Thu.Jun 30, 2022

After implosion, FGMC files for bankruptcy

Housing Wire

Less than a week after laying off hundreds of workers and refusing new mortgage applications, First Guaranty Mortgage Corp. FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. .

After Three-Week Ascent, Mortgage Rates Slip

Appraisal Buzz

Following a near-month-long 72-basis point rise, fixed-rate mortgages turned downward this week, signaling a potential reset in the housing market. The post After Three-Week Ascent, Mortgage Rates Slip appeared first on theMReport.com.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

HW+ Member Spotlight: Budge Huskey

Housing Wire

This week’s HW+ member spotlight features Budge Huskey, president and CEO at Premier Sotheby’s International Realty. He also serves as vice chairman of Peerage Realty Partners and has previously held executive roles at Coldwell Banker Real Estate.

Realty 311

Price Gains Outpace Wage Growth in Nearly 90% of Markets

Appraisal Buzz

ATTOM has released its Q2 2022 U.S. Home Affordability Report, showing that median-priced single-family homes and condos are less affordable in Q2 of 2022 compared to historical averages in 97 percent of counties across the nation with enough data to analyze.

Purchase mortgage rates drop, ending 2-week climb 

Housing Wire

Purchase mortgage rates this week dropped 11 basis points to 5.70% , according to the latest Freddie Mac PMMS Index , ending a two-week climb following the Federal Reserve ’s rate hike earlier this month. A year ago at this time, 30-year fixed rate purchase rates were at 2.98%.

First Guaranty Mortgage Files for Chapter 11

Appraisal Buzz

Necessitated by significant operating losses and cash flow challenges due to mortgage market volatility, FGMC has filed for bankruptcy protection. The post First Guaranty Mortgage Files for Chapter 11 appeared first on theMReport.com.

More Trending

Inventory Makes a Recovery in June

Appraisal Buzz

Those experiencing woes due to the lack of available inventory may see relief on the horizon as early June numbers show that for-sale homes available to buyers climbed 18.7%—the the fastest yearly pace of all time—according to Realtor.com’s Monthly Housing Trends Report.

FGMC owes Customers Bank $25M, bankruptcy filing shows

Housing Wire

First Guaranty Mortgage Corp. FGMC) and its holding company, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection Thursday, June 30, leaving one of the country’s major warehouse lenders as its largest unsecured creditor, according to court filings.

Legal 273

Inventory Soars MoM, But Still Remains Down YoY

Appraisal Buzz

Those experiencing woes due to the lack of available inventory may see relief on the horizon as early June numbers show that for-sale homes available to buyers climbed 18.7%—the the fastest yearly pace of all time—according to Realtor.com’s Monthly Housing Trends Report.

Title industry prepares for changing market conditions

Housing Wire

As mortgage rates rise and home price appreciation continues , employees in the housing industry are hard at work preparing for shifting market conditions.

Rising Rates Make Homeownership Unaffordable in Most of U.S.

Appraisal Buzz

ATTOM has released its Q2 2022 U.S. Home Affordability Report, showing that median-priced single-family homes and condos are less affordable in Q2 of 2022 compared to historical averages in 97 percent of counties across the nation with enough data to analyze.

2 senior HUD officials to leave department

Housing Wire

Two senior officials at the Department of Housing and Urban Development (HUD) will resign at the end of the week, according to correspondence reviewed by HousingWire.

Rising Rates Make Homeownership Unaffordable in Most of U.S.

Appraisal Buzz

ATTOM has released its Q2 2022 U.S. Home Affordability Report, showing that median-priced single-family homes and condos are less affordable in Q2 of 2022 compared to historical averages in 97 percent of counties across the nation with enough data to analyze.

How mortgage lenders are qualifying the value of fintech solutions

Housing Wire

An increasingly digitized world has given way to new solutions that are making business easier for everyone, mortgage lenders included.

Total Issuance Under MPF Program Surpasses $3B in MBS

Appraisal Buzz

The Government National Mortgage Association (Ginnie Mae) and the Federal Home Loan Bank of Chicago announced today that total issuance under the Mortgage Partnership Finance® Program (MPF®) recently surpassed $3 billion in mortgage-backed securities (MBS).

Champions Funding’s non-QM solutions empowerbrokers to service borrowers’ unique needs

Housing Wire

Facing a housing market in transition, mortgage lenders are striving to provide funding access to a growing population of non-traditional borrowers.

Mortgage Loan Application Volume Continues Slow Increase

Appraisal Buzz

Mortgage Bankers Association ’s (MBA) latest Weekly Mortgage Applications Survey shows mortgage applications increased 0.7% on a seasonally adjusted basis from one week earlier, according to data for the week ending June 24, 2022.

Flagstar Bank offers brokers direct access to seasoned specialty lending experts and powerful tech solutions

Housing Wire

The housing market has undergone a significant transformation over the past two years. While a booming market kept brokers busy in 2021, the 2022 housing market has been underscored by rising interest rates, inflation and geopolitical turbulence.

Freddie Mac Observes Mortgage Rate Decline Due to High Inflation, Economic Downturn

Appraisal Buzz

Freddie Mac ’s latest Primary Mortgage Market Survey (PMMS) results shows the 30-year fixed-rate mortgage averaged 5.70% with an average 0.9 point as of June 30, 2022, down from last week when it averaged 5.81%. A year ago at this time, the 30-year FRM averaged 2.98%.

Wholesale Lenders Special Report

Housing Wire

Refinance volume was projected to fall after last year’s record-breaking boom, and this year’s rising mortgage rates have further pronounced the downward trend in volume. In light of this, brokers are compelled to find new areas of opportunity, such as expanding their product offerings.

Rep. Waters Pushes Further Prevention of Appraisal Discrimination

Appraisal Buzz

Chairwoman of the House Financial Services Committee reaches out to PAVE Co-Chairs seeking action plan and timeline implementation of each action. The post Rep. Waters Pushes Further Prevention of Appraisal Discrimination appeared first on DSNews. The post Rep.

United Wholesale Mortgage’s program Boost helps independent mortgage brokers connect with borrowers

Housing Wire

Intuitive technologies developed and built by experts in both mortgages and technology can drive efficiency, reliability and profitability when paired with exceptional customer service.

State-Level GDP in the First Quarter of 2022

Eyes on Housing

Real gross domestic product (GDP) decreased in 46 states and the District of Columbia in the first quarter of 2022. New Hampshire, Vermont, Massachusetts, and Michigan saw modest GDP growth. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP ranged from 1.2

HousingWire Magazine: July 2022

Housing Wire

Brena Nath, Director of HW+ and Events. Last September, I ran into Dalila Ramos, who now is founder of Love and Tacos Media , but at the time, she served as vice president of diversity and growth at Equity Prime Mortgage.

BC broker-owner talks DLC Origin purchase

Mortgagebroker News

The deal will reportedly see the company fund about $1.4 billion in annual volume

56

[National Safety Month] Best Practices For Improving Manufacturing Safety Procedures

GoForrmz

Discover how to approach, recognize, and prioritize employee safety in the most high-risk industry. Blue-collar workers are exposed to the most high-risk environments – especially the manufacturing industry. Those in this industry face real potential dangers every day as they earn their livings.

Poll: Many Canadians do not understand the effects of rising interest rates

Mortgagebroker News

Consumer purchasing power and overall affordability are at risk in the current environment

55

Who Remembers How to List a Home for Sale?

Hank Miller Team

The last two years have been a blur, so much so that "pre-covid" might be considered prehistoric. A meteor ended the run last time, killer inflation is ending the run this time.

Survey: Nearly three in 10 Canadians drew on HELOCs

Mortgagebroker News

However, the majority borrowed less than $50,000

52

‘Hooked on data’: Clear Capital’s chief data scientist | Clear Capital in the News

Clear Capital

Story by Mark Hollmer. Data first came alive for Erik Allen while he was a Ph.D. student at the Massachusetts Institute of Technology, focused on numerical modeling and simulation during the early 2000s.

RBC: Immigration surge in the offing

Mortgagebroker News

This trend could spur further growth in the Canadian housing market

ClearCast Podcast E28 — Local Logic Co-Founder & CEO Vincent-Charles Hodder

Clear Capital

Follow ClearCast on LinkedIn , Twitter , Facebook , and Instagram. EPISODE SUMMARY. In this month’s episode of ClearCast, your hosts Kenon and Jeff discuss recent innovation in cash offers programs and the booming single-family rental sector.

36

Alta West executive on what market to keep an eye on

Mortgagebroker News

"The economy [is] starting to pick up

Should You Accept Crypto Payments When Selling or Renting Out Your Property?

Mashvisor

As the use of cryptocurrency gains popularity, is it time to start accepting crypto payments when you sell or rent out your investment property? Table of Contents What Is Cryptocurrency?…