United Wholesale Mortgage produced nearly $50 billion in loans during the fourth quarter, as its parent company ended the period with substantially higher net income than the comparable quarters. Processing Content UWM Holdings reported fourth quarter GAAP net income of $164.4 million. This included a $28.8 million markdown on its mortgage servicing right portfolio. In […]
UWM production nears $50 billion on strong refi quarter Read More »
Citi is pledging more than $60 billion to a new initiative focused on improving housing affordability. Processing Content The bank announced Tuesday its Blueprint for Housing Opportunity plan, a five-year commitment dedicated to increasing the housing supply through the creation and preservation of at least 250,000 units across the country. The Citi Foundation also devoted
Citi commits $60 billion to affordable housing initiative Read More »
Renting can feel like the easier choice right now. There’s no big down payment. No dealing with surprise repairs. And no long-term commitment. But then your rent goes up again. And again. And suddenly the thing that seemed flexible starts looking… expensive, especially considering you’re not building any equity. And once that happens, it’s easy
Renting vs. Buying: The Numbers Might Surprise You Read More »
Plans to expand competitive use of VantageScore in the mortgage market could save the industry hundreds of millions of dollars, potentially offsetting concerns about rising credit score costs. Processing Content VantageScore estimates that full adoption of its 4.0 version under a “competitive use” scenario could cut more than $600 million in the first 12 months,
FHFA VantageScore savings sized up, FICO expands in mortgage Read More »
US mortgage rates slipped last week to the lowest level since 2022, generating more refinancing activity. Processing Content The contract rate on a 30-year mortgage dropped 8 basis points to 6.09% in the week ended Feb. 20, according to Mortgage Bankers Association data released Wednesday. The rate on five-year adjustable mortgages fell to 5.23%, also
Mortgage rates reach lowest since 2022, boosting refinancing Read More »
Key insight: President Donald Trump urged Congress to pass legislation restricting institutional investors purchasing single family homes, following up on his executive order that the legislature would need to codify. What’s at stake: Banks generally favor rhetoric that promotes housing availability and funding, since it helps produce more mortgages, but the institutional investor rhetoric is
Trump talks housing, affordability at State of the Union Read More »
The average top-tier mortgage rates made it back to 5.99% yesterday for the first time since January 9th and only the second time in more than 3 years. With rates holding perfectly steady today, this is the 3rd day that matches that multi-year low. In one important way, the past 2 days represent a bigger
Mortgage Rates Match Multi-Year Low For 2nd Straight Day Read More »
Russell Vought, director of the Office of Management and Budget and acting director of the Consumer Financial Protection Bureau.Bloomberg News Processing Content What’s at stake: The appeals court judges questioned whether various actions taken by the CFPB last year constituted a final agency action that is reviewable by a district court. Key insight: The
Can Trump fire nearly all CFPB staff? Appeals court isn’t sure Read More »
Nonprofits and journalists are suing the Federal Housing Finance Agency to gain access to records on its fraud investigations and enforcement activity. Processing Content The agency is facing four Freedom of Information Act lawsuits, for allegedly ignoring public records requests. While the FHFA has moved to defend itself in those cases, it has also hinted
FHFA sued to release fraud investigation records Read More »
A new business agreement has led to the creation of a credit union servicing organization focused specifically on mortgage servicing. Processing Content The parent company of Great Lakes Credit Union is partnering with servicing platform Vertyx for the CUSO launch. Dubbed Vertyx CUSO, the business aims to serve its member institutions with technology tailored for
Credit union servicing gets dedicated CUSO Read More »