Key Insight: Wells Fargo has tapped its head of consumer and small-business banking, Saul Van Beurden, to lead its expanding efforts in artificial intelligence. Supporting Data: Just in the past year, Wells Fargo has trained over 90,000 employees to use new AI tools, according to CEO Charlie Scharf. Expert Quote: The new appointment is “a […]
Wells Fargo taps head of consumer banking to lead on AI Read More »
Mortgage refinance demand is 111% higher than last year, a surge fueled by declining mortgage rates and renewed interest from homeowners looking to improve their financial position. Refinancing can certainly be a smart move—a way to lower monthly payments, consolidate debt, or tap into home equity. But this sense of routine can mask the very
Title insurance vital to reduce risk on refinances Read More »
Every few years, someone in mortgage lending announces that we’re witnessing the dawn of the super-lender era. This time, they say, it’s different. The big players have the technology, the capital and the market conditions to finally achieve total vertical integration. Soon, we’ll all either work for a handful of massive institutions or find ourselves
The mega-lender myth: Why consolidation won’t deliver the holy grail Read More »
Forward look: The combined company will start with more than $28 billion of deposits, including $1.8 billion in Northern New Jersey. Supporting data: Blue Foundry Bancorp has reported more than $20 million of losses since its conversion to a stock-traded company in 2021. Expert quote: “Blue Foundry was horrible. They couldn’t make any money,” said
Fulton to acquire money-losing New Jersey bank for $243M Read More »
Low mortgage rates that continued in October brought prepayment speeds to their highest share in approximately three-and-a-half years, the ICE Mortgage Technology First Look report said. The monthly prepayment rate of 1.01% was up by 36.84% over September, when it was 74 basis points, and by 19.29% as compared to October 2024’s 85 basis points.
October’s prepay speeds at highest in over three years Read More »
A federal grand jury is examining the handling of the mortgage fraud investigation into Sen. Adam Schiff of California according to a subpoena to a witness in the case. The subpoena was sent to Republican activist Christine Bish, who appeared before the grand jury in Maryland Nov. 20. It asked her for any communications and
DOJ examining handling of Schiff mortgage investigation Read More »
U.S. Federal Housing is increasing the multifamily caps at Fannie Mae and Freddie Mac for 2026 by over 20% compared to this year, a level which keeps pace with volume growth in recent months, observers said. The combined cap of $176 billion is split evenly between the two companies at $88 billion. This year’s cap
FHFA boosts Fannie, Freddie multifamily caps over 20% in ’26 Read More »
Shoppers aren’t the only ones scouting for deals this Black Friday. While bargain hunters line up for discounted TVs and video game consoles, many prospective homebuyers are scrolling through listings in hopes of snagging their own big-ticket markdown. According to HousingWire Data, price cuts have become a defining feature of the late-fall housing market —
Homebuyers hunt for Black Friday bargains as price cuts spread Read More »
With an eye on New York City voters who favored housing affordability in this month’s mayoral election, Massachusetts housing advocates are optimistic they can win at the ballot box next year with statewide rent control. The coalition group Homes for All Massachusetts collected more than enough signatures to place a local option rent control measure
Massachusetts rent control initiative gains amid affordability push Read More »
I’ve been reading more articles arguing that our housing shortage is artificially created—that it’s caused by the increasing concentration of homebuilders and the decline in private homebuilders. The theory suggests that public builders are “hoarding” lots to drive prices up when they could be selling more homes and lowering prices. I initially dismissed this narrative.
Root causes: housing shortage driven by policy, not big builder concentration Read More »