A man died after being hit by a car in Western Oklahoma while he was bicycling across America to raise money for affordable housing. Wanninkhof was part of the group Bike & Build, which raises awareness of affordability housing.
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Fidelity National Financial (FNF) announced Friday that it increased its ownership stake in ServiceLink Holdings from 65% to 79% as part of a recapitalization of ServiceLink, a provider of transaction services to the mortgage and finance industries.
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Are Millennials interested in obtaining credit after witnessing their families struggle as a result of the recent recession? ID Analytics conducted a study on their credit scores to figure out where they stand. The answer may surprise you.
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After seeing its income from operations in the second quarter fall nearly $100 million from last year and despite the company’s CEO saying that the company “made positive strides on many fronts in the second quarter,” Ocwen Financial is taking a beating on the stock market on Friday. So what’s causing Ocwen’s drop?
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A new paper published in the journal Housing Policy Debate points to the role of mortgage servicers as a critical factor in whether or not a neighborhood or community experiences the negative effects commonly associated with foreclosure sales. Are they onto something?
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Is the “home prices at all-time high” thing hype or hope, as appraisers see it? And why are Llano Financing Group and Carrington Capital Management suing so many appraisers? Plus, will homeowners and appraisers ever see eye-to-eye? Read on.
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The specific needs of correspondent lending divisions often get overlooked in the development of mortgage technology solutions. Texas Capital Bank is looking to change that formula with a new correspondent line and platform to forge stronger ties between correspondent sellers and investors in the process.
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Investors today crave certainty, the kind that results from lots and lots of data points. To provide that degree of assurance, field service providers have taken data collection to a whole new level. Just in the last 12 months, the explosion of available real-time data is driving a new model of field servicing that would have been unrecognizable in the past.
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The biggest challenge in field services is the ever-changing regulatory environment and scrutiny the mortgage servicing industry is under, according to this Q&A with Alan Jaffa, CEO of Safeguard Properties. But that’s just the beginning.
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Superior Home Services has specialized in FHA default servicing since the company was founded in 1984. This focus has fueled the company’s drive to innovate in providing hazard insurance recovery services, and has resulted in a unique FHA default solution that remediates properties in light of HUD conveyance standards.
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The only downside to a program like this is the difficulty in choosing winners. The field grows more competitive every year, with more nominations from a much broader field. This is a cause for celebration in and of itself, but one that presents a real challenge for our editorial staff. Our solution was to increase the number of winners from 30 to 40; we simply had too many incredible candidates to do less.
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For months the Consumer Financial Protection Bureau was adamant that despite repeated pleas that the mortgage finance industry would not be ready for the Aug. 1 effective date for the onerous TILA-RESPA Integrated Disclosure rule, that it was a hard deadline.
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But how many of us can reach out and touch our dream, and then decide to go another way? How many have the guts and strength to take a leap into the unknown, and then once we find solid footing in the unknown, how many of us have what it takes to not only survive but to thrive? Mat Ishbia is one of those people.
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Guardian Mortgage Company announced that Marcia Phillips, who has served as the company’s president and chief executive officer of since 1988, is retiring from those positions and will become vice chairman of the company’s board of directors.
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Millennials are not as savvy as their predecessors when it comes to their finances and credit management. However, this same generation also wields a lot of potential to improve their credit for the future.
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Mortgage servicers seeking to get their hands on some Ginnie Mae servicing now have that opportunity, thanks to a nearly $2 billion mortgage servicing rights portfolio that’s now available for sale. Here are all the pertinent details.
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Ellie Mae marked another strong quarter on its books, with its second-quarter revenue surging to $65.9 million, up 65% from $40 million for the same period a year ago.
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After returning to profitability in the first quarter, reversing a trend that saw it lose $546 million in 2014, Ocwen Financial reported Thursday that it also made a profit in the second quarter – albeit a much smaller one. Here are all the details.
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The Consumer Financial Protection Bureau wants mortgage lenders to stop using marketing services agreements, and it’s using the stick rather than the rules process to do so. The industry says no fair, that’s regulation by enforcement. What do you think?
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Take away their pile of student debt and lack of interest in housing, and hipster are still contributing to society and helping other industries. In fact, the bike, beer and beard industries love the hipster movement.
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Two major players in the mortgage space are discontinuing marketing activities that depend on Marketing Services Agreements because of regulatory uncertainty, recent interpretations of RESPA, and a generally toxic environment because of inconsistent CFPB enforcement. And more are rumored to be dropping MSAs, too. Here’s why.
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According to the CFPB, Residential Credit Solutions failed to honor modifications for loans transferred from other servicers, treated consumers as if they were in default when they weren’t, sent consumers escrow statements falsely claiming they were due a refund, and forced consumers to waive their rights in order to get a repayment plan.
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A lot of people are suggesting that many of the mainstays in the financial press aren’t asking the right questions in coverage — from the Fed to FannieGate. Truth, or trolls? Plus credit conditions and the impact of regulations on mortgage banking. Read on, brave soul.
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LRES hired Nick Grant as vice president of sales, where he is responsible for managing LRES’ sales and business development operations, building customer relationships and growing new relationships with mortgage lenders and servicers.
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The Financial Services Committee approved a slate of bipartisan bills directly impacting the mortgage and housing finance space Wednesday. How could it affect you? Here’s everything on the docket.
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Mortgage rates moved lower once again, falling just enough to slip under 4%. Rates continue to fluctuate as events change overseas and the Fed still gives no signs of when interest rates will rise.
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Despite the percentage of loans in delinquency dropping to less than 5% of all loans in June, mortgage servicers are still paying an inordinate amount of attention to delinquent borrowers, severely impacting the servicers’ overall customer experience, a new report shows. Here’s what servicers can do to fix it.
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For the second year in a row, Quicken Loans has the most satisfied customers of any mortgage servicer, according to the J.D. Power 2015 U.S. Primary Mortgage Servicer Satisfaction Study. Who else made the list? Click through and see.
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There were 7,443,580 U.S. residential properties that were seriously underwater at the end of the second quarter, representing 13.3% of all properties with a mortgage. But the number of homeowners who are equity rich dropped 300,000. What does it mean? Read on.
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In what is all too common an occurrence, a Realtor showing a home was attacked near Atlanta. What makes this one unusual is the attacker was a man in a dress and a wig.
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As the economy continues to recover, a handful of housing markets are standing out due to a handful of key metrics. Here’s what cities made it to the top of the list.
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The July Federal Open Market Committee meeting announcement once again reaffirmed its view that the current 0 to ¼ percent target range for the federal funds rate remains appropriate. So when wil they finally raise rates?
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The bill to end the proposed $3 million pay hikes for the CEOs of Fannie Mae and Freddie Mac passed the House Financial Services Committee Wednesday, gaining a level of bipartisan support that suggests it has a solid chance in the Senate and perhaps in the White House.
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A U.S. Congressman who was once at the forefront of the government’s post-crisis mortgage relief efforts is now facing federal corruption charges for allegedly misappropriating hundreds of thousands of dollars of federal, charitable and campaign funds.
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Capital Economics says that their reading of the market suggests that credit conditions are loosening, albeit very gradually, and that a loosening of credit conditions will help the sluggish recovery.
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Here are some fast stats about Millennial homebuyers that show that they are not only buying homes, but also what trends they’re following as they do. And, yes, they still need real estate agents to help them out.
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A growing number of voices in the housing industry want Congress to drop the plan to redirect Fannie Mae and Freddie Mac g-fees to pay for highway repairs.
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Despite majority opinion, Lindsey Piegza, chief economist with Stifel, said she expects the July FOMC statement to be relatively unexciting. So when does she think rates will rise? Hint: It’s not this year.
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After five consecutive months of increases, pending home sales slipped in June, according to the National Association of Realtors. It’s the biggest drop since December 2013. Worried yet?
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Rent-to-own programs are once again increasing in popularity after losing steam back in the 1990s. One perk of the program that’s appealing to consumers is that they aren’t forced to purchase the home.
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Mortgage applications increased 0.8% from one week earlier, with refinancings giving a boost to the flatline that was purchase applications. Where’s the sizzle?
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A bill that would eliminate the proposed $3 million pay raises for the CEOs of Fannie Mae and Freddie Mac is now one step closer to becoming law, as the bill advanced past the markup stage and is now set for a full vote of the House Financial Services Committee with bipartisan support in tow.
Dimont, which divested itself last year from the now-bankrupt Wingspan Portfolio Advisors, announced a series of significant changes to its senior management. Dimont provides insurance-related services and hazard claims insurance processing services to the residential and commercial mortgage industries.
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The majority at the House Financial Services Committee says that Dodd-Frank has undermined the economy, hurt homeownership, and contributed to the slowest recovery in history. But other than that, how was the play, Mrs. Lincoln?
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As part of its ongoing efforts to aid in the revitalization of downtown Detroit, Quicken Loans is set to add 1,100 new employees and expand into the former Detroit News building.
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Architect Magazine has the renderings of the proposed new Fannie Mae headquarters, and while it looks pretty, it also looks pretty right for the GSE budget-wise, which is facing Congressional criticism over the issue of CEO compensation.
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Loan fraud is rampant and is on the rise. According to the LexisNexis 2014 Mortgage Fraud report, 74% of loans reported in 2013 involved some kind of fraud or misrepresentation versus 69% in 2012. Here are several tips to help combat the issue.
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Donald Trump took a step away from the presidential election and dabbled in another world that he excels in: real estate.
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Despite pushes from the Federal Housing Finance Agency and the Federal Housing Administration, lenders are still applying additional credit overlays to loans delivered to Fannie Mae and Freddie Mac, a new survey of lenders showed. Here are all the details.
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The homeownership rate in the United States in the second quarter declined to 63.4%, the lowest it has been since 1967. Should we be worried?
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The Consumer Financial Protection Bureau announced Tuesday that it is ordering Paymap, a Colorado-based payment processing company, to return $33.4 million to consumers for falsely promising mortgage savings to borrowers who used their biweekly mortgage payment program.
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A number of bills critical to the housing and mortgage finance industry are under the spotlight today in the House, including limits on regulators, a TRID grace period and a cap on the salaries for the CEOs at Fannie and Freddie.
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Home prices continued their rise across the country over the last 12 months, according to the S&P/Case-Shiller Home Price Indices for May 2015. But first-time buyers still aren’t going all in, and May’s monthly drop was the biggest since July 2014. What’s the problem?
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After the foreclosure crisis, most of the industry focused on the larger companies, which is still true today. However, there are three needs that smaller companies have that larger ones usually do not. Here are those three.
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There are two major challenges that the appraisal industry is dealing with. In an interview with HousingWire, Scott Pickell, vice president and chief appraiser at LRES, discussed recent hurdles appraisers are facing, focusing on compliance and new appraisers.
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New York State Senator John Sampson, D-Brooklyn, was convicted by a federal jury for one count of obstruction of justice and two counts of making false statements to federal agents related to his practice of embezzling foreclosure funds.
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More than 20 real estate industry trade groups joined together Monday in support of HR 3192, the Homebuyer Assistance Act, which will provide a hold-harmless period for enforcement of TRID for those that make good-faith efforts to comply.
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MERS strikes again. The Supreme Court of New Hampshire ruled in favor of New York Community Bank, finding that as assignee of MERS, it was authorized to foreclose.
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Guess what? The good times aren’t over yet. Existing-home sales in July are expected to continue their upsurge, according to Auction.com’s July Real Estate Nowcast. And prices are expected to hit a new record…again.
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The National Association of Federal Credit Unions is urging the Federal Housing Finance Agency to keep the conforming loan limit at its current level and not drop it below the current baseline rate of $417,000 because the market isn’t strong enough yet. What do you think?
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A California man will spend the next five-plus years in federal prison for presenting himself as a representative of the government and leading a scheme that sold what he fraudulently claimed were “TARP-owned” properties to individuals.
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HomeUnion announced another expansion, adding five major metros into its list of active investment markets. As the rental market continues to grow, Don Ganguly, CEO of HomeUnion, said that he sees high profit for the single-family rental market.
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Bank of America shocked the market a bit last week, when it announced the departure of Bruce Thompson, the bank’s chief financial officer and chief risk officer, without a great deal of explanation as to why Thompson was leaving. Now, a Reuters report sheds some light onto the supposed reason that Thompson is stepping down.
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Optimal Blue, a cloud-based provider of managed-content, pricing and product eligibility, secondary marketing, consumer engagement, data and analytics, and compliance services, announced a partnership to provide a pricing engine for Castle & Cooke’s new mortgage origination system.
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Weiss says its data shows where the next housing crash will start and what kind of homes — right down to the age, size and price, will be affected. Are we already in trouble?
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Black Knight’s latest Home Price Index report, based on May 2015 residential real estate transactions, showed that the U.S. HPI is now just 6.5% off the June 2006 peak of $268,000, and up over 25% from the market’s bottom.
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Lower credit scores are leading to higher mortgage costs, according to an article in the Seattle Times. There is a new opinion, separate from the many who view last month’s Supreme Court decision on “disparate impact” as a negative. Also, it’s time for the massive nonbanks to start weighing in with their earnings.
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The senior management shakeup at Bank of America is continuing. According to multiple reports, Bank of America is interviewing “possible successors” for Gary Lynch, who serves as the bank’s global general counsel.
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A small Texas bank was handed a large victory this week, when a federal court ruled that the bank is allowed to challenge the constitutionality and authority of the Consumer Financial Protection Bureau. Here are all the details.
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Before Discover Home Loans could shut its doors, lenders are already said to be vying to acquire its remains. The company will accept its final loan application at the end of July.
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A village just north of Albuquerque, New Mexico shocked real estate agents this week when they hung black plastic bags over 35 “For Sale” in an effort to finally enforce a local ordinance.
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A bill that would suspend the $3 million pay raises recently awarded to the CEOs of Fannie Mae and Freddie Mac is one step closer to becoming law, as the Equity in Government Compensation Act of 2015 is set for markup next week.
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Sales of new single-family houses in June 2015 retreated back down and were at a seasonally adjusted annual rate of 482,000, a 6.8% drop from May’s revised rate of 517,000.
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In the latest chart from the Mortgage Bankers Association’s chart series, the MBA put into perspective just how much the Federal Housing Finance Agency’s U.S. Purchase-only House Price Index has risen.
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The Association of Mortgage Professionals says the Consumer Financial Protection Bureau’s new Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, doesn’t disclose enough and says homebuyers are entitled to know where all the money they pay to buy a home is going.
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Freddie Mac is bringing another mechanism for sharing its credit risk to market – one that hasn’t been seen much since the crisis – a cash securitization. Here are all the details.
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Citing shrinking revenue caused by a shrinking amount of delinquent loans, Stewart Information Services Corporation announced Thursday that it intends to end its delinquent loan servicing business by the end of 2015.
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Veros Real Estate Solutions’ web-based, residential collateral valuation management platform, Sapphire, now offers a direct connection to the Federal Housing Administration Electronic Appraisal Delivery portal.
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CoreLogic’s second-quarter revenue jumped 5.5% from prior-year levels thanks to higher U.S. mortgage origination volumes, market share gains in core underwriting solutions and demand for property data and analytics.
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Despite seeing a $3 billion jump in its net income in the second quarter, Bank of America is shaking up its senior management, replacing Bruce Thompson, the bank’s chief financial officer and chief risk officer, and making other moves.
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The first half of this year performed a lot better than what was originally expected, giving extra momentum to the start of the second half of the year. Therefore, the Fannie Mae housing forecast remains largely unchanged, with leading indicators pointing to continued improvement.
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The Vanguard Awards is an open recognition program designed to highlight our own “leaders of the year” each year at HousingWire, and will be featured each year in our double December/January special issue. So if you rock at work, tell us about it.
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Although homebuyer demand was up year over year in June, on a monthly basis, the decline was steeper than previous years. “This year’s seasonal slowdown is more extreme than normal due to buyer fatigue over high prices and low selection, combined with gradually increasing mortgage interest rates,” Redfin’s new housing report said.
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Reaffirming their position that the fees charged by Fannie Mae and Freddie Mac to guarantee loans should not be used to fund federal spending, Sen. Mike Crapo, R-Idaho, and Sen. Mark Warner, D-Va., sent a letter to the Senate leadership, asking them to reconsider the use of g-fees to offset the cost of a massive transportation bill.
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The national foreclosure inventory continued to drop and dipped to the lowest level since 2007. Meanwhile, the delinquency rate dropped 3% from May.
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Altisource Portfolio Solutions, a marketplace and transaction solutions provider for the real estate, mortgage and consumer-debt industries, announced Thursday that it is acquiring CastleLine Holdings, a specialty risk management and insurance services firm.
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After moving to the highest level of 2015 one week ago, mortgage rates retreated slightly, according to Freddie Mac’s latest Primary Mortgage Market Survey. According to Sean Becketti, Freddie Mac’s chief economist, the slight decline was driven by mixed economic and housing data.
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Adding another layer of confirmation onto the prevailing thought that 2015 is a healthy year for housing, single-family and condo sales reached the highest level since 2006, according to a new report from RealtyTrac. Here’s how it all breaks down.
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Following through on plans initially announced last week, Fannie Mae announced Wednesday that is now providing an enhanced single-family loan performance dataset to help investors prepare for its first actual loss credit-risk sharing deal.
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The Consumer Financial Protection Bureau, which celebrated its fourth birthday earlier this week, won’t see its fifth birthday if Sen. Ted Cruz has his way. Cruz, along with Rep. John Ratcliffe, introduced a bill in Congress this week that would abolish the CFPB.
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The Consumer Financial Protection Bureau announced that Meredith Fuchs will serve as acting deputy director when Deputy Director Steve Antonakes steps down at the end of July.
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The Mortgage Bankers Association updated its mortgage finance and economics forecast, revising the volume of purchase originations significantly higher thanks to improvement in the economy.
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Will the public finally know if the Treasury took over Fannie and Freddie, despite the secondary mortgage market firms being adequately capitalized? Investors have long argued this is so, and that the controversial Third Amendment Sweep is illegal. Now, a federal judge is siding with them.
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A controversial bill currently under consideration in the U.S. Senate would substantially delay cuts to the fees that Fannie Mae and Freddie Mac charge lenders to guarantee loans, and use those very fees to fund massive transportation projects.
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Zillow Group announced an agreement to acquire DotLoop, a Cincinnati-based company that boasts it can simplify real estate transactions by enabling brokerages, real estate agents, and their clients to share, edit, sign and store documents digitally. Click here to read more about Zillow’s latest big move.
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House prices inched up 0.4% in May, on a seasonally adjusted basis from the previous month, according a new home sales report from the Federal Housing Finance Agency.
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Fannie Mae and Freddie Mac both rolled out individual low down payment mortgage products to expand the credit box for first-time homeowners. But unlike industry talk, this doesn’t mean lending is returning to the practices that led to the housing crisis because of these four changes.
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Radian Group posted second-quarter net income of $50.0 million, a drop compared to last year’s second quarter net income of $174.8 million. However, once adjusted, its diluted net operating income per share for the quarter was $0.40, which beat analyst expectations by $0.05.
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Thanks to rising demand and shrinking supply, the median existing-home price for all housing types reached an all-time high in June. Click through to learn more about June’s record existing-home sales.
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It was a flat week for mortgage applications, with the Mortgage Bankers Association reporting that applications barely wavered and increased 0.1% for the week ending July 17.
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In this role, Embry will continue to oversee and manage the company’s enterprise risk management group and represent PRMI’s interests with industry and trade groups as well as provide significant consultative direction in the company’s day-to-day and long-range business activities.
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The Office of the Comptroller of the Currency just announced a new merger between CIT Bank and OneWest Bank.
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The Mortgage Partnership Finance, a group of Federal Home Loan Banks, announced that it issued its first mortgage bond guaranteed by Ginnie Mae. The $5 million security is backed by mortgages originated by community lenders.
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Just days after the United States Sixth Circuit Court of Appeals handed a legal victory to MERSCORP Holdings, which saw its mortgage assignment authority challenged in Kentucky, MERS secured another win from the same court.
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The U.S. Senate Committee on Finance held an open executive session Tuesday morning to consider an original bill to extend certain expired tax provisions, which includes three critical extensions for the housing industry.
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All 510,000 acres of Waggoner Ranch are on sale for $725 million. With more than 600 buyers interested, the giant ranch looks like it will net a giant commission for two firms.
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You can finally mark your calendars. The Consumer Financial Protection Bureau officially finalized the rule to change the effective date of the Know Before You Owe mortgage disclosure rule, also called TRID, to Oct. 3, 2015.
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While it may seem like the Consumer Financial Protection Bureau has been around forever, the CFPB actually opened its doors just four years ago today: July 21, 2011. Here’s everything you need to know about the agency synonymous with financial regulation.
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Expanded partnership will combine Encompass with three Fannie products and will affect 120,000 mortgage professionals and thousands of mortgage companies.
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The first mortgage default rate increased to 0.8%, moving away from last month’s historical low. However, according to the report, the data is not immediate cause for concern. It reflects continued optimism and spending by consumers.
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The mortgage insurance industry runs on a cycle, and according to a new report from Moody’s Investor Service, it’s currently in a sweet spot for these three reasons.
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Bills.com, a consumer-facing website designed to “give consumers confidence in making money decisions,” is partnering with ClosingCorp to provide closing cost data to its users.
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According to a new report, Zillow Group now pulls in a 57% share of real estate web traffic in the U.S. and boasted 140 million unique visitors as of the first quarter of this year. But is it enough to sustain Zillow’s business? According to analysts from Barclays, it may not be.
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WalletHub compiled a list of 300 U.S. cities to determine the attractiveness of their first-time homebuyer markets. And looking at the top 10 best cities, Texas is taking over.
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Wellington Denahan, the co-founder, chairman and chief executive officer of the nation’s largest mortgage real estate investment trust, Annaly Capital Management, is stepping down as CEO. Company president Kevin Keyes will take over as CEO.
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Investors seeking a new type of bond are about to have that opportunity. According to a Bloomberg report, American International Group is preparing to sell bonds based on mortgage insurance written by United Guaranty Corp.
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United Wholesale Mortgage just rolled out a new product. The company will now offer an interest-only financing program for borrowers who want to save on additional, monthly discretionary income.
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Good news for the Chicago housing market. Sales activity in the Chicago area reached a new record high in the first half of the year, hitting 52,239 units, the most since 2006 and 9% higher than during the first half of 2014.
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The former Butler & Hosch employees at the center of a class-action suit against their former firm are responding to the claims of the firm’s CEO, Bob Hosch, saying that Hosch’s statements are “disingenuous.” Seth Lerman, the attorney representing the employess, also details the numerous attempts to serve Hosch with the lawsuit, in direct contradiction with Hosch’s attorney’s statement that Hosch had not yet been served.
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Even after five years, there is still much debate surrounding how helpful Dodd-Frank has been for housing. But despite talk in the industry, Dodd-Frank’s sponsors view the regulation and its effects as pretty positive.
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Searching for a new home? Be sure to watch for these 10 red flags when going to a open house. They may save you hundreds of dollars in repairs.
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Castle & Cooke Mortgage announced it opened a new branch office in Anaheim, California, in order to expand the company’s market share in that area.
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JPMorgan Chase agreed to a massive settlement, stemming from a lawsuit that accused the bank of misleading investors about the quality of pre-crisis residential mortgage-backed securities. And did you know the CFPB turns 4 this week? There’s still time to get them a present.
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Lone Wolf Real Estate Technologies, a provider of residential real estate software, announced the appointment of Patrick Arkeveld to the position of company president.
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Trulia’s Chief Economist, Selma Hepp, dug deeper beyond the top-line numbers in the June housing starts and permits, and she drew some compelling conclusions and questions about where things are going in the second half of 2015. Will this be the best year for housing market since the recovery began?
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The U.S. Department of Housing and Urban Development officially named its replacement for former HUD Senior Advisor Edward Golding, who recently took over as head of the Federal Housing Administration. Richard Green, who currently serves as the director of the University of Southern California Lusk Center for Real Estate, will take over for Golding.
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Wells Fargo secured a victory in court Friday, when a U.S. District Judge dismissed a lawsuit brought against the lender by Cook County, Illinois, which accused the bank of predatory lending. Cook County accused Wells Fargo of steering minority borrowers into higher-priced loans.
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A ruling handed down by the United States Sixth Circuit Court of Appeals hands another legal victory to MERSCORP Holdings, which again saw its authority challenged, this time in the state of Kentucky.
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Even with monthly changes, the latest chart in the Mortgage Banker Association’s chat series shows that its Builder Application Survey Index is in fact trending higher.
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The nation’s top mega banks reported their earnings this week, painting the beginning picture of how housing and the economy fared during the second quarter. This is how they performed.
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A California woman is set to join her husband in serving time in federal prison for their roles in a massive mortgage fraud scheme that defrauded struggling homeowners out of more than $5.8 million.
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As predicted by Fitch Ratings earlier this week, Fannie Mae is indeed preparing to issue its first actual loss credit risk-sharing deal, perhaps as early as the fourth quarter of 2015. Click through to learn more about what Fannie Mae intends to do next.
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While the appraisal volume did bounce back from the holiday week, it fell short of a complete recovery, which supports the view that the overall trend is slightly downward. Since appraisal volume is a key metric for forecasting home sales and refis, you know you better read on.
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In this role, Thompson is responsible for oversight of the finance, accounting and control, risk, regulatory and corporate strategy functional areas and will report to CEO Jason Hogg.
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SunTrust Banks’ total revenue hit $2.1 billion for the current quarter, an increase of $85 million compared to the prior quarter, primarily driven by higher net interest income and broad-based growth in noninterest income.
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Privately-owned housing starts in June were up 9.8%, but almost all of that was in multifamily as single-family starts were down almost 1%. Given the low inventories and surge in sales, it’s confounding. Want to know more?
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Cash sales once again trended down, accounting for 33.7% of total home sales in April 2015, down from 37.4% in April 2014. This marks the 28th consecutive month of declines.
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The man in the number two position at the Consumer Financial Protection Bureau announced he is stepping down in an internal memo to employees Thursday. Find out why here.
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Citing “overwhelmingly positive” investor response, Fannie Mae announced the pricing of its latest credit risk-sharing transaction under its Connecticut Avenue Securities series. The pricing was mixed. Click through to learn more.
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National Association of Federal Credit Unions Vice President of Legislative Affairs Brad Thaler sent a letter to Senate Finance Committee Chairman Orrin Hatch and Ranking Member Ron Wyden in response to the House-passed “Highway and Transportation Funding Act of 2015.“ It’s a doozy.
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California single-family home and condominium sales grew 8.5% in June, mainly driven by an increase in non-distressed property sales.
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Seeking to move on from a business line that is “not core” to its future strategy, QBE North America is selling its lender-placed insurance business to National General Holdings Corp. Here are all the details.
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Reform of the GSEs and housing finance may come, but it’s more likely to come in small bites rather than the big prix fixe Johnson-Crapo or the PATH Act. Republicans and Democrats agree on some things, like getting government out of housing finance outside of liquidity. But more? Read on.
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The CFPB will release monthly reports that provide insight on trends and analyses found in the complaints.
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A $1.25 billion bulk offering of mortgage servicing rights is available for sale, according to MountainView Servicing Group, a provider of residential mortgage servicing rights sales and valuation advisory services, which is advising on the sale.
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The housing market index, unchanged in July at 60, is signaling substantial strength for the new home market, marking the strongest reading since November 2005.
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The Mortgage Bankers Association Builder Application Survey data for June 2015 shows mortgage applications for new home purchases increased by 1% relative to the previous month.
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Fannie Mae today announced its second sale of non-performing loans, including a smaller Community Impact Pool, a geographically-focused, high occupancy pool being marketed to encourage participation by non-profits and minority- and women-owned businesses.
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Mortgage rates continued to fluctuate and moved to their highest level this year amid volatility in the bond markets. The 30-year fixed-rate mortgage is now at the highest level since October of last year.
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Despite numbers being impacted by $1.45 billion in net provisions for mortgage-related litigation and regulatory matters, Goldman Sachs posted its highest first-half net revenues in five years.
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MGIC Investment Corp. reported that net income for the quarter ended June 30, 2015 was $113.7 million, compared with a net income of $45.5 million for the same quarter a year ago.
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Citigroup posted net income for the second quarter 2015 of $4.8 billion, or $1.51 per diluted share, on revenue of $19.5 billion, beating earning expectations.
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There were a total of 597,589 U.S. properties with foreclosure filings — default notices, scheduled auctions and bank repossessions — in the first half of 2015, down 13% from the previous six months and down 3% from the same time period in 2014. Things are changing but where are the trends heading?
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In the two months since mortgage banking industry law firm Butler & Hosch suddenly shut down, serious allegations have begun to surface about what led to the abrupt collapse of the firm. Now, for the first time, the firm’s managing partner and CEO, Bob Hosch, is speaking out about the allegations levied against both him and the firm that carried his name for more than 30 years.
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All 12 Federal Reserve Districts continued to record that economic activity expanded from mid-May through June, with positive reports on the residential real estate market. Here’s how the 12 districts fared.
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With investor response to the credit risk-sharing deals from Fannie Mae and Freddie Mac continuing to be positive, look for GSE risk-sharing deals to become more common in the future, Fitch Ratings said in a new report.
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The goal of this revision to the certification is to clarify the scope of liability associated with errors that can occur in the origination of Federal Housing Administration-insured mortgages, and to foster a strong culture of quality control in the program. MBA says it’s a good revision, and suggests some tweaks.
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Stonegate Mortgage named Scott Houp as senior vice president and third party origination eastern division manager, where he will support third party origination regional sales teams.
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Twenty years makes quite a difference, and even more than one can imagine in the housing marketplace. Want to know what the American home looks like today compared to back when Tonya Harding was still considered a contender?
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The director of the Consumer Financial Protection Bureau appeared before the Senate Banking Committee on Wednesday for his twice-a-year legislative grilling, where lawmakers raised ongoing concerns about the bureau’s massive data collection, its management, its lack of oversight and its overspending. But there’s more…
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HomeUnion, an online real-estate investment management firm, announced that it has added Southern California to its list of active investment markets due to a lot of strong interest from Asia-based investors who are seeking growth and a haven for capital.
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Federal Reserve Chair Janet Yellen told the House Financial Services Committee Wednesday that the Fed will look at raising interest rates in 2015 if and as the labor market improves and inflation hits medium-range goals.
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Florida ranks as one of the states with the most mortgage complaints. And it’s also the biggest state compared to the others at the top of the list.
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LRES experienced 58% revenue increase in the first half of 2015, mostly due to its recent acquisition of formerly Tulsa, Okla.-based Lenders Choice, a residential real estate appraisal management company.
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Bank of America recorded a second-quarter net income of $5.3 billion — more than double that of last year — driven by solid core loan growth, higher mortgage originations and the lowest expenses since 2008.
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Mortgage applications dropped 1.9% after a slight rise last week, while the refinance share of mortgage activity ticked up to 50.8% of total applications.
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In this role, DeLuca is tasked with growing the correspondent channel’s non-delegated lender platform, managing the mortgage credit risk for correspondent lending and managing all underwriting personnel, functions and resources.
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In this position, Mahdavian is responsible for developing strategies to leverage the division’s capabilities and refine its value proposition to maximize revenue growth, the company said in a release.
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Bank of America is set to release its earnings before market open on Wednesday, and looking at industry reports, expectations are low for the mega bank, especially after the earning reports from Wells Fargo and JPMorgan Chase.
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In the latest story on tiny homes, a 1920s, one-story South Shaffer Cottages four-plex is in hot demand after being renovated above and beyond what most people would do. And the pictures of the homes are adorable.
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Citing a massive gap between its assets and liabilities, Wingspan Portfolio Advisors filed for Chapter 7 bankruptcy protection in United States Bankruptcy Court for the Eastern District of Texas. And the company’s bankruptcy filing does not paint a pretty picture of Wingspan’s future.
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Leading Democrats on the Senate Banking and House Financial Services Committees today urged the Obama Administration to reconsider a proposal that would make it easier for lenders that have engaged in criminal behavior to keep accessing taxpayer-backed mortgage insurance. They’re also questioning the timing.
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Appraiser home value opinions fell further below homeowner estimates in June, marking the fifth consecutive month of this trend at the national level, according to Quicken Loans. Anyone seeing a pattern?
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Fannie Mae launched its new homebuyer application HOME that educates future homeowners about the steps and responsibilities of buying and owning a home. Be sure to watch the video tutorial on how to navigate the app.
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Residential mortgages are forecasted to be a bright spot in the second-quarter earnings for both large banks and nonbanks. However, the good news is not expected to last all year.
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Wells Fargo reported net income of $5.7 billion, or $1.03 per diluted common share, for second quarter 2015, compared with $5.7 billion, or $1.01 per share, for second quarter 2014, and $5.8 billion, or $1.04 per share, for first quarter 2015.
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The national foreclosure inventory declined by 27.4% in May and completed foreclosures declined by 19.2% from May 2014. The seriously delinquent share is now at its lowest since before the financial crisis.
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Fannie Mae is joining its GSE counterpart, Freddie Mac, in offloading credit risk onto insurers, as Fannie Mae announced Tuesday that it completed its second credit risk-sharing transaction as part of its Credit Insurance Risk Transfer program. Here are the details.
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JPMorgan Chase beat analyst expectations in the second quarter, delivering second-quarter earnings of $1.54 per share, up from $1.46 a share in the year-earlier period, despite revenue falling to $24.5 billion from $25.35 billion a year ago.
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The Credit Union National Association and the World Council of Credit Unions kicked off America’s Credit Union Conference and the World Credit Union Conference, which the two entities are co-hosting in Denver. These tweets give an inside look at what’s happening.
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Aiming to reinforce the administration’s commitment to the Fair Housing Act, President Obama dedicated his latest weekly address to the Fair Housing Act and its impact on fighting discrimination in housing.
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ERA Real Estate appointed Susan Yannaccone as chief operating officer, bringing 17 years of industry experience to her new role.
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As PGA golfer Dustin Johnson prepares to tee off later this week at the Open Championship at St. Andrews in Scotland, the law firm that he alleges stole $3 million from him is fighting for its existence in bankruptcy court in Virginia. But despite Morris Schneider Wittstadt declaring bankruptcy last week, Johnson does not intend to give up his fight to get his money back.
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Consumer expectations in the June 2015 Survey of Consumer Expectations generally show a slightly more positive outlook of the U.S. economy. Is it warranted, and why?
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The MISMO Residential Standards Governance Committee has announced that it will defer the release of Version 3.4 of the MISMO Reference Model to November 2015. Wise move?
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The number of people working in home lending has fallen on a quarterly basis, though there was a recent monthly upturn. Worried yet? Read on.
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Despite home sales moving to the best level in eight years, there is one group of homebuyers not participating in the new growth — foreign homebuyers. Will this trend continue?
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Wells Fargo and JPMorgan Chase are once again about to kick off earnings season for the financial industry, with results for the second quarter projected to reveal a great deal about the status of the housing market.
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A strong second quarter has 2015 on pace to be the best year for prime jumbo residential mortgage-backed securitization issuance since the financial crisis, according to a new report from Fitch Ratings.
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Last week in a teleconference hosted by Investors Unite, one of the guests — noted legal scholar Richard Epstein — didn’t mince words about what he thought of the Treasury’s “Third Amendment sweep” of GSE profits. He called it a “sham transaction.” Does that rustle your feathers?
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What’s to be done about GSE reform? The Bipartisan Policy Center is bringing together two Congressmen with the House Financial Services Committee to discuss their takes at a roundtable this Thursday. Read on.
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This week the Fed will be answering to Congress and while there are a dozen other burning questions, the one housing and mortgage finance is watching closest starts with “interest” and ends with “rates.” Plus, the dangers of being a Realtor, as the search for a missing Realtor reaches four weeks.
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In this role, Self, a real estate industry veteran, will focus on strengthening the Auction.com’s relationships within the real estate community and developing programs that foster long-term partnerships with agents and brokers, the company said in a release.
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Just in case there was any doubt about whether Zillow Group Chief Executive Officer Spencer Rascoff believes in his product, he showed Friday just how much of a Zillow-head he really is – by listing a home for sale…on Zillow.
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Mortgage Guaranty Insurance Corporation announced Friday that it will now serve as the exclusive provider of mortgage insurance rates for Mortgage Mapp’s mortgage calculator.
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The city of Chicago’s finance department recently passed the Personal Property Lease Transaction Tax Ruling, which could up the costs for real estate agents using MLSs. What are we going to tax next?
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Federal Reserve Chair Janet Yellen reaffirmed in a speech to the city club of Cleveland that she still expects it will be appropriate later this year to take the first step to raise the federal funds rate. However, in this speech, Yellen includes two things that could restrain economic growth.
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Mortgage payment options are never set in stone. In fact, there are several ways to help bring down that high mortgage payment. This article points out 6.
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The Financial Services Housing and Insurance Subcommittee held a hearing Friday to conduct oversight of the Department of Housing and Urban Development’s Public and Indian Housing programs, and the majority found HUD lacking. Want to know more?
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SmartAsset has compiled a list of the 10 best housing markets for stability and growth — those with steady growth that avoid the temptation and pitfall of the bubbles. How does your market compare?
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The technology boom is moving its way up the Pacific Coast, bringing a new surge in demand for luxury homes priced at $1.5 million or more.
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HousingWire is teaming with a la mode on a new weekly feature rounding up news, rumors and the latest exclusive a la mode data on appraisal volume. Want to know more? Of course you do.
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Although the mortgage industry often raises issues about the rising cost of compliance, another method of tracking how regulation, investor requirements, and the threat of indemnifications or repurchases have reshaped operations is through underwriter productivity.
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Housing activity has strengthened in recent months, as gains in both new and existing home sales in May pushed total sales up to their highest level in eight years. But what comes next?
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The senior management of Zillow Group is about to undergo a bit of shakeup, as Chad Cohen, Zillow Group’s chief financial officer, informed the company that he is resigning to “pursue other business interests.”
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Freddie Mac is continuing in its efforts to limit the taxpayers’ liability by obtaining a number of insurance policies designed to cover much of the remaining credit risk associated with several of its Structured Agency Credit Risk transactions from earlier this year.
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Authorities say a married couple oversaw and executed a $300 million fraud involving thousands of investors who were told they would get big profits by purchasing distressed properties in the Florida Keys that would be transformed into luxury vacation resorts.
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Do Millennials, or first-time homebuyers for that matter, want to use a real estate agent? Yes, the majority do, but it’s a pretty close call.
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What better way to understand the intricacies of mortgage lending than through the simplified words of funny and hysterical actress Elizabeth Banks. Check out this video series on homebuying.
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The United States is suing the estate of a deceased former bank owner, alleging that Layton Stuart, the late president and owner of One Financial Corporation, defrauded the federal government out of $17.3 million in funds from the Trouble Asset Relief Program.
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Distressed sales—real estate-owned and short sales—made up 11.1% of total home sales in April, falling to the lowest level for the month of April since 2007. Is this a sign of a larger housing market shift?
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The FHA cut its premiums and surprise, surprise, there are unintended consequences. Plus, what’s the future for Fannie and Freddie? The BPC is talking about it. And is the economy and the housing economy really that strong? Signs point to a solid…read on.
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Admittedly, the recent article published in HousingWire titled, “San Francisco exhibiting potential signs of a housing bubble,” focuses on one specific anomalous Left Coast housing market. But, this is clearly, in my view, a precursor to more markets, particularly in California, exhibiting the same signs.
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Mortgages stopped their upward trend and dropped back down due to global uncertainty, with the 30-year fixed-rate mortgage averaging 4.04% for the week ended July 9.
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National Mortgage Settlement Monitor Joseph Smith released his fifth report on JPMorgan Chase & Co.’s RMBS settlement. Want to know how they’re doing and how far they have to go?
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With some college degrees comes an overload of student debt. But does that debt burden hinder the ability to buy a home or does the higher income associated with a degree make it easier to save?
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The minutes from the June meeting of the Federal Open Market Committee show that nearly all the committee members and the Federal Reserve are still hesitant to increase the federal funds rate. So when is FOMC going to raise rates?
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A $1.4 billion Ginnie Mae bulk mortgage servicing rights pool is available for purchase, according to The Prestwick Mortgage Group, which is acting as the broker for an independent mortgage company. Here are the details.
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A client note from Rafferty Capital Management supports what a growing number of observers say — that the government is in a bad position regarding the Third Amendment Sweep of shareholder profits, and is likely to settle with shareholders.
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More mortgage and housing industry trade groups are asking the Consumer Financial Protection Bureau to push back its effective date for the TILA-RESPA Integrated Disclosure rule to the end of the year, or at least to extend the grace period.
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As part of its ongoing effort to offload non-performing loans, Freddie Mac announced the auction of four pools of deeply delinquent loans, totaling $632.2 million. Here are all the details.
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A consortium of industry groups are partnering with Fannie Mae, Freddie Mac, and Common Securitization Solutions to further the development of the Common Securitization Platform and the single security.
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It’s funny, it’s irreverent and it’s good — this humorist just destroys the whole tiny house movement in one column. Mature language and lots of laughs ahead.
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While the housing market is still healthy, the potential impact of rising interest rates remains on most real estate agents’ minds this summer. Here’s how the top five housing markets are holding up.
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The Center for Individual Freedom has filed an amicus brief in the United States Court of Appeals for the District of Columbia Circuit in the case of Perry Capital LLC v. Lew. Want to know more?
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Fannie Mae will launch EarlyCheck Version 4.0 during the weekend of Sept. 12 to enhance lenders’ ability to resolve delivery issues prior to delivery.
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Look out American neighborhoods, you’re about to get engineered good and hard. Why? Because market pricing is now considered discrimination by the White House. I’m not even kidding.
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The U.S. Department of Housing and Urban Development announced a final rule on Affirmatively Furthering Fair Housing today that it says will “equip communities that receive HUD funding with data and tools to help them meet long-standing fair housing obligations in their use of HUD funds.”
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June posted a jump in primary new insurance, growing to $4.5 billion, according to the latest report from MGIC. And primary new insurance wasn’t the only thing to improve, with the month also ending with fewer delinquencies on file.
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Real estate in Seattle could be on the verge of a seismic shift, thanks to a plan that’s working its way through the city’s governmental process. According to a report from the Seattle Times, Seattle is considering a plan to do away with single-family zoning as part of a massive zoning overhaul.
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After weeks of declines as rates inched up, applications turned around. With rates ticking down purchase apps were up, while the share of refi applications dropped to 2009 levels. Want to know more?
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