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Mortgage demand picks up as seller concessions rise

Housing Wire

Loan officers saw an increase in mortgage demand during the first week of 2023 as mortgage rates ticked down. According to the Mortgage Bankers Association (MBA), mortgage applications rose 1.2% Concessions, mortgage rate buydowns save deals.

Sellers 418
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Homebuilders still need lower mortgage rates

Housing Wire

On the other hand, mortgage rates have gone down more than 1% since Oct. The builders’ stock prices have done well as mortgage rates have fallen , and this illustrates the simplicity of the homebuilders’ position: their story is really about mortgage rates and moving products.

Mortgage 419
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Inside mortgage lenders’ strategies for 2023 ?

Housing Wire

Executives at Plaza Home Mortgage expect things to get worse before they get better. During the first three quarters of 2022, the San Diego, California-headquartered mortgage lender’s originations declined by about 38% compared to the same period of 2021, ending at $5.5

Mortgage 332
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Borrower demand declines amid a volatile mortgage market 

Housing Wire

Borrower demand for home loans increased in the first three weeks of 2023, sparking optimism among mortgage industry executives and loan officers. According to the MBA , mortgage applications decreased 9% across the board for the week ending January 27 compared to the week prior.

Mortgage 278
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First Internet Bank is shuttering its consumer mortgage business

Housing Wire

First Internet Bank is shutting down its consumer mortgage business due to a steep decline in mortgage volumes and the negative outlook for mortgage lending that is forecasted to continue for the next several years.

Business 340
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As mortgage rates decline, the mantra is ‘no buyers left behind’ 

Housing Wire

As mortgage rates continue to decline, Chad Earnest’s mantra with his referral partners in 2023 is “no buyer left behind.” One buoy to Earnest’s team efforts: mortgage rates are declining, which is bringing borrowers on the sidelines back to the market.

Buyers 387
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Sprout Mortgage to shutter

Housing Wire

Non-QM lender Sprout Mortgage is shutting down operations, multiple workers said on Wednesday. The closure of Long Island-based Sprout, headed by industry veteran Michael Strauss, represents the second non-QM mortgage lender to close in recent weeks amid historic volatility.

Mortgage 405
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Mortgage rates have peaked along with inflation

Housing Wire

This should also mean mortgage rates hit their highs. The key phrase I have stressed since I wrote about the case for mortgage rates to go lower on Oct. This does mean mortgage rates should be getting better today.

Mortgage 420
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Mortgage applications jump 16%

Housing Wire

After several consecutive weeks of drops, mortgage applications jumped 16% for the week ending July 9, 2021, according to the latest report from the Mortgage Bankers Association. The refinance share of activity of total mortgage applications increased to 64.1%

Mortgage 412
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Lower mortgage rates, higher inventory boost demand for home loans 

Housing Wire

Like its competitors, Tennessee-based First Community Mortgage, Inc. (FCM) FCM) reduced the company’s size through 2022 amid a tough mortgage market. Meanwhile, a Mortgage Bankers Association (MBA) report covering 75% of all U.S.

Inventory 377
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Mortgage rate watchers are closely tracking the labor market

Housing Wire

That could tamp down optimism for a speedy rebound for the mortgage industry. . ” What does it mean for mortgage rates and the housing industry? Easing inflation brings hope for better mortgage rates. Mortgage rates averaged 3.22% one year ago.) .

Mortgage 365
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Waterstone Mortgage promotes Rico Garcia to VP

Housing Wire

Wisconsin-based mortgage lender Waterstone Mortgage Corp. Garcia’s professional career spans more than two decades in the mortgage lending industry, with more than five years at Waterstone Mortgage. Mortgage mortgage lending People Mover Waterstone Mortgage

Mortgage 316
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Canadian mortgage brokerage takes Rocket Mortgage name

Housing Wire

Rocket Companies ‘ subsidiary Edison Financial will rebrand as Rocket Mortgage next month in Canada, a market with more than $760 billion (CAD) in mortgage originations annually. Rocket Mortgage also plans to become a direct lender in Canada later this year.

Brokerage 328
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Rocket Mortgage affiliate restructures marketing team, imposes layoffs 

Housing Wire

With a challenging year ahead, the professional services company affiliated with Rocket Mortgage has decided to restructure the marketing team in the first week of 2023, resulting in about 20 jobs cut, according to former employees. . Rocket Mortgage produced $25.6

Marketing 387
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Solid jobs report sends mortgage rates lower

Housing Wire

Mortgage rates fell aggressively down to 6.20%, putting us at more than 1% below the highs of 2022. This is why Friday’s data is exciting to see and why the bond market sent mortgage rates to 6.20% and yes — we are back on 5-handle mortgage rate watch.

Mortgage 413
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Mortgage applications rebound as mortgage rates drop

Housing Wire

After two weeks of decreases, the Mortgage Bankers Association reported that mortgage applications increased 1.1% 11 amid mortgage rates that hit a new survey low. The refinance share of mortgage activity increased to 72.7%

Mortgage 353
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Movement Mortgage to acquire top indie retail firm Mortgage Network

Housing Wire

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. .

Retail 312
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Cooler inflation data sends mortgage rates lower

Housing Wire

On Tuesday, the Consumer Price Index (CPI) data came in cooler than expected , and the bond market loved it, driving mortgage rates lower. The next 12 months and mortgage rates. Housing Market Mortgage Mortgage Rates Inflation

Mortgage 423
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Positive jobs report sends mortgage rates higher

Housing Wire

Mortgage rates did break under 6% yesterday for the first time in a while, only to retrace 0.20% basis points higher from 5.99% to 6.19%. The noticeable downward trend on wages in today’s jobs report is a big reason why the 10-year yield is not above 4.25% and mortgage rates are near 8%.

Mortgage 260
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The mortgage industry is nervous about LLPA fee changes

Housing Wire

The Federal Housing Finance Agency this week made a series of significant changes to loan level pricing adjustment (LLPA) fees charged by Fannie Mae and Freddie Mac on conventional/conforming mortgages.

Mortgage 423
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Guaranty Home Mortgage hires EVP to expand retail channel

Housing Wire

Tennessee-based mortgage lender Guaranty Home Mortgage Corporation hired Andy Voyles as executive vice president and director of retail lending. The mortgage lender hopes to boost volume in the channel. the following year, according to mortgage tech platform Modex.

Retail 303
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Flagstar Bank makes big cuts to retail mortgage operation

Housing Wire

A former mortgage underwriter wrote, “Flagstar just laid off everyone, so after 2 1/2 years, I’m back in the job market.” 19 among mortgage lenders in America, and New York Community Bank, one of New York City’s largest multifamily lenders, announced in April 2021 a $2.6

Retail 382
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Lower debuts white label mortgage platform

Housing Wire

Columbus, Ohio-headquartered lender Lower rolled out mortgage as a service platform that enables consumer finance, banking and real estate companies to offer its mortgage products. . billion, mortgage data platform Modex showed. Purchase mortgages consisted of 52.4%

Mortgage 298
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Mortgage rates jump to 2.81%

Housing Wire

After three weeks of unchanged rates, the average mortgage rate for a 30-year fixed loan jumped 8 basis points to 2.81%, reaching its highest point since mid-November, according to Freddie Mac ’s Primary Mortgage Market Survey.

Mortgage 428
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Mortgage applications decrease 4%

Housing Wire

After two straight weeks of increases , mortgage applications dropped 4.2% for the week ending May 21, 2021, according to the Mortgage Bankers Association ‘s weekly mortgage applications survey. of total mortgage applications from 63.3%

Mortgage 370
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Mortgage demand rose on the back of slower inflation growth

Housing Wire

Mortgage demand rose as rates dropped following the October slowdown in inflation growth numbers. However, while purchase mortgage applications increased across all loan types, refinance activity remained depressed. The refinance share of mortgage activity decreased to 27.6%

Mortgage 426
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Expansion-hungry Guild gobbles up Inlanta Mortgage

Housing Wire

San Diego, California-headquartered retail lender Guild Mortgage is staying true to its words of expanding through acquisitions. Mary Ann McGarry, Guild’s CEO, said that the company is patient in closing a deal and has been in conversations to acquire Inlanta Mortgage for about a year.

Mortgage 320
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Revolution Mortgage integrates Tavant’s Touchless Lending

Housing Wire

Mortgage lender Revolution Mortgage has partnered with Tavant, an AI-powered digital lending company, to integrate Tavant’s Touchless Lending product suite into Revolution Mortgage’s platform. Mortgage Technology Revolution Tavant Technologies

Lending 320
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Mortgage rate protections, price discounts help reel in hesitant borrowers

Housing Wire

Declining mortgage rates spurred the demand for home loans at the beginning of 2023, spreading optimism across the industry. Freddie Mac ‘s latest report shows that the 30-year fixed mortgage rates were at 3.56% one year ago.

Mortgage 313
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Mortgage demand declines at a slower pace

Housing Wire

Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve ’s (Fed) meeting to announce the new target for the federal funds rate. The adjustable-rate mortgage (ARM) share of activity was at 11.8%

Mortgage 339
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Mortgage rates see sizable increase

Housing Wire

The average 30-year fixed rate mortgage increased to 3.45% during the week ending Jan. 13, up from 3.22% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.79%.

Mortgage 401
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Eyeing expansion, Go Mortgage snags 160+ former FoA employees

Housing Wire

More than 160 employees from the now-shuttered Finance of America Mortgage have landed at Go Mortgage , a Columbus, Ohio-based lender. ” Go Mortgage, a lender with just under 500 employees, originates in both the retail and wholesale channel. Go Mortgage originated $753.2

Retail 347
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After mortgage lenders shut down, what’s next for loan originators?

Housing Wire

Scott Miller, a former mortgage loan originator at Sprout Mortgage , knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. Go [Mortgage] was on that list,” Reich said.

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Mortgage rates collapse on softer inflation data

Housing Wire

Finally, some good news: the growth rate of inflation is cooling off for now, and with the CPI inflation report being positive, the 10-year yield fell noticeably, and mortgage rates will fall with that! As a result, mortgage rates went from 7.37% yesterday to 6.67% as of this writing.

Mortgage 423
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Thrive Mortgage to acquire American Mortgage Service Company

Housing Wire

Texas-based independent mortgage bank Thrive Mortgage has signed a letter of intent to acquire the Ohio-based lender American Mortgage Service Company (AMSC). Founded in 1975 in Cincinnati, AMSC originated $836 million in mortgages over the last 12 months.

Mortgage 311
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Mortgage Coach integrates with Polly’s PPE

Housing Wire

Sales Boomerang and Mortgage Coach announced an API integration between Mortgage Coach and SaaS technology provider Polly on Thursday. And stay tuned; there is much more to come from Polly’s partnership with Mortgage Coach.”.

Mortgage 329
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Mortgage rates are projected to decline, but will that entice buyers?

Housing Wire

The slowdown in the Federal Reserve ‘s short-term rate hikes , announced on Wednesday, was welcome news for the mortgage market and solidified expectations that the 30-year mortgage rates will drop throughout 2023.

Buyers 300
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Mortgage Coach integrates with Insellerate

Housing Wire

Mortgage Coach , a mortgage platform that enables lenders to educate borrowers with home loan presentations, announced that its platform will be integrated with Insellerate, a customer relationship management (CRM) platform. Mortgage Proptech Insellerate Joe Puthur Mortgage Coach

Mortgage 314
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Purchase mortgage apps defy surging rates

Housing Wire

Despite mortgage rates reaching the highest level in 14 years, mortgage applications increased 4.2% from the prior week, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 17.

Mortgage 360
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More layoffs at Keller Mortgage

Housing Wire

Keller Mortgage , the lending arm of real estate holding company kwx , is the latest firm to be hit by the rapidly decreasing demand for mortgages. On Monday, the company underwent a “mass layoff,” according to posts by former Keller Mortgage employees on LinkedIn.

Mortgage 303