Housing Wire

APRIL 18, 2024

The loan repurchase trend that began to sting many mortgage originators in 2022 appears to finally be winding down, according to a recent report by Sterling Point Advisors and Augment Analytics. This created balance-sheet havoc for a number of lenders, particularly for small and midsized originators.

Loans 413

Loans Due diligence Investor Technology 413

Housing Wire

SEPTEMBER 25, 2023

Federal student loan payments resuming on Oct. 1 will negatively affect consumer loan asset quality, including credit card, auto and, to a lesser extent, residential mortgages. According to the analysts, job market conditions remain the primary driver of consumer loan performance. in Q2 2023. in Q2 2023.

Loans 425

Loans Mortgages Bankruptcy Residential 425

Housing Wire

JUNE 12, 2023

The housing market, which is facing challenges with mortgage rates , affordability, prices and inventory, hasn’t been this purchase-dominant in decades, according to Black Knight ’s originations market monitor report. Today, nearly nine out of every 10 mortgages originated is a purchase loan, the report notes.

Loans 440

Loans Mortgages Lending Marketing 440

Housing Wire

APRIL 26, 2023

Higher mortgage rates did not scare away potential homeowners last week. Borrower demand for home loans increased across the board, despite rates being at their highest level in over a month. The latest Mortgage Bankers Association (MBA) report confirms Stone’s perceptions. retail residential mortgage applications.

Loans 415

Loans Mortgages Fixed-rate mortgage Loan Officer 415

Housing Wire

APRIL 3, 2024

mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The lawsuit follows Monday’s report from Hunterbrook Media indicating that UWM pressures brokers to send loans its way.

Loans 482

Loans Loan Officer Mortgages Closing costs 482

Housing Wire

JUNE 5, 2023

Direct retail lender Revolution Mortgage has scooped up two of loanDepot ‘s top LOs, accelerating its plans to expand market share despite a tough origination environment. Revolution, on the other hand, has been expanding its footprint by scooping up top loan officers in local markets.

Loan Officer 390

Loan Officer Loans Mortgages FHA loan 390

Housing Wire

APRIL 5, 2023

Mortgage rates declined last week as headlines on the bank crisis slowed, which could have spurred borrowers’ demand for home loans. Overall, mortgage applications declined 4.1% last week on a seasonally adjusted basis, down from one week earlier, according to the Mortgage Bankers Association (MBA). the week prior.

Loans 423

Loans Mortgages Fixed-rate mortgage Banks 423

Housing Wire

MARCH 15, 2024

Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks reported an average net loss of $2,109 on each loan they originated in the fourth quarter of 2023, according to the Mortgage Bankers Association (MBA). Loan production expenses averaged around $7,389 per loan.

Loans 448

Loans Banks Mortgages Sales 448

Housing Wire

JANUARY 12, 2022

Mortgage applications climbed 1.4% 7, 2022, according to a survey published by the Mortgage Bankers Association this week. Joel Kan, associate vice president of economic and industry forecasting at the MBA, said in a statement that the increase in mortgage rates is curtailing refinance activity. for the week ending Jan.

Loans 468

Loans Fixed-rate mortgage Mortgages VA loan 468

Housing Wire

MAY 2, 2024

loan officer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital , bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California. ” According to Scotsman Guide , Potempa was the No. million. .

Loan Officer 422

Loan Officer Mortgages VA loan Lending 422

Housing Wire

APRIL 2, 2024

New American Funding (NAF) has snagged top Chicago loan officer Larry Steinway as it looks to grow its presence in the Chicagoland area. billion of loan volume in his nearly 30-year career, started at NAF on April 1 as its vice president producing area sales manager tasked with expanding the lender’s footprint in the Chicagoland area.

Loan Officer 398

Loan Officer Loans Finance Mortgages 398

Housing Wire

MARCH 23, 2023

The collapses of Silvergate Bank , Silicon Valley Bank and Signature Bank , the rescue of First Republic Bank and the acquisition of Credit Suisse by UBS, brought turbulence to the financial markets that led to a decline in mortgage rates – despite the Federal Reserve hiking federal funds rate by 25 basis point on Wednesday.

Loans 451

Loans Mortgages Banks Fixed-rate mortgage 451

Housing Wire

MAY 6, 2024

Utah-based Capital Community Bank (CCBank) has struck a deal to acquire Security Home Mortgage (SHM), which will become an independent subsidiary division of the bank, the parties announced on Friday. million in mortgages last year, mainly for building and construction. The financials of the deal were not disclosed.

Mortgages 411

Mortgages Loan Officer Banks Equity 411

Housing Wire

NOVEMBER 28, 2023

The baseline conforming loan limit for mortgages backed by Fannie Mae and Freddie Mac in 2024 will be $766,550, up 5.5% Conforming loan limits are increasing at a slower pace, mirroring home prices, overall. In 2022, the housing market was a little hotter than this year due to lower mortgage rates, pushing home prices up.

Loans 534

Loans Finance Mortgages Land 534

Housing Wire

JANUARY 18, 2023

Like its competitors, Tennessee-based First Community Mortgage, Inc. (FCM) FCM) reduced the company’s size through 2022 amid a tough mortgage market. “There is certainly optimism in the air as mortgage applications have started to pick up on,” Keith Canter, CEO at First Community Mortgage, said.

Loans 468

Loans Mortgages Residential Marketing 468

Housing Wire

OCTOBER 5, 2023

Industry-leading lender Movement Mortgage will become an “early adopter” of FICO Score 10 T, the updated credit scoring model designed to take advantage of trended data information to help expand mortgage approval rates.

Loans 426

Loans Mortgages Lending Finance 426

Housing Wire

MARCH 8, 2023

It’s counterintuitive but real: Despite surging mortgage rates , borrowers’ demand for home loans rose last week. There were very low levels of mortgage applications in the weeks prior to the surprising uptick. In addition, loan officers said that investors took advantage of a slower market. ”

Loans 385

Loans Fixed-rate mortgage Mortgages Loan Officer 385

Housing Wire

APRIL 17, 2024

Nearly half (48%) of a $65 billion portfolio of loans processed during the first quarter of 2024 contained vulnerabilities to wire and title fraud , according to a report released Wednesday by FundingShield. The portfolio of loans examined included residential, commercial investor and business purpose loans. of transactions.

Loans 470

Loans Title Commercial Closing 470

Housing Wire

JANUARY 31, 2024

Mortgage company Evergreen Home Loans is continuing its expansion across the country with the opening of new branches in Montana, the company announced on Wednesday. “We We are thrilled to welcome the Montana team to our Evergreen family,” Robert Lipston, the company’s executive vice president of production, said in a statement.

Loans 395

Loans Mortgages As-is 395

Housing Wire

APRIL 24, 2024

Two former New Jersey -based mortgage loan originators have been charged with conspiracy to commit bank fraud by the U.S. Christopher Gallo has been noted as a top-producing loan originator, at one point being Scotsman Guide ‘s fourth-ranked LO in the country. billion in loans between 2018 and October 2023, according to the DOJ.

Mortgages 543

Mortgages Loans Banks Finance 543

Housing Wire

MAY 2, 2024

In early November, 30-year fixed mortgage rates began a nosedive, declining from near 8% to below 7% in a matter of months before once again starting to rise at the start of 2024. at the end of April, according to HousingWire ’s Mortgage Rates Center. Non-QM mortgages include loans that cannot be purchased by Fannie Mae or Freddie Mac.

Mortgages 418

Mortgages Marketing Loans Equity 418

Housing Wire

SEPTEMBER 14, 2023

Adrian Gastelum, a vice president and branch manager at Nova Home Loans, recently had a prospective borrower apply for a Federal Housing Administration (FHA) mortgage. Because Gastelum’s client started a new job within 30 days, an underwriter at Nova decided that there was no interruption to his income and approved the loan.

Loan Officer 392

Loan Officer FHA loan Loans Mortgages 392

Housing Wire

JUNE 10, 2022

Mortgage lenders Doorway Home Loans and Priority Mortgage Thursday announced a merger, the latest of many such deals made during a challenging mortgage market. Priority Mortgage was founded in 1984 in Worthington, Ohio. Danilowicz will remain CEO of Doorway Home Loans, per terms of the deal.

Loans 387

Loans Mortgages Technology Lending 387

Housing Wire

MAY 2, 2024

Redlands, California-based mortgage lender Mountain West Financial has struck a deal to sell its retail assets to competitor ML Mortgage Corp. , one of the latest M&A transactions amid a challenging landscape for home loan originators. “We We did transfer our branches and loan officers to ML Mortgage.

Mortgages 417

Mortgages Loan Officer Lending Loans 417

Housing Wire

OCTOBER 18, 2023

The commissioner also discussed the rise in mortgage loan assumptions. The new option allows servicers to use the FHA partial claim to bring borrowers’ home loans current and temporarily reduce their monthly payments for three to five years. . But, per the MBA, it takes on average about $2,500 to close a government loan.

Loans 417

Loans Mortgages Lending Closing 417

Housing Wire

MARCH 30, 2023

Donny Kirby, former vice president of national direct-to-consumer sales at Wyndham Capital Mortgage , spent more than 12 years at Charlotte, North Carolina-based company before leaving to start a mortgage broker shop, Cornerstone Home Loans. Connie Kim: You had a long run at Wyndham Capital Mortgage dating back to 2011.

Loans 388

Loans Mortgages Loan Officer Lending 388

Housing Wire

JANUARY 17, 2024

Department of Housing and Urban Development (HUD) Marcia Fudge suggested to a congressional committee that the department could consider eliminating life-of-loan premium requirements for mortgages backed by the Federal Housing Administration (FHA), but did not offer any indication about the issue’s priority level at HUD.

Loans 467

Loans FHA loan Equity Mortgages 467

Housing Wire

MARCH 1, 2024

California-based mortgage brokerage Loan Factory was sued by a class of loan originators, who allege that the company used their personal and professional information, without their authorization, on its website in an attempt to drive business. He declined to comment further.

Loans 438

Loans Loan Officer Commercial Brokerage 438

Housing Wire

JANUARY 16, 2024

California-based fix-and-flip lender Anchor Loans launched a third-party originator (TPO) channel to serve mortgage brokers, banks, private and non-qualified mortgage (non-QM) lenders and other referral partners whose clients are home builders, developers and investors.

Loans 458

Loans Investor Banks Finance 458

Housing Wire

DECEMBER 13, 2023

mortgage lender United Wholesale Mortgage (UWM) is offering discounted rates on some government loans until January for brokers to create their own “refi boom,” the company announced on Wednesday. FHA rates were at 6.759% and rates for jumbo loans were even higher, at 7.333%.

Loans 413

Loans VA loan FHA loan Mortgages 413

Housing Wire

OCTOBER 7, 2023

United Wholesale Mortgage , the country’s top mortgage lender, announced an enhancement to its PA+ service on Saturday, allowing brokers and their processors to choose which part of the loan process they would like a lender’s loan coordinator to handle. 4-7 in Las Vegas. . 4-7 in Las Vegas. .”

Loans 456

Loans Mortgages Closing Agents 456

Housing Wire

OCTOBER 11, 2023

The country’s top lender, United Wholesale Mortgage (UWM), raised agency conforming loan limits to $750,000 following other firms’ moves ahead of the Federal Housing Finance Agency ’s (FHFA) decision expected next month. UWM will honor expected limits for conventional and VA loans locked starting Oct. This represents a 3.2%

Loans 456

Loans VA loan Finance Mortgages 456

Housing Wire

SEPTEMBER 19, 2023

Alterra Home Loans , a Nevada headquartered retail lender and a Panorama Mortgage Group company, has promoted Fernando Ospina to president. He originated more than $46 million in loans in 2022, the company said. billion across 3,900 loans in 2022, data from mortgage data platform Modex showed.

Loans 441

Loans Lending Residential Mortgages 441

Housing Wire

APRIL 29, 2024

The attorney general of Michigan has re-released a consumer alert about the reverse mortgage product category during financial literacy month. The action is designed to inform consumers about the potential pros and cons of taking out these loans, according to an announcement issued by Attorney General Dana Nessel’s office on Monday. “A

Mortgages 423

Mortgages Equity Loans Closing 423

Housing Wire

DECEMBER 1, 2023

The latest baseline increase in conforming loan limits has enabled loan originator Dave Krichmar’s client to make a 5% down payment instead of 10%. The self-employed homebuyer found an $800,000 home in Texas, but with the conforming loan limit for 2023 being $726,200, the buyer needed a jumbo loan or a bank statement loan.

FHA loan 435

FHA loan Loans Finance Mortgages 435

Housing Wire

OCTOBER 11, 2023

As the 30-year, fixed-rate mortgage hit 7.67% for the week ending Oct. 6, mortgage applications remained near historic lows. However, an uptick in adjustable-rate mortgage (ARM) applications edged total applications up slightly. Mortgage applications picked up 0.6% Mortgage applications picked up 0.6% from 31.7%

Loans 340

Loans VA loan FHA loan Mortgages 340

Housing Wire

NOVEMBER 2, 2022

Rocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options in a rapidly shrinking industry. The lender has been pivoting to purchase mortgages and has been introducing products to court more borrowers.

Loans 407

Loans Mortgages Land Finance 407