Housing Wire

APRIL 1, 2025

This is roughly in line with other proprietary product offerings in the space from companies such as Finance of America (FOA), Longbridge Financial , University Bank , Smartfi Home Loans and Nationwide Equities. The product line, known as SecureEquity, is available to homeowners as young as age 55.

Mortgages 255

Mortgages Principal Equity Loans 255

Housing Wire

NOVEMBER 3, 2022

Up to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers or failures in the wake of the double whammy of still-rising inflation and interest rates. The consolidation fervor is being fed by several factors, according to David Hrobon, a principal with Stratmor.

Banks 418

Banks Mortgages Loans Equity 418

Housing Wire

JUNE 15, 2023

Inflation has been moderating but it’s still well above the Fed’s comfort level – increasing the likelihood of the central bank going ahead with further rate hikes. The Fed’s updated economic projections showed that central bankers forecast that inflation could finish 2023 at 3.2% The industry wants a complete stop.

As-is 397

As-is Industrial Fixed-rate mortgage Mortgages 397

Housing Wire

AUGUST 15, 2024

Swiss bank UBS Group AG has decided to sell Credit Suisse ’s mortgage servicing company, Select Portfolio Servicing (SPS), to a group of investors led by Sixth Street , HousingWire has learned. Banks have reduced their exposure to mortgage servicing rights (MSRs) due to expected higher capital requirements and risks.

Investor 476

Investor Mortgages Banks Principal 476

Housing Wire

JULY 8, 2024

The bank entered into an agreement to buy $1.8 More recently, regional banks have been looking to shed assets ahead of the Basel III Endgame regulations. As with many other regional banks, PacWest had billions of dollars worth of unrealized losses in its bond portfolio and uninsured deposits that were at risk of being pulled.

Loans 435

Loans Principal Banks Residential 435

Housing Wire

JULY 21, 2022

Bankruptcy Court in Delaware — show the lender owes more than $400 million to four warehouse lenders, which include Customers Bank, Flagstar Bank, Texas Capital Bank and J.V.B. Obligations to Customers Bank are further secured by a cash reserve account and related collateral,” Samples court pleadings add.

Bankruptcy 418

Bankruptcy Banks Pre-approval Principal 418

Housing Wire

MARCH 5, 2024

Struggling New York Community Bancorp (NYCB), which triggered fears of new bank collapses, could benefit from selling mortgage servicing rights ( MSR ) to improve its capital ratio, according to analysts at Keefe, Bruyette and Woods (KBW). NYCB became a large mortgage servicer after the acquisition of Flagstar Bank in December 2022.

Sales 467

Sales Banks Principal Loans 467

Housing Wire

JUNE 4, 2024

Warehouse lender Flagstar Bank , which has a lawsuit filed against Hometown Lenders , has the largest unsecured claim, $20.1 Warehouse lender Flagstar Bank , which has a lawsuit filed against Hometown Lenders , has the largest unsecured claim, $20.1 It’s followed by another warehouse lender, First Horizon Bank ($3.5

Bankruptcy 446

Bankruptcy Banks Principal Investor 446

Housing Wire

OCTOBER 18, 2024

HOME EQUITY CONVERSION MORTGAGE (HECM): The HECM allows homeowners age 62+ the ability to leverage a portion of their home’s value without a required monthly principal and interest mortgage payment.* HOME EQUITY LINE OF CREDIT (HELOC): The HELOC has no age requirement and is offered through lenders and local banks.

Mortgages 448

Mortgages Principal Equity Loans 448

Housing Wire

JUNE 9, 2021

Federal Reserve Chairman Jerome Powell recently observed that across all kinds of financial services, activities that had once been principally the province of banks have moved into the nonbank sector, including IMBs. Bank CRA obligations cover far more than their mortgage lending.

Banks 516

Banks Lending Loans Principal 516

Housing Wire

JULY 30, 2024

Cooper Group has priced the issuance of $750 million in debt to refinance outstanding mortgage servicing rights (MSR) facilities, an announcement that comes only four days after making public its billion-dollar acquisition of Flagstar Bank ‘s servicing assets. that is payable semiannually. The senior notes are due on Aug.

Principal 482

Principal Investor Banks Mortgages 482

Housing Wire

MARCH 6, 2024

In turn, the bank is expanding its board of directors, adding four new seats to include Mnuchin, the former Comptroller of the Currency Joseph Otting, Allen Puwalski from Hudson Bay, and Reverence Capital’s managing partner Milton Berlinski. ” On a call on February 7, management told analysts that the bank’s total liquidity was $37.3

Equity 443

Equity Mortgages Banks Commercial 443

Housing Wire

JULY 12, 2024

The unpaid principal balance (UPB) decreased by 14% compared to the same quarter last year. The bank had $189 million from servicing revenues in Q2 2024, compared to $144 million in the previous quarter. JPMorgan was followed by Wells Fargo, which exited the correspondent channel last year. It reached $5.3 billion in Q1 2024 and $8.2

Mortgages 458

Mortgages Lending Banks Principal 458

Housing Wire

JULY 18, 2024

Amid expectations that the Federal Reserve will cut benchmark interest rates in the coming months, analysts at investment banking company Jefferies anticipate that mortgage rates could reach 6.5% The analysis incorporates principal amortization and a prepayment assumption in projecting outstanding vintage balances.

Principal 468

Principal Mortgages Banks Loans 468

Housing Wire

JANUARY 30, 2024

MSR holdings for banks over same period remained essentially flat, however, according to Recursion’s data — at $2.773 trillion in 2019 versus $2.747 trillion as of January 2024, again based on the outstanding balance of loans serviced. Well’s MSR portfolio was shrinking even as the MSR market continues to expand, however.

Marketing 435

Marketing Principal Banks Loans 435

Housing Wire

OCTOBER 19, 2022

Prior to joining Nations Direct, O’Brien held leadership positions at LoanDepot , was Northeast regional sales manager at Fifth Third Bank; principal at J.H. O’Brien & Associates and VP, Eastern regional sales manager at National City Home Equity, among others. . About half of its loans were originated in California.

Sales 459

Sales Mortgages Principal Equity 459

Housing Wire

AUGUST 4, 2022

The loan must be secured by a principal residence. For banks, there is a potential incentive for making targeted programs. That’s despite a February report by the Urban Institute which found that nonbanks made a greater share of their owner-occupant home purchase mortgage loans to borrowers of color than banks.

Loans 508

Loans Principal Banks Closing costs 508

Housing Wire

MARCH 15, 2024

So why aren’t more commercial real estate (CRE) entities – investors , principals, banks, law firms or developers – seeking the same? A significant opportunity To be sure, there are title agencies eager to partner with CRE principals and funds. CRE firms are also suffering through the highest interest rates seen in years.

Commercial 448

Commercial Brokerage Due diligence Title 448

Housing Wire

OCTOBER 22, 2020

According to Fed data, the central bank has bought over $1 trillion in bonds backed by home loans since then. And that’s the rationale for this change, as the GSEs are shouldering significant risks associated with the pandemic — as the principal risk taker, we have to price that risk appropriately.” The average U.S.

Mortgages 538

Mortgages Principal Loans Banks 538

Housing Wire

MAY 19, 2023

The company’s unpaid principal balance reached $524.8 Between the acquisition of First Republic Bank and the purchase of Rocket’s MSRs, JPMorgan Chase has acquired approximately $126 billion worth of MSRs in the last two months. The spokesperson did not provide additional details on loan type or characteristics.

Principal 109

Principal Loans Mortgages Banks 109

Housing Wire

FEBRUARY 15, 2024

Wisconsin: No proprietary but plenty of opportunity Cullen, who works at University Bank , explained that while he occasionally gets business opportunities from outside Wisconsin , he prefers to remain within his home state since he likes to conduct business face to face as much as possible. So, for me, the HECM is the go-to product.

Mortgages 435

Mortgages Banks Land Equity 435

Housing Wire

APRIL 21, 2022

According to the latest quarterly earnings, the servicing company ended the fourth quarter of 2021 with $710 billion in unpaid principal balance, up from $668 billion in the third quarter. Before joining Mr. Cooper, he held executive positions at First Horizon National Corporation and Capital Bank. Cooper Group Inc.,

Banks 418

Banks Principal Finance Equity 418

Housing Wire

MARCH 5, 2024

a KKR -owned company; Citibank ’s mortgage division; Morgan Stanley ; American Express ; and Bank of America. Two Harbors’ originations business will hedge its servicing portfolio of $216 billion in unpaid principal balance (UPB) as of Dec. Kasnet, chairman of Two Harbors, said in a statement.

Principal 446

Principal Commercial Loans Mortgages 446

Housing Wire

FEBRUARY 28, 2022

If a Ginnie Mae borrower defaults, a servicer still has to make full principal and interest payments, until the loan re-performs or is taken out of the pool, whereas GSE servicers are typically obligated to remit only what the borrower paid. Defaults are more expensive for Ginnie Mae servicers. basis points.

Principal 418

Principal Loans Industrial Banks 418

Housing Wire

SEPTEMBER 10, 2022

This agency’s most recent credit risk transfer (CRT) offering, STACR 2022-DNA6, involves a $1.165 billion note backed by a reference loan pool of 112,865 residential mortgages with an outstanding principal balance of $35.6 Morgan Chase Bank , 6.5%; Rocket Mortgage , 6.4%; and Wells Fargo , 4.7%. billion so far in 2022.

Principal 448

Principal Loans Investor Residential 448

Housing Wire

APRIL 14, 2023

Wells Fargo has finalized the sale of a $50 billion block of mortgage-servicing rights (MSR), a deal that is expected to close later this year, according to bank officials. As of the end of the first quarter of 2023, the bank’s MSR portfolio was valued at $8.81 billion based on the unpaid principal balance (UPB), down from $679.2

Principal 448

Principal Loans Banks Mortgages 448

Housing Wire

OCTOBER 8, 2021

Morgan , the investment bank side of New York-based banking holding company J.P. The private-label residential mortgage-backed securities market has been resurrected from its near-death following the global financial crisis a decade and a half ago. Morgan Chase & Co. Morgan, through its private label conduit, J.P.

Principal 394

Principal Banks Residential Loans 394

Housing Wire

SEPTEMBER 20, 2023

That demand means now is an opportune time for smaller, struggling independent mortgage banks (IMBs) to sell MSRs to manage cash flow and their balance sheets as pricing is likely at a high point in the market. “I The prime time for getting a deal in the market would probably be this month or next month. Piercy added.

Banks 435

Banks Loans Principal Investor 435

Housing Wire

JULY 28, 2023

The bank entered into an agreement to buy $1.8 Banc of California and PacWest announced on Tuesday an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners to create a bank with $36 billion in assets. billion of single-family residential loans at a discount, according to the outlet.

Purchase and sale agreement 370

Purchase and sale agreement Mortgages Banks Principal 370

Housing Wire

AUGUST 26, 2024

Many independent mortgage banks opted to sell a substantial portion of their MSRs, aiming to free up cash and stay afloat amidst declining origination activity, anticipating future regulatory capital requirements or simply lacking interest in maintaining these assets. trillion unpaid principal balance (UPB).

Mortgages 459

Mortgages Banks Debt-to-income ratio Loans 459

Housing Wire

FEBRUARY 9, 2024

In Green Bay, Wisconsin, Jim Cullen of University Bank reports a similar trend. After enduring challenges stemming from higher interest rates, stricter qualifications and broader industry consolidation, loan officers seem to be optimistic about how things have progressed in the early portion of 2024. My outlook is very positive.

Mortgages 459

Mortgages Principal Loans Loan Officer 459

Housing Wire

JULY 25, 2024

I never made a move on my own; it was always the bank or whoever decided to get out of the reverse program. Right now, with the principal limit factors where they are, especially with younger borrowers (in their 60s to mid-70s), you run the numbers for people and they see that principal limit. Jim Cullen: Yeah, definitely.

Mortgages 443

Mortgages Principal Development Industrial 443

Housing Wire

MAY 31, 2021

He formerly served as senior counsel for the Senate Committee on Banking, Housing, and Urban Affairs, and currently, he serves as senior counsel for the U.S. Senate Finance Committee. This content is exclusively for HW+ members. Start an HW+ Membership now for less than $1 per day.

Principal 431

Principal Banks Finance Technology 431

Housing Wire

DECEMBER 13, 2023

While the central bank did not completely rule out the possibility of a rate increase in 2024, that action seems unlikely. Instead, fresh economic projections from central bank officials showed rates would be slashed to a median 4.6% by the end of 2024, suggesting three 25 basis points (bps) cuts from current levels.

Banks 488

Banks Mortgages Principal Investor 488

Housing Wire

MARCH 20, 2024

A fresh set of quarterly economic projections from Fed officials showed that borrowing costs are expected to end the year at 4.6%, suggesting that the central bank still plans to make three cuts of 25 basis points (bps) each in 2024. As widely anticipated, central bankers left the benchmark interest rate steady at 5.25% to 5.5%.

Industrial 468

Industrial Mortgages Banks Principal 468

Housing Wire

SEPTEMBER 16, 2022

In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan.”. LLC (PIMCO) for Pool 1, DLJ Mortgage Capital Inc. The transaction is slated to close by October 26. acting as advisor.

Sales 418

Sales Principal Loans Banks 418

Housing Wire

JUNE 28, 2023

“Once data is identified, the system can then run a series of automated comparison checks or rules,” Jennifer Fortier , principal at Stratmor, said. Automated comparison checks can help solve one of the biggest issues in mortgage banking: a lack of trust in data provided by borrowers and lenders.

Industrial 418

Industrial Mortgages Principal Loans 418