After hitting the lowest levels in nearly a year (and nearly the lowest levels in 3 years) last Tuesday, rates lurched higher following Wednesday’s Fed announcement. While the Fed cut rates as expected, and while the Fed’s rate forecasts were well-received, Powell’s guidance pushed back in the other direction. Economic data on Thursday morning made […]
Mortgage Rates Roughly Unchanged to Start New Week Read More »
New Jersey’s Oceanfirst Bank is ceasing mortgage operations later this year, choosing to instead embark on a new nonbank partnership to serve its customers with home lending needs. The “strategic decision” will pair Oceanfirst with Embrace Home Loans, a deal that is set to begin in the fourth quarter this year, bank officials said. “The
Oceanfirst announces mortgage exit, partners with Embrace Read More »
A bipartisan bill looking to end the Federal Housing Administration’s life-of-loan requirement for that form of mortgage insurance coverage has been reintroduced in the House of Representatives. The Mortgage Insurance Freedom Act was previously introduced in last year’s lame duck session of Congress by Rep. Gregory Meeks, D-New York, and Rep. Pete Sessions, R-Texas. Under
FHA premium cancellation bill reintroduced in the House Read More »
Shares of Better Home & Finance Holding Co. soared after Eric Jackson said his hedge fund had bet on the stock, echoing the retail-driven rally he kicked off in Opendoor Technologies Inc. in July. Shares of the online mortgage company known as Better rose as much as 176% on Monday, triggering multiple halts for volatility,
Man behind Opendoor meme rally sparks 176% surge in Better Read More »
When it comes to the mortgage impact of Compass’ purchase of Anywhere Real Estate, Rate comes out as a big winner thanks to the joint ventures it has with both companies. The Rate/Anywhere JV, Guaranteed Rate Affinity, was formed in 2017, when what was then known as Realogy teamed up with the lender after ending
Rate gets mortgage benefit of Compass-Anywhere deal Read More »
Adobe Stock This summer marked the strongest buyer’s market for housing in over a decade, according to new industry data. There were 35.2%, or about 506,000, more sellers than buyers in the housing market last month, a new report from Redfin shows. June and July were the only months in records dating back to 2013
Summer clocks in strongest buyer’s market in years Read More »
The regulator for two government-related mortgage investors is leaving the Network of Central Banks and Supervisors for Greening the Financial System, according to the former’s director. Director Bill Pulte informally circulated the departure on the social media platform X in line with his practice of using that forum to announce new policy. Pulte heads the
Why FHFA is exiting network for ‘greening’ financial system Read More »
Consumers who sued Mr. Cooper over $25 “junk fees” are taking their fight to a federal appeals court. Borrowers Catherine Palazzo and Peter Hackinen elevated their failed class action case to the 9th U.S. Circuit Court of Appeals last week, according to federal court records. The plaintiffs sued the megaservicer over its fee for expedited
Borrowers appeal loss in Mr. Cooper servicing fee fight Read More »
For the past couple of years, it’s been tough for a lot of homebuyers to make the numbers work. Home prices shot up. Mortgage rates too. And a number of people hit pause because it just didn’t feel possible. Maybe you were one of them. But there’s some encouraging news. If you’ve been waiting for
3 Reasons Affordability Is Showing Signs of Improvement This Fall Read More »
Encompass dominates the loan origination software market but allegiances vary among competing institutions of various sizes. The LOS is a lender’s key piece of technology, often exceeding core origination tasks by housing product and pricing engines and other closing technology, according to a new report by National Mortgage News parent company Arizent. “Everybody has their
EXCLUSIVE RESEARCH: How LOS preferences differ across lender types Read More »