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.” In 2021, mortgage originations hit a record high of $4.4 Today, three of four mortgage loans are issued by independent mortgage companies.

Banks 418

Banks Mortgages Fixed-rate mortgage Loans 418

Housing Wire

NOVEMBER 16, 2022

By the time 2022 is wrapped up, mortgage lenders will have originated about $2.2 But Brian Hale, who is assisting several buyers in their hunt for independent mortgage bank acquisition targets, sees an even more brutal landscape ahead. Who wants to be in the mortgage business? trillion to $1.7 trillion. trillion to $1.7

Banks 435

Banks Mortgages Loan Officer Due diligence 435

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

NOVEMBER 3, 2022

One mortgage M&A expert believes that of the 130 or so IMBs that did $1 billion to $2 billion for production in 2021, 17% of them will not even be able to do $500 million over the 12 months ending June 30, 2023. 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

MAY 1, 2023

Less than two months after the abrupt failures of Silicon Valley Bank and Signature Bank , federal regulators seized First Republic Bank and sold it to JPMorgan Chase Bank. First Republic is the largest lender to collapse since the 2008 financial crisis and the second-largest bank failure in American history.

Banks 395

Banks Commercial Loans Principal 395

Housing Wire

OCTOBER 18, 2024

The Home Equity Conversion Mortgage ( HECM ) and the Home Equity Line of Credit ( HELOC ) remain as the primary options left for older homeowners who want to use their home equity to create more liquidity during retirement. 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

OCTOBER 22, 2020

mortgage rate for a 30-year fixed loan fell to 2.8% The average fixed rate for a 15-year mortgage was 2.33%, falling from last week’s 2.35%. After this week’s dip, there have now been 13 consecutive weeks when average mortgage rates have been below 3%, and rates have broken records 11 times this year. The average U.S.

Mortgages 538

Mortgages Principal Loans Banks 538

Housing Wire

JULY 12, 2024

Wells Fargo , JPMorgan Chase and Citi opened the second-quarter earnings season in the mortgage space on Friday by showing strong increases in sales volumes from April to June compared to the previous quarter. Among the three depositories, JPMorgan was the leader in mortgage production with $10.7 Its retail volume came in at $6.9

Mortgages 454

Mortgages Lending Banks Principal 454

Housing Wire

AUGUST 17, 2023

Bank of America (BofA) prevailed in a court case brought against it by Cook County , Illinois , which sued the bank alleging predatory mortgage loans to Black and Hispanic borrowers in the Chicago area. The news was first reported by Bloomberg Law. Easterbrook in his decision cited by Bloomberg Law. Circuit Judge Kenneth F.

Banks 370

Banks Lending Principal Loans 370

Housing Wire

OCTOBER 19, 2022

Nations Direct Mortgage, a residential lender in both the retail and wholesale channels, on Wednesday announced appointing Jack O’Brien as its senior vice president and national sales director. Aimee Quinn, president of Nations Direct Mortgage, said his experience will be put toward expansion across the U.S. .

Sales 455

Sales Mortgages Principal Equity 455

Housing Wire

APRIL 12, 2024

Wells Fargo and JPMorgan Chase usually open the quarterly earnings seasons in the mortgage space, giving analysts something to chew on before nonbanks release their financial reports. In the first quarter of 2024, the big banks showed a challenging reality for originations. Wells Fargo’s volume declined to $3.5

Mortgages 467

Mortgages Banks Fixed-rate mortgage Lending 467

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

MARCH 6, 2024

Department of Treasury Secretary Steven Mnuchin’s private equity firm, Liberty Strategic Capital , will inject $1 billion in equity investment in struggling New York Community Bancorp (NYCB), one of the nation’s largest residential mortgage servicers. Targeting a 10% CET1 ratio, the bank cut its quarterly dividend from $0.17

Equity 428

Equity Mortgages Banks Commercial 428

Housing Wire

DECEMBER 15, 2021

Toronto-based cryptocurrency lending platform Ledn has raised $70 million in a Series B funding round to support the growth of its digital assets lending business, including a new Bitcoin-backed mortgage product. According to Ledn, if Bitcoin prices drop, the client needs to deposit more collateral or pay down some of the principal.

Mortgages 448

Mortgages Lending Banks Investor 448

Housing Wire

FEBRUARY 15, 2024

Opportunity in the current mortgage market may be challenging to find — and that could arguably be truer for those who offer reverse mortgage products for clients. Still, reverse mortgage professionals are always keeping their eyes peeled, and a group of them shared what they’re looking out for in 2024 for their businesses.

Mortgages 434

Mortgages Banks Land Equity 434

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. This is according to a series of RMD interviews with six reverse mortgage originators from across the U.S., As far as the interest in reverse mortgages, it has been steady,” he said.

Mortgages 459

Mortgages Principal Loans Loan Officer 459

Housing Wire

JULY 25, 2024

Jim Cullen spent nearly 20 years in the reverse mortgage profession and recently decided that it was time to retire. Chris Clow/RMD: Jim, you were a real estate agent and then a forward mortgage professional before jumping into the reverse arena. I made the switch into reverse mortgages, quite honestly, not due to anything I initiated.

Mortgages 430

Mortgages Principal Development Industrial 430

Housing Wire

JUNE 28, 2023

Most mortgage professionals have either started to adopt artificial intelligence (AI) or are at least aware of how it can be adopted to make the loan origination process more efficient. “Once data is identified, the system can then run a series of automated comparison checks or rules,” Jennifer Fortier , principal at Stratmor, said. .

Industrial 417

Industrial Mortgages Principal Loans 417

Housing Wire

JANUARY 4, 2024

If passed, House Bill 809 and its companion Senate Bill 1070 would bar insurance carriers from placing a coverage limit on a home that would include the value of the land the house sits on, and it would require insurance companies to offer policies that cover only the unpaid principal on a mortgage.

Principal 526

Principal Mortgages Land Loans 526

Housing Wire

MARCH 20, 2024

A fresh set of quarterly economic projections from Fed officials showed that borrowing costs are expected to end the year at 4.6%, suggesting that the central bank still plans to make three cuts of 25 basis points (bps) each in 2024. this year before declining to a range of 6% to 7% in 2025.

Industrial 468

Industrial Mortgages Banks Principal 468

Housing Wire

AUGUST 26, 2024

When interest rates began skyrocketing more than two years ago, mortgage companies faced a pivotal decision regarding a crucial part of their business: the servicing portfolio. trillion unpaid principal balance (UPB). Mr. Cooper estimates it will hold about $132 billion in mortgages at 6% or higher once the acquisition is finalized.

Mortgages 455

Mortgages Banks Debt-to-income ratio Loans 455

Housing Wire

MARCH 22, 2023

The Federal Reserve ‘s decision to raise the federal funds rate by 25 basis points on Wednesday signaled that officials are still focused on bringing down inflation to 2% while monitoring how much recent bank failures slow lending in the economy and cool demand. What does it mean for buyers, sellers?

Industrial 418

Industrial Mortgages Purchase and sale agreement Banks 418

Housing Wire

JANUARY 5, 2022

So is the 24-month refinance market, the biggest of its kind in all of mortgage banking history. And this time, the most wonderful time of the year gives way to what, in the mortgage industry, could be the most awfullest time of the year. Think technology and service providers, too — a smaller mortgage market affects everyone.

Industrial 476

Industrial Mortgages Principal Technology 476

Housing Wire

JULY 28, 2023

JPMorgan Chase will buy nearly $2 billion worth of mortgages to grease Banc of California ‘s purchase of PacWest Bancorp , Bloomberg reported. The bank entered into an agreement to buy $1.8 The mortgage transaction is expected to close by late 2023 or early 2024 when the merger is scheduled to be completed, Reuters reported.

Purchase and sale agreement 370

Purchase and sale agreement Mortgages Banks Principal 370

Housing Wire

JANUARY 13, 2022

Another large mortgage-servicing rights bulk offering is on the market this week on the heels of a $10 billion MSR package that went out to bid earlier this month. . The latest deal is being marketed by New York-based Mortgage Industry Advisory Corp. , It is a $6.23 billion bulk-sale offering of agency MSRs, with bids due by Jan.

Mortgages 435

Mortgages Marketing Loans Principal 435

Housing Wire

JUNE 2, 2022

Movement Mortgage will pay $75,000 to resolve allegations of racial discrimination, in violation of the Fair Housing Act, identified by undercover testers from the National Community Reinvestment Coalition. ” NCRC had previously provided training to Movement Mortgage, at the lender’s request, in 2019.

Mortgages 418

Mortgages Loan Officer Lending Principal 418

Housing Wire

JULY 8, 2024

Roughly eight months after acquiring PacWest Bancorp in a rescue deal , Banc of California is selling roughly $2 billion in business-purpose residential mortgage loans, according to Bloomberg. The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount.

Loans 433

Loans Principal Banks Residential 433

Housing Wire

DECEMBER 13, 2023

As 2023 winds to a close, so too does a brutal year for the housing market, a year marked by rising rates , steep home prices , scarce inventory and anemic mortgage originations, compared with the boom years of 2020 and 2021. With first-lien mortgages … the trading volumes are down from 2021 and 2022 peak levels.

Mortgages 433

Mortgages Marketing Banks Investor 433

Housing Wire

SEPTEMBER 22, 2022

Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to around 6.5% Mortgage rates have nearly doubled to around 6.5% Will Savage, an LO at PMC Mortgage.

Mortgages 448

Mortgages Loan Officer Pre-approval Fixed-rate mortgage 448

Housing Wire

JUNE 17, 2024

After first entering the housing business to sell real estate , Jim Cullen transitioned into the mortgage industry in 1997. Chris Clow/RMD: What do you think helped you to stay in the reverse mortgage business for two decades? Even with the lower principal limits, I’m fortunate that I don’t have a mortgage to pay off.

Mortgages 457

Mortgages Equity Principal Banks 457

Housing Wire

DECEMBER 22, 2023

Last year, fast-rising rates and related volatility, coupled with liquidity challenges in the bank and nonbank sectors, high home prices and a shortage of housing inventory all worked together to suppress mortgage originations and the secondary market outlets for those loans as well. trillion portfolio of MBS.

Mortgages 468

Mortgages Banks Loans Industrial 468

Housing Wire

MARCH 10, 2022

Lakeview Loan Servicing , one of the nation’s largest issuers of Ginnie Mae securities, is making a play in the private-label securities market by sponsoring an offering backed by a pool of 2,192 Federal Housing Administration -guaranteed mortgages valued at $423.6 A fourth such transaction, a $370.7 A fourth such transaction, a $370.7

Mortgages 390

Mortgages Principal Loans FHA loan 390

Housing Wire

MARCH 6, 2024

Despite feelings of optimism expressed by loan originators in the opening weeks of 2024, the road to more normalized levels of reverse mortgage volume and securities issuances may be longer than expected. Home Equity Conversion Mortgage (HECM) endorsements fell 11.8% and Longbridge Financial recorded increases for the month.

Mortgages 463

Mortgages Seller concession Principal Loans 463

Housing Wire

FEBRUARY 13, 2023

Non-QM lender Deephaven Mortgage, owned by alternate investment firm Pretium, has appointed Aaron Drago as its chief operating officer. In May, Lisa Heitzmann joined the company as its chief operating officer and later went on to join LGH Consulting LLC as its principal. million security backed by non-QM mortgages. among others.

Mortgages 394

Mortgages Principal Banks Equity 394

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 According to mortgage tech platform Modex , it originated $3.3 million), investor Freddie Mac ($3.4 billion the previous year.

Bankruptcy 440

Bankruptcy Banks Investor Principal 440

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. million customers, to Mr. Cooper.

Principal 482

Principal Banks Investor Mortgages 482

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