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

AUGUST 15, 2022

A combination of fast-rising home values and the fact that nearly two-thirds of borrowers with at least some home equity have mortgage rates below 4% — and would not benefit from refinancing — is helping to propel a resurgent market for home-equity lines of credit (HELOCs). billion in 2021 to $4.6

Equity 459

Equity Lending Fixed-rate mortgage Loans 459

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. times at the end of 2023.

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Principal Investor Banks Mortgages 482

Housing Wire

MARCH 19, 2024

New York-based Rithm Capital has changed the compensation package of its top executive, Michael Nierenberg, by reducing his annual base salary, bonus and time-based equity award. But the company also increased the performance-based share of the total equity award. Morgan , Bear Stearns , and Lehman Brothers.

Equity 444

Equity Loan Officer Principal Loans 444

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.

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Sales Banks Principal Loans 467

Housing Wire

DECEMBER 27, 2022

The Big Chill” or “Frozen,” says Green, principal at real estate law firm Polunsky Beitel Green. They are not selling and have a lot of equity in their homes. Homeowners in 2022 also tapped into their home equity, which peaked at $11.5 non-Bank financial institutions at Fitch Ratings. over asking price. High octane stuff.

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Marketing Equity Loans Bankruptcy 529

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. .

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Sales Mortgages Principal Equity 459

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

MAY 3, 2022

As people look for alternate means to access the equity in their homes, home equity lines of credit (HELOCs) are poised to make a comeback. Here’s why: Homeowners will still want to use the record levels of equity in their homes. According to CNBC, homeowner equity is an aggregate $9.9 A HELOC is now cheaper than a refi.

Equity 418

Equity Fixed-rate mortgage Principal Mortgages 418

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. They ask, ‘Am I going to run out of money?

Mortgages 435

Mortgages Banks Land Equity 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

SEPTEMBER 13, 2022

Home-equity lending is on a roll this year, with the combined volume of home-equity lines of credit (HELOCs) and traditional closed-end home equity loans up 47% from January to May of 2022, compared with the same period last year.

Equity 370

Equity Loans Residential Banks 370

Housing Wire

APRIL 24, 2024

Additionally, its return on tangible common equity rose to 14.5% The company has started the year with excellent momentum, including return on tangible common equity rising to 14.5%,” Chairman and CEO Jay Bray said in a statement. billion in unpaid principal balance (UPB). in Q1 2024, up from 12.5% in the fourth quarter of 2023.

Equity 415

Equity Lending Principal Technology 415

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.

Banks 418

Banks Principal Finance Equity 418

Housing Wire

JUNE 1, 2022

As people look for alternate means to access the equity in their homes, home equity lines of credit (HELOCs) are poised to make a comeback. Here’s why: Homeowners will still want to use the record levels of equity in their homes. According to CNBC, homeowner equity is an aggregate $9.9 A HELOC is now cheaper than a refi.

Equity 397

Equity Fixed-rate mortgage Principal Loans 397

Housing Wire

APRIL 26, 2023

The result included a mark-to-market of $63 million, a $1 million severance charge and $10 million losses with equity investments. million customers and $853 billion in unpaid principal balance (UPB) at the end of March, compared to $870 billion at the end of December. “But we expect more to come from the banks.

Principal 397

Principal Banks Equity Loans 397

Housing Wire

JUNE 28, 2024

The purpose of the committee is to provide nonbinding advice to the agency on how Fannie Mae , Freddie Mac and the Federal Home Loan Banks can achieve their goals as a “reliable and responsible source of liquidity and funding“ across the single-family and multifamily housing sectors.

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Lending Principal Finance Land 418

Housing Wire

FEBRUARY 3, 2022

Incenter completed a dozen bulk sales transactions in January involving MSRs for agency-backed loan pools that together had a total unpaid principal balance of $113.2 In fact, five of the deals involved MSRs pegged to loan pools that exceeded $10 billion in unpaid principal balance. Another private-equity player in the MSR space is St.

Purchase and sale agreement 370

Purchase and sale agreement Marketing Equity Banks 370

Housing Wire

JULY 25, 2024

But as a longtime industry professional who recognizes the potential value of the Home Equity Conversion Mortgage Program (HECM), Cullen previously explained to HousingWire ’s Reverse Mortgage Daily (RMD) that he made the transition from industry professional to customer. I had to make a couple of moves. ” It’s tough.

Mortgages 443

Mortgages Principal Development Industrial 443

Housing Wire

JUNE 3, 2022

Lakeview Trust 2022-EBO 2 involves a pool of 2,063 FHA-backed loans with an unpaid principal balance (UPB) of $405.2 Key to EBO offerings is the fact that the FHA guarantees 100% of the principal balance on the loans it insures. million, with all the loans deemed delinquent. In total, 99.3% are in active foreclosure. million to $13.2

Loans 418

Loans FHA loan Principal Marketing 418

Housing Wire

FEBRUARY 13, 2023

In May, Lisa Heitzmann joined the company as its chief operating officer and later went on to join LGH Consulting LLC as its principal. among others. In 2020, the lender shuttered its non-QM operation and laid off workers, but made a return in 2021 and issued a $146.2 million security backed by non-QM mortgages.

Mortgages 397

Mortgages Principal Banks Equity 397

Housing Wire

OCTOBER 10, 2024

Similar to past experiences, Hurricane Helene may lead to 5% of mortgage borrowers in affected areas becoming delinquent but eventually self-curing over the next 12 months, according to a Bank of America (BofA) analysis. Most of them are in Florida (53%), followed by North Carolina (19%), South Carolina (18%), Georgia (8%) and Virginia (3%).

Loans 375

Loans Equity Principal Residential 375

Housing Wire

JUNE 17, 2024

After most recently serving at University Bank from his home in Wisconsin , Cullen is on the cusp of a new transition — from reverse mortgage originator to reverse mortgage customer, having secured a Home Equity Conversion Mortgage (HECM) primarily to have a standby line of credit. So that’s always been a big thing.

Mortgages 466

Mortgages Equity Principal Banks 466

Housing Wire

FEBRUARY 9, 2024

Night and day’ difference When posed with the simple question about how business is going so far this year, David Heilman — principal for HomeGrown Financial in Mount Pleasant, South Carolina — characterized the difference between early 2024 business and the same time last year as “night and day.” “I

Mortgages 459

Mortgages Principal Loans Loan Officer 459

Housing Wire

APRIL 3, 2023

trillion in tappable equity available in February amid rising home prices. Reaction to bank failures According to the Black Knight report, as of the week ending on March 18, purchase lock counts were 21% lower compared to the same week in 2019 — and 30% below the levels for the same week in 2018. In February, it took 33.2%

Principal 418

Principal Banks Mortgages Equity 418

Housing Wire

JANUARY 26, 2022

Philadelphia-based private equity firm LLR Partners announced Tuesday its investment in Sales Boomerang and Mortgage Coach , two fintechs focused on attracting and retaining mortgage borrowers and making loan originators more efficient. Both firms will maintain their existing brands and teams.

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Investor Sales Mortgages Loan Officer 393

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. The total number of firms [IMBs and banks] after this cycle of right-sizing is probably going to be lower.

Marketing 435

Marketing Principal Banks Loans 435

Housing Wire

JULY 1, 2024

Devon Bevis Senior Vice President Correspondent & Co-Issue Sales Mr. Cooper Dionna Hall Chief Executive Officer Broward, Palm Beaches & St.

Lending 493

Lending Technology Mortgages Equity 493

Housing Wire

OCTOBER 25, 2023

On Wednesday, top executives at the company told analysts that Mr. Cooper is now the largest servicer in the country and will continue to grow its portfolio by acquiring large bulks of mortgage servicing rights (MSRs), mainly from banks expecting additional capital requirements through Basel III rules. The correspondent channel fell to $1.7

Purchase and sale agreement 435

Purchase and sale agreement Equity Principal Banks 435

Housing Wire

JANUARY 3, 2023

“On December 22, 2021, borrower (loanDepot) executed an eighteenth amended and restated promissory note in the principal amount of $268,000,000 in favor of Lender (NexBank), evidencing the loan,” according to the filing.

Lending 83

Lending Principal Loans Mortgages 83

Housing Wire

MAY 16, 2022

As banks and non-bank lenders recently released earnings for the first quarter of 2022, two things became clear: Origination volume plummeted across the board, but those that managed to muster up a good quarter benefited from servicing portfolios. Two of the nation’s largest banks, JPMorgan Chase and Wells Fargo & Co.

Principal 397

Principal Banks Loans Lending 397

Keeping Current Matters

MARCH 16, 2021

This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”. The average equity gain of mortgaged homes in the last year was $26,300. There was a 16.9%

Equity 327

Equity Principal Banks Finance 327

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 Bank agency MSR holdings totaled $2.78 As of September 2023, bank agency MSR holdings stood at $2.75

Banks 435

Banks Loans Principal Investor 435

Housing Wire

MARCH 10, 2022

Two similar past issuances, one in 2015 and another last year, also were sponsored by Lakeview, according to a US Bank trust investor report. Ginnie, however, guarantees only the principal and interest payments to purchasers of its bonds, which are sold worldwide. A fourth such transaction, a $370.7

Mortgages 395

Mortgages Principal Loans FHA loan 395

Housing Wire

AUGUST 2, 2023

New York-based Rithm Capital executives see surging rates and increasing capital requirements for banks as an opportunity to acquire diversified assets and operational platforms at a time when the parent company of New Rez and Caliber plans to spin off its mortgage business. ” Servicing contributed $357.3

Mortgages 368

Mortgages Banks Equity Principal 368

Housing Wire

JULY 31, 2024

.” The comments come after rival Mr. Cooper Group acquired a third-party origination platform and $356 billion in MSRs, advances and subservicing contracts from Flagstar Bank , with its servicing portfolio set to exceed $1.5 Servicing has been the bright spot in Rithm’s earnings. The company announced a $213.2

Principal 445

Principal Mortgages Loans Equity 445

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