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WaFd Bank exits home mortgage lending, says model is ‘unsustainable’

Housing Wire

Seattle-based WaFd Bank , which has offered home loans for more than 100 years, announced Thursday in an earnings report that it will exit the single-family mortgage lending business. That is bad news for banks like WaFd Bank, because it has made the business of originating mortgages for our portfolio unsustainable.

Lending 397
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Better Mortgage partners with NEO Home Loans to transform “local” mortgage lending

Housing Wire

Today’s mortgage lending environment is shifting rapidly. Purchase loans are now outpacing refinances, and interest rates are reaching the stratosphere. However, one mortgage company is in a prime position to transform the market and deliver value to mortgage professionals. The goal is simple yet profound.

Lending 365
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CFPB finalizes rule that lays the foundation for open banking

Housing Wire

The Consumer Financial Protection Bureau (CFPB) has finalized a rule that lays the groundwork for open banking in the U.S. financial system, including the mortgage sector. Today’s action will give people more power to get better rates and service on bank accounts, credit cards, and more.” The move brings the U.S.

Banks 448
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Blue Ridge Bankshares is selling its mortgage banking division

Housing Wire

the holding company for Blue Ridge Bank and BRB Financial Group Inc. , on Thursday announced that Blue Ridge Bank has entered into a definitive asset purchase and sale agreement to sell certain assets of its mortgage division. I am pleased that the Monarch Mortgage team has a wonderful opportunity with the acquiring company.

Banks 329
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Here are the top 25 mortgage lenders of 2024, per HMDA

Housing Wire

United Wholesale Mortgage remained king of the hill when it came to mortgage originations in 2024. billion in mortgages, according to recently released Home Mortgage Disclosure Act (HMDA) data from the Consumer Financial Protection Bureau (CFPB). Rocket originated nearly as many loans as UWM at 361,000, and claimed a 25.1%

Mortgages 413
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Back in black: IMBs turn a profit of $443 per loan in 2024

Housing Wire

Independent mortgage banks ( IMBs ) and mortgage subsidiaries of chartered banks reported an average profit of $443 on each loan they originated in 2024, up from an average loss of $1,056 per loan in 2023, according to the Mortgage Bankers Association (MBA)’s annual Mortgage Bankers Performance Report.

Loans 365
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How non-QM loans boost mortgage originator for success in 2025

Housing Wire

Describing the modern-day mortgage market as challenging would be an understatement, to say the least. Mortgage interest rates have steadily ramped up throughout 2024. The average rate throughout 2024 for 30-year fixed mortgages was 6.72% higher than it was during the 2008 market crash. Finance a loan, and you may lose money.

Loans 343