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.

Purchase mortgage rates are back above 5%

Housing Wire

Purchase mortgage rates continue their roller coaster ride – they moved above 5% this week, according to the latest purchase mortgage survey from Freddie Mac. The 30-year fixed-rate mortgage increased this week to average 5.22%, up from last week’s 4.99%.

Insiders

Sign Up for our Newsletter

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

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.

Lone Peak Lending joins Panorama Mortgage Group

Housing Wire

Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Donovan Stamps, a 27-year mortgage veteran with stints at Stearns Lending , SoFi Mortgage , First Guaranty Mortgage Corp.

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%

Milo reaches $10M crypto-mortgage milestone

Housing Wire

Miami-based fintech Milo has closed $10 million in cryptocurrency mortgages since unveiling the product earlier this year, the company announced early Tuesday. The lower the ratio, of course, the higher the rate adjustment will be for the crypto-mortgage.

Mortgage demand remains flat amid rate volatility

Housing Wire

Mortgage demand remained relatively flat last week amid volatility in mortgage rates in recent weeks. The market composite index , a measure of mortgage loan application volume, rose a marginal 0.2% Mortgage demand remains weak compared to a year ago.

Mortgage credit availability falls 0.3% in June

Housing Wire

Lenders continued to tighten credit standards in June as higher mortgage rates slowed refinance and purchase activity. The monthly Mortgage Credit Availability Index (MCAI) fell by 0.3% in June, according to the Mortgage Bankers Association. of all mortgage applications. .

Mortgage applications rise despite higher rates

Housing Wire

Prospective homebuyers aren’t deterred by the skyrocketing mortgage rates amid a slow start to the spring home-buying season this year. The refinance share of mortgage activity dropped to 32.4% With mortgage rates on the rise here are some products originators should tap into.

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 demand increases after a four-week decline

Housing Wire

Demand for mortgage loans increased last week as a troubling economic outlook led to a decline in rates, according to the Mortgage Bankers Association (MBA). Jumbo mortgage loans (greater than $647,200) went from 5.32% to 5.06% in the same period. .

Purchase mortgage rates fall 40 bps amid recession fears

Housing Wire

Purchase mortgage rates this week continued their recent downward trend, dropping 40 basis points to 5.30%, according to the latest Freddie Mac PMMS Index. Mortgage rates tend to move in concert with the 10-year U.S. The 15-year fixed-rate mortgage averaged 2.20% a year ago.

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%

JPMorgan Chase starts to cut mortgage jobs

Housing Wire

JPMorgan Chase , the nation’s largest bank, has started a workforce reduction of its mortgage lending business this week after having been struck by a tightening monetary policy that drove mortgage rates to over 6%.

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 application volume dips 1.7% led by decline in purchase mortgages

Housing Wire

Demand for mortgages declined for the second consecutive week, led by a dip in purchase mortgage applications — despite rates on a downward trend. The market composite index, a measure of mortgage loan application volume, decreased 1.7% retail residential mortgage applications.

Mortgage Delinquency Data Update

Appraisal Buzz

This represents a 2-percentage point decrease compared to May 2021 when the delinquency rate was 4.7%. … The post Mortgage Delinquency Data Update appeared first on DSNews. The post Mortgage Delinquency Data Update appeared first on Appraisal Buzz.

Mortgage applications dipped 6% continuing 3-week decline

Housing Wire

Weakening economic outlook, high inflation and affordability challenges took a toll on buyer demand, leading to a drop in both purchase and refi applications last week, according to the Mortgage Bankers Association (MBA). retail residential mortgage applications.

Mortgage rates reach highest level since 2018

Housing Wire

Mortgage rates keep climbing amid rising inflation , war in Ukraine, and disruptions to the supply chain, and there’s no sign that they’ll fall anytime soon. The GSE’s index accounts for just purchase mortgages reported by lenders over the past three days.

Mortgage apps decline 6.5% to 22-year low

Housing Wire

Mortgage application volume for the week ending June 3 dropped 6.5%, sliding to the lowest level in 22 years, driven by weakness in purchase and refinance applications. The refinance share of mortgage activity rose to 32.2% The post Mortgage apps decline 6.5%

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%

Can lower mortgage rates stop the housing recession?

Housing Wire

To say that mortgage rates have been on a wild Mr. Toad’s ride in 2022 is an understatement. People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% The question is, can lower mortgage rates save the housing market from its recent downtrend?

Mortgage delinquencies shrink in Q2

Housing Wire

Delinquency rates for mortgage loans on one-to-four-unit residential properties shrank across the board to 5.47% in the second quarter, according to a Mortgage Bankers Association survey published this week. The post Mortgage delinquencies shrink in Q2 appeared first on HousingWire.

Freedom Mortgage agrees to sell RoundPoint Mortgage Servicing 

Housing Wire

Two years after acquiring RoundPoint Mortgage Servicing , Freedom Mortgage Corp. has inked a deal to sell the nonbank mortgage servicer to Matrix Financial Services Corp. A look at key mortgage claims challenges servicers are facing. Mortgage Servicing

Despite headwinds, these mortgage companies are hiring

Housing Wire

new jobs hiring, housing jobs, recruiting for mortgage industry. Based on the headlines, one might assume the mortgage business is a complete disaster. Some mortgage companies will merge to stay afloat, and many others will go under. Go Mortgage is hiring LOs.

Retail 374

Mortgage rates start 2022 with an increase

Housing Wire

The average 30-year fixed rate mortgage increased to 3.22% during the week ending Jan. 6, up from 3.11% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.65%.

Cheer up, at least purchase mortgage rates are now below 5%

Housing Wire

Purchase mortgage rates dropped for the third consecutive week and are now below the 5% level, reflecting a Federal Reserve monetary policy that has led to a “technical recession” in the U.S. Mortgage lenders across the country are managing a volatile housing market.

Mortgage Markets CUSO Using Mortgage Coach

Appraisal Buzz

Mortgage Markets CUSO is now using Mortgage Coach to increase mortgage lending engagement at the credit unions it serves. To date, Mortgage Markets CUSO’s mortgage lending services are relied on by 15-plus U.S.

Mortgage rates have eclipsed 3.5%

Housing Wire

The average 30-year-fixed rate mortgage climbed to 3.56% during the week ending Jan. 20, rising from 3.45% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.77%.

Movement Mortgage lays off 170 employees

Housing Wire

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.

Retail 366

Mortgage forbearance rate declines marginally in June

Housing Wire

Servicers’ forbearance portfolio volume trended downward in June but declined at a much slower pace than earlier this year, according to the Mortgage Bankers Association (MBA). in May at a time of high inflation and volatility in mortgage rates.

Mortgage rates climb to 3.09%

Housing Wire

The average 30-year-fixed rate mortgage climbed to 3.09% during the week ending Oct. 21, rising from 3.05% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.80%.

Mortgage apps slide 5.4% despite lower rates

Housing Wire

Fewer applications show borrowers’ demand for mortgage loans fell this week, despite a decline in rates due to concerns of an economic recession, according to the Mortgage Bankers Association (MBA). . Jumbo mortgage loans (greater than $647,200) went from 5.42% to 5.28%.

Guaranteed Rate moves beyond mortgage

Housing Wire

Guaranteed Rate is looking to diversify its product mix amid the mortgage downturn. The mortgage lender has rolled out its first personal loan product. ” The personal loans could also be a good source of leads for mortgages down the road.

Purchase mortgage rates continue incremental, upward trend

Housing Wire

Purchase mortgage rates this week averaged 5.81% , compared to 5.78% the week prior, when rates rose 55 basis points, the largest 1-week increase since 1987, according to the latest Freddie Mac PMMS index. However, another index showed mortgage rates declining this week.

Mortgage delinquency rate falls to historic low

Housing Wire

The national mortgage delinquency dropped to an all-time low in May, continuing two consecutive months of a decline since March. million properties were in early-stage delinquencies, defined as borrowers who missed a single mortgage payment, which is a slight increase of 0.2%

Opinion: The elasticity in mortgage employment

Housing Wire

Is there a new way to address the truth about staffing in the mortgage industry? While taking with Clayton Collins, CEO of HW Media, he used the term “elasticity” when describing the housing market and mortgage employment. I’ve been in mortgage for more than 25 years.

Cost cutting is the top priority for mortgage lenders

Housing Wire

As mortgage origination volume continues to fall from the heights of the pandemic-spurred boom, many lenders see cost-cutting as their top priority this year. With mortgage origination volume expected to drop by about 40% to $2.4

In retreat, Wells Fargo cuts additional mortgage jobs

Housing Wire

Wells Fargo, the third-biggest mortgage lender in the country, will lay off 125 employees in its home lending division in Iowa by the end of August. The bank eliminated 72 mortgage jobs in Iowa across earlier layoffs.

Freedom Mortgage launches MSR-backed private-label offering

Housing Wire

The mortgage servicing rights (MSR) market is continuing to pump out new deals. Freedom Mortgage , one of the country’s largest mortgage servicers, recently unveiled its second private-label offering this year backed by MSRs.