Housing Wire

MARCH 8, 2024

In remarks made Thursday to the Senate Banking Committee this week, Federal Reserve Chair Jerome Powell said he expects some U.S. banks to fail in the coming months because of declining values and defaults in their commercial real estate loan portfolios. There will be bank failures, but not the big banks.”

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Banks Commercial Residential Lending 493

Housing Wire

MARCH 31, 2025

Prior to embarking on his forays into the reverse mortgage industry, Wagner served as chief operating officer for San Diego Financial Corporation , at the time the largest bank holding company in that city. Throughout the 1990s, Ibis developed several reverse mortgage software applications, including for use by counselors.

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Housing Wire

JANUARY 28, 2025

Last week, business-purpose residential mortgage lender Dunmor announced that it received a minority equity investment from Newfi Lending , a nonagency mortgage lender owned by funds managed by Apollo Global Management. I think [about] five years ago, banks were still extremely active in the sector.

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Residential Lending Finance Banks 364

Housing Wire

JULY 7, 2022

Can Fannie Mae ’s housing equity plan make a meaningful dent in the 30 percentage point racial homeownership gap without a broad review of loan pricing? The list of potential obstacles across the Black housing journey — it’s long,” said Katrina Jones, Fannie Mae’s vice president of racial equity strategy and impact. “The

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Equity Lending Closing costs Development 448

Housing Wire

APRIL 19, 2024

Department of Housing and Urban Development (HUD) and Ginnie Mae largely deny any allegations made against the company in the original complaint. Ultimately, Ginnie Mae is again seeking to have the bulk of the claims made by the bank dismissed, but presiding Judge Matthew Kacsmaryk of the U.S. Attorneys for the U.S.

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Banks Title Equity Development 468

Housing Wire

NOVEMBER 14, 2024

Executive leaders there pointed to the performance of the company’s proprietary loan products and trends in the Home Equity Conversion Mortgage ( HECM ) space as favorable. People have looked at the demographics, the under-savings of seniors and the significant amount of home equity seniors hold as a potentially large opportunity,” he said.

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Investor Mortgages Bankruptcy Equity 370

Housing Wire

JANUARY 24, 2024

New Jersey-based TD Bank has decided to invest $10 billion in affordable homeownership initiatives by 2027, including providing loans and liquidity to the residential lending market. In the mortgage space, TD Bank was a top-35 U.S. The bank has presence in 15 states and Washington, D.C. TD Bank’s plan also includes $7.5

Banks 447

Banks Lending Loans Finance 447

Housing Wire

AUGUST 1, 2022

Rocket Mortgage , the nation’s largest lender, is expanding its product portfolio to home equity loans amid a significant slowdown in mortgage origination volume. Rocket is targeting American homeowners with high household debt and credit card balances but strong home equity positions. . ” U.S. ” U.S. ” U.S.

Equity 397

Equity Loans Lending Banks 397

Housing Wire

JULY 1, 2024

Texas Capital Bank (TCB) is seeking a new partial summary judgment in its suit against Ginnie Mae. The bank seeks to bring the attention of the matter to the court. But TCB’s lien is on the tails, which are not the same thing, the bank contends. TCB also filed a sample version of an order the judge can issue in its favor.

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Banks Mortgages Equity Development 429

Housing Wire

JANUARY 30, 2025

home equity based on different estimates its easy to see the potential impact that such a large cohort has on a variety of different businesses, including home inspections. We tell all of our franchise owners not to forget about banks, lenders and loan originators, he said.

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Inspection Mortgages New Construction Equity 322

Housing Wire

AUGUST 23, 2023

based Regions Bank $2.95 The Board fined Regions “for its failure to effectively monitor a portfolio of home equity loans for compliance with flood insurance regulations due to changes in loan servicing platforms and third-party service providers,” noting that the bank had a pattern of individual violations of flood insurance regulations.

Banks 370

Banks Equity Loans Residential 370

Housing Wire

JULY 25, 2022

Pink slips will arrive for 58 employees working in the mortgage business at Texana Bank in California, according to a Worker Adjustment Retraining Notification (WARN) sent to the state’s Employment Development Department. The bank eliminated 72 mortgage jobs in Iowa across earlier layoffs.

Banks 370

Banks Loan Officer Loans Lending 370

Housing Wire

NOVEMBER 13, 2023

The original plan — to buy up troubled mortgage assets — was quickly abandoned in favor of actions like capital infusions for banks and the bailout of our auto companies. Fannie Mae and Freddie Mac have also developed strong loss-mitigation tools. Quickly building a loss-mitigation system in the midst of a crisis was a challenge.

Banks 446

Banks Loans Bankruptcy Mortgages 446

Housing Wire

JANUARY 18, 2024

Ted Tozer, former president of Ginnie Mae during the Obama administration and current president Alanna McCargo’s most recent Senate-confirmed predecessor, applauded the news that the company is looking into the development of a new Home Equity Conversion Mortgage (HECM)-backed Security (HMBS) product. That’s all it says.”

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Development Loans Banks Mortgages 448

Housing Wire

MARCH 26, 2024

As the person relaxes on the couch watching television at night, they occasionally check the current value of their home and do a rough calculation of the amount of equity that they have accrued. Stated differently, you are dealing with individuals that may be in an equity prison. It comforts them for a brief moment.

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Equity Loans Bankruptcy As-is 459

Housing Wire

SEPTEMBER 14, 2023

“We would partner with banks to buy their loans and securitize them so the banks could recycle their capital.” For example, bank regulators in July released a plan to increase capital requirements for residential mortgages, the Basel III Endgame rules. ” Another opportunity is in the home equity space.

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Equity Banks Investor Residential 418

Housing Wire

MARCH 20, 2024

“They’re a more forward-thinking broker, and there has been lots of activity with the HECM Tool, which is a software application that I developed. That way, credit unions, banks and other lenders [can use it] to help them get off to a good start.” But I have missed about 80% of it; 20% I might not miss.”

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Development Industrial Mortgages Loans 459

Housing Wire

MARCH 8, 2023

Ohio-headquartered Park National Bank will pay $9 million under a settlement with the U.S. The DOJ also claims that the bank failed to take any meaningful measures to compensate for its lack of physical presence in majority-Black and Hispanic communities. Park National Bank didn’t respond to requests for comment.

Banks 397

Banks Lending Loans Mortgages 397

Housing Wire

FEBRUARY 18, 2025

HousingWire s Reverse Mortgage Daily (RMD) had a chance to meet up with Medina Cicak, Heartland Bank s chief commercial officer in Australia , and Keira Billot, the New Zealand -based general manager of retail and reverse mortgages. In New Zealand, there are only two main providers of reverse mortgages, both are banks, they said.

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Banks Commercial Mortgages Industrial 293

Housing Wire

MARCH 10, 2023

Stubborn inflation and high interest rates continue to wreak havoc on the mortgage-origination market, but there is one asset class in the housing market that is arguably flourishing in these hard times – home equity. They are saying, ‘Tell me what’s working, how can I stand a program up so I can capture some of this [home-equity] business.”

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Equity Marketing Debt-to-income ratio Lending 370

Housing Wire

JANUARY 8, 2024

When monopolies occur, the only opportunity for innovation comes from the largest banks and lenders as they have the capital to develop their own proprietary solutions. While many of the companies providing services to loan originators don’t directly interact with consumers, their impact is the same.

Equity 476

Equity Lending Technology Banks 476

Housing Wire

SEPTEMBER 12, 2023

These current mortgage markets are what make it challenging for independent mortgage banks (IMBs). The fate of the specialist when the market shifts The independent mortgage banks most of us think of when someone mentions IMBs originated as a result of the Savings and Loan Crisis of the 1980s. Today, many might feel sorry for the IMB.

Banks 418

Banks Mortgages Loans Investor 418

Housing Wire

JANUARY 29, 2025

Its been a while since there were any substantive updates to the lawsuit playing out between Texas Capital Bank (TCB), the U.S. Department of Housing and Urban Development (HUD) and Ginnie Mae over a dispute involving Home Equity Conversion Mortgage (HECM)-backed Securities ( HMBS ).

Banks 259

Banks Mortgages Lending Equity 259

Housing Wire

JUNE 8, 2022

We look forward to working with the enterprises, lenders, and other housing industry participants to further develop the ideas described in these plans.”. The more than six-month delay, FHFA officials said, was due to the development of the pilot transparency program, and the time it took to scrub proprietary information from the plans.

Equity 370

Equity Finance Loans Development 370

Housing Wire

DECEMBER 9, 2024

The Mortgage Industry Standards Maintenance Organization (MISMO)s dedicated reverse mortgage development workgroup is targeting January 2025 as the release window for a series of uniform technology standards. The second step is to understand the landscape of existing equity release product offerings. I think we can bridge that gap.

Mortgages 370

Mortgages Lending Banks Industrial 370

Housing Wire

MARCH 20, 2024

Figure Technology Solutions will focus on developing and distributing its proprietary, technology-enabled platform to partners and investors in the home equity lending ecosystem, the fintech firm announced earlier this week. JP Morgan Chase & Co. and Jefferies Financial Group Inc. — to take its lending division, LendCo , public.

Lending 448

Lending Equity Technology Banks 448

Housing Wire

AUGUST 15, 2024

Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer reasons why the motion should be denied. Attorneys for the U.S.

Bankruptcy 468

Bankruptcy Banks Development Loans 468

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

FEBRUARY 21, 2025

This at least partially stems from well-developed forward mortgage companies diving more deeply into the reverse side of the equation. HECM for Purchase A very visible part of the slow build is tied to the Home Equity Conversion Mortgage (HECM) for Purchase program, he explained.

Mortgages 349

Mortgages Branding Industrial Lending 349

Housing Wire

JUNE 14, 2024

These market developments underscore the reality we must face: Playing the interest rate waiting game is not a viable strategy. However, a record $17 trillion of home equity is still available in the market. So how can you leverage this massive amount of equity? The bottom line: People are staying put.

Loans 448

Loans Banks Equity Development 448

Housing Wire

NOVEMBER 16, 2021

nCino, a publicly traded financial tech company that specializes in cloud banking, said that its decision to purchase Utah-based SimpleNexus is a natural expansion of the company into the point-of-sale mortgage market. banks and credit unions, where nCino currently has over 1,100 customers.”. appeared first on HousingWire.

Banks 468

Banks Technology Equity Development 468

Housing Wire

SEPTEMBER 10, 2024

Mortgage capital markets technology firm Polly has raised $25 million to invest in research and development, product innovation and expansion, the company said on Tuesday. 8VC led the latest equity investment with participation from existing investors Menlo Ventures , Meritech , Khosla Ventures and Fifth Wall.

Mortgages 447

Mortgages Technology Banks Loans 447

Housing Wire

JUNE 13, 2024

The lawsuit stems from a 2022 Bloomberg investigation that found Wells Fargo was the only large bank to deny more Black applicants than it accepted in 2020 during the refinancing boom. Wells Fargo, once the largest depository mortgage lender in America, has significantly retreated from the residential mortgage space in recent years.

Mortgages 459

Mortgages Equity Banks Loans 459

Housing Wire

APRIL 28, 2023

Jakes, a prominent Black minister who leads a Dallas-based megachurch, will focus on initiatives including affordable housing, small business development and financial education. The partnership represents Wells Fargo’s largest minority home lending and development initiative to date. In December, the bank agreed to pay $1.7

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Lending Banks Commercial Development 459

Housing Wire

OCTOBER 21, 2021

The nation’s network of Federal Home Loan Banks (FHLBanks ) expects to be required to increase its share of investments in affordable housing. The total volume should not be lower than $100 million for each bank. In the first week of October, the bank also launched a $1.5 In May, Sen. Catherine Cortez Masto (D-NV) and Rep.

Banks 370

Banks Loans Equity Development 370

Housing Wire

AUGUST 6, 2024

Attorneys for Ginnie Mae have responded to Texas Capital Bank (TBC) over the government’s motion to move the case to a different venue. They say that the bank’s own filing on the matter avoids the key issues that the government sought to raise regarding the original clause that specifies where any related legal actions should take place.

Mortgages 459

Mortgages Banks Title Lending 459

Housing Wire

MAY 24, 2021

COVID19 certainly accelerated development and focus on servicing, coming out of 2019 with record low default and foreclosure.”. In addition to the funding round, Stavvy also announced its alliance with Flagstar Bank , the sixth-largest bank mortgage originator in the country, to provide remote loan modification services.

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Land Lending Technology Banks 448