Housing Wire

JULY 28, 2023

It follows a request from the shuttered lender to halt the agreement due to an involuntary bankruptcy petition filed by three creditors. New Wave Lending Group , JMJ Financial Group and EF Mortgage filed on July 5 an involuntary petition against Sprout under Chapter 7 of the Bankruptcy Code in a New York court, claiming the lender owes $1.3

Bankruptcy 369

Bankruptcy Banks Mortgages Loans 369

Housing Wire

JUNE 14, 2024

Attorneys for the federal government have issued an extensive new filing in the ongoing litigation between Texas Capital Bank (TCB) and Ginnie Mae , including a raft of correspondence that took place immediately prior to the seizure of the Reverse Mortgage Funding servicing portfolio by Ginnie Mae.

Bankruptcy 448

Bankruptcy Banks Loans Lending 448

Housing Wire

JANUARY 5, 2023

Silvergate Capital Corporation , parent company of Silvergate Bank , which provided services to Sam Bankman-Fried’s now-collapsed crypto empire, walked away from its mortgage warehouse business and cut workforce by 20% as clients pulled $8.1 billion in crypto-related deposits. Impacted employees were notified on January 4.

Lending 418

Lending Mortgages Bankruptcy Banks 418

Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

Lending 459

Lending Bankruptcy Mortgages Banks 459

Housing Wire

MARCH 1, 2024

The funds will ultimately go to companies including Mirae Asset Securities , Industrial and Commercial Bank of China Financial Services (ICBC), Flagstar Bank , Customers Bank and the bankruptcy estate of Live Well itself, according to court filings reviewed by RMD. million; Customers Bank receive $7.64

Banks 447

Banks Bankruptcy Commercial Equity 447

Housing Wire

SEPTEMBER 22, 2023

While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Elevated mortgage rates will lead to more lenders spilling red ink in the latter half of the year, in contrast to the improved financial performance of independent mortgage banks in Q2. Kim: Bankruptcies and layoffs are still happening.

FHA loan 476

FHA loan Bankruptcy Marketing Loans 476

Housing Wire

MARCH 26, 2024

The Home Equity Conversion Mortgage (HECM) program faces stability and viability challenges stemming from the 2022 collapse of a major industry lender and its extinguishment from the HECM-backed Securities (HMBS) program, which could warrant congressional scrutiny if these challenges are not properly addressed by the U.S.

Bankruptcy 460

Bankruptcy Loans Banks Mortgages 460

Housing Wire

SEPTEMBER 1, 2021

“Instead of wiring the funds to the correct financial institution, the funds were instead transferred to bank accounts controlled by Kaufman,” the federal government said. The recent changes to leadership in the FHFA have shaken the industry – but will the impact have a positive or negative impact on brokers?

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Mortgages Bankruptcy Banks Brokerage 397

Housing Wire

FEBRUARY 5, 2021

“We have assembled the best in the industry and they have provided the rocket fuel to succeed,” Stearns said. At the time, the bankruptcy was being conducted by Blackstone , the private equity giant that acquired a majority stake in Stearns parent company, Stearns Holdings , back in 2015.

Lending 370

Lending Bankruptcy Title Mortgages 370

Housing Wire

DECEMBER 27, 2022

The elevated mortgage rate environment has created a mortgage rate lockdown effect of sorts, limiting the pool of customers for the mortgage industry. Layoffs, LOs leaving the industry for good. The mortgage industry shrinking by more than half to an estimated $1.7 non-Bank financial institutions at Fitch Ratings.

Marketing 529

Marketing Equity Loans Bankruptcy 529

Housing Wire

MAY 20, 2024

Others in the industry believe that’s the correct arena to deal with broader housing regulation. One thing was interesting to see in a report like this: they must have mentioned four or five times that the federal government has little authority or ability to intervene here. You normally don’t see that in the FSOC report.”

Bankruptcy 448

Bankruptcy Finance Mortgages Banks 448

Housing Wire

MARCH 23, 2022

As a result, they must rely on alternative documentation, including bank statements, assets or, in the case of rental properties, debt-service coverage ratios. Non-QM mortgages also go to a slice of borrowers facing credit challenges — such as a recent bankruptcy or slightly out-of-bounds credit scores.

Bankruptcy 397

Bankruptcy Banks Loans Residential 397

Housing Wire

JANUARY 4, 2024

Any time we see exits and consolidations we tend to see a dip in industry production for a time,” McCue said. “In In the case of large institutions such as Bank of America , Wells Fargo , and MetLife , we never regained their lost volume. Beyond that will depend on what happens to rates.” This is a different situation.”

Mortgages 476

Mortgages Bankruptcy Principal Industrial 476

Keeping Current Matters

JUNE 10, 2021

Lehman Brothers) and many more into bankruptcy. The financial crisis that accompanied the current pandemic caused hardship to certain industries and hurt many small businesses. We told banks they needed more reserves and that they could no longer underwrite toxic mortgages. However, it hasn’t rattled the world economy.

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Bankruptcy Banks Short sale Industrial 312

Housing Wire

SEPTEMBER 9, 2022

That cap doubled starting in September, meaning the central bank going forward will now allow up to $35 billion per month in MBS to roll off its balance sheet as the securities mature. The Fed capped monthly MBS runoff of its $2.7 trillion MBS portfolio over the past three months at $17.5 That stability, so far this year, has been elusive.

Marketing 435

Marketing Fixed-rate mortgage Bankruptcy Banks 435

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. Shocked employees didn’t receive their last paychecks. Yet Strauss, who already has a $2.45

Mortgages 418

Mortgages Bankruptcy Loans Investor 418

Housing Wire

JULY 22, 2022

FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Just weeks later, a leaked text message from Flagstar Bank provided an inside look at how dire the current climate is for many non-QM lenders. Non-QM lender First Guaranty Mortgage Corp.

Lending 397

Lending Banks Bankruptcy Loans 397

Housing Wire

OCTOBER 13, 2022

The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond. Rising interest rates, inflation and risky loans made to chase higher returns all contributed to the rolling S&L industry crisis in the 1980s.

Mortgages 370

Mortgages Marketing Banks Loans 370

Housing Wire

AUGUST 9, 2022

The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. It’s volatile out there. Non-QM lender First Guaranty Mortgage Corp.

Marketing 418

Marketing Bankruptcy Loans Principal 418

Housing Wire

DECEMBER 13, 2024

This would aim to address liquidity challenges that plagued the reverse mortgage business stemming from the late 2022 bankruptcy of a major lender , the run-up in interest rates and a precipitous drop in loan volume. then, youre welcome, forward mortgage industry, Kelly said. as potential paths for its new proposal.

Bankruptcy 370

Bankruptcy Loans Investor Banks 370

Housing Wire

JULY 29, 2021

In light of this important industry and policy topic, I thought it instructive to provide further insight into the arguments raised from that previous piece. Many of these firms experienced bankruptcies and closures similar to that of New Century.”. Similar results (2.57 Smith School of Business at the University of Maryland.

Mortgages 448

Mortgages Loans Bankruptcy Industrial 448

Housing Wire

FEBRUARY 23, 2024

The three areas in which AI is driving impact are mortgage banking, underwriting and servicing, Rocket CEO Varun Krishna shared with analysts during the latest earnings call. In 2023 alone, the mortgage industry saw a total of 62 merger and acquisition transactions, lender exits and bankruptcies.

Bankruptcy 448

Bankruptcy Equity Loans Banks 448

Housing Wire

SEPTEMBER 29, 2022

These new programs will expand our reach with bank-statement and other alternative-documentation loans, interest-only, etc., The growth of this fragmented market requires standardization to meet the long term needs of the consumer and the industry, [and] MAXEX is committed to providing that, just as we have for jumbo loans.”.

Marketing 397

Marketing Pre-approval Bankruptcy Loans 397

Housing Wire

NOVEMBER 9, 2022

The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Some 80% of the volume in our industry is done by about 40% of the LOs.

Loan Officer 435

Loan Officer Loans Mortgages Industrial 435

Housing Wire

AUGUST 11, 2022

Because they are deemed riskier loans than conforming agency-eligible mortgages, rates for non-QM loans generally average around 150 basis points higher than conforming rates in a normal market, according to industry experts. billion of unused warehouse capacity to support go-forward mortgage banking production.”.

Mortgages 397

Mortgages Residential Loans Lending 397

Housing Wire

MAY 10, 2022

As the housing market enters a purchase-market cycle sparked by rising mortgage rates that have killed off a long-running refinance boom, we can expect to see mortgage-fraud schemes proliferate, industry experts say. Depository Institutions – Banks SARs Filings Related to Mortgage Fraud 2020: 11,349 2021: 8,805 Down: 22%.

Mortgages 418

Mortgages Marketing Loans Finance 418

Housing Wire

DECEMBER 14, 2021

Over the next several years, however, assuming interest rates continue to tick upward absent great volatility, the non-QM (or non-qualified mortgage) market has the potential to grow tenfold, according to some industry executives. He said the housing industry went from slightly more than $2 trillion in origination volume in 2019 to $4.5

Lending 397

Lending Loans Bankruptcy Technology 397

Housing Wire

DECEMBER 21, 2021

The pool of non-QM borrowers includes real estate investors, property flippers, foreign nationals, business owners and the self-employed, as well as a smaller group of homebuyers facing credit challenges, such as past bankruptcies. Morgan , the investment bank side of New York-based banking holding company JPMorgan Chase & Co.

Marketing 435

Marketing Loans Investor Bankruptcy 435

Housing Wire

MARCH 7, 2023

DeHart’s professional career spans 25 years in the mortgage banking and financial services industry. DeHart has also served in various roles for other large financial institutions, including Bank of America, JP Morgan Chase and Morgan Stanley. Its client base includes banks, credit unions and mortgage bankers.

Loans 370

Loans Banks Mortgages Technology 370

Housing Wire

APRIL 18, 2024

ACES Quality Management , a fintech that provides quality-control software for the financial services industry, issued a Mortgage QC Industry Trends report with data through Q3 2023. That’s a much better outcome and solution for the industry.” The problem obviously is bad loans that lead to repurchase and indemnification.”

Loans 448

Loans Due diligence Investor Technology 448

Housing Wire

JUNE 28, 2021

Ultimately, DeZarn concluded, “We don’t know where this industry is going.”. But they did not become key players in the home valuation industry until the recent housing bubble.”. The state fees, which in theory go to safeguarding and policing the appraisal industry, are a bane of AMCs (more on that in a sec).

Bankruptcy 435

Bankruptcy Loans Industrial Mortgages 435

Housing Wire

MARCH 26, 2024

It is a common belief in the legal industry that foreclosures will spike as consumers max out their credit and run out of options for covering the living expense overage, but that remains to be seen.

Equity 459

Equity Loans Bankruptcy As-is 459

Housing Wire

MARCH 28, 2022

Consequently, the hunt is on for opportunities in the purchase market, and that’s why non-QM lending is expected to become a sweet spot in the mortgage market, according to industry observers. UWM recently rolled out bank statement loans targeting the self-employed as well as investor loans.

Loans 370

Loans Lending Investor Mortgages 370

Brownstoner

JANUARY 17, 2022

are real estate brokers, auctioneers and appraisers providing services to the bankruptcy, banking, legal and financial industries." [sponsored_by name="MYC & Associates Inc." url="[link] logo="[link] byline="MYC & Associates Inc. attribution_name="Brownstoner" attribution_url="[link]. MYC & Associates Inc.

Development 98

Development Bankruptcy Banks Industrial 98

McKissock

AUGUST 7, 2022

It didn’t help that the Federal Reserve was not strictly regulating the bank’s loan screening and approval process. Therefore, the banks approved mortgages to customers without regard for their ability to repay the loan. This crash didn’t just affect the real estate industry. Why is This Current Housing Crisis Different?

Pre-approval 91

Pre-approval Bankruptcy Banks Loans 91

Point2Homes

AUGUST 12, 2020

An uptick in Canada’s home prices might seem unlikely amid the COVID-19 crisis, particularly when the economy is facing significant job losses and a record-high number of bankruptcie s. While mortgage brokers noted there are tighter requirements for bank loans, eligible customers can snap up five-year fixed mortgages at 2% or lower.

Bankruptcy 96

Bankruptcy Banks Loans Sales 96

Fancy Pants Homes

MAY 13, 2022

is once again trying to bank a $100+ million sale. Just one year after it sold at auction — banking a somewhat modest $51 million — the sprawling estate re-surfaced on the market with a $120 million asking price. The price point makes it the sixth-most-expensive residential listing in the Los Angeles area, Dirt reports.

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Bankruptcy Title Residential Banks 128