiello was referring to.

Loan Officers 420

Loan Officers Lending Mortgage Insurance 420

Housing Wire

MARCH 10, 2023

The report also points out how IMB critics bootstrap legitimate concerns about largely unregulated nonbank financial products like crypto or payday lending to claim similar risks for IMBs, even though mortgages are more extensively regulated than any other financial product in the wake of the 2008 crisis. Another 2008?

Mortgage 345

Mortgage Business Insurance Marketing 345

Housing Wire

AUGUST 31, 2020

HousingWire spoke to Doug Perry, Citadel’s new managing director of Wholesale and Retail Sales, about his plans for Citadel and the current state of non-QM lending. HW: What does the demand for non-QM lending look like now following the sector’s pause earlier this year? Underlying demand for non-QM lending products remains strong.

Lending 372

Lending Retail Housing Market Home Improvement 372

Housing Wire

JUNE 5, 2023

HousingWire recently spoke with Desmond Smith , chief growth officer at United Wholesale Mortgage , about the role that wholesale lending plays in the mortgage ecosystem and common myths and misconceptions about becoming an independent mortgage broker. HousingWire: What role has wholesale lending historically played in the mortgage ecosystem?

Mortgage 357

Mortgage Retail Lending Loan Officers 357

Housing Wire

DECEMBER 10, 2020

But to understand the stability that the secondary market brought during a world-wide pandemic, you first have to look back at 2008. The country was in the middle of the financial crisis, as the consequences of the deceptive mortgage lending practices from all the years prior came crashing down.

Marketing 432

Marketing Lending Design Government 432

Housing Wire

APRIL 14, 2023

The drop in production volume was widely anticipated, as Wells Fargo announced its plan to exit correspondent lending and shrink its retail mortgage business footprint earlier this year. Home lending revenue was down 38% year on year. Home lending revenue was down 38% year on year. billion, it was down 78% from the $9.6

Lending 325

Lending Retail Mortgage Investing 325

Housing Wire

JULY 25, 2023

So fix-and-flip lending is directly helping that supply and demand issue in terms of creating new housing stock or upgrading what would otherwise be dilapidated housing stock,” Faes said. We are able to essentially lend against the asset and move very quickly,” Faes said. LendInvest has more than $4.7 billion (£3.7

Finance 341

Finance Marketing Lending Inventory 341

Housing Wire

JUNE 9, 2021

Bank CRA obligations cover far more than their mortgage lending. IMBs have expanded because of the warehouse lending and short-term credit provided them by the nation’s depositories and because they can sell their loans into the government-guaranteed agency secondary market ( Ginnie Mae , Fannie Mae , Freddie Mac ).

Lending 450

Lending Development Government Finance 450

Housing Wire

JULY 17, 2023

Mozilo avoided working with subprime loans until the late 1990s, when after noticing that his firm was losing business to competitors, Countywide embraced the type of subprime mortgage lending that eventually led to the housing crisis in 2008. And they did it at a massive scale.

Lending 361

Lending Mortgage Business Government 361

Housing Wire

APRIL 27, 2023

.” With over 21 years in finance and mortgage lending roles, Yeager’s experience spans investment banking, residential retail mortgage, and private mortgage lending. At Cobalt, Yeager oversaw $5 billion in production.

Loan Officers 330

Loan Officers Retail Lending Investing 330

Housing Wire

OCTOBER 28, 2022

Prior to HOMESTAR, he served as the executive vice president of retail production at AmeriSave Mortgage Corporation and area lending manager roles at Citi. Wendell Couch joined in 2008 and closed over $1 billion in loan production in 2021. Bhandal’s professional career spans more than 20 years in financial services.

Retail 354

Retail Training Lending Mortgage 354

Housing Wire

NOVEMBER 24, 2021

During the past decade, as CRA-regulated banks withdrew from home mortgage lending, IMBs stepped up to become the dominant source of mortgage loans, doing a much better job than banks of lending to underserved borrowers [See CHLA’s 2021 IMB Report ]. CRA for IMBs is a solution in search of a problem. So what could have an impact?

Advertising 354

Advertising Lending Mortgage Law 354

Housing Wire

DECEMBER 15, 2022

To partner with an industry leader like Class Valuation will benefit both our lending and appraisal partners,” Robert Strong, CEO of PropertyVal, said in a statement. billion real estate appraisal services market has cumulatively grown by 32% since 2008.”.

Valuation 369

Valuation Appraisal Lending Real Estate 369

Housing Wire

SEPTEMBER 8, 2022

HousingWire recently spoke with Jon Irvine, Chief Production Officer at Change Lending, about how brokers can gain a new competitive advantage in the current tight market. The Housing and Economic Recovery Act established a formula in 2008 that mandated that the ceiling could only rise after home prices returned to pre-recession levels.

Finance 384

Finance Lending Mortgage Business 384

Housing Wire

SEPTEMBER 23, 2022

As bank regulators conduct a major CRA rulemaking, an honest assessment of CRA is that it has not been effective when it comes to bank mortgage lending. Instead, there are more effective ways to increase mortgage lending to underserved and minority borrowers. So why would we extend it to IMBs? CRA has not made a difference.

Lending 331

Lending Mortgage Insurance Finance 331

Housing Wire

AUGUST 30, 2022

This means all those men and women since 2012 who have been saying its housing 2008 all over again on their YouTube , Twitter, Facebook and other social media outlets simply don’t have the proper training to talk about housing economics. Nor can we ever have a credit sales boom again with lending standards back to normal.

Inventory 384

Inventory New Listings Law Housing Market 384

Appraiserblogs

APRIL 9, 2023

We the people need to redirect the mortgage lending direction… The time for every appraiser and consumer to step up is now. Appraisers have been the target for blame for everything gone wrong in the mortgage lending world. Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness.

Property Appraisal 136

Property Appraisal Lending Appraisal Mortgage 136

Housing Wire

APRIL 4, 2023

Abusive conduct prohibitions were established in the wake of the 2008 financial crisis. In response to the predatory mortgage lending practices that drove the financial crisis, Congress banned abusive conduct in consumer financial markets,” Chopra said.

Marketing 343

Marketing Law Legal Government 343

Housing Wire

OCTOBER 5, 2023

in 2008 and 2009. Lax lending standards and cheap credit, plus a popular belief that real estate values never decline, created a massive bubble. The real estate market in China, both commercial and residential, have been unwinding over the last few years. Following a pattern eerily similar to the U.S.

Real Estate 410

Real Estate Housing Market Marketing Investors 410

Housing Wire

FEBRUARY 25, 2022

I think non-QM could be another money-making product for all of these originators,” said Keith Lind, executive chairman and president at Acra Lending. People feel comfortable that the years of 2008 and 2009 are well behind us, and the guardrails are much better today,” Lind said. Partnering with Acra Lending.

Lending 339

Lending Investors Technology Investing 339

Housing Wire

DECEMBER 2, 2020

Sure, new online lending operations like SoFi, Better and a handful of others are taking advantage of their lack of traditional infrastructure. Digital lending is easier for companies that were born in the cloud. The cloud has helped to accelerate online and virtual processes extending into every step of the lending process.

Mortgage 340

Mortgage Lending Technology Modernization 340