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Figure partners with NovaWulf on proposed reorg of crypto lender Celsius

Housing Wire

Fintech Figure Technologies will partner with NovaWulf Digital Management to provide blockchain technology solutions for a proposed reorganization of troubled crypto lender Celsius. Cagney’s attempt to bring blockchain technology to mortgage lending at scale dates back to August 2021. Figure Acquisition Corp.,

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Fannie Mae’s chief economist on housing market outlook

Housing Wire

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
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FSOC recommends more regulation and liquidity for nonbank servicers

Housing Wire

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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Non-QM lenders are racing to stay ahead of rates

Housing Wire

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
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Automation is coming to non-QM lending

Housing Wire

That has some producers of non-QM loans, which require specialized underwriting expertise, looking to technology, big data and the development of automated underwriting platforms as the solution for dealing with the anticipated surge in loan volume in the years ahead.

Lending 396
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Rocket lost money last year, so why are its shares up?

Housing Wire

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.

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Loan buybacks haven’t disappeared, but they are trending down

Housing Wire

The pool of non-QM borrowers includes real estate investors, foreign nationals, business owners, gig workers and the self-employed, as well as a smaller group of homebuyers who face credit challenges, such as past bankruptcies. With the little increase that we had, it simply alerted us that we need to be more careful [in certain areas].”

Loans 448