Housing Wire

MAY 13, 2024

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. The attention on nonbank mortgage companies have increased since their expansion following the financial crisis of the late 2000s.

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Finance Government Mortgage Legal 442

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.

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Law Mortgage Construction Lending 369

Housing Wire

DECEMBER 11, 2020

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

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Lending Contracts Investors Technology 404

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. today and why they’re so different than the period of 2002-2008. There is usually a 1.60%- 1.80% difference between the 10-year yield and 30-year mortgage rate, but now we are at 3%.

Housing Market 538

Housing Market Mortgage Law Marketing 538

Housing Wire

DECEMBER 2, 2020

Prior to 2020, the mantra around the mortgage industry going back to 2016 was that launching a new “digital experience” was the equivalent to table stakes in poker. The message was clear: if you weren’t already invested in new digital mortgage experience, then your competition already beat you to the sale.

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Housing Wire

FEBRUARY 7, 2024

Independent mortgage lender Embrace Home Loans has promoted Ryan “Buddy” Hardiman to the position of president, the company announced on Wednesday. In his new role, Hardiman will lead its lending and fulfillment operations. “We Hardiman first joined Embrace Home Loans in 2008 as a project manager, the news release stated.

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Project Management Retail Lending Mortgage 404

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. This makes it harder to pursue innovations and to create sound industry standards in the broader mortgage market — one of the GSEs’ key statutory mission objectives.

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Tools Development Mortgage Law 545

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. That’s 20 basis points higher than the international standard.

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Mortgage Marketing Lending Finance 370

Housing Wire

OCTOBER 13, 2021

Chicago-based mortgage originator Interfirst Mortgage Co. Interfirst was founded in 2001 as a retail originator but expanded to the wholesale channel in 2008 and the correspondent channel in 2011. The post Interfirst Mortgage raises $175 million appeared first on HousingWire. The originations went from $14.1

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Mortgage Investors Investing Technology 396

Housing Wire

NOVEMBER 29, 2022

Mortgage fairness for Black and Native Americans is no better today than it was 30 years ago, according to a new mortgage fairness report. The report, issued by “fairness-as-a-service” solution firm FairPlay AI , was based on a study of more than 350 million mortgage applications from 1990 to 2021. in 2021 from 1990.

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Lending Government Mortgage Valuation 370

Housing Wire

APRIL 4, 2022

South Carolina-based Movement Mortgage laid off around 170 employees in March, another case of a top-25 mortgage lender paring back its workforce due to a more challenging origination landscape. . compared to the previous year, according to Inside Mortgage Finance. The higher-rate landscape is affecting all mortgage companies.

Mortgage 442

Mortgage Supply Chain Retail Loan Officers 442

Housing Wire

MARCH 15, 2023

The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Meanwhile, mortgage lenders are still trying to calm down their investors and business partners. ” The latest Mortgage Bankers Association (MBA) survey proved Deitch right. .

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Mortgage Clients Retail Marketing 370

Eyes on Housing

SEPTEMBER 3, 2021

of new home sales in the second quarter of 2021—the largest share since the beginning of the Great Recession in 2008. NAHB analysis of the most recent Quarterly Sales by Price and Financing published by the U.S. Census Bureau reveals that conventional loans financed 76.3% The share of sales backed by conventional loans in Q2 2021 increased 5.1

Finance 167

Finance Lending Marketing Mortgage 167

Housing Wire

MARCH 11, 2022

As lender concerns about margin compression rise, why aren’t we seeking to better understand our mortgage application fallout rates to increase revenue? For mortgage originators of all sizes, “fallout” is a word that induces headaches and nausea at roughly the same level as terms like “repurchase demand” or “regulatory audit.”

Mortgage 370

Mortgage Technology Lending Investing 370

Housing Wire

OCTOBER 31, 2022

This is projected to be a record year for consolidation among mortgage lenders, largely due to the dramatic shift from a refinance boom to a purchase mortgage market and the total origination volume, which has shrunk to about half the size from 2021. Most recently, Guild Mortgage expressed interest in acquisitions.

Mortgage 382

Mortgage Retail Lending Finance 382

Housing Wire

JANUARY 2, 2024

New York-based nonbank mortgage lender RealFi (formally known as Residential Home Funding Corp. 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.

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Loan Officers Lending Mortgage Insurance 424

Housing Wire

NOVEMBER 4, 2020

The complexities of serving borrowers under the CARES Act require lenders, servicers and investors to partner with a mortgage services provider who has the expertise and national network to provide high-touch support to its clients. Our clients have a moratorium on evictions, so we are not actively pursuing these opportunities.

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Lending Clients Training Investors 380

Housing Wire

NOVEMBER 7, 2022

Executives at the mortgage lender announced their decision in a letter sent on Wednesday to business partners and employees, which was reviewed by HousingWire. Athas Capital has been credited for “pioneering the re-birth of ‘sane’ subprime lending,” according to the company website. and Sprout Mortgage.

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Lending Investors Business Mortgage 424

Housing Wire

MARCH 10, 2023

This report is important to independent mortgage banks (like Atlantic Bay Mortgage ) that are increasingly dominating mortgage markets and leading the market in serving minority and underserved borrowers. Another 2008? So, what about the current downturn in mortgage volume for IMBs? Could this be another 2008?

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Mortgage Business Insurance Marketing 370

Housing Wire

AUGUST 30, 2022

Mortgage tech firms FormFree and Docutech are teaming up to make verification of assets (VOA) and verification of income and employment (VOI/E) available in the initial disclosure phase of the mortgage process. . The integration comes amid a mortgage downmarket where origination activity is forecast to drop by 45% to $2.47

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Retail Lending Mortgage Clients 393

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. Mortgage holders are well-qualified and subprime loans are rare.

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Inventory Housing Market Lending Buyers 450

Housing Wire

JULY 22, 2022

Live Oak Bancshares and its subsidiary Live Oak Bank have appointed Casey Crawford, the co-founder and chief executive officer of Movement Mortgage , to its board of directors. He added Crawford’s “depth of executive experience, including lending expertise, will be an excellent addition” to the board.

Loan Officers 382

Loan Officers Retail Lending Mortgage 382

Housing Wire

NOVEMBER 23, 2021

Chicago-based Interfirst Mortgage Co. To run the hub, the company hired Casey Nunn, a former Rocket Mortgage and Homepoint executive, as the vice president of wholesale lending. In returning from its three-year hiatus, Interfirst said it had reinvented itself as a tech-forward mortgage lender.

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Mortgage Loan Officers Retail Technology 382

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.

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Inventory Law Housing Market Design 543

Housing Wire

AUGUST 7, 2020

In today’s low-rate environment, wholesale mortgage lending continues to grow, making up more than 20% market share. Three independent wholesale brokers discuss how they found success in the wholesale channel during a HousingWire webinar on Thursday titled: ”Taking the Mortgage Boom to the Next Level.”.

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Retail Mortgage Loan Officers Marketing 370

Housing Wire

AUGUST 31, 2021

Princeton Mortgage CEO Rich Weidel. When Rich Weidel took over his family-owned lender Princeton Mortgage , the company had funded 11 loans in January of 2018, employed about a dozen people and had zero loan officers. James Kleimann: You were just named to the INC 5000 list – one of about a half-dozen mortgage lenders.

Mortgage 382

Mortgage Loan Officers Lending 382

Housing Wire

APRIL 14, 2023

Wells Fargo and JP Morgan Chase , the country’s top depository lenders, saw mortgage production volume further decline in the first three months of 2023, signaling another tough quarter for the mortgage industry. mortgage lender by volume, originated $6.6 Home lending revenue was down 38% year on year. billion. “Our

Lending 370

Lending Retail Mortgage Investing 370

Housing Wire

APRIL 13, 2022

Despite advances in technology, the mortgage industry still lacks efficiency. Mortgage executives are aware of a problem: despite billions of dollars in technology investments , the mortgage industry still largely looks like it did two decades ago. Bank Home Mortgage. But it’s a challenge.

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Mortgage Technology Development Finance 404

Housing Wire

JULY 29, 2021

In a comprehensive study of mortgage market liquidity, Liquidity Crises in the Mortgage Market , several well-known academics provided compelling evidence for “liquidity vulnerabilities associated with nonbanks.” In their study, these researchers examined the 2008 financial crisis and its impact on nonbank liquidity.

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Sellers Mortgage Business Lending 414

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.

Mortgage 370

Mortgage Bracketing Loan Officers Investors 370

Housing Wire

APRIL 27, 2023

Movement Mortgage has tapped Brady Yeager to join the team as national sales director, a role that will lead the expansion of Movement across the country. ” With over 21 years in finance and mortgage lending roles, Yeager’s experience spans investment banking, residential retail mortgage, and private mortgage lending.

Loan Officers 370

Loan Officers Retail Lending Investing 370

Housing Wire

NOVEMBER 10, 2022

Mortgage lenders have imposed new rounds of layoffs in the fourth quarter, reflecting a dreadful landscape for originators. . This week, the latest Freddie Mac weekly survey data showed that the 30-year fixed-rate mortgage increased to 7.08%, up 13 basis points compared to last week. Rates averaged 2.98% this time last year. “As

Mortgage 370

Mortgage Loan Officers Lending Business 370

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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Law Inventory Lending Mortgage 513

Housing Wire

OCTOBER 28, 2022

Mortgage lender Homestar Financial Corporation on Friday announced appointing Gurp Bhandal as executive vice president of national production. Prior to HOMESTAR, he served as the executive vice president of retail production at AmeriSave Mortgage Corporation and area lending manager roles at Citi.

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Retail Training Lending Mortgage 404

Housing Wire

NOVEMBER 24, 2021

The state of New York recently adopted legislation applying the Community Reinvestment Act (CRA) to nonbank mortgage lenders, also known as independent mortgage banks (IMBs). But, as the last decade shows, it has not worked very well for mortgage loans (and banks often meet CRA requirements simply by buying IMB-originated loans).

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Advertising Lending Mortgage Law 404

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.

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Housing Market Marketing Inventory Sellers 546

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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