Housing Wire

JULY 6, 2022

As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. When people say credit will collapse down to 2008 levels, I kind of snicker and think, well, we can’t collapse to 2008 levels because credit availability is already there. It really is that simple, folks.

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Lending Mortgage Business Inventory 485

Appraisal Buzz

APRIL 30, 2024

Mortgage lenders lost an average of $1,056 on each loan they originated in 2023, compared to an average loss of $301 per loan in 2022, according to the Mortgage Bankers Association’s (MBA) Annual Performance Report. Average annual production volume was $1.9 billion (6,021 loans) per company, down from $2.6

Mortgage 195

Mortgage Valuation Inventory Appraisal 195

Appraisal Buzz

JUNE 4, 2021

The post Forbearances Tumble; Mortgage Profits Break 2008's Record; Locking/Floating After Jobs Report appeared first on Appraisal Buzz. There were also noticeable declines in the number of borrowers returning to the program as well as new participants. All told, the number of forbearances dropped by 71,000 or 3.2

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Mortgage Appraisal 170

Housing Wire

SEPTEMBER 14, 2022

Demand for mortgage loans declined last week as mortgage rates reached their highest level since 2008, crossing the 6% threshold. . The market composite index , a measure of mortgage loan application volume by the Mortgage Bankers Association , fell 1.2% Consequently, mortgage rates surged on Tuesday.

Mortgage 370

Mortgage Retail Contracts Housing Market 370

Housing Wire

AUGUST 23, 2023

Mortgage applications fell for the fifth consecutive week as the 30-year fixed-rate mortgage rose to 7.31%, its highest level since December 2000. For the week that ended August 18, mortgage applications fell 4.2% from the prior week , according to data from the Mortgage Bankers Association. bond yields spike last week.

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Mortgage Contracts Government Buyers 370

Housing Wire

AUGUST 25, 2022

South Carolina-based Movement Mortgage has acquired the brokerage Superior Rate Mortgage of New England to expand operations in the region, the company announced Wednesday. Founded in 2014, Massachusetts-based Superior Rate Mortgage reached $412 million in sales volume in 2021. The terms of the deal were not disclosed.

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Brokerage Mortgage Loan Officers Real Estate Agent 479

Housing Wire

JANUARY 31, 2024

Finance of America Companies (FOA) President Kristen Sieffert is bullish on the prospects for the reverse mortgage industry’s leading lender in 2024, particularly after the company went through a series of major changes last year, including the acquisition of American Advisors Group (AAG). We had some in the market, pre-2008.

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Mortgage Finance Business Development 413

Housing Wire

NOVEMBER 30, 2021

The federal government will now back mortgage loans of nearly $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas now $970,800 — or 150% of $647,200. In the third quarter, the FHFA announced that its house price index saw the largest increase since the metric was introduced in 2008.

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Government Mortgage Home Value Finance 535

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 539

Housing Market Mortgage Law Marketing 539

Housing Wire

DECEMBER 30, 2023

Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housing market of 2008 all over again. Looking back on 2023, the inventory story was a big surprise even as mortgage rates headed toward 8%, as the data below will show. In 2008, this number for that week was 249,655.

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Inventory New Listings Housing Market Mortgage 515

Housing Wire

NOVEMBER 10, 2022

Top-25 retail lender Movement Mortgage struck a deal to acquire Massachusetts-based retail firm Mortgage Network , multiple sources told HousingWire. . The deal adds $2 billion in annual volume, 250 mortgage professionals and 31 branch offices to Movement’s book of businesses. . Mortgage Network funded $2.5

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Retail Mortgage Loan Officers Legal 370

Housing Wire

OCTOBER 12, 2022

It’s no coincidence that the post-2008 crisis mortgage expansion happened to occur during a period marked by transformative technological change in the industry. Most people outside of the mortgage industry are not even aware that one of the largest mergers between mortgage technology firms is on the verge of taking place.

Mortgage 410

Mortgage Technology Business Contracts 410

Housing Wire

NOVEMBER 9, 2021

One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. We can see a slow and steady positive downtrend in stressed financial data, unlike in the 2005-2008 period where people filed for bankruptcies and foreclosures without a job loss recession.

Mortgage 526

Mortgage Lending Housing Market Marketing 526

Housing Wire

JUNE 20, 2023

North Carolina-based Truist Financial Corporation announced on Tuesday that seasoned mortgage executive David Smith will be the head of Truist Mortgage effective July 31. mortgage lender and servicer, has shrunk amid a challenging mortgage market. Truist, a top U.S. It originated $2.7 year over year. billion, a 58.3%

Business 370

Business Mortgage Retail Lending 370

Housing Wire

SEPTEMBER 13, 2022

The premise of a mortgage rate lockdown is simple: so many American households have such low mortgage rates that some will never move once rates rise, which then locks up housing inventory. It all started when mortgage rates jumped from 5.25% to 6.25% this year and I saw how home sellers reacted to that move.

Mortgage 520

Mortgage Inventory New Listings Sellers 520

Housing Wire

AUGUST 13, 2023

Last week ended with a wild ride for mortgage rates. We anticipated the two inflation reports could help mortgage rates, however, we had a bad bond auction last Thursday, and the 10-year yield rose sharply. This pushed yields higher Thursday and Friday to move mortgage rates to 7.19%. We saw an example of that last week.

Mortgage 370

Mortgage Inventory New Listings Retail 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 450

Mortgage Supply Chain Retail Loan Officers 450

Housing Wire

NOVEMBER 8, 2023

With home prices at all-time highs and concern that the labor market will break going into a recessionary period, is another 2008-style crash a possibility? The answer is no, and for that, we must thank the 2010 qualified mortgage (QM) rule, which has high standards for borrower credit scores and the ability to repay the loan.

Housing Market 418

Housing Market Legal Marketing Mortgage 418

Housing Wire

MARCH 22, 2023

Consumer demand for home loans rose for the third consecutive week due to declining mortgage rates , following the turbulence in the financial markets caused by regional bank failures. ” Borrowers took advantage of lower rates and mortgage applications rose 3% on a seasonally adjusted basis from one week earlier. .

Mortgage 410

Mortgage Investing Brokerage Marketing 410

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

JUNE 3, 2021

Independent mortgage banks (IMB) and mortgage subsidiaries of chartered banks saw an average net profit of $3,361 on each loan they originated in the first quarter of 2021, down from a reported gain of $3,738 per loan in the fourth quarter of 2020, according to a new report from the Mortgage Bankers Association.

Mortgage 450

Mortgage Valuation Marketing 450

Housing Wire

NOVEMBER 6, 2023

Patricia “Patti” Cook , who broke the glass ceiling in the mortgage industry during a successful 45-year career , died on Friday at her home in New York. Between 2004 and 2008, during the height of the financial crisis, she served as executive vice president and chief business officer at Freddie Mac. She was 70 years old.

Mortgage 421

Mortgage Finance Investing Business 421

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 368

Law Mortgage Construction Lending 368

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. Banks also reported stronger demand for residential real estate loans over the second quarter, with significant demand for QM and non-QM jumbo mortgages.

Mortgage 473

Mortgage Lending Government Loan Officers 473

Housing Wire

SEPTEMBER 21, 2022

Demand for mortgage loans increased for the first time in six weeks, ahead of the Federal Reserve ’s meeting on Wednesday, when observers expect at least another 75 basis points hike to the federal funds rate. The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage rose to an average of 6.02% this week past week.

Mortgage 397

Mortgage Retail Contracts Housing Market 397

Housing Wire

OCTOBER 19, 2022

Mortgage demand continued its downward trend last week, reaching the lowest level in 25 years, according to the latest survey from the Mortgage Bankers Association (MBA). The MBA survey shows that the mortgage composite index for the week ending Oct. retail residential mortgage applications. from 13.5% the week prior.

Mortgage 397

Mortgage Contracts Retail Marketing 397

Housing Wire

MARCH 15, 2023

Silicon Valley Bank resumed mortgage originations on Tuesday via its newly established “bridge bank” — just four days after California state regulators took possession of the financial institution and appointed the Federal Deposit Insurance Company (FDIC) as receivers. SVB’s mortgage origination volume reached $2.4

Mortgage 370

Mortgage Loan Officers Insurance Business 370

Housing Wire

SEPTEMBER 16, 2022

The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage rose to an average of 6.02% this week ahead of the Federal Reserve ’s much-anticipated interest rate hike next week. Daily mortgage rate calculators are showing 30-year fixed rates at 6.30% and above. A year ago at this time, rates averaged 2.86%. .

Mortgage 410

Mortgage Inventory Buyers Marketing 410

Housing Wire

DECEMBER 7, 2022

Since the weaker CPI data was released in November, bond yields and mortgage rates have been heading lower. The question then was: What would lower mortgage rates do to this data? However, mortgage rates have fallen more than 1% since the recent highs, so it’s time to look at the data to explain how to interpret it.

Housing Market 544

Housing Market Mortgage Marketing Inventory 544

Housing Wire

DECEMBER 15, 2023

After two straight years of double-digit declines, home sales will pick up in 2024 thanks to lower mortgage rates. Once the December data for existing home sales is tallied up, 2023 could be the worst year for existing home sales seen since 2008 or since 1995, Yun said during his presentation. Yun expects home sales to rise next year.

Sellers 473

Sellers Buyers Mortgage Investing 473

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. Desmond Smith: There are two ways to get a mortgage — wholesale or retail.

Mortgage 370

Mortgage Retail Lending Loan Officers 370

Housing Wire

JUNE 15, 2022

Before the volatility wrought by high inflation and speculation about a rate hike by the Federal Reserve , mortgage applications increased 6.6% from the prior week, according to the latest Mortgage Bankers Association survey for the week ending June 10. For the week that ended June 3, mortgage applications fell 6.5% from 11.3%

Mortgage 370

Mortgage Loan Officers Brokerage Inventory 370

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

AUGUST 11, 2020

United Wholesale Mortgage announced Tuesday it is rolling out a loan program that offers borrowers mortgage rates as low as 1.99% for both purchases and refinances. The rate is only available through independent mortgage brokers, the company said in a statement.

Mortgage 538

Mortgage Realtors Real Estate Finance 538

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 384

Mortgage Loan Officers Lending 384

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. .

Mortgage 370

Mortgage Clients Retail Marketing 370

Housing Wire

NOVEMBER 29, 2022

The federal government, through government sponsored enterprises Fannie Mae and Freddie Mac , for the first time ever will also back mortgage loans north of $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas at $1,089,300 — or 150% of $726,200.

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Government Mortgage Finance Law 370