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Union Home Mortgage (UHM) on Friday announced two changes to its executive leadership team, just days after the company grew its footprint through the acquisition of NRL Mortgage. ” Alonzo arrives at UHM with 25 years of mortgage and banking experience, most recently at Caliber Home Loans.
Elevated mortgage rates, sky-high home prices, tight credit and stagnant wages have all contributed to homebuyers getting older. First-time buyers face high home prices, high mortgage interest rates and limited inventory, making them a decade older with significantly higher incomes than previous generations of buyers.
After three weeks of unchanged rates, the average mortgage rate for a 30-year fixed loan jumped 8 basis points to 2.81%, reaching its highest point since mid-November, according to Freddie Mac ’s Primary Mortgage Market Survey. Increasing lending and servicing capacity – regardless of mortgage rates. for the week ending Feb.
Philip Riccio has been appointed chief financial officer for Panorama Mortgage Group , a multi-channel mortgage company headquartered in Las Vegas. Riccio has two decades of experience in the mortgage industry. Since joining Panorama Mortgage Group in 2022 as senior vice president of capital markets.
The Mortgage Bankers Association (MBA) on Wednesday announced that Owen Lee, CEO at Success Mortgage Partners (SMP), has been nominated to serve as the association’s vice chairman for the forthcoming 2025 membership year.
Department of Housing and Urban Development (HUD) on Wednesday proposed a new rule that would implement a permanent program to sell seriously delinquent single-family mortgages insured by the Federal Housing Administration (FHA).
Tuesday’s housing starts report clearly shows that homebuilders are going to be done with single-family construction until mortgage rates fall. The credit cycle looks much different now than the build-up from 2002-2005. In the past, builders benefitted when mortgage rates fell toward 4% and below.
HousingWire Lead Analyst Logan Mohtashami joins the HousingWire Daily podcast to talk about why low mortgage rates need to end. During the interview, HW+ Managing Editor Brena Nath interviews Mohtashami on his most recent article , “We need higher mortgage rates to cool the housing market.”. Already a member?
The average 30-year fixed-rate mortgage declined slightly to 2.86% for the week ending in August 19, according to mortgage rates data released Thursday by Freddie Mac ‘s PMMS. The week prior, mortgage rates rose to 2.87% , after six consecutive weeks of mortgage rate declines. Last week, mortgage applications decreased 3.9%
However, the demand curve of what we have in housing too doesn’t resemble the speculation demand curve of what we saw from 2002-to 2005. Even today, we aren’t even at 2002 levels in the MBA index. This is a risk to housing construction because 5% mortgage rates paused construction for 30 months back then.
However, the sting of higher mortgage rates is hitting the single-family construction data, and the real story is that the housing completion data, which has been bad for a long time, is still terrible. We simply cannot finish homes in America promptly, and now that mortgage rates are over 5%, some buyers won’t be able to purchase a home.
Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve ’s (Fed) meeting to announce the new target for the federal funds rate. A different index measures this week’s rates higher at 7.09% , according to Mortgage News Daily. from 13.9%
Laura Escobar, president of Lennar Mortgage, has been appointed chair of the Mortgage Bankers Association (MBA) for 2025. Escobar is a 37-year mortgage industry veteran, She has held leadership positions with both bank-owned and independent mortgage companies overseeing all aspects of mortgage banking. since 2018.
A report on the financial results for borrowers of cash-out refinance mortgages has been released by the Consumer Financial Protection Bureau (CFPB). However, combining mortgage debt with non-mortgage debt can make foreclosure more likely. However, overall scores continued to be higher than they were before to the refinance.
Since the weaker CPI data was released in November, bond yields and mortgage rates have been heading lower. The question then was: What would lower mortgage rates do to this data? However, mortgage rates have fallen more than 1% since the recent highs, so it’s time to look at the data to explain how to interpret it.
One of the main reasons for that fear was that housing credit was about to get tight, meaning fewer people could buy homes with mortgages. today and why they’re so different than the period of 2002-2008. There is usually a 1.60%- 1.80% difference between the 10-year yield and 30-year mortgage rate, but now we are at 3%.
As recession talk becomes more prevalent, some people are concerned that mortgage credit lending will get much tighter. When people say credit will get so tight that we are headed back to 2008 levels of lending, they’re telling me they’ve never read the MBA’s mortgage credit availability index, not even one time.
Mortgage applications fell for the third consecutive week as the 30-year fixed mortgage rate rose to its highest level since November 2022 at 7.09%. For the week that ended August 4, mortgage applications fell 3.1% from the prior week , according to data from the Mortgage Bankers Association. The downgrading of the U.S.
Mortgage demand continued its downward trend last week, reaching the lowest level in 25 years, according to the latest survey from the Mortgage Bankers Association (MBA). The MBA survey shows that the mortgage composite index for the week ending Oct. retail residential mortgage applications. from 13.5% the week prior.
We aren’t anywhere close to the housing bubble dynamics we had from 2002 to 2008; that environment is simply impossible to replicate. I’m going to take their talking points and explain in detail why this isn’t the housing bubble of 2002-2005. “ This is why I like to show the MBA mortgage purchase application chart.
Mortgage lender Homestar Financial Corporation on Friday announced appointing Gurp Bhandal as executive vice president of national production. Prior to HOMESTAR, he served as the executive vice president of retail production at AmeriSave Mortgage Corporation and area lending manager roles at Citi.
Acquisitive lender Guild Mortgage on Tuesday announced the acquisition of Legacy Mortgage , increasing its footprint in the Southwest. Legacy, headquartered in Albuquerque, New Mexico, was founded in 2002 and purchased by its CEO Jack Thompson in 2006. Guild acquired Inlanta Mortgage , expanding its presence in the Midwest.
The state of Montana may not be a key source of business for the reverse mortgage industry, but that doesn’t negate the reality that seniors who reside there might find the product useful for reaching some kind of financial goal. He joined the mortgage industry in 1990 and transitioned to the reverse channel in 2002.
Benchmark Administration (IBA) , will take on a new role as president of ICE Mortgage Technology starting on March 1. Bowler will be in charge of ICE’s business segment, which is focused on automating elements of the mortgage industry and delivered a revenue of $1.1 Timothy Bowler, president of Intercontinental Exchange, Inc.
Home prices were growing at an unsustainable level from 2002-2005, leading to some excess risk-taking on inadequate loan debt structures. In the 2020 market, on the other hand, refinances were not driven just by an increase in equity but lower mortgage rates. The rest of this content is for HW+ members. Already a member?
Mortgage lender and servicer OCMBC has acquired HomeStar Financial Corp. OCMBC, doing business as LOANStream Mortgage , posted $3.56 billion in volume in nonqualified mortgage ( non-QM ) volume, placing No. Mortgage data platform Modex showed that HomeStar posted an origination volume of $2.45 OCMBC also originated $2.1
She previously served at Fannie Mae in multiple roles from 1997 to 2009, including stints as director of the offices of corporate justice, corporate justice and employment practices, and human resources at different points between 1997 and 2002.
We finally got mortgage rates to rise, and for people like me who have been concerned about how unhealthy the housing market was last year — and it got a lot worse this year — it’s a blessing that was much needed. million line in the sand has been this: Home prices grow above that 23% level: check Mortgage rates spike higher: check.
That belief, however, assumes that one does not understand the two main drivers of housing: demographics and mortgage rates. As it happens, these fabulous demographics are accompanied by the lowest mortgage rates ever recorded in history. All that other stuff, my friends, is just stamp collecting.
Mortgage consulting firm LendArch has hired Karthik Kumar, the former global mortgage practice head at Tata Consultancy Services (TCS). Kumar was a manager at Standard Chartered Bank from 2002 to 2004. The post LendArch hires Karthik Kumar, TCS’s former head of mortgage appeared first on HousingWire.
Quite the opposite: In that cycle we had the weakest housing recovery ever, even with the lowest mortgage rates during the longest economic expansion ever. From 2002 to 2005 we experienced a credit boom due to the rapid increase in borrowing for speculation purchases. Speculation demand.
Kyle Joseph, a specialty finance equity research analyst at Jefferies , believes that the worst of the current mortgage cycle may be behind us, a sentiment shared by most analysts covering this industry. Mortgage rates will moderate down to about 6% to 6.25%.” ” Kornfeld expects mortgage originations to range from $1.8
Black Knight’s Optimal Blue is looking to court mortgage brokers with its new pricing feature that provides up-to-date rates on its cloud-based loan servicing platform. The post Optimal Blue hopes to hook mortgage brokers with real-time rate feature appeared first on HousingWire. billion deal to boost origination offerings.
The housing sector — especially real estate and mortgage — has seen significant layoffs , while the general economy will create more than 4 million jobs in 2022. Then we had the biggest mortgage rate shock in recent history and yet even with that, we will have over 5 million total home sales this year. Production falls. Home sales.
Astrid Vermeer has joined the Mortgage Bankers Association (MBA) as senior vice president, chief financial officer. Prior to that she served as CFO of the International Services for the American Red Cross from 2015-2017 and was in finance roles at the World Wildlife Fund from 2002-2014.
Rapidly expanding Cleveland, Ohio-based CrossCountry Mortgage (CCM) has struck a deal to acquire the smaller retail mortgage lender AmCap Home Loans and bolster its operations in Texas. AmCap, founded in 2002, is a much smaller lender. In terms of volume, CCM claims it originated $31.6 billion in loans in 2023.
We’ve all been wondering what 5% plus mortgage rates would do to the hot housing market, and now we’ve got that and a bag of chips. As a result, I’ve been rooting for mortgage rates to rise to create a balancing impact on this housing market. 2018 was the last time mortgage rates got to 5%, and sales trended from 5.72
Corr and Tyrrell both joined Ellie Mae in 2002, and coincidentally, both in positions that emphasized strategy – Corr beginning as chief strategy officer and Tyrrell as vice president of strategic relationships. ICE also acquired Simplifile in 2019.
As the 10-year yield broke above 1.94% and mortgage rates rose, we saw the impact on housing data. That’s not the case now because we have’t had a credit boom post-2010 as we did from 2002 to 2005. It’s an excellent time to discuss housing inventory. The housing market shifted in March of this year. What is going on here?
I’m excited to see Dustin grow the Division and for Dominion to become a go-to lender for all non-QM and traditional mortgage offerings.” ” Since its founding in 2002, Dominion Financial has reportedly funded more than 11,000 projects across the U.S., with a total origination volume of more than $3 billion.
Lesley Alli and Andrew Greenberg both joined NMI Holdings to serve as senior vice presidents, announced the parent company of National Mortgage Insurance Corporation Monday in a statement. Prior to this new position, she served as the chief investor and industry relations officer of Home Point Financial Corporation.
“This is about the same rate of price growth that occurred during the 2002 through 2006 period when subprime lending drove exuberant housing demand. “But that is where the similarities end. Mortgage holders are well-qualified and subprime loans are rare.
” Christie’s International Real Estate Belgium is the real estate arm of Hillewaere Group , a firm established in 2002 by Roel Druyts that offers real estate , insurance and mortgage lending services.
To say that mortgage lenders are facing challenging times would be a considerable understatement. The substantial increases this year present challenges in the mortgage sector, as the note rates produced can become illiquid if not hedged. in September 2002. The index stood at 58.6 S&P/Case-Shiller U.S.
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