Housing Wire

MARCH 20, 2024

Figure Lending LLC is now operating under the umbrella of Figure Technology Solutions , independent of CEO Mike Cagney ’s Figure Technologies. to take its lending division, LendCo , public. CMG Financial , CrossCountry Mortgage , Fairway Independent Mortgage and The Loan Store are Figure’s private-label partners.

Lending 448

Lending Technology Investors Development 448

Housing Wire

APRIL 29, 2024

Small-balance commercial lender Stronghill Capital shut down its nascent consumer and correspondent lending businesses late last week. He cited a difficult market and elevated rates as reasons for shutting down correspondent and consumer lending businesses , which were added in 2022.

Lending 482

Lending Clients Business Real Estate 482

Housing Wire

JANUARY 9, 2024

Home-equity lending overall found its wings in 2023 as a number of independent mortgage banks ramped up product lines over the course of the year — despite a bump in the road in the third quarter when mortgage rates surged past 7%. Market indicators so far appear tentatively promising. That represents an aggregate gain of $1.1

Lending 488

Lending Inventory Mortgage Finance 488

Housing Wire

FEBRUARY 21, 2024

North Carolina-based mortgage lender Premier Lending Inc. Premier Lending is adopting FICO’s updated credit-scoring model “to continue to drive the company’s innovation strategy forward and help make more homeownership dreams a reality,” the company stated in a release. “By

Lending 435

Lending Government Mortgage Finance 435

Housing Wire

JULY 29, 2024

Home equity lending in 2023 grew by only 1.5% in the same time period, according to a study released Monday by the Mortgage Bankers Association (MBA). Home equity originations were relatively flat in 2023 compared to 2022,” Walsh said in a statement. billion in 2022. billion in 2022.

Lending 448

Lending Renovations Real Estate Mortgage 448

Housing Wire

NOVEMBER 22, 2023

Mike Cagney’s financial technology firm Figure Technologies has taken another step to go public with its lending division, LendCo , hiring investment banks to coordinate the initial public offering (IPO), per a Bloomberg report. The profitable lending business has more than a 50% contribution margin, he said in a meeting.

Lending 459

Lending Valuation Technology Retail 459

Housing Wire

MARCH 14, 2024

Nonbank mortgage originator Change Lending will become a member of the Federal Home Loan Bank of San Francisco (FHLB-SF). We welcome a partnership with the FHLB-SF to enhance our strength and reach as America’s CDFI,” said Steven Sugarman , founder of the Change Company, the parent company of Change Lending. “We

Lending 448

Lending Renovations Legal Real Estate 448

Housing Wire

NOVEMBER 10, 2023

With soaring home prices and mortgage rates putting a damper on the market for new home loans and refinancing options, it’s a challenging time for homebuyers and lenders alike. And that offers an incredible opportunity for banks and non-banks alike to improve their digital channels to better support home equity lending.

Lending 475

Lending Tools Inventory Renovations 475

Housing Wire

NOVEMBER 15, 2022

Lending standards tightened in October, largely due to higher mortgage rates and the worsening outlook for the economy, the Mortgage Bankers Association (MBA) said. The mortgage credit availability index (MCAI) fell by 0.5% year over year, marking the smallest 12-month increase since the year ending in January 2022.

Lending 501

Lending Government Mortgage Housing Market 501

Appraisal Buzz

AUGUST 29, 2024

million mortgages secured by residential property (units one to four) were issued in the U.S., Residential Property Mortgage Origination Report. The recovery occurred in the midst of a robust springtime housing market and falling mortgage rates following several months of rising rates. accounting for about half of all mortgages.

Lending 341

Lending Mortgage Buyers Housing Market 341

Appraisal Buzz

AUGUST 23, 2024

billion in new mortgages for apartment buildings with five or more units, according to the Mortgage Bankers Association’s (MBA) annual report of the multifamily lending market. billion in multifamily lending volume represents a 49 percent decrease from 2022 levels. Last year’s $246.2

Lending 366

Lending Investors Government Real Estate 366

Housing Wire

APRIL 30, 2024

The Federal Housing Finance Agency (FHFA) this week released its fair lending final rule, following up on a proposal made last year in alignment with plans first laid out in 2022 by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

Lending 458

Lending Finance Government Realtors 458

Housing Wire

MARCH 12, 2024

nonbank mortgage lenders continue to gain market share as the industry consolidates and a number of smaller players exit the space due to a lack of strong franchises to retain sufficient volume, Fitch Ratings reported Tuesday. Fairway Independent Mortgage Corp. billion, an increase of 13% from 2022. billion, down 2% from 2022.

Mortgage 488

Mortgage Marketing Retail Lending 488

Housing Wire

NOVEMBER 3, 2023

Non-bank originator Change Lending will continue to originate non-qualified mortgages ( non-QMs ) for underserved borrowers after it reached a tentative deal with the U.S. Change is proud to be certified as a CDFI and to continue our mission,” Carlos Salas, CEO of Change Lending, said in a statement.

Lending 435

Lending Finance Legal Contracts 435

Housing Wire

APRIL 5, 2022

But what does virtual real estate mean for real-world mortgage professionals? Is there demand for “mortgages” to buy virtual real estate in the Metaverse? To boot, one of the first financing transactions on record was made in January 2022 by technology firm TerraZero. TerraZero is not a licensed mortgage lender.

Real Estate 532

Real Estate Mortgage Property Taxes Law 532

Housing Wire

FEBRUARY 12, 2024

The worst times for mortgage originations may be over as the market appears to be turning, but it’s still an unaffordable environment for younger borrowers in particular, according to a fourth-quarter 2023 lending report from Maxwell. And it marks the first year-over-year loan growth for any three-month period since Q1 2022.

Bracketing 497

Bracketing Mortgage Lending Inventory 497

Housing Wire

OCTOBER 18, 2024

California-based Provident Funding Associates LLC is getting out of the Florida condo lending business , it told broker partners on Friday. Condos in Florida have to be next level,” said one retail lending executive. Provident told broker partners that all loans in the pipeline must be locked by 11:59 p.m. Condos are hard.

Marketing 524

Marketing Mortgage Finance Lending 524

Housing Wire

JANUARY 12, 2024

Mortgage businesses at Wells Fargo , JPMorgan Chase and Bank of America are now only a fraction of what they were in 2022. As a group, the trio originated about $80 billion in mortgages in 2023, down from nearly $218 billion the prior year – a $138 billion decline (63%). billion for the year from $44 billion in 2022.

Mortgage 475

Mortgage Lending Retail Business 475

Housing Wire

NOVEMBER 16, 2023

Nonbank originator Change Lending and the U.S. A Barron’s investigation found that Change failed to meet its underserved lending requirements in 2022, resulting in the lender being removed from the CDFI Fund’s list of certified program lenders in August.

Lending 447

Lending Finance Contracts Development 447

Housing Wire

NOVEMBER 20, 2023

California-based retail lender American Pacific Mortgage (APM) has named vice chairman Bill Lowman as its chairman of the board, succeeding APM founder Kurt Reisig. FoA) months after it shut down its forward mortgage segment. billion during the same period in 2022, according to Inside Mortgage Finance (IMF).

Retail 448

Retail Mortgage Lending Renovations 448

Housing Wire

DECEMBER 11, 2023

Wells Fargo , once the largest mortgage lender in America, was accused of discrimination through the common industry practice of offering mortgage loan discounts to select borrowers, CNBC reported. fair lending laws has been on regulators’ radar in recent years. Its findings showed that mortgage lenders violated U.S.

Mortgage 468

Mortgage Lending Law Loan Officers 468

Housing Wire

OCTOBER 4, 2023

Indiana-based First Savings Bank plans to lay off over 100 mortgage employees in the coming months, according to documents filed with authorities in multiple states. News of the plans come as political instability and a strong job market push mortgage rates closer to 8%. billion in 2021 to $370 million in 2022.

Human Resources 468

Human Resources Mortgage Tenants Lending 468

Housing Wire

FEBRUARY 21, 2024

Longtime reverse mortgage industry professional Tane Cabe has joined C2 Financial ’s reverse mortgage division as a “retirement mortgage expert,” according to an announcement issued by the company this week. Cabe, who most recently served as president of reverse mortgage lending at Fairway Independent Mortgage Corp.

Mortgage 435

Mortgage Loan Officers Clients Lending 435

Housing Wire

FEBRUARY 23, 2024

The gap between Black and white renter families that could afford a mortgage narrowed significantly during the COVID-19 pandemic, according to a Zillow report released Friday. of Black renter families earned enough income in 2022 to afford a mortgage with a 3% down payment, compared to 12.5% About 7.8% percentage points.

Mortgage 476

Mortgage Home Value Lending Real Estate 476

Housing Wire

OCTOBER 11, 2024

in the past year, driven by more cases of identity and transaction fraud New data shows that cases of fraud among mortgage applicants is on the rise — an eye-raising trend as demand from borrowers remains relatively quiet. The CoreLogic Mortgage Application Fraud Risk Index jumped by 8.3% CoreLogic’s risk index rose 8.3%

Mortgage 516

Mortgage Lending Insurance Real Estate 516

Housing Wire

MAY 2, 2024

loan officer Timothy Potempa has departed Dallas-based multichannel lender OneTrust Home Loans to join E Mortgage Capital , bringing his team of about 40 people and more than $300 million in annual production to the company headquartered in California. 7 loan officer in the country last year with a mortgage production volume of $326.5

Loan Officers 448

Loan Officers Mortgage Retail Lending 448

Housing Wire

JANUARY 26, 2023

A former mortgage underwriter wrote, “Flagstar just laid off everyone, so after 2 1/2 years, I’m back in the job market.” Hundreds of us were told to get on a call this morning at 11:00 AM, and they told us all that they were shutting down the retail division of Flagstar Mortgage,” a former loan advisor told HousingWire. Flagstar, No.

Retail 476

Retail Mortgage Lending Finance 476

Housing Wire

MARCH 29, 2024

While much of the report suggests “a continued increase in credit or consumer reporting complaints, with more than one million of these complaints being sent to the three nationwide consumer reporting companies,” the mortgage industry demonstrates general reactivity to the feedback, according to the report. were pending with the bureau.

Mortgage 457

Mortgage Lending Finance 457

Housing Wire

FEBRUARY 22, 2024

Rocket Companies , the parent of Rocket Mortgage , was in the red again in 2023 as it reported a GAAP net loss of $390 million. The adjusted net loss for full year 2023 was $143 million, even bigger than the $137 million loss posted in 2022, marking a second straight year of not being profitable. billion for all of 2022.

Mortgage 459

Mortgage Clients Lending Business 459

Housing Wire

MAY 2, 2024

Redlands, California-based mortgage lender Mountain West Financial has struck a deal to sell its retail assets to competitor ML Mortgage Corp. , We did transfer our branches and loan officers to ML Mortgage. A spokesperson for ML Mortgage didn’t immediately reply to a request for comment.

Retail 448

Retail Loan Officers Mortgage Lending 448

Housing Wire

JUNE 20, 2024

Oklahoma -based Adfitech , a mortgage industry partner for quality control and risk management services, has changed its name to Mortgage Connect Risk Solutions. The move reflects the company’s 2022 acquisition by Pennsylvania -headquartered Mortgage Connect LP.

Mortgage 448

Mortgage Clients Lending Investors 448

Housing Wire

DECEMBER 1, 2022

Wells Fargo , the largest depository mortgage lender in America, cut hundreds of home lending jobs across the country on Thursday. Bloomberg first reported the news of the layoff, which is just the latest round of cuts for a lender that’s been open about its retreat from the upper echelon of the mortgage rankings.

Mortgage 448

Mortgage Lending Retail Business 448

Housing Wire

MAY 8, 2024

Nonbank lender Panorama Mortgage Group (PMG) launched a new program that allows first-time homebuyers to take out a loan with a 1% down payment , the company announced on Wednesday. In 2022 , it added Lone Peak Lending. As a minority-led independent mortgage bank, it is licensed in 43 states.

Human Resources 440

Human Resources Mortgage Legal Design 440

Housing Wire

NOVEMBER 26, 2024

Mortgage infrastructure provider Pylon received a minority strategic investment from Citi and closed a deal to sell mortgages on its platform through the bank’s mortgage trading desk, the parties announced on Tuesday. Pylon, founded in 2022, has Peter Thiel, the co-founder and former CEO of PayPal , among its investors.

Investing 417

Investing Mortgage Technology Lending 417

Housing Wire

AUGUST 13, 2024

The Consumer Financial Protection Bureau (CFPB) on Tuesday released an advisory opinion stating that contracts for deed are under federal home lending rules and should provide consumer protections. According to a The Pew Charitable Trusts study, over 8 million Americans have used land contracts and, as of 2022, about 1.4

Contracts 482

Contracts Mortgage Law Sellers 482

Housing Wire

MAY 15, 2024

New York Community Bancorp , the parent of Flagstar Bank , said it’s still committed to the home loan business despite selling approximately $5 billion in warehouse mortgages to JPMorgan Chase Bank to improve its capital and liquidity position. market share, according to Inside Mortgage Finance (IMF) estimates. billion; 5.7%).

Mortgage 468

Mortgage Lending Business Finance 468

Appraisal Buzz

SEPTEMBER 13, 2024

The latest Mortgage Credit Availability Index (MCAI) released by the Mortgage Banker’s Association (MBA) indicated that there was an increase in mortgage credit availability in August. While increases in the index point to looser credit, a decrease in the MCAI suggests tighter lending requirements.

Mortgage 414

Mortgage Government Lending Construction 414