The Mortgage Collaborative and Blend announced a partnership to bring the digital experience to a network of small, mid-sized, and community-based lenders. As a 2017 HousingWire Tech 100 winner, Blend is a Silicon Valley technology company that’s helping bring mortgages into the modern age. The Mortgage Collaborative is the latest lender to step up to the growing digital demand in housing.
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California homeowners who rent out their properties on Airbnb could now potentially be the target of fair housing investigations, thanks to an agreement between the short-term rental website and the California Department of Fair Employment and Housing. Here are the details.
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The Trump administration recently announced a tariff on Canadian softwood lumber imported into the U.S. to address a long-standing issue between the two countries. And while Canadian lumber producers, as intended, will feel the impact immediately, so will U.S. homebuilders. The main difference is that it could take U.S. homebuilders up to six months to feel the financial blow.
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Avilla Homes opened its first leased neighborhood in Texas with a ribbon cutting ceremony in the Dallas area. Despite low inventory levels, the homes’ developer explained the new neighborhood will not compete with single-family developments.
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Financial Services Committee Democrats are not going to let the Republicans easily shut the door on discussing the Financial CHOICE Act. Right now, the Financial CHOICE Act is the Republican-led act to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act. Democrats prefer to call it the “Wrong Choice Act.” This uncommon hearing was scheduled to give their feedback on the controversial act.
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For those in the housing industry, Pam Patenaude’s name is well known. So, it should come as no shock that the housing industry supports the Trump administration’s nomination of Patenaude to serve as the HUD deputy secretary. Declarations of support for Patenaude came in quickly after the White House’s announcement of her nomination, including from some of the housing industry’s biggest groups, and from Patenaude’s potential boss at HUD.
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Ten-X predicts existing home sales will slip in April, coming down off March’s high. Despite this drop, economists explain the two months will still be the best in recent memory for the housing market.
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“I’ve been privileged to be with an organization like Texas Capital Bank, which deeply values entrepreneurial thinking. We’ve built a robust mortgage finance business, and I can’t think of a better person to grow it than Jack Nunnery,” Ort said.
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Ellie Mae powered through industry declines in mortgage volumes and recorded a strong boost in revenue for the first quarter 2017. As industry wide mortgage volume declined by 34% from the fourth quarter, Ellie Mae managed to grow its revenue by 26% in the first quarter.
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Consumer optimism edged up slightly in April, but not quite as high as the beginning of the month. Independents are more confident in the economy, and Republicans and Democrats are beginning to converge as the partisan divide slowly heals.
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HousingWire Woman of Influence Pam Patenaude was originally shortlisted to serve as the Secretary of the Department of Housing and Urban Development. That position ended up going to Ben Carson, as HousingWire first reported. Now in another HousingWire first, President Donald Trump plans to install Patenaude in the true position of power at HUD – deputy secretary.
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Real GDP showed disappointing growth for the first quarter of 2017 with the worst growth in three years. Despite this sharp slowdown, economists are hopeful it will rebound in the coming months, here’s why.
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Nearly a year ago, Oscar Ortiz, a 53-year-old contractor from the Houston area, pleaded guilty to conspiring to commit bank, mail and wire fraud for his role in a $16 million mortgage fraud scheme. Ortiz was due in court this week to receive his sentencing for that conviction, but when his sentencing hearing began, Ortiz was nowhere to be found.
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Banc of California announced Thursday that it selected Doug Bowers to serve as the bank’s new president and chief executive officer, effective May 8, 2017. Bowers takes over at Banc of California during a time of transition, as the bank recently sold its mortgage business, Banc Home Loans, to Caliber Home Loans.
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Neat Capital, a Boulder, Colorado-based fintech mortgage lender that focuses on jumbo loans, announced that it launched a digital mortgage platform that offers “fast, transparent, and painless loan approvals” and boasts average loan closing times of 12 days. But that’s not all the company news of the day. Neat Capital also announced that it acquired Whole Loan Solutions.
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Home Point Financial Corp.’s $211 million acquisition of Stonegate Mortgage Corp. is one step closer to being finalized after Stonegate’s shareholders “overwhelmingly approved” the deal during a special meeting. Now, the deal moves forward.
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The CFPB released a report today with what it calls innovative solutions for diversity and inclusion within the mortgage industry. The regulator gathered a roundtable of industry experts including the MBA and other bank leaders to discuss the best solutions for increasing diversity. Here are a few of the strategies.
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Distressed sales continued to slip in January, hitting the lowest level in nearly a decade. CoreLogic’s report shows if distressed sales continue to move at the current rate, they could hit pre-crisis norms by early 2018.
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Treasury Secretary Steven Mnuchin and White House Chief Economic Advisor Gary Cohn revealed the Trump administration’s tax plan on Wednesday. So what exactly does the industry know so far? Well, for starters, tax reform, including housing-related tax reform, still has a long road ahead. Even with scarce details, housing associations gave their initial assessments of how the tax reform changes would impact the housing market and homebuyers.
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Homeownership rates held steady in the first quarter in what one economist called an underwhelming report. The homeownership rate continues to hover near all-time lows, and only Black households saw a notable difference in their rate in the first quarter.
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The Financial CHOICE Act, the Republican-crafted replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act, took its first official steps towards becoming law on Wednesday. And as the bill moves through the legislative process, it will do so with the support of Steven Mnuchin, the secretary of the Department of the Treasury.
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Radian Group’s new mortgage insurance written jumped 25% in the first quarter 2017, helping drive a strong start to the year. And that isn’t the only area Radian improved. The private mortgage insurer’s total primary mortgage insurance in force increased from last year, while its total number of primary delinquent loans decreased from last year.
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Old Republic International Corporation’s title insurance earnings performed well in the first quarter 2017, far outpacing last year’s first quarter. On the other side, the company’s mortgage insurance business didn’t perform as well, falling from the same period a year ago.
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Pending home sales dipped slightly in March as low levels of housing inventory created a strain on the market. Low inventory levels are not only holding back home prices, but also creating more competition and increasing home prices. The National Association of Realtors forecasts the rate of home sales for 2017.
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Mortgage rates increased this week after several weeks of declines. It is now once again above the 4% mark. Freddie Mac explains the housing market still continues to be strong, despite the shifting interest rates.
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The Republican-led Financial CHOICE Act started its long journey through Congress to try and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act on Wednesday. House Financial Services Committee Chairman Jeb Hensarling, R-TX, formally introduced the Financial CHOICE Act and the Committee held its first hearing on the bill. Ready. Set. Go.
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Homeowners are hitting decade highs in their accrued equity, as it increased by 24% since the time of purchase to the first quarter in 2017. And not only are equities rising, but also the amount of time homeowners spend in their home. ATTOM Data Solutions explains why.
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It seems that can’t more than a few minutes without seeing an ad from Quicken Loans, as the company pushes its Rocket Mortgage more and more into the mainstream. Now the company will have a new person shepherding those ubiquitous marketing efforts, as Quicken Loans announced recently that Casey Hurbris is joining the online lender to serve as the company’s chief marketing officer.
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Primary Residential Mortgage Inc. expanded its territory in Florida with its newest branch opening in Miami. The new location is complete with a new team of mortgage insurance professionals, including its new branch manager who brings 31 years of experience with her.
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The tale of the government’s pursuit of former Jefferies managing director and mortgage-backed securities trader Jesse Litvak may finally be coming to a close. More than three years after first being convicted, Litvak has been sentenced to a two-year prison term, again.
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A Delaware mortgage loan officer ran a Ponzi scheme that bilked more than $1.69 million out of investors who thought they were investing in a “highly successful” mortgage business, the Securities and Exchange Commission and the Delaware Department of Justice claim in new legal filings.
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Cara Krause, an experienced industry veteran, will handle business development and client management for new lender clients in the Northeast region.
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With or without President Donald Trump, the housing market must go on. So as the world continues to tune in to Trump, HousingWire took a break to zero in on what we know best: housing. Three experts joined HousingWire on a webinar on Wednesday to discuss what’s next for housing and the mortgage nation.
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Ocwen Financial is pulling a PHH. Just as PHH did recently, Ocwen is playing the unconstitutional card in its fight against the Consumer Financial Protection Bureau, asking the United States District Court for the Southern District of Florida to declare the CFPB unconstitutional and toss out the CFPB’s lawsuit against the company.
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The generational divide between Millennials and older generations such as Gen Xers, Baby Boomers and even the Silent Generation continues to grow. A new study from Trulia, however, shows we may not be that different after all.
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Today’s mortgage lenders are dealing with their own gauntlet of chaos that is testing the bounds of their “crews” – that is, their C-level executives. New regulations and overregulation, hyper competition and rising rates have created an abundance of uncertainty in the marketplace. Little wonder, then, that lenders are so focused on shoring up their top teams for success. But what does it take to get to the C-Suite?
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Wednesday is a big day for the Trump administration. Treasury Secretary Steven Mnuchin and White House chief economic advisor Gary Cohn unveiled their much-anticipated tax reform plan. But first, Mnuchin gave a sneak preview of what to expect in an interview Wednesday morning.
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HUD Secretary Ben Carson is embarking on the latest stop for his national listening tour – Columbus, Ohio. Carson will spend Wednesday, Thursday and Friday listening to various organizations from the community. Here’s more on the secretary’s tour, and his schedule this week.
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Mortgage applications continue to fluctuate and posted a slight increase, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The survey also reported that the average loan size for refinance applications increased to its highest level since September 2016. This comes after the average loan size for purchase applications reached a survey high at the start of the month.
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The Office of the Comptroller of the Currency announced Tuesday that it is ordering U.S. Bank National Association to pay a civil penalty of $15 million for what it calls “bankruptcy filing violations” that occurred between 2009 and 2014. Here are the details.
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The spring home-buying season is in full swing, and experts are talking about the fierce competition, rising home prices and low inventory levels in the housing market. Business is booming, but first-time homebuyers are facing major headwinds.
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In the wake of the Consumer Financial Protection Bureau and a growing group of state regulators accusing Ocwen Financial of widespread mortgage servicing issues, S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, and Morningstar each released updated views of Ocwen, with each agency’s analysts stating that Ocwen’s recent regulatory troubles could have dire long-term consequences for the company.
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The lumber war between the U.S. and Canada goes way beyond the new tariff on lumber that U.S. Commerce Secretary Wilbur Ross announced on Monday. And what is the main industry using lumber from Canada? Homebuilders. Here’s how it looks broken down to dollars and cents.
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Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on Tuesday, announcing that it is taking the regulators in Massachusetts and Illinois to court to fight for its ability to operate within the states.
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More talk of reforming the government-sponsored enterprises are starting to surface as the Trump administration promises to make reform a priority. Diverging from other industry reform options out there, the Independent Community Bankers of America penned their version of how GSE reform should take place. So which option will work best?
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Consumer confidence slipped in April as Americans waivered in their future expectations. The Conference Board by Nielsen explains less consumers are saying business conditions are good and more expected the number of jobs on the market to drop in the coming months.
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The level of student debt in the U.S. has spiraled over the last decade to $1.4 trillion, effectively locking out millions of potential homebuyers from the market. Fannie Mae’s new programs address specific roadblocks that these borrowers face, providing a jump-start to a whole new generation of homebuyers.
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New home sales surged in March with double digit increases from last year and even significant progress from February. The numbers beat the market’s expectations, and one expert points out the spring home-buying season is already off to a busy start.
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Home prices increased in February, as several reports already showed. The latest report, put out by the Federal Housing Finance Agency, uses home sales price information from mortgages sold to, or guaranteed by the GSEs, and therefore excludes cash sales and jumbo loans.
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Home prices increased to a new high for the fourth consecutive month, according to the Case-Shiller index. S&P Dow Jones Indices’ chairman explains the state of the housing market, and how rising home prices fall in line with the nation’s home sales, housing inventory and other factors.
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The words “digital” and “innovation” are plastered across the mortgage market from news articles to marketing materials, and yet there are still lenders out there opting to not go digital. Given this call to adapt to the growth in the technology, why would lenders still be reluctant to change?
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It’s been a rough few months for Wells Fargo, but the megabank got a rare bit of good news on Monday when the Federal Reserve Board and the Federal Deposit Insurance Corporation announced that the bank successfully remedied the issues in its 2015 “living will,” which will remove a series of sanctions from the bank.
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New American Funding announced its expansion in the Chicago area with its latest branch opening. As the company prepares to open its new location, it also selected a branch manager. Here’s more about the grand opening, the branch and its new leader.
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As home prices reached all new peaks and interest rates remain above levels seen last year, affordability decreased in February. Unlike home prices, affordability remains well below its pre-crisis peak and even historical norms.
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Last week, a group of 22 states sanctioned Ocwen Financial and Ocwen Loan Servicing for alleged widespread issues with consumer escrow accounts and allegations that the companies were conducting “willful and ongoing unlicensed activity” in some states. But those states aren’t the only ones that are taking action against Ocwen.
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The full version of the Republican-led Financial CHOICE Act, which aims to replace Dodd-Frank, is finally out after a lot of buildup on its coming release. So, as the hearing date to discuss it nears, more Republican representatives are vocalizing their opinions against Dodd-Frank and the Consumer Financial Protection Bureau and fight for the Financial CHOICE Act.
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RE/MAX and HouseCanary announced a collaboration to provide agents with exclusive data. HouseCanary is a real estate analytics company that provides values and forecasts for more than 18,000 U.S. residential markets and 100 million properties. Want to know what a home will be worth in two years? RE/MAX agents now know.
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Lenders and homebuyers might need to prepare for potential roadblocks in the homebuying process if the government does shutdown after April 28. Yes, lenders handle the main decision of if a borrower gets a loan, but there are key parts of the mortgage process that rely on government workers.
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Black Knight released a new report showing home prices increased in February to a new peak. Some states increased to a peak, however others remain a full 20% before previous peaks. The report breaks down the top metros with home price increases and those with the greatest drops.
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The House Committee on Oversight and Government Reform is considering a bill that would force Fannie Mae and Freddie Mac to comply with the Freedom of Information Act while under government conservatorship. The Congressional Budget Office released its report on what the bill would costs the GSEs and the FHFA.
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Is Elizabeth Warren running for president in 2020? It’s a question that comes up more and more often since the election of Donald Trump in November, and one with serious implications for banks and other financial institutions. That, and more, in your Monday Morning Cup of Coffee.
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The servicing issues at Ocwen Financial are allegedly so widespread that some states are placing stricter restrictions on the nonbank, beyond freezing the company’s ability to acquire new mortgage servicing rights and originate new mortgage loans. In fact, in one state, Ocwen has basically been put of out business entirely.
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President Donald Trump signed one executive order and two presidential memoranda on Friday, affirming once again that he plans to roll back many of the regulations put in place in the aftermath of the financial crisis. Unlike a broader past executive order designed to roll back the Dodd-Frank Wall Street Reform Act, Friday’s executive memorandum focused on the orderly liquidation authority part of Dodd-Frank.
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The National Association of Hispanic Real Estate Professionals issued a statement supporting the Mortgage Bankers Association’s proposal for GSE reform. NAHREP stressed that it supported the MBA’s focus on affordable housing, which would help Hispanics who make up 40% of the U.S. first-time homebuyer population.
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Harbour Portfolio Advisor remains in the hot seat as it faces another investigation into its foreclosure sales practices. The city of Cincinnati announced a lawsuit against Harbour Portfolio Advisor, one of the nation’s largest sellers of foreclosed homes, due to unpaid fines and alleged failure to properly maintain dozens of homes.
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Last month, Wells Fargo announced that it agreed to a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. The settlement covered anyone who had an account opened in their name without their consent stretching back to Jan. 1, 2009. But Wells Fargo announced Friday that it is expanding both the size of the settlement and the time period the settlement covers by an additional seven years.
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On April 5, 2017, Richard Cordray, the director of the Consumer Financial Protection Bureau, gave his semiannual testimony before the House Financial Services Committee. Chairman Jeb Hensarling spent only minutes grilling the former Jeopardy! champion about CFPB stonewalling employees. But there’s more to the story, and this is just the start.
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After the National Association of Realtors released its report showing strong existing home sales but struggling inventory levels, experts chimed in on what that means for the spring home-buying season and for the rest of 2017. Their opinions, however, differed.
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On Thursday, a group of state regulators, led by North Carolina, accused Ocwen Financial of having widespread errors on consumers’ escrow accounts and said that the company’s financial situation is tenuous, at best. Early Friday morning, Ocwen released a lengthy statement in response the state banking regulators allegations, and as one might expect, Ocwen said that it disagrees with the state regulators’ charges and plans to fight back.
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After looking back at its fair lending priorities for 2016, the Consumer Financial Protection Bureau highlighted what areas will be on the top of its radar for 2017. So what’s at the top of the list? Mortgages. The bureau explains what particular areas it is ramping up its efforts in its latest annual Fair Lending report.
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Existing home sales increased in March to the highest pace in more than a decade and home were sold significantly faster than last month and last year. However, one factor continues to put pressure on home buyers and hold back home sales: inventory. NAR’s chief economist explains that unless the market sees new inventory soon, home price increases will continue to outpace incomes.
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Black Knight launched an update to its loan origination system that expands the access to its platform to devise with access to the internet. Lenders no longer need direct LOS access in order to perform their functions, but can access the system over the internet. Black Knight explained the increased functionality to its tool.
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Nearly eight years of conservatorship has turned talks of reforming Fannie Mae and Freddie Mac into a myth that the industry might discuss but doesn’t believe will actually happen. So what’s the main factor stopping GSE reform? No one really understands it. This problem is exactly what the Mortgage Bankers Association is trying to fix.
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The Consumer Financial Protection Bureau and the members of the Multi-State Mortgage Committee were not the only ones to take action against Ocwen Financial on Thursday for the nonbank’s mortgage servicing practices. The state of Florida also sued Ocwen, along with the company’s subsidiaries Ocwen Loan Servicing and Ocwen Mortgage Servicing, for “mortgage servicing misconduct.”
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New Yorkers marched Thursday through the streets to protest President Trump’s budget, specifically the section that proposes to cut $6.2 billion from HUD funding. Even one of New York’s own representatives joined the gathering, calling for no cuts.
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Ocwen Financial took the gloves off in responding to the Consumer Financial Protection Bureau’s allegations that the nonbank “failed borrowers at every stage of the mortgage servicing process,” arguing that the CFPB’s lawsuit is politically motivated and vowing to defend itself against claims that are “inaccurate” and “unfounded.”
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April 20, 2017 is turning into D-Day for Ocwen Financial. Earlier, a group of state banking regulators issued a series of cease-and-desist orders prohibiting the acquisition of new mortgage servicing rights. Now, the Consumer Financial Protection Bureau is suing the nonbank for “failing borrowers at every stage of the mortgage servicing process.”
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A new report from NAHB shows remodeling is on the rise, getting an early start this spring after a mild winter. Many homebuyers are taking out HELOCs for remodeling purposes as the loan rises in popularity with the fall of refinances. However, experts explain there is one problem blocking the new trend.
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Citing numerous issues with consumer escrow accounts and a “deficient financial condition,” a consortium of state banking regulators just put Ocwen Financial’s mortgage business on life support. A bombshell announcement from the North Carolina Commissioner of Banks claims that more than 20 state mortgage regulators issued cease-and-desist orders to Ocwen, which prohibits the acquisition of new mortgage servicing rights and the origination of mortgages.
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On Sept. 6, 2008, the Federal Housing Finance Agency placed Fannie Mae and Freddie Mac into conservatorship. Nearly nine years later, the largest trade group in the mortgage finance space, the Mortgage Bankers Association, released a white paper to stay in front of the housing reform conversation and address one of the thorniest issues: how to transition to a new system.
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Today, MBA is releasing a plan detailing how a future secondary mortgage market can work – describing a post-conservator end state for Fannie Mae and Freddie Mac. Our proposal includes transition steps detailing how to get from here to there and is the only paper that comprehensively addresses how the reformed secondary market would serve all Americans along the broad continuum of affordable housing needs.
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MGIC saw an increase of nearly 23% in the first quarter of 2017. New insurance written saw losses of nearly 30% from the last quarter, however it is still up from last year, and the company CEO explained this drop was expected.
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Trump news is everywhere. Most of it is speculation as to what he will do next, and what it will mean for the mortgage and housing markets. But, here’s how to find out what will happen in the housing and mortgage markets regardless of what Trump does.
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Mortgage rates fell below to 4% mark and landed at their lowest point since November 2016. As international relations grow more tense, investors are pulling out of more risky investments, bringing interest rates down further as they follow the Treasury yield.
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Mortgage Cadence announced its license with a new software, FirstClose, that will allow third parties to integrate with the company’s current mortgage program. Mortgage Cadence explains what this means for its platforms, for lenders and what new services it will offer.
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The average time to close a loan spent a lot of 2016 fluctuating around the high 40s, but this is no longer the case. The survey found that the average time now sits at the lowest level in two years. The report also found that the purchase market is heating up, as March ushers in the start of the spring home-buying season.
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The Dodd-Frank doomsday clock just ticked a little closer to midnight. The Republican-crafted plan to overhaul the country’s financial regulatory system and overturn many provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act is now one step closer to becoming a reality, as the House of Representatives is set to consider the Financial CHOICE Act.
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Cybersecurity experts are working in overdrive to caution the mortgage finance industry that cyber attacks are a matter of when, not if. However, according to a new report from Accenture, banks are still too confident about their protection efforts. Are you overestimating your company’s ability to withstand the onslaught?
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A shift in the appraiser world is underway, as the American Society of Appraisers and the National Association of Independent Fee Appraisers announced Wednesday that the groups plan to merge. Here are the particulars.
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A Hispanic man filed a fair housing complaint against several California lenders. Now, these lenders have agreed to pay the man as well as install new fair lending training programs for their staff. HUD explained that today’s action “reflects our nation’s promise of fair housing and equal access to credit for every qualified individual, regardless of their national origin.”
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Houzz, which provides online services for remodeling and design, is now allegedly looking to raise about $500 million, which would value the company at more than $5 billion. While Fortune’s sources confirmed the new venture funding rumors are true, Houzz itself denies it.
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First American published its monthly Potential Home Sales report which showed the market is slightly underperforming its full potential. But while it is still below where it could be, the existing-home sales market made significant improvements from last year.
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Movement Mortgage is less than 10 years old and is already making a major imprint on the housing finance market. Two big drivers behind this growth in 2016 include financing more than $12 billion in residential mortgages and launching a new digital mortgage app. This first annual Movement Impact Report to stakeholders on its business operations, growth, and community investments gives an in-depth overview of how the company is performing.
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The former mayor of Passaic, New Jersey will spend the next two years in prison after being convicted of soliciting and accepting bribes from developers who wanted to build low-income housing in the city. According to the U.S. Attorney’s Office for the District of New Jersey, Alex Blanco accepted $110,000 in corrupt payments, much of which was money from the Department of Housing and Urban Development.
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Impac Mortgage Holdings announced its second stock offering in roughly seven months as it plans to continue fueling its already growing servicing and non-qualified mortgage production. Impac’s involvement in non-QM production and servicing isn’t new, but as Joseph Tomkinson, chairman and CEO of Impac Mortgage, stated, both are growing.
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Today marks the 22nd anniversary of one of the largest terrorists attacks on American soil, and in remembrance of the day, HUD Secretary Ben Carson is at the scene of that terrible crime. Here is what Carson said about the victims and survivors of the attack, which included several HUD employees. May they rest in peace.
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U.S. Bancorp reported its first quarter of earnings which came in lower than the fourth quarter of 2016. However, revenues were up from last year. Mortgage banking revenue dropped more than 13% from last quarter, but remained significantly higher than last year.
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After refinance applications dropped to record lows for several weeks, mortgage applications posted a quiet week. The Mortgage Bankers Association noted that this week’s survey does not include an adjustment for the Good Friday holiday.
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Is credit too tight? And at what point does credit become too available? The Urban Institute’s new report answers just those kinds of questions. As it turns out, lenders could double their risk-taking and still not hit historically normal levels of credit availability.
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Ellie Mae released an updated version of Encompass, its mortgage management solution. The last update focused on supporting construction loans. This time around most of the changes deal with compliance with the new Home Mortgage Disclosure Act, which goes into effect in January 2018.
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The Consumer Financial Protection Bureau claims that an Ohio law firm is using illegal methods to collect debt and is suing the firm to put a halt to the alleged illegal activity. The firm, however, contends that the CFPB is trying to “strong-arm” it into signing a consent order and says it will fight the lawsuit.
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“Drawing upon the diverse expertise of these new leaders, J.G. Wentworth is well-positioned to accelerate growth and sustain progress toward its goals,” said Stewart Stockdale, J.G. Wentworth’s CEO.
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One of the greatest challenges homebuyers face this spring home-buying season is the lack of housing inventory. Freddie Mac gave four reasons in its monthly Outlook why inventory remains low, and what that means for this year’s home sales.
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HousingWire is proud to announce that we are now accepting nominations for the 2017 Women of Influence, our opportunity to honor the housing industry’s most influential women leaders. Here is much more information on one of our favorite award programs.
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Goldman Sachs recorded a rare and unexpected miss in first-quarter earnings. The surprise caused the bank’s stock to fall to its lowest level in nearly five months. Goldman Sachs doesn’t have a huge footprint in residential mortgages, but it’s not completely out of the mortgage arena.
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New construction in March showed lackluster growth with its decrease to an annual rate of about 1.2 million housing starts per year. Experts explain their disappointment in the report, and highlight one sector that is actually set to improve. HINT: It’s not single-family homes.
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MortgageHippo is working to stay at the forefront of the recent growth in digital mortgages. The mortgage technology company announced it closed $2.25 million in seed capital, with which it plans to further expand its software development and sales team. And this time, the company is looking at one specific lending sector.
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Housing starts fell in March just as the housing market looks to have its hottest spring home-buying season in recent memory. And while building permits did increase a full 17% from last year, it was not driven by an increase in the single-family sector.
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Bank of America saw tremendous growth in its net income in the first quarter with an increase of 40%. The company’s earnings per share also increased 46% from last year. However, a decrease in mortgage income created a drag on noninterest income for consumer banking.
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It’s no secret that President Donald Trump wants to fire the director of the Consumer Financial Protection Bureau, Richard Cordray. So what’s stopping him? According to a Politico article published Monday, Trump thinks he will soon be leaving on his own.
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There’s no doubt that Airbnb is causing a disruption in local housing markets, as the short-term rental website, and others like it, have been accused of making housing more expensive in certain communities and placing some units completely out of reach except for short-term renters. But Airbnb has a new problem on its hands.
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Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005 and July 1, 2010 will soon receive their share of a $50 million settlement stemming from allegations that Wells Fargo overcharged borrowers for Broker’s Price Opinions during that period, as a class action settlement covering the overcharging is now finalized.
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A former executive at Wells Fargo claims in a lawsuit that the bank fired her because she refused to participate in a scam like the bank’s well-publicized fake account scandal, which led to a $185 million fine after more than 5,000 of the bank’s former employees opened more than 2 million potentially unauthorized accounts to get sales bonuses.
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Home sales skyrocketed in March by 40% compared to February as homebuyer activity increased in Orlando. However, this jump put even further strain on an already inventory-starved market, bringing housing supply to levels not seen since 2013.
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Mortgage brokers fall into the entrepreneur/startup category of the mortgage finance world. There may not be a ton of brokers right now, but this is starting to change, especially when people think about how much money they can make if they work hard. So do you have what it takes to become a broker? Here’s advice from brokers themselves on where to start.
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The White House announced Friday that President Donald Trump selected Scott Garrett, who formerly served in a prominent role on the House Financial Services Committee and was a long-time advocate for housing finance reform, to serve as the president of the Export-Import Bank.
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President Donald Trump is reportedly close to choosing a replacement for the “most powerful man in banking.” That characterization is in reference to Daniel Tarullo, who recently stepped down as a member of the Board of Governors of the Federal Reserve System. Here are the details on Trump’s reported choice to serve as the Fed’s new vice chairman of supervision.
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While low housing inventory and slow wage growth are par for the course in California, the state pushed past those roadblocks to record a strong start to the year. But strong housing demand, coupled with a shortage of available homes for sale, is still causing major problems for the state, as California Association of Realtors President Geoff McIntosh explains.
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Fannie Mae released its Economic and Housing Outlook for April, which indicates that the GSE is keeping its economic growth forecast conservative. In the report, the company explains how it is intrigued by the growing optimism from businesses and consumers.
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Jerry Rowell, who has more than 20 years of experience leading companies in the financial services sector, including mortgage, field service and commercial lending firms, will be based in Austin, Texas.
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Homebuilder confidence fell off from the high reported in March, decreasing three points in the Housing Market Index in April. However, despite this decrease, experts point out that builder confidence remains at solid levels.
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Housing inventory recently hit an all-time low as builders struggle to keep up with the rising demand. One factor in the low inventory has been a shortage of construction workers, but a new trend could remedy that as it produces homes made by robots.
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The main front for the Republican Party’s push for regulatory reform is in the House of Representatives, where an effort is underway to replace the Dodd-Frank Wall Street Reform Act with the Financial CHOICE Act. But the House isn’t the only place where regulatory reform is on the table. Here’s a look at what some of the mortgage industry’s biggest trade groups want the Senate to do about regulatory reform. All that, and more, in your Monday Morning Cup of Coffee.
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The United States Court of Appeals for the Fourth Circuit ordered Lennar to pay more than $100 million to iStar to settle a lawsuit that stretches back to 2005. According to details published Friday by iStar, a real estate investment trust, the Court of Appeals upheld a lower court’s decision in the lawsuit that stemmed from a soured land deal from more than a decade ago.
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Los Angeles may have year-round sunshine and great beaches, but it’s not enough to entice workers to accept jobs there. Businesses, instead, must develop special hiring packages in order to compete with more affordable housing markets. What would it take to get you to work in LA?
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Redfin’s recent study not only showed that the housing market is gearing up for a hot spring home-buying market, but also which market are the most competitive. In some markets, homes are selling in just over a week, while in others nearly 70% of homes are selling above asking price. As the industry gears up for one of the busiest times of the year, here are the five most competitive markets.
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As president and CEO, Tessar will focus on improving the loan process and making the sales and operations teams work cohesively. “Our customers will see the immediate benefits of streamlined processes that result in flawless execution and superior service,” he said.
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The new secretary for the U.S. Department of Housing and Urban Development, Ben Carson, made a third stop on his listening tour with his visit to Florida. And despite what Twitter might have you thinking, he did more than sit in an elevator during his time there.
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Credit unions have focused a lot of their efforts after the financial crisis fighting to make sure they aren’t suffocated by regulation put in place to fix problems they didn’t participate in. Reinforcing calls often made by NAFCU, National Association of Federally-Insured Credit Unions President and CEO Dan Berger wrote a letter to the Senate Banking Committee, highlighting the economic benefits that credit union regulatory relief would create.
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With spring home-buying season now underway, many investors are looking their next great buy, and the perennial draw of college towns makes them a prime consideration. Click here to see which cities Redfin has singled out as the best college towns to buy an investment property.
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Banks are under cyber attack from every side, including, if you believe the latest claim from Shadow Brokers hacking group, the National Security Agency. In the case of the NSA, the latest data dump from the Shadow Brokers suggests the NSA’s motive was to surveil banking activity in the Middle East, not steal money, but any breach of security of the global messaging network could have significant consequences.
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It was unusually warm in Chicago this winter. How warm? According to the National Weather Service, no snow fell in Chicago in January or February. That’s the first time that’s happened in 146 years. While this year’s winter may be a once-in-a-lifetime event for the Windy City, the mild meteorological start to the year is leading to a hot start for the area’s housing market.
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Independent mortgage banks and mortgage subsidiaries of chartered banks posted record high revenue in 2016. But don’t get excited just yet. As revenues increased, mortgage expenses also jumped. Here’s how business played out for the year as a result.
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Consumers are now more optimistic about the economy than they have been at any point since 2000, nearly surpassing the all-time high. And as this optimism grows, one economist explained the gap between Republicans and Democrats is finally starting to close.
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Hispanic homeownership continues to fuel the growth of the U.S. housing market, and now several companies have joined the Hispanic Wealth Project with the goal of tripling Hispanic household wealth by 2024. Here is what several companies pledged to do in 2017 to meet that goal.
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A recent study conducted by Ally Bank shows interest rates and closing costs are highly important factors to consumers when deciding on a lender, but a reputation based on excellent customer service and convenience is just as important. What else might sway borrowers? A little incentive.
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A Cook County, Illinois, judge finds herself on the wrong end of criminal charges after federal authorities accused her of taking part in a $1.4 million mortgage fraud scheme. According to the U.S. Attorney’s Office, Jessica O’Brien caused lenders to issue and refinance approximately $1.4 million in mortgage and commercial loans by “making false representations and concealing material facts in documents submitted to the lenders.”
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Fannie Mae announced Thursday that it completed its second sale of re-performing loans, selling more than $1.6 billion in re-performing loans to a subsidiary of Credit Suisse. Here are the details on the latest mortgage purchase for DLJ Mortgage Capital, which also recently bought up more than $4.6 billion in loans from HSBC.
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A new report from Redfin shows home sales are heating up as inventory falls during the all-important spring hom-buying season. Click here to find out what experts have to say.
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The Mortgage Bankers Association’s weekly mortgage application report may be posting lackluster results, but its Builder Application Survey definitely isn’t. Mortgage applications for new home purchases are significantly rising, which is welcome news for homebuyers given the extreme shortage of housing inventory available.
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Taking a different approach than other Republicans on why Dodd-Frank needs to be reformed, Rep. David Kustoff, R-Tenn., penned a commentary for CNBC, explaining how the act has stifled the American Dream. To him, Dodd-Frank might have saved Wall Street from collapse, but it has also handcuffed community banks, regional banks, credit unions and other lenders.
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The Federal Home Loan Bank of New York agreed to pay $70 million to the bankruptcy estate of Lehman Brothers to settle charges that the bank undervalued interest rate swaps it held with Lehman as the company collapsed in 2008. Here are the details on the settlement.
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The Consumer Financial Protection Bureau on Thursday issued a much-asked-for proposal to clarify the updates to the Home Mortgage Disclosure Act rule that are set to take effect next year. The CFPB claims that these new changes will help ensure industry compliance with the much-discussed HMDA rule. Click the headline to read more about the proposed changes and judge for yourself.
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Mortgage rates continued to steadily decline, maintaining a recent downward trend in rates, according to Freddie Mac’s latest Primary Mortgage Market Survey. In fact, the average 30-year fixed-rate mortgage declined low enough to hit a record low for 2017.
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Citigroup first-quarter earnings show that the bank is continuing to move further and further away from mortgages and into other lines of business. According to information released Thursday by the bank, Citi’s residential first mortgage originations plummeted in the first quarter, dropping from $5.6 billion in the fourth quarter of 2016 to $3.8 billion in the first quarter of 2017.
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Before joining W&D, Naish served as the director of affordable housing finance at Berkeley Point Capital and has previously held multiple roles with HUD, where he became an expert in affordable housing policy and FHA multifamily products.
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Wells Fargo’s mortgage business in the first quarter of 2017 fells across the majority of its divisions. However, the mega bank noted the drop was expected. As a whole, the bank mostly performed in line with the start of 2016.
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JPMorgan Chase beat revenue and earnings per share expectations for the first quarter 2017. But despite performing well overall, the bank’s mortgage department struggled, continuing a recent downward trend in mortgage net revenue.
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Foreclosure activity dropped significantly in the first quarter of 2017 and brought 47% of the U.S. to foreclosure activity below pre-crisis levels. As for March, foreclosure filings increased slightly but marked the 18th consecutive month of annual decreases.
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As the Trump administrations works on hashing out comprehensive tax reform, the Community Home Lenders Association penned a letter to address its serious concerns about the future of the mortgage interest deduction, along with the potential negative impact to it. While the U.S. Treasury secretary said the mortgage interest tax deduction will not be changed earlier this year, nothing is guaranteed when it come to the future of tax reform.
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The Republican’s newly revealed act to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act targets one of the most important government agencies to Congress Democrats, the Consumer Financial Protection Bureau. But Rep. Maxine Waters, D-Calif., ranking member of the Committee on Financial Services and one of the biggest defenders of the CFPB, won’t let the CFPB go away easily.
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A new report from Ten-X shows the top five hottest markets for this spring according to current and forecasted housing data. Some markets within the top five saw considerable increases in ranking before landing as a top market for the spring.
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President Donald Trump tweaked a few of his previous alarming comments made on the future of America’s economy in a new interview with The Wall Street Journal. Back when he was running for office, Trump has made a handful of assertions on what he planned to do if president, including firing Federal Reserve Chair Janet Yellen. Is Yellen’s job secure now?
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Johnson will oversee the creation and implementation of new strategic priorities and ensure core company initiatives, services and partnerships at the national residential and commercial mortgage services company.
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Immigrants’ needs and desires will shape housing growth for decades to come, and right now that growth potential seems to be looking towards the suburbs, a new report from Urban Land Institute’s Terwilliger Center for Housing shows. As immigrants continue to shape the needs of the market in the U.S., the center explains how urban areas with strong immigrant-population growth should respond.
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National appraisal management company United States Appraisals has announced the addition of David Wegmann and John Powell as business development managers, bringing more than 45 years of combined experience to the company.
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A new survey from Zillow shows many renters want to own a home but cite down payments as a major barrier to homeownership. As the housing market looks to Millennials to improve on the low homeownership rate, Zillow’s survey shows this faith in the younger generation is not misplaced.
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Following through on promises made by President Donald Trump, leading Congressional Republicans unveiled a new replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new proposal goes further than previous Republican efforts to overhaul Dodd-Frank. Here’s a look at the more aggressive version of the Financial CHOICE Act, which includes drastic changes for the Consumer Financial Protection Bureau.
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Despite another quiet week for mortgage applications overall, average purchase application loan size managed to post a new high, continuing recent trends. As a whole, mortgage applications increased 1.5% from one week earlier. Here’s how the rest of the data came in.
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As renters become more confident, they are not moving toward homeownership, but say they are fine where they are and will continue to rent over the next few years. In fact, many say even if they move, they are likely to continue renting and expect rent prices to remain affordable.
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Former Federal Housing Finance Agency Acting Director Ed DeMarco joins the Financial Services Roundtable leadership team as FSR’s Housing Policy Council president. DeMarco has a long and extensive history in the housing market, which even landed him as HousingWire Magazine’s Person of the Year in 2012.
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Last week, President Donald Trump told a group of CEOs that his administration is planning a “very major haircut” on the Dodd-Frank Wall Street Reform Act. But Tuesday, Trump went even further, telling another gathering of CEOs that a full repeal of Dodd-Frank may be on the table. Click through to hear for yourself.
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Texas’ housing market is as hot as the state’s scorching summer heat, as the market reaches new peaks in sales and home prices. So who are the homebuyers that are able to break into the market? This new Texas Association of Mortgage Bankers’ report provides an in-depth look at the people who are snagging a piece of the pie in the quickly growing housing market.
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Quicken Loans released its monthly Home Price Perception Index, which showed while home prices are increasing, it is not as fast as homeowners think. This is the fourth consecutive month the gap between homeowner opinions and appraised values increased. The index shows, however, this doesn’t hold true for the West Coast.
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“With a passion for problem-solving and helping clients tackle complex problems with pragmatic solutions, Michele will assist OrangeGrid in building and sustaining strong business relationships across our rapidly growing client base for years to come,” said Todd Mobraten, OrangeGrid’s CEO and founder.
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Just when you think you’ve heard the worst story from Wells Fargo’s recent fake accounts scandal, a new revelation comes out. The new report from the bank’s independent study into its unethical sales practices revealed these shocking stories.
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Department of Housing and Urban Development Secretary Ben Carson is making the next stop in his listening tour on Tuesday, visiting a public housing facility in Jacksonville, Florida that was recently the target of the state’s senators. Carson will visit Eureka Gardens, which is one of several federally subsidized housing developments in Florida that subject residents to “deplorable” living conditions, according to Sens. Bill Nelson, D-Fla., and Marco Rubio, R-Fla.
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United Shore Financial Services, the parent company of United Wholesale Mortgage, will pay $1.4 million as part of a settlement with the California Department of Business Oversight, which accused the lender of overcharging “thousands” of borrowers for interest on their mortgages. But the company’s CEO says that the fine is for a long-fixed problem and that the company didn’t benefit at all from the alleged overcharging.
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Mortgage delinquency rates continued their downward decent in January. While serious delinquencies and foreclosure inventory dropped at the start of 2017, it was early-stage delinquencies that saw the best performance as they hit their lowest rate in two decades.
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Home sales increased in 2016, however the share of vacation rentals plummeted to levels not seen in several years. But even as vacation-home purchases dropped, investment properties increased year-over-year.
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The number of ways to rob a bank is apparently limited only by the imagination of hackers, which is to say, nearly infinite. Recently, a Brazilian bank fell victim to an entirely new and dangerous form of hacking. And if you don’t think that your institution could be next, it might already be too late.
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President Donald Trump tapped Russ Vought to serve as deputy director of the Office of Management and Budget, where he will serve under Director Mick Mulvaney. The two will be tasked with reducing regulation controlling regulatory costs and more, so expect to see their names pop up a lot more in housing finance news.
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Earlier this year, online mortgage lender Better Mortgage said that raised $15 million and planned to use the money to launch and expand of Better’s home purchase finance product on the company’s website. Now, the company is continuing its push into purchase mortgages by rolling out a “verified” pre-approval letter for borrowers.
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Fifth Third Bancorp announced recently that it is promoting Phillip McHugh to become the bank’s new head of its consumer bank, which includes retail banking, mortgage, auto lending, business banking, collections and credit centers. McHugh is replacing Chad Borton, who is leaving Fifth Third to become president of USAA Federal Savings Bank, the bank said.
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New York announced its budget late after it surpassed its April 1st deadline. The newly released budget contains many implications for housing, including tuition-free college. A considerable part of the budget is also dedicated towards fighting homelessness and providing affordable housing.
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Earlier this year, LenderLive Network announced that it would be taking over PHH Mortgage Corporation’s private-label fulfillment operations in Jacksonville, Florida. That transition is now complete. According to LenderLive, the company is now processing, underwriting and closing loans on an outsourced basis for PHH fulfillment clients served out of the Jacksonville facility.
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Freddie Mac announced that eight manufactured home retailers joined its program for increasing homeownership education for buyers of manufactured homes in the Kentucky area. Here is the latest news on the program, and what it seeks to accomplish.
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As the controversy around the embattled Consumer Financial Protection Bureau heightens, more representatives are stepping outside of the beltway to speak directly to their constituents about the constitutionality and functionality of the bureau. Rep. French Hill, R-Ark., is the latest representative to pen a commentary on the need for the agency to be reined in.
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FBC Mortgage launched an online mortgage application for its wholesale and correspondent division, bringing digital mortgage technology previously only for use for retail into the third-party origination world. The announcement signals a greater movement toward digital in the lending space.
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Tesla, which got into the solar energy business last year with the acquisition of SolarCity, is taking the next step in its plan to revolutionize the acquisition, storage, and use of solar energy with the introduction of its own version of solar panels. What does it mean for the solar energy business? And what does it mean for the mortgage business?
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First Financial Northwest announced the expansion of its footprint in the counties surrounding the Seattle area. The bank announced it will acquire four branches including their retail locations, ATMs and more. But the bank’s expansion doesn’t end there.
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Wells Fargo announced the results of an internal investigation into its recent fake accounts scandal, which found that cultural, structural and leadership issues were the root cause for its improper sales practices. Due to the investigation’s conclusions, the company announced it will claw back even more from top executives, including former CEO John Stumpf, with the total now reaching more than $180 million. Click the headline to read more.
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Rep. Ann Wagner, R-Mo., doubled down in her battle to unseat Consumer Financial Protection Bureau Director Richard Cordray and overhaul the bureau in a guest commentary for her local newspaper. Meanwhile, looking at another controversial part of Washington, Fannie Mae and Freddie Mac meet the man in charge of reforming them. All of this and more gets unpacked in this week’s Monday Morning Cup of Coffee.
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Down payments are commonly cited as one of the most misunderstood parts of the home-buying process, as potential homebuyers hold off shopping until they can put 20% down on a home. A new calculator from MGIC helps solve this problem. Home shoppers can use the calculator to see if they should buy now or wait.
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New listings flooded the market in March, but pending home sales increased even more, leaving the region to struggle with its low inventory levels. Experts from the Washington state area give the latest update on the market and predict a frenzied spring home-buying season.
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Wells Fargo is partnering with NeighborWorks America and Neighborhood Housing Services of Birmingham to boost homeownership in the Birmingham and Jefferson Country areas of Alabama. Through the program, borrowers may be eligible to receive a matching down payment assistance grant ranging from $2,500 up to $7,500.
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The market is starting to welcome home equity lines of credit back into the market after a long hiatus after the financial crisis. Given their growing prominence, a new report from the American Bankers Association’s Consumer Credit Delinquency Bulletin gives a current pulse on the health of home equity lines of credit by looking at delinquencies.
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Americans came down off February’s confidence high as less said now is a good time to buy a home. However, the percentage of consumers saying now is a good time to sell a home continues to increase. And those who think interest rates will decrease hit a new survey low.
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Aiming to take property valuation to another level, Dart Appraisal, a nationwide, independent appraisal management company, announced this week that it is partnering with HouseCanary, a real estate data analytics company, to launch a new automated valuation report.
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The jobs report in March came in much lower than homeowners expected, the lowest since May last year. However, experts explain there is no need to read too much into the report, saying it was only a temporary drop.
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Earlier this week, a group of senators and representatives introduced bills in both houses of Congress that would change the rules for loans created by the Property Assessed Clean Energy program. When introducing, some of the bill’s sponsors said the PACE program is a “scam” and the industry is bereft with “predatory” lenders that “trick” unwitting homeowners. The PACE industry unsurprisingly disagrees with those allegations.
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Mortgage credit availability increased in March led by a jump in jumbo loans. But despite posting small steady increases, mortgage credit is still historically low. The following charts exactly how loose credit is now.
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Uncovering a $5 million mortgage scheme, New York Attorney General Eric Schneiderman charged Dean Galasso, 49, a New York City landlord with multiple properties in Manhattan and Queens, after discovering he fraudulently tried to obtain a mortgage to finance the purchase of a rental building. The discovery led to six charges total.
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At the height of the foreclosure crisis, HousingWire regularly ran ads from a nonprofit called No Paws Left Behind. The charity worked hard to find no-kill shelters for the droves of innocent cats and dogs abandoned when their owners fled the property. While we’ve lost contact through the years, and the fallout from housing bust began to ameliorate to some extent, it comes with some sadness to learn the act of abandoning pets is still happening.
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