Housing Wire

DECEMBER 27, 2022

Marty Green thinks of the housing market in 2022 as two very different movies. But the housing market in the second half of 2022? By September, a full-fledged housing market recession had set in. The 2002 housing market has been a tale of two halves,” said Green. A mortgage rate lockdown freezes the housing market.

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Marketing Equity Loans Bankruptcy 529

Housing Wire

SEPTEMBER 9, 2022

The pace of mortgage-backed securities (MBS) issuance in the nonagency market slowed considerably in July and August as rising interest rates and Federal Reserve MBS-purchase policy have combined to dampen the momentum exhibited in the private-label space in 2021 and over the first half of this year. billion over the same period in 2021.

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Marketing Fixed-rate mortgage Bankruptcy Mortgages 435

Housing Wire

OCTOBER 31, 2022

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. As we can see below, the bankruptcy levels were extremely high before the bankruptcy law was passed in 2005.

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Bankruptcy Lending Equity Mortgages 523

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

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Bankruptcy Banks Mortgages Loans 368

Housing Wire

NOVEMBER 15, 2022

While originations are down due to a volatile mortgage market, the population of underserved borrowers who require non-QM products is on the rise. Prospecting for these borrower types can help protect your business during market shifts. The solution: Bank Statement loans. . A look at non-QM borrower profiles. and growing.

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Bankruptcy Short sale Investor Title 397

Housing Wire

NOVEMBER 9, 2021

This was very critical to not only the housing market but also the health of the U.S. As you can see below, when you lend to the capacity to own the debt, you should never see a rise in foreclosures or bankruptcies unless a job loss recession happens on a massive scale. This content is exclusively for HW+ members.

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Bankruptcy Mortgages Lending Loans 529

Housing Wire

AUGUST 9, 2022

The latest non-QM player to feel the pain of the interest rate volatility afflicting the nation’s housing market this year is a Pasadena, California-based real estate investment trust called Western Asset Mortgage Capital Corp. And they have to sell them now [in the whole loan market or via securitization when we are seeing] 6%, 6.5%

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Marketing Bankruptcy Loans Principal 418

Housing Wire

SEPTEMBER 29, 2022

MAXEX , a major mortgage trading and aggregating platform, has unveiled a series of new programs designed to serve originators and loan buyers in the growing non-QM lending market. That has left “originators scrambling for liquidity in this growing market segment,” MAXEX’s announcement of the new non-QM initiative states.

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Housing Wire

DECEMBER 21, 2021

As 2021 draws to a close, it’s clear that the private-label residential mortgage-backed securities (RMBS) market has notched a year for the record books. market — defined as all post-financial-crisis prime, non-prime and credit-risk transfer (CRT) transactions — is projected to exceed $115 billion in issuance.

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Marketing Loans Investor Bankruptcy 434

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. People’s first reaction was to wonder if this was 2008 all over again. The entire system has to be designed to inflate the price over time.

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Loans Banks Equity Bankruptcy 544

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. mortgage market was ripe for refinancing, but today closer to 10%. . RTC), closed 747 S&Ls with assets of more than $407 billion.

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Mortgages Marketing Banks Loans 370

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. The Hill case is not a common occurrence in the world of housing finance, but it is far from rare. month over month.

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Mortgages Marketing Loans Finance 418

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

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Banks Bankruptcy Commercial Equity 444

Housing Wire

MAY 13, 2024

The FSOC report, released on Friday, states that these companies quickly adapt their operations to market conditions, are early adopters of technology and are key for underserved borrower groups. In addition, nonbanks represent seven of the 10 largest servicers of Fannie Mae , Freddie Mac and Ginnie Mae loans.

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Bankruptcy Finance Mortgages Banks 476

Housing Wire

MARCH 23, 2022

Minneapolis-based CarVal Investors , a global alternative investment manager and long-time player in the mortgage market, has launched a real estate mortgage investment conduit, or REMIC, that plans to work with loan originators around the country to develop and acquire innovative nonagency mortgage products.

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Bankruptcy Banks Loans Residential 397

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.

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Lending Banks Bankruptcy Loans 397

Housing Wire

FEBRUARY 5, 2021

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. And market leader Rocket Companies is expected to announce later this month that it originated over $300 billion worth of mortgages in 2020.

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Lending Bankruptcy Title Mortgages 370

Housing Wire

MAY 20, 2024

Cave commended the fact that Ginnie Mae was brought into the process — since servicers usually complain about the advances Ginnie requires and the costs related to them — and that the FSOC did not show its intention to bring the servicing business back to banks, recognizing the innovation of nonbanks and their roles in underserved communities.

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Bankruptcy Finance Mortgages Banks 447

Housing Wire

JULY 27, 2022

AOMR)— has brought to market a total of five PLS deals backed by mortgage pools valued at $2.1 The question remains, however: Is Angel Oak’s liquidity strategy sufficiently robust to get it through the current economic environment, which is marked by high market volatility and fast-rising interest rates?

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Marketing Loans Investor Mortgages 397

Housing Wire

NOVEMBER 10, 2020

His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. Over the last several months, liquidity has poured back into the non-QM market, prompting roughly a half-dozen lenders to once again underwrite non-QM loans. “Pre-COVID, The origination credit quality was very good.

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Debt-to-income ratio Loans Banks Loan Officer 459

Housing Wire

AUGUST 30, 2022

While the growth rate is cooling monthly, we are still in a savagely unhhealthy housing market trying to get national inventory levels back to pre-COVID-19 levels. I understand why anti-Central Bank people say this because they want to blame everything on the Federal Reserve and say it’s just been booming demand.

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Bankruptcy Days on market Sales Short sale 397

Housing Wire

DECEMBER 13, 2024

The Mortgage Bankers Association (MBA) this week published a proposal for Ginnie Mae to develop a new mortgage securitization product that could boost the availability of private capital liquidity sources into the market, particularly in periods of stress for the U.S. could serve as a logistical template for such a product.

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Bankruptcy Loans Investor Banks 368

Housing Wire

FEBRUARY 23, 2024

per share at market open on Friday, up from $10.98 per share at market close the day before. 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. Rocket’s stock price rose to $11.75

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Equity Bankruptcy Loans Mortgages 448

Housing Wire

JANUARY 19, 2023

The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. The Smart Rate website mentions that the mortgage lender offers purchase and refinancings, jumbo, FHA, adjustable, bank statement and investors loans. Yet Strauss, who already has a $2.45

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Mortgages Bankruptcy Loans Investor 418

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. a long-term player in the non-QM mortgage market. The Angel Oak Cos. The Angel Oak Cos.

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Mortgages Residential Loans Lending 397

Keeping Current Matters

JUNE 10, 2021

Lehman Brothers) and many more into bankruptcy. We told banks they needed more reserves and that they could no longer underwrite toxic mortgages. Here are the results of that regulation, captured in a graph depicting the number of failed banks since 2007. It created a panic that drove some large companies out of business (ex.

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Bankruptcy Banks Short sale Industrial 311

Housing Wire

DECEMBER 10, 2021

In the secondary market, these non-QM loans are in demand this year and are expected to continue propelling the growth of private-label securitizations in the year ahead, according to Dane Smith, president of Versus Mortgage Capital. “We That implies a market size [today] somewhere between $175 billion to maybe $200 billion,” he said. “We

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Loans Lending Bankruptcy Mortgages 497

Housing Wire

JANUARY 4, 2024

When assessing December’s Home Equity Conversion Mortgage (HECM) volume data for December 2023, Reverse Market Insight (RMI) used a choice word as the title for its commentary : “thud.” In the case of large institutions such as Bank of America , Wells Fargo , and MetLife , we never regained their lost volume.

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Mortgages Bankruptcy Principal Industrial 476

Housing Wire

JULY 29, 2021

In a comprehensive study of mortgage market liquidity, Liquidity Crises in the Mortgage Market , several well-known academics provided compelling evidence for “liquidity vulnerabilities associated with nonbanks.” Many of these firms experienced bankruptcies and closures similar to that of New Century.”. Similar results (2.57

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Mortgages Loans Bankruptcy Industrial 448

Housing Wire

MAY 13, 2021

A Bank Statement loan allows bank statement submissions instead of tax returns. Portfolio Select is a good option for those just two years out of foreclosure, short sale, bankruptcy or deed-in-lieu. We have presentations, marketing flyers and innovative products ready to help you get it done. Learn more.

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Loans Bankruptcy Investor Short sale 317

Housing Wire

FEBRUARY 28, 2023

Market conditions have also resulted in elevated originator consolidation, bankruptcies and associated attrition,” the company’s 8-K filing said. Opponents of the deal claimed consumers could face higher costs due to the pricing power ICE would gain in the mortgage data market and may discourage new market players.

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Bankruptcy Mortgages Technology Banks 397

Housing Wire

DECEMBER 14, 2021

The non-QM mortgage market, which encompasses most home loans not backed by a government-sponsored guarantee, is expected to reach the $25 billion mark this year in private-label securitization volume. . Automation just increases efficiencies,” Hutchens added.

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Lending Loans Bankruptcy Technology 397

Housing Wire

APRIL 18, 2024

A large portion of those loans, once repurchased from the government-sponsored enterprises (GSEs) at par, were later resold for much less in the so-called “scratch and dent market. Levonick said that in today’s market, the economics have shifted toward encouraging more quality control reviews at the originator level. “So,

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Loans Due diligence Investor Technology 448

Housing Wire

MARCH 28, 2022

As the end of the first quarter of 2022 approaches, the expected blossoming of the non-QM lending space in the private label market is well underway. . With mortgage rates now hovering around 5%, compared with 3% or lower for much of last year, the low-hanging fruit of the refinancing market is now pretty much picked over.

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Loans Lending Investor Mortgages 370

Realty Biz

MARCH 21, 2024

If you’re struggling financially and unable to pay your bills, you may have considered filing for bankruptcy. Filing for bankruptcy gives you a fresh start, but it stays on your credit report for up to 10 years — resulting in consequences for years to come. For example, the bank could foreclose on your home if you don’t pay.

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Bankruptcy Equity Loans Principal 101

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. filed for Chapter 11 bankruptcy. [In How bad will it get?

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Loan Officer Loans Mortgages Industrial 435

Housing Wire

MARCH 26, 2024

Then, the housing market takes off like a rocket with home values exceeding all expectations. If any of this resonates with your personal experience in the current market, you have officially entered the realm of interacting with homeowners in the post-pandemic economy.

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