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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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Proprietary reverse mortgage business in Oregon could be in danger

Housing Wire

A bill introduced into the Oregon Senate that seeks to limit the amount of equity a reverse mortgage lender can receive after the sale or transfer of a property could potentially halt the availability of proprietary product offerings in the state. The proposal was introduced by Sen. Deb Patterson (D-Salem) and is co-sponsored by Sen.

Mortgages 342
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Private equity and insurance companies piling into residential mortgages

Housing Wire

After two years of limited demand, private equity and insurance companies are increasing their allocations to single family residential mortgages. These strong fund flows are resulting in tighter credit spreads, higher prices, and an increased focus on sourcing new originations.

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Could American reverse mortgage companies someday partner with one from Australia?

Housing Wire

When reverse mortgage professionals from Australia and New Zealand made the long journey to San Diego last year to attend the National Reverse Mortgage Lenders Association (NRMLA) Annual Meeting and Expo, they were ready to learn about the core differences between the businesses in a different part of the world.

Mortgages 332
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Flagstar Bank lays off 700, with 1,200 more to depart after asset sale to Mr. Cooper

Housing Wire

Cooper Group as part of the sale of its third-party origination (TPO) business and mortgage servicing rights (MSRs). The changes come after NYCB, which concluded a merger with Flagstar in December 2022 and acquired some of Signature Bank ‘s assets in March 2023, faced a confidence crisis related to its commercial real estate portfolio.

Banks 448
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NYCB, a struggling $78B resi mortgage servicer, to receive $1B equity investment

Housing Wire

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. billion goodwill impairment. to assist with capital generation.

Equity 443
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From tenant to trailblazer: Oralia Herrera takes helm at NAHREP

Housing Wire

Expanding homeownership, embracing commercial real estate As president of NAHREP, Herrera says her main priority is expanding access to homeownership amid todays affordability crisis. When I started, commercial brokers were majority white males, and it was hard to break in, Herrera said. But I became the first homeowner in my family.