Following his nomination for the role in March, the Senate on Tuesday confirmed Andrew Hughes as the deputy secretary of the U.S. Department of Housing and Urban Development (HUD) under Secretary Scott Turner. Hughes succeeds Adrianne Todman, who effectively served as HUD secretary for the final 10 months of the Biden administration. Todman left HUD […]
Senate confirms Andrew Hughes as HUD’s deputy secretary Read More »
Mortgage lender Lower and Residential Wholesale Mortgage moved to settle a poaching suit filed in a federal Texas court earlier this year. Details regarding the terms are sparse from a notice filed by Lower May 16, however, it wraps up litigation over Residential allegedly poaching employees that Lower acquired via its Thrive Mortgage acquisition. The
Lower settles poaching suit involving Thrive Mortgage staff Read More »
In the race to capture home equity line of credit customers, non-bank lenders say they have plenty to offer compared to their larger competitors. All mortgage players are staring at a lucrative HELOC opportunity in the next two years with soaring equity alongside stale mortgage rates and rising consumer debt. While homeowners who secured ultra-low
Banks vs IMBs: who wins the HELOC war? Read More »
Bloomberg News President Trump’s efforts to unilaterally and radically reduce the workforce at the Consumer Financial Protection Bureau is teeing up a rarely-considered constitutional question: if Congress makes the laws and the president enforces them, can the courts intervene if they think those laws are not being enforced “faithfully?” Appellate judges overseeing the ongoing legal
CFPB lawsuit hinges on Trump’s ‘faithful’ execution of laws Read More »
As non-prime mortgage assets continue to make up a significant portion of mortgage-backed securities (MBS) deals, Angel Oak Mortgage Fund is preparing to issue $350.2 million in MBS secured by a portfolio dominated by mortgage loans considered non-qualified or exempt from ability to repay rules. Non-qualified mortgages account for most of the loans, at 55.2%,
Angel Oak Mortgage raises $350.2 million in MBS Read More »
After a calm start to the week on Monday and Tuesday, we were likely to see a bit more volatility on Wednesday due to important events on the calendar. The first was the morning’s release of the Consumer Price Index (CPI), a key inflation report. Inflation is one of the most basic inputs for the
Mortgage Rates Fall as Inflation Data Comes in Soft Read More »
Fairway Independent Mortgage Corp. announced Wednesday it has acquired the assets of Hallmark Home Mortgage, a Fort Wayne, Indiana-based mortgage lender. As part of the transaction, Hallmark will become a new division of Fairway and will operate under a revised brand: Hallmark Home Mortgage, powered by Fairway. Financial terms of the deal were not disclosed.
Fairway Independent Mortgage buys assets of smaller firm Read More »
Federal Reserve Vice Chair for Supervision Michelle Bowman.Bloomberg News Newly minted Federal Reserve Vice Chair for Supervision Michelle Bowman is aiming to do something that escaped both her predecessors: finalize the U.S. implementation of the so-called Basel III framework. In her first speech since being confirmed to the central bank’s top regulatory role, Bowman outlined
Is third time the charm for Basel III endgame? Read More »
Mortgage applications picked up last week, according to the most recent numbers put out by the Mortgage Bankers Association, offering optimism for a real estate market that has been facing a prolonged period of economic uncertainty. The Mortgage Bankers Association’s weekly Mortgage Composite Index showed applications up a seasonally adjusted 12.5% from the week before,
Mortgage applications rise for first time in a month Read More »
Mortgage scam reports have soared in recent years, opposite of the housing market’s slowdown. The industry as of April was reporting 71 mortgage scams per month, up from just 14 per month in 2022 at the tail-end of the refinance boom, according to BackOffice Pro, a business services organization. While real estate companies disclosed losses
Mortgage scam reports are soaring despite the slowing market Read More »