article thumbnail

Mortgage lending volume in 2020 likely to break records

Housing Wire

Fannie Mae , the world’s largest mortgage financier, said mortgage lending this year probably will reach an all-time high of $3.9 trillion in refinancings, the highest level since 2003 and more than double the level seen in 2019, the mortgage giant said in a forecast on Tuesday. The dollar-volume record will be boosted by $2.4

Lending 545
article thumbnail

Nations Lending, Carpenter Realtors launch Commitment Mortgage

Housing Wire

Full-service mortgage lender Nations Lending and local Indiana real estate firm Carpenter Realtors launched a joint venture, Commitment Mortgage , in order to offer an end-to-end experience — from finding a home to closing a loan in a cooled-down housing market. “We Nations Lending originated $3.43

Lending 370
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Citi names Brad Wayman head of U.S. mortgage

Housing Wire

Wayman first joined Citi in 2003, and most recently, he held the position of head of U.S mortgage sales, Wayman was a division lending executive on the East Coast, which includes the New York, New Jersey and North East Suburban markets. Before his role as head of U.S. retail banking. “As

Retail 501
article thumbnail

JPMorgan Chase adds exec to correspondent team

Housing Wire

JPMorgan Chase has appointed Bhavesh Patel to lead client management for the bank’s correspondent lending channel. He will report to Terry Lindsey, head of correspondent lending for Chase, and is based in Houston, the bank said Thursday. He joined JPMorgan Chase in 2003.

Retail 435
article thumbnail

Average U.S. 30-year mortgage rate rises from all-time low

Housing Wire

The Fed issued a statement on Wednesday after the end of a two-day meeting that said it would likely keep its benchmark overnight lending rate near zero through 2023, and would continue purchasing mortgage-backed securities “at least at its current pace” for as long as necessary. trillion , boosted by $2.4

Mortgage 518
article thumbnail

Natural disasters like the LA fires will deepen the U.S. housing crisis

Housing Wire

The study claims that the crisis can be traced back to the early 2000s when subprime lending activities were prevalent. The resulting housing market crash and the Great Recession led policymakers to overcorrect by tightening mortgage lending standards and limiting funds for new construction.

Lending 418
article thumbnail

Are we seeing a cash-out refinance crisis?

Housing Wire

First, the refinance boom’s main driver in the 2000s was unhealthy because of the marketplace’s speculative unhealthy lending standards. Although mortgage refinance activity was the highest in 2020 than it has been since 2003, the reasons for refinancing and the quality of the equity loans are much different than they were in the 2000s.

Lending 543