Housing Wire

MARCH 20, 2023

Many have already pointed to the failures of Silicon Valley Bank , Silvergate Bank , and Signature Bank as evidence that the Fed “finally broke something.” Today, refinances (including cash-out home equity loans) have slowed to a 22-year low of approximately 10% of current loans originated.

Banks 418

Banks Mortgages Fixed-rate mortgage Loans 418

Housing Wire

NOVEMBER 16, 2022

trillion in loans, about half of 2021’s $4.4 But Brian Hale, who is assisting several buyers in their hunt for independent mortgage bank acquisition targets, sees an even more brutal landscape ahead. Still, consolidation is clearly underway in the mortgage banking industry already. trillion to $1.7 trillion.

Banks 435

Banks Mortgages Loan Officer Due diligence 435

Housing Wire

MAY 9, 2023

Independent mortgage banks have been coping with a still-surging wave of loan-repurchase requests from Fannie Mae and Freddie Mac that represents yet another threat to lenders’ already stretched balance sheets. Those loans are going to be 20 points underwater, for the 3% to 3.5%

Loans 397

Loans Debt-to-income ratio Banks Mortgages 397

Housing Wire

JUNE 9, 2023

Before I open myself up to attacks here, I am using macro data from Urban Institute and there are certainly some banks who serve a broader swath of the market. More importantly, when it comes to the Ginnie Mae programs, banks contribute only 7% of all the mortgages by the FHA , VA , and USDA. In the FHA program alone, 46.3%

Banks 369

Banks Debt-to-income ratio Lending Loans 369

Housing Wire

MAY 25, 2022

One of the largest loan-servicing companies in the nation, Lakeview Loan Servicing LLC , is facing at least a dozen civil lawsuits, all seeking class-action status, in the wake of a major cyberattack that compromised the personal data of the mortgage borrowers the company serves. of all agency loans being serviced — with a $374.8

Loans 459

Loans Banks Mortgages Principal 459

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. Charting the loan officer exit.

Loan Officer 435

Loan Officer Loans Mortgages Industrial 435

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. Purchase loans are simply harder to market and convert, harder to process, and they generate lower revenues and higher expenses.”.

Banks 418

Banks Mortgages Loans Equity 418

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.

Sales 462

Sales Banks Principal Loans 462

Housing Wire

AUGUST 15, 2024

Swiss bank UBS Group AG has decided to sell Credit Suisse ’s mortgage servicing company, Select Portfolio Servicing (SPS), to a group of investors led by Sixth Street , HousingWire has learned. Banks have reduced their exposure to mortgage servicing rights (MSRs) due to expected higher capital requirements and risks.

Investor 475

Investor Mortgages Banks Principal 475

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 4, 2024

Warehouse lender Flagstar Bank , which has a lawsuit filed against Hometown Lenders , has the largest unsecured claim, $20.1 It’s followed by another warehouse lender, First Horizon Bank ($3.5 Most were conventional (67%) and purchase (75%) loans. million), investor Freddie Mac ($3.4 billion in 2022, compared to $5.5

Bankruptcy 441

Bankruptcy Banks Investor Principal 441

Housing Wire

JULY 21, 2022

Bankruptcy Court in Delaware — show the lender owes more than $400 million to four warehouse lenders, which include Customers Bank, Flagstar Bank, Texas Capital Bank and J.V.B. Obligations to Customers Bank are further secured by a cash reserve account and related collateral,” Samples court pleadings add.

Bankruptcy 418

Bankruptcy Banks Pre-approval Principal 418

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 514

Banks Lending Loans Principal 514

Housing Wire

MARCH 6, 2024

The move strengthens the bank’s balance sheet amid a confidence crisis related to its commercial real estate loan portfolio. A former CEO of OneWest Bank from 2010 and 2015, Otting will become the CEO of NYCB, replacing Alessandro DiNello, who has held the position since Thomas Cangemi stepped down earlier this week.

Equity 430

Equity Mortgages Banks Commercial 430

Housing Wire

JANUARY 30, 2024

For at least the past five years, according to market data, the MSR sector has been increasingly dominated by nonbanks — with a good portion of the loan balance they service at historically low legacy rates. In 2019, total agency MSRs outstanding, based on agency loan balances serviced, stood at $6.219 trillion, Recursion data shows.

Marketing 433

Marketing Principal Banks Loans 433

Housing Wire

OCTOBER 18, 2024

HOME EQUITY CONVERSION MORTGAGE (HECM): The HECM allows homeowners age 62+ the ability to leverage a portion of their home’s value without a required monthly principal and interest mortgage payment.* HOME EQUITY LINE OF CREDIT (HELOC): The HELOC has no age requirement and is offered through lenders and local banks.

Mortgages 447

Mortgages Principal Equity Loans 447

Housing Wire

APRIL 12, 2024

In the first quarter of 2024, the big banks showed a challenging reality for originations. The banks’ Q1 2024 earnings, released on Friday, showed declining home loan volumes compared to the prior quarter — and executives believe that the macroeconomic landscape will remain tough in the months to come. billion in Q1 2024.

Mortgages 467

Mortgages Banks Fixed-rate mortgage Lending 467

Housing Wire

AUGUST 4, 2022

Fannie Mae will now buy mortgage loans with lender-funded grants, including down payment assistance, closing costs or financial reserves. The government-sponsored enterprise will start accepting such loans immediately. The loan must be secured by a principal residence. Fannie Mae did not respond to a request to comment.

Loans 508

Loans Principal Banks Closing costs 508

Housing Wire

NOVEMBER 18, 2024

Department of Veterans Affairs (VA) and the Federal Home Loan Banks (FHLBs) in New York, Chicago and San Francisco. The new resource provides tools and guidance to facilitate integration and aligns with the growing adoption of VantageScore 4.0 by a number of industry players. These include the U.S.

Mortgages 412

Mortgages Principal Banks Loans 412

Housing Wire

SEPTEMBER 10, 2022

This agency’s most recent credit risk transfer (CRT) offering, STACR 2022-DNA6, involves a $1.165 billion note backed by a reference loan pool of 112,865 residential mortgages with an outstanding principal balance of $35.6 Morgan Chase Bank , 6.5%; Rocket Mortgage , 6.4%; and Wells Fargo , 4.7%. billion for the $12.2

Principal 448

Principal Loans Investor Residential 448

Housing Wire

MAY 10, 2024

Sam Valverde, formerly the principal executive vice president of government-owned corporation Ginnie Mae , was named as its acting president as of May 6, according to an announcement issued by the organization this week.

Principal 412

Principal Finance Banks Loans 412

Housing Wire

JULY 12, 2024

But it was not enough to bring home loan originations to year-ago levels. Wells Fargo is focused on purchase loans, which accounted for 87% of the total volume in the period. “Credit performance during the second quarter was consistent with our expectations,” Wells Fargo CEO Charlie Scharf told analysts. It reached $5.3

Mortgages 455

Mortgages Lending Banks Principal 455

Housing Wire

DECEMBER 15, 2022

The repurchase-request volume, which includes both depository lenders and nonbanks, is being driven up this year by the huge volume of lower-rate loans made in 2020 and 2021 that Fannie and Freddie are continuing to vet for loan-sale representations and warranties violations. And it just might push some smaller lenders over the cliff.

Loans 370

Loans Debt-to-income ratio Purchase and sale agreement Banks 370

Housing Wire

MARCH 5, 2024

Sanjiv Vas, former CEO of Caliber Home Loans , has joined the board of directors at Two Harbors Investment Corp , a Minnesota-based real estate investment trust that expects to launch a mortgage originations platform in the second quarter of 2024. Before joining Pagaya, Vas was CEO of Caliber Home Loans.

Principal 439

Principal Commercial Loans Mortgages 439

Housing Wire

FEBRUARY 9, 2024

Last year was a challenging one for reverse mortgage business activity, and it likely hit no one harder than the industry’s front-line loan originators. In Green Bay, Wisconsin, Jim Cullen of University Bank reports a similar trend. including the states of California, Washington, Florida, Wisconsin and South Carolina.

Mortgages 459

Mortgages Principal Loans Loan Officer 459

Housing Wire

MARCH 17, 2022

These multiple market pressures have fueled rate volatility and accompanying pricing-execution pressures that have led to a difficult beginning of the year for the private-label securities (PLS) market, according to market experts, and, as a side effect, sparked a more robust market for whole-loan sales — with loans often being sold at a discount.

Loans 413

Loans Marketing Due diligence Residential 413

Housing Wire

SEPTEMBER 16, 2022

Fannie Mae has completed the sale of its 27 th reperforming-loan offering since the inaugural transaction in 2016. The deal represents Fannie Mae’s fourth reperforming-loan sale this year and involves a total of some 6,060 loans valued at $986.4 Pool 1 was composed of 1,790 loans valued at $337.8 acting as advisor.

Sales 418

Sales Principal Loans Banks 418

Housing Wire

OCTOBER 22, 2020

mortgage rate for a 30-year fixed loan fell to 2.8% According to Fed data, the central bank has bought over $1 trillion in bonds backed by home loans since then. While purchase loans are seeing record-low rates, the adverse market fee imposed on refinance loans by the FHFA in August make record lows for those loans unlikely.

Mortgages 538

Mortgages Principal Loans Banks 538

Housing Wire

MAY 19, 2023

The company’s unpaid principal balance reached $524.8 The spokesperson did not provide additional details on loan type or characteristics. Between the acquisition of First Republic Bank and the purchase of Rocket’s MSRs, JPMorgan Chase has acquired approximately $126 billion worth of MSRs in the last two months.

Principal 109

Principal Loans Mortgages Banks 109

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. About half of its loans were originated in California. The company is licensed in 32 states.

Sales 456

Sales Mortgages Principal Equity 456

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.

Principal 482

Principal Investor Banks Mortgages 482

Housing Wire

JULY 28, 2023

The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, according to the outlet. 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.

Purchase and sale agreement 370

Purchase and sale agreement Mortgages Banks Principal 370

Housing Wire

JULY 18, 2024

Amid expectations that the Federal Reserve will cut benchmark interest rates in the coming months, analysts at investment banking company Jefferies anticipate that mortgage rates could reach 6.5% At HousingWire ’s Mortgage Rates Center , the 30-year rate for conventional loans averaged 7.01% on Thursday morning.

Principal 465

Principal Mortgages Banks Loans 465

Housing Wire

FEBRUARY 28, 2022

The FHFA would also eliminate the non-performing loan charge, which industry stakeholders had complained was procyclical, the agency wrote. The charge currently assesses a 200 basis point charge after the share of a servicer’s non-performing loans goes over 6%. But the FHFA’s proposed requirements contain some tradeoffs. basis points.

Principal 417

Principal Loans Industrial Banks 417

Housing Wire

MARCH 19, 2024

It also included reduced compensation for loan officers, sources told HousingWire in February. It also included reduced compensation for loan officers, sources told HousingWire in February. Prior to joining Rithm, he held executive positions at Bank of America Merrill Lynch , J.P. Morgan , Bear Stearns , and Lehman Brothers.

Equity 435

Equity Loan Officer Principal Loans 435

Housing Wire

MAY 5, 2022

billion note backed by a reference loan pool of 118,055 residential mortgages with an outstanding principal balance of $35.4 billion secured by single-family mortgage reference loan pools valued in total at $156.9 billion secured by single-family mortgage reference loan pools valued in total at $156.9 a week earlier.

Principal 370

Principal Fixed-rate mortgage Loans Residential 370

Housing Wire

SEPTEMBER 20, 2023

Still, there are challenges facing the MSR market related to the staying power of the huge volume of mortgage servicing rights now being traded that are pegged to legacy loans at low interest rates — in the 3% to 4% range. The bulk of MSR trades to date have involved legacy loans with “a sub-4% WAC” [weighted average coupon], Piercy said.

Banks 435

Banks Loans Principal Investor 435