Housing Wire

JANUARY 2, 2025

Government lending programs saw mixed results as applications for Federal Housing Administration (FHA) loans fell by 60 bps to a market share of 16.6%, while applications for Department of Veterans Affairs (VA) loans rose by 50 bps to a share of 15.7%. Rate increases were seen across the board for nearly every loan type, according to the MBA.

Mortgage 430

Mortgage Retail Contracts Government 430

Housing Wire

FEBRUARY 9, 2024

UWM terminated its contract with the broker and no longer accepts mortgage applications from Okavage customers. Earlier this month, Fairway — the nation’s ninth-largest mortgage originator — announced a 100% business shift to retail lending. for selling loans to rivals Rocket and Fairway despite agreeing to the contract.

Contracts 420

Contracts Retail Lending Mortgage 420

Housing Wire

SEPTEMBER 1, 2020

Across its mortgage footprint, “ Citizens Bank has hired close to 100 underwriters, processors and loan officers this year to keep up with the demand and further their commitment in the mortgage retail space,” said Ace Watanasuparp, who heads residential lending for Citizens in New York City. Citizens is not alone.

Loan Officers 402

Loan Officers Retail Lending Contracts 402

Housing Wire

JULY 25, 2024

Cooper Group has struck a deal to acquire a third-party origination (TPO) platform and $356 billion in mortgage servicing rights (MSRs), advances and subservicing contracts from Flagstar Bank , owned by New York Community Bancorp (NYCB). As part of the deal, the Dallas-based servicer and lender will pay $1.4

Business 480

Business Retail Contracts Mortgage 480

Housing Wire

FEBRUARY 5, 2024

million to acquire Residential Mortgage Services Holdings (RMS), a Maine-headquartered retail lender of which Seely was president and CEO. However, if the contract was terminated with cause – which includes cases of fraud or breach of fiduciary duty, among others – he would not receive the severance compensation.

Retail 394

Retail Contracts Loan Officers Mortgage 394

Housing Wire

MARCH 11, 2022

Lenders One did not disclose the financial terms of the contract. This is not the first deal amongst mortgage lenders and big-box retailers: Costco has a partnership with Ohio-based CrossCountry Mortgage , which in 2020 acquired First Choice Loan Services , inheriting Costco’s mortgage program. It’s not necessarily easy.

Mortgage 344

Mortgage Retail Lending Law 344

Housing Wire

NOVEMBER 23, 2022

MBA estimates the average contract 30-year fixed-rate mortgage for conforming loans ($647,200 or less) fell to 6.67% from the previous week’s 6.90%. In light of this, HousingWire recently caught up with Teraverde’s Rob Peterson to learn more about what lenders need to succeed in today’s lending environment.

Mortgage 417

Mortgage Contracts Retail Lending 417

Housing Wire

DECEMBER 21, 2021

They expect shops with a consumer direct model, which tend to be refi-heavy and rely on call centers for intake, will be more likely than retail shops to cut employees in the months to come. Retail people don’t get laid off as much because they own their book of business.

Loan Officers 468

Loan Officers Retail Business Mortgage 468

Housing Wire

JUNE 9, 2021

TIAA Bank is selling its correspondent lending platform to Pentagon Federal Credit Union for an undisclosed amount of money. In 2019, the lender announced that it would leave the retail channel, barely three years after it acquired EverBank for $2.5 billion in cash. billion in cash. TIAA has focused on digital mortgages since then.

Lending 362

Lending Retail Business Contracts 362

Housing Wire

NOVEMBER 15, 2023

Citizens was among the few large depository banks operating in retail, wholesale and correspondent in the mortgage space. billion in mortgages through the retail channel, a 60.3% In 2018, it acquired Franklin American Mortgage. In the first half of the year, Citizens originated $2.4 Correspondent channel volume came in at $2.5

Retail 435

Retail Mortgage Contracts Finance 435

Housing Wire

JANUARY 12, 2024

billion in home loans, representing only 23% of the $108 billion volume in the previous year, when it was still the kingfish in correspondent lending. But the retail channel also declined – to $24 billion in 2023 from $64 billion the previous year – due in large part to higher rates. Home lending revenues declined to $3.3

Mortgage 397

Mortgage Lending Retail Business 397

Housing Wire

JULY 19, 2023

Go Mortgage sued its former director of capital markets for “corporate sabotage,” alleging computer fraud, violation of trade secrets, breach of contract and tortious interference with a business relationship. Go Mortgage, licensed in 44 states, originates in both the retail and wholesale channels.

Mortgage 340

Mortgage Marketing Retail Construction 340

Housing Wire

JUNE 29, 2023

It also accuses Movement of inducing these employees to breach contracts by soliciting others to leave loanDepot. and Delaware employees also transitioned to the retail competitor. A Movement representative did not return a request for comments. Additional Maryland, Washington, D.C.,

Retail 385

Retail Contracts Legal Business 385

Housing Wire

MARCH 22, 2021

With that announcement came a modification to the UWM-broker contract, making note of significant financial penalties for violating this new policy. Take fair lending concerns for a minute. And if the borrowers are minority applicants, are there any fair lending implications that should be considered? I was astonished, frankly.

Business 539

Business Retail Mortgage Lending 539

Housing Wire

OCTOBER 9, 2024

MBA data showed that government lending continues to represent a steady share of the mortgage market. The average contract interest rate for 30-year fixed-rate loans with conforming balances ($766,550 or less) jumped from 6.14% to 6.36% during the week. For the week ending Oct. of all applications, while U.S. of applications.

Mortgage 369

Mortgage Government Retail Contracts 369

Housing Wire

JUNE 5, 2023

Direct retail lender Revolution Mortgage has scooped up two of loanDepot ‘s top LOs, accelerating its plans to expand market share despite a tough origination environment. The first transaction is the most important, but we want to make sure we have a relationship with you afterward.

Loan Officers 380

Loan Officers Mortgage Lending Retail 380

Appraisal Buzz

JANUARY 11, 2022

Aspire Home Loans LLC, an independent mortgage banker, has signed a contract to implement Black Knight Inc. ’s These advanced capabilities will support first mortgages for Aspire Home Loans’ retail lending channel and help enhance the borrower experience, support its employees and help drive business growth.

Retail 195

Retail Contracts Lending Business 195

Housing Wire

MARCH 23, 2023

In the mortgage space, warehouse lending is a very lucrative business for the banks, so in general they’ll want to keep warehousing lending, maybe over other types of lending,” said Brian Hale, founder and CEO of consulting firm Mortgage Advisory Partners. It’s just a matter of to what degree.

Lending 430

Lending Investing Insurance Mortgage 430

Housing Wire

FEBRUARY 3, 2022

Analysts at Cider Knoll Holdings , an equity research firm specializing in nonbank mortgage originators, project earnings per share for 10 nonbank mortgage companies to contract 30% in the fourth quarter, compared to the previous quarter. As pure-play retail mortgage lenders go, Guild has been a bright spot.

Mortgage 376

Mortgage Retail Finance Investors 376

Housing Wire

DECEMBER 20, 2023

So he did what a lot of retail loan officers in the industry were doing — Mike would reclassify a self-generated lead as a corporate-generated lead, thus slashing his compensation from 125 basis points down to as low as 50 bps, giving him a low enough rate to win the client and eventually close the deal.

Loan Officers 469

Loan Officers Clients Law Legal 469

Housing Wire

DECEMBER 2, 2020

Finance of America , which operates through retail, wholesale and correspondent channels, reported $242 million in income during the third quarter, a 66% increase from the second quarter. billion of it coming through its forward-lending arm. The company funded $9.17 billion in the third quarter, with about $8.5

Finance 230

Finance Lending Retail Valuation 230

Housing Wire

JANUARY 10, 2024

The lender asserted claims for breach of contract, fraud, unfair competition and tortious interference, among others. ” “The mortgage lending industry is highly competitive. Guild claims the group stole “substantial amounts” of information, recruited away its employees and created confusion among its customers.

Legal 412

Legal Lending Contracts Mortgage 412

Housing Wire

DECEMBER 16, 2021

Interfirst Mortgage , the retail mortgage business he founded in 2001, had grown to $14.5 Godin made plans to relaunch the business in late 2019 as a tech-forward lender that originated loans across both wholesale and retail channels. In 2012, Dmitry Godin was seemingly on top of the world. 375% below the market.” Interfirst 3.0?

Mortgage 338

Mortgage Loan Officers Retail Training 338

Housing Wire

MARCH 15, 2023

retail residential mortgage applications. ” The MBA survey shows that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) was 6.71% last week, down from the previous week’s 6.79%. for the week ending March 10 compared to the prior week. ”

Mortgage 351

Mortgage Retail Clients Marketing 351

Housing Wire

JUNE 2, 2023

All these other retail lenders are doom and gloom, saying: “The market is so hard, I gotta wait for next year.” The only originators are retail or wholesale. Small retail lenders originate the loan, close it, and then sell it to Pennymac. The retail lender. ” We recognize what reality is. They buy loans.

Retail 346

Retail Inventory Mortgage Loan Officers 346

Housing Wire

SEPTEMBER 20, 2022

” According to Tullos, the company made an arrangement to work on a contract basis with some of the employees that were laid off. ” Although ResMac has a retail channel, the company was built on a wholesale model, which has been impacted by aggressive pricing, mainly from the leader United Wholesale Mortgage (UWM).

Marketing 331

Marketing Investors Retail Mortgage 331

Housing Wire

AUGUST 31, 2022

After two record-setting years of mortgage origination volume, the mortgage industry is contracting, sharply. Looking again at data from MBA’s Quarterly Performance Report, loans closed per production employee [1] per month (in the retail and consumer direct channels combined) ranged from 1.3 in the three years prior to the pandemic.

Lending 397

Lending Mortgage Real Estate Loan Officers 397

Housing Wire

AUGUST 16, 2023

The speed of the rate hikes has shrunk gain-on-sale margins because mortgage companies haven’t contracted quickly enough to offset falling demand. If Rocket wanted to really capture a huge amount of purchase business (and greatly increase costs in the process), they’d buy another retail lender or hire thousands of distributed LOs.

Retail 323

Retail Real Estate Agent Business Mortgage 323

Housing Wire

JUNE 2, 2022

And then further on down the line, open it up to other retail investors, but that depends on the regulations in place.”. Redwood Trust also is an investor in Point , a non-blockchain-based fractional home-equity lender that provides homeowners with cash upfront in exchange for a contract providing Point with a slice of the homeowner’s equity.

Technology 397

Technology Investing Investors Mortgage 397

Housing Wire

AUGUST 23, 2023

We’ve done that through products like One Day Mortgage, which are helpful to a consumer if they’re buying or shopping for a home because literally the same day that they enter into a purchase contract, they can get a commitment letter on their mortgage.

Realtors 350

Realtors Technology Insurance Mortgage 350

Cleveland Appraisal Blog

MARCH 18, 2021

As a teenager, my friends would describe to me experiences they had in retail stores, in which they were watched uncomfortably closely by store clerks. Therefore, my opinion of value was in the mid-sixties, which was far below the contract price. We’ve all heard of predatory lending. WHAT SHOULD AN APPRAISER DO?

Appraisal 195

Appraisal Investors Market Value Contracts 195

McKissock

JUNE 8, 2021

He was buying an 1800s Victorian house in which his parents had operated a retail business for many years. So, what if a client provides a sales contract to the appraiser after the report is completed, and the appraised value estimate is five percent above the contract price? In this case, he was also the client. Not likely.

Appraisal 73

Appraisal Contracts Clients Law 73

McKissock

APRIL 20, 2021

Receive basic training in contracts and how to price properties using comparative marketing analysis. Of members surveyed, only 5 percent reported that real estate was their first career; 17 percent had a previous career in management, business, finance, sales or retail. Set clear expectations upfront about your availability.

Real Estate Agent 98

Real Estate Agent Real Estate Agents Realtors 98

Appraisal Today

SEPTEMBER 15, 2023

This typically happens when an appraiser turns in an appraisal with an appraised value opinion lower than the sale contract price. Richard Hagar, SRA, has a good book on Dave Towne’s comments (and many other client issues): For more info click here == Private money lending – no UAD, computer “reviews”, low fees, etc.

Appraisal 82

Appraisal Real Estate Agent Contracts Real Estate 82

Appraisal Today

AUGUST 23, 2024

Lenders rely on reviews to ensure the accuracy and reliability of appraisals before making lending decisions. It was my last review for lending purposes. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.50 I did not reply. percent from 6.54

Appraisal 68

Appraisal Contracts Investors Property Appraisal 68

Appraisal Today

FEBRUARY 16, 2024

Many downtown mixed-use buildings (retail and apartments) are in my city. Never use a lending form (such as a 1004) for estate work. For non-lending work like estate work, you can use a good, protective engagement agreement. My comments: MORTGAGE LENDING IS VERY SLOW NOW. Yes, appraisers do this. percent from 6.80

Appraisal 80

Appraisal Contracts Training Architecture 80

Appraisal Today

FEBRUARY 9, 2024

The government and those that write the rules also state the purpose of an appraisal is to determine the value of the home/property in its market setting, so an underwriter can make a lending decision. Back in the day, this protected the lender from lending more than the home/property is worth. MORTGAGE LENDING IS VERY, VERY CYCLICAL.

Appraisal 80

Appraisal Contracts Insurance Construction 80