Fannie Mae announced updates to underwriting guidelines, including a change that removes mention of a long-standing minimum credit score benchmark. Instead of a minimum score used to address risk, Fannie Mae updated language behind the previous requirement with a minimum credit risk standard based on evaluations made in its Desktop Underwriter system itself. “The minimum […]
Fannie Mae updates credit score language in DU update Read More »
After a month of consecutive drops, mortgage rates ticked back up this week, following the 10-year Treasury. The 30-year fixed-rate mortgage averaged 6.22%, up five basis points from last week’s mild drop of two basis points to 6.17%. according to Freddie Mac’s Primary Mortgage Market survey. The 30-year rate was 6.79% a year ago. “On
Mortgage rates bounce back up after month of drops Read More »
The Department of Housing and Urban Development has announced a December vacant-loan auction for properties secured by Home Equity Conversion mortgages. HVLS 2026-1 goes on sale on Dec. 9 and consists of first liens secured by Federal Housing Administration-backed HECMs, where borrowers and their spouses are deceased. Total unpaid balance for the pool of loans
HUD opens bidding for latest vacant-loan sale Read More »
Newrez subsidiary Shellpoint Servicing finds itself at the center of another class action lawsuit surrounding the attempted collection of a second “zombie” mortgage originated prior to the Great Financial Crisis. In documents filed in a Virginia federal court in late October, attorneys for former homeowner and plaintiff Mariel Castellon claimed the company made attempts this
Newrez faces another zombie-seconds class action filing Read More »
National direct-to-consumer lender Sage Home Loans is entering into a partnership with leading retail securities trading fintech Robinhood to provide discounted mortgage options to the latter platform’s select users. Through an exclusive agreement, Robinhood’s gold-tier subscribers will be able to apply for mortgage loans through the digital platform’s app or website and take advantage of
Robinhood, Sage Home Loans enter lending partnership Read More »
The mortgage industry is seeing another merger-and-acquisition deal, with Carrington Holding Co. adding a new channel to its mix through its purchase of a suburban New York-based residential lender. The owner of several businesses providing services to the real estate and mortgage industries, Carrington announced an agreement to acquire Reliance First Capital from its parent
Carrington inks deal to acquire Reliance First Capital Read More »
Camila Silva is highly organized and detail-oriented, especially when it comes to paying her bills on time — including the mortgage on her townhouse in the quiet outskirts of Washington D.C. Car, utility and mortgage payments are all color-coded in the calendar on Silva’s phone. Since the origination of her home loan in 2021, Silva
Loan onboarding challenges reveal servicing pain points Read More »
John Bell III, the former executive director for loan guaranty service at the Department of Veterans Affairs, has died. His passing was noted in a Facebook post by Rick Bettencourt, president of Veterans Mortgage Brokers, Danvers, Massachusetts. “For the last 10 years John has been a Titan in the VA home loan world,” Bettencourt, who
John Bell III, former VA mortgage program executive, dies Read More »
Newrez posted a fourth straight quarterly profit, as parent company Rithm Capital pointed to a new servicing deal with Wells Fargo and falling interest rates as drivers of recent momentum. Technology, particularly investments in artificial intelligence, also paid dividends that drove profits for Newrez, said the lender’s President Baron Silverstein. “Even with increased production, our
Newrez posts fourth straight quarterly profit Read More »
Mortgage rates declined for the fourth consecutive week on the back of the Federal Reserve’s second rate cut of the year. The 30-year fixed-rate mortgage averaged 6.17%, just a 0.2-percentage-point drop from last week‘s 6.19%, according to Freddie Mac’s Primary Mortgage Market survey. The 30-year rate was 6.72% a year ago. “The last few months
Mortgage rates tick down following Fed’s cut Read More »