Housing Wire

JULY 25, 2024

Mr. 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 billion in cash, funded via available cash and drawdowns of existing MSR lines.

Business 493

Business Retail Contracts Mortgage 493

Appraisal Buzz

JULY 25, 2024

Flagstar Bank , the bank subsidiary of New York Community Bancorp (NYCB) , has entered into a definitive agreement to sell its residential mortgage servicing business, including mortgage servicing rights (MSRs) and the third-party origination (TPO) platform to non-bank mortgage originator and servicer Mr. Cooper for approximately $1.4 billion. The deal is expected to close during Q4 of 2024.

Business 418

Business Retail Mortgage Appraisal 418

Housing Wire

JULY 25, 2024

If closed as expected, the acquisition of Flagstar Bank ‘s servicing businesses has the potential to make the mortgage servicing rights (MSR) portfolios of Mr. Cooper Group reach the $1.56 trillion mark in unpaid principal balance (UPB), consolidating the company into the top mortgage servicer in the country. Mr. Cooper executives are deploying the strategy of increasing their servicing book to take advantage of an extensive customer base that is likely to refinance their mortgages when i

Business 476

Business Mortgage Finance Marketing 476

Appraisal Buzz

JULY 25, 2024

According to ATTOM’s second-quarter 2024 U.S. Home Sales Report , typical single-family home and condo sales in the U.S. during Q2 yielded a profit margin of 55.8% for home sellers. This number remained essentially unchanged from Q1 of 2024, increasing by roughly one percentage point, but declining by one point from the second quarter of the previous year.

Investing 418

Investing Sellers Marketing Home Value 418

Housing Wire

JULY 25, 2024

As the numbers of seniors carrying mortgage debt in retirement has increased, so too has the potential financial burden of a regular monthly mortgage payment. Increases in inflation and the cost of living can overwhelm those living on a fixed income, according to an article published this week in USA Today. “Retirement researchers warn that mortgage debt in retirement can be a trap,” the article explained.

Mortgage 476

Mortgage Home Value Finance Buyers 476

Appraisal Buzz

JULY 25, 2024

Redfin reports that the typical U.S. luxury home sold for a record $1,180,000 in Q2 2024 , up 8.8% from a year earlier—the biggest increase in nearly two years. Non-luxury home prices grew at less than half that pace, rising 3.8% to a record high median of $342,500. Redfin defines “luxury homes” as those estimated to be in the top 5% of their respective metro area based on market value, and non-luxury homes as those estimated to be in the 35th-65th percentile based on market value.

New Listings 396

New Listings Inventory Market Value Buyers 396

Appraisal Buzz

JULY 25, 2024

Mortgage servicers have improved overall client satisfaction this year by effectively overcoming the challenges of continuously high interest rates and financial instability, but there are still big hazards ahead. The overall financial health of borrowers has sharply declined, and more and more borrowers are paying their bills after the due date, according to the J.D.

Property Taxes 368

Property Taxes Tools Mortgage Insurance 368

Housing Wire

JULY 25, 2024

On a recent episode of the Power House podcast , HousingWire CEO Clayton Collins chatted with Craig Montgomery, chief strategy officer at Lower and former chief production officer at CrossCountry Mortgage. Collins and Montgomery discussed Lower’s plans for growth, its strategic partnerships and how it looks to adopt an originator-first mindset to push the company toward top-five lender status.

Mortgage 457

Mortgage Design Tools Marketing 457

Real Estate News

JULY 25, 2024

Mortgage rates remained nearly flat as the market awaits the Fed’s next move. Meanwhile, inventory is still growing — but “sellers are pulling back.

Buyers 290

Buyers Inventory Sellers Mortgage 290

Housing Wire

JULY 25, 2024

The largest brokerage in the nation based on transaction sides has strengthened its presence in Philadelphia. On Thursday, eXp Realty announced that the top-producing Matt Fetick Team was making the move from Keller Williams to eXp. The team is led by Fetick and David Maio Williams, who bring more than 20 years of real estate industry experience to eXp.

Realty 447

Realty Real Estate Brokerage Technology 447

Real Estate News

JULY 25, 2024

MRI has offered to buy the nation’s 16th-largest MLS and wants association members to consider them at a July 29 meeting to discuss the sale.

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Housing Wire

JULY 25, 2024

Virginia -based Atlantic Coast Mortgage announced this week that residential and wholesale banking software company CRMNow ’s mortgage-oriented customer relationship management ( CRM ) product, Nextwave CRM , will be used by its loan originators across the 30 states it operates in. “Nextwave CRM was the clear choice to drive our customer-centric culture and CRM initiative,” Patrick Collins, chief strategy officer at Atlantic Coast Mortgage, said in a statement.

Mortgage 446

Mortgage Technology Marketing 446

Real Estate News

JULY 25, 2024

Watch the conversation as Local Logic’s CEO shares how data on “everything that happens outside the four walls” of a home can turn agents into instant experts.

Agents 277

Agents 277

Housing Wire

JULY 25, 2024

The Federal Housing Administration (FHA) on Friday published Mortgagee Letter 2024-15 , which extends a foreclosure moratorium on the Hawaiian island of Maui through Jan. 1, 2025, for FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECMs). The moratorium, initially scheduled to expire on May 6 after a previous extension, was pushed into August earlier this year.

Insurance 445

Insurance Development Mortgage 445

Appraisal Buzz

JULY 25, 2024

Mortgage delinquency rates for commercial properties declined modestly in the second quarter of 2024, according to the Mortgage Bankers Association’s (MBA) latest commercial real estate finance (CREF) Loan Performance Survey. The survey indicated that the balance of commercial mortgages that were not current decreased slightly in Q2 2024. By the end of the quarter, 97.0% of outstanding loan balances were current or less than 30 days late, up from 96.8% in the first quarter.

Mortgage 195

Mortgage Real Estate Retail Finance 195

Housing Wire

JULY 25, 2024

It appears the sun may not have completely set on the proposed sale of the shares of REcolorado owned by the Denver Metro Association of Realtors (DMAR) and the South Metro Denver Realtor Association (SMDRA) to MAZL LLC. On Wednesday, MRI Software — the parent company of CTM eContracts , which serves nearly 40,000 Colorado real estate professionals — sent a letter to subscribers informing them of the firm’s Indication of Interest (IOI) in the purchase of REcolorado, a multiple listing servi

Real Estate 438

Real Estate Brokerage Realtors Contracts 438

Appraisal Buzz

JULY 25, 2024

Mortgage rates were basically flat this week compared with last week, as the average rate for a 30-year increased slightly to 6.78%, up from 6.77%, according to Freddie Mac. A year ago at this time, the average rate for a 30-year was 6.81%. “Mortgage rates essentially remained flat from last week but have decreased nearly half a percent from their peak earlier this year,” says Sam Khater, chief economist for Freddie Mac, in a statement.

Mortgage 195

Mortgage Buyers Appraisal 195

Housing Wire

JULY 25, 2024

Real estate brokerage Radius Agent is launching its own Transaction Management Suite (TxM Suite), according to an announcement on Thursday. The TxM Suite is part of the existing Radius Office app and is integrated with the brokerage’s AI assistant, Mel. According to Radius Agent, the suite provides a single platform for agents, teams and broker-owners to run their business. “Real estate transactions can be time intensive,” Biju Ashokan, the CEO and founder of Radius Agent, said in a

Agents 436

Agents Real Estate Brokerage Investors 436

Appraisal Buzz

JULY 25, 2024

The share of loans in forbearance increased to 0.23% as of June 30, according to the Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey. “The number of loans in forbearance increased in June for the first time since October of 2022,” says Marina Walsh, vice president of industry analysis for the MBA, in a statement. “Furthermore, the performance of both loan workouts and overall servicing portfolios weakened, particularly for government loans.

Mortgage 195

Mortgage Government Appraisal 195

Housing Wire

JULY 25, 2024

Jim Cullen spent nearly 20 years in the reverse mortgage profession and recently decided that it was time to retire. But as a longtime industry professional who recognizes the potential value of the Home Equity Conversion Mortgage Program (HECM), Cullen previously explained to HousingWire ’s Reverse Mortgage Daily (RMD) that he made the transition from industry professional to customer.

Mortgage 433

Mortgage Training Development Real Estate Agent 433

Appraisal Buzz

JULY 25, 2024

Atlantic Coast Mortgage is using Nextwave CRM by CRMnow as its enterprise CRM platform for loan officers across all 30 states where it operates. Atlantic Coast Mortgage (ACM) has been a trusted provider of home financing solutions since 2011. Known for its customer-centric approach, ACM offers a wide array of mortgage options, including conventional loans, FHA, VA, USDA loans, and specialized loan products.

Mortgage 195

Mortgage Loan Officers Clients Technology 195

Inman

JULY 25, 2024

The merger with the team managed by Esther Ozuna continues the growth of an Atlanta team that has ranked among the RealTrends 100 nationally in recent years.

Realty 192

Realty Real Estate Brokerage Agents 192

Appraisal Buzz

JULY 25, 2024

BLOG VIEW: To help provide needed liquidity, many lenders sell mortgage loans to government sponsored enterprises (GSEs) or other investors to boost capital and balance portfolio risk. This strategy offers liquidity and frees up funds for additional lending, enabling them to originate more loans. However, the origination market is still dealing with the impacts of the interest rate increases that began at the end of 2021, when average 30-year rates rose from 2.77% in September 2021 to 7.03% at t

Investing 195

Investing Mortgage Investors Government 195

Inman

JULY 25, 2024

CMLS CEO Denee Evans revealed why she believes NAR will choose not to create new MLS rules over the next six to 12 months ahead of her appearance next week at Inman Connect Las Vegas.

Realtors 191

Realtors 191

Eyes on Housing

JULY 25, 2024

In the second quarter of 2024, the U.S. economy grew twice as fast as it did in the first quarter, supported by consumer spending and private inventory investment. Furthermore, the data from the GDP report suggests that inflation is cooling. The GDP price index rose 2.3% for the second quarter, down from a 3.1% increase.

Inventory 187

Inventory Investing 187

Inman

JULY 25, 2024

New reports from "The New York Times" and "The Wall Street Journal" suggest that executives at Douglas Elliman and Side had heard about sexual assault allegations made against the Alexander brothers while they worked for their firms.

Agents 190

Agents 190

Eyes on Housing

JULY 25, 2024

Housing’s share of the economy stayed level at 16.1% in the second quarter of 2024. The share remained above 16% after staying constant at 15.9% for all of 2023. The more cyclical home building and remodeling component – residential fixed investment (RFI) – was 4.0% of GDP, level from 4.0% in the first quarter. RFI.

Investing 109

Investing 109

Inman

JULY 25, 2024

California is home to nearly half of all cities where it costs at least $1 million to buy a starter home. Nationwide, 237 cities are now "million-dollar" cities.

Brokerage 190

Brokerage Agents Marketing 190

Eyes on Housing

JULY 25, 2024

All-cash purchases accounted for 6.9% of new home sales in the second quarter of 2024, the lowest level since the fourth quarter of 2021, revealed by NAHB analysis of the most recent Census Quarterly Sales by Price and Financing report. Among mortgaged home sales, both FHA-backed and VA-backed sales fell while conventional sales remained unchanged.

Finance 103

Finance Mortgage 103

Inman

JULY 25, 2024

Ohio-based software company MRI Software is making a bid for the MLS just days before it could be sold to another buyer.

Buyers 188

Buyers Realtors Technology Agents 188

BiggerPockets

JULY 25, 2024

Multifamily real estate is still offering some significant opportunities to investors—you just need to know where to look!

Real Estate 92

Real Estate Investors Marketing 92

Inman

JULY 25, 2024

Discover essential insights for aspiring luxury real estate agents with Chris Pollinger of RE Luxe Leaders. Master market knowledge, build strong networks, leverage sophisticated marketing and provide exceptional client service to thrive in the high-stakes world of luxury real estate.

Real Estate 187

Real Estate Real Estate Agent Clients Agents 187

Mortgagebroker News

JULY 25, 2024

Are brighter times ahead for the mortgage market?

Mortgage 91

Mortgage Marketing 91

Inman

JULY 25, 2024

Learn how this South Florida luxury and pre-development specialist forges strong professional partnerships and creates a collaborative environment.

Development 185

Development Brokerage 185