Cities with younger, more mobile populations are set to benefit more from sinking mortgage rates, a new Realtor.com report found. More than 80% of existing mortgages have a rate of 6% or lower, meaning as rates approach similar levels, more homeowners will be brought back to the market. This especially is true in metros with […]
Youthful cities to benefit more by falling mortgage rates Read More »
Adobe Stock Application gains slowed to a crawl last week after soaring earlier as fixed rates that dominate the market experienced a more subdued decline. Mortgage applications increased 0.6% following a 29.7% jump for the week ending Sept. 12, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. On an unadjusted basis, volume increased
Mortgage applications’ meager gains contrast previous spike Read More »
Loandepot pushed back against a lawsuit accusing it of violating the loan officer compensation rule, alleging the court case is full of threadbare allegations. Five borrowers sued the lender in July, claiming they were steered to higher rates via a long-running scheme in which loan officers who did not participate faced punishment. The megalender this
Loandepot slams accusations of steering borrowers Read More »
Freddie Mac announced the appointment of a new general counsel, whose hiring comes amid ongoing speculation about the future of the government-sponsored enterprises. The GSE this week named Matthew D. Abrusci executive vice president, general counsel and corporate secretary. With a career across banking, capital markets and securities law, Abrusci joins Freddie Mac after recently
Freddie Mac appoints financial attorney as general counsel 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 »
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 »
Adobe Stock Profits for home flippers have been on a steady decline for more than a decade, and return on investment hit a 17-year low in the second quarter of this year, impacting a market some lenders serve. The average return on investment for a flipped home was 25.1% in the second quarter of 2025,
Home flipping profits drop to new multiyear low Read More »
Pennymac is raising its conforming loan limits, effective immediately, ahead of the Federal Housing Finance Agency’s official announcement in November. The increase of nearly $13,000 for single units comes a day after United Wholesale Mortgage hiked its conforming limits, becoming the first major lender to do so in this market cycle. “By getting ahead of
Pennymac, like UWM, raising its conforming loan limits early Read More »
Adobe Stock Rate, a large conventional mortgage lender, launched a Spanish language version of its Rate App Thursday to better serve Latino customers. The release enhances the company’s Language Access Program, as Rate has seen more than 20,000 digital mortgage applications from Spanish-speaking customers since the program started in 2022. The move encourages Spanish-speaking borrowers
Large mortgage lender launches mobile app in Spanish Read More »
CrossCountry HoldCo, the parent company of a large retail mortgage company, will expand its asset management arm through partnerships with an Ares Alternative Credit fund and Hildene Capital Management, among others. The asset management unit, CrossCountry Capital, will also expand its non-qualified mortgage investment platform and add complementary asset classes, such as residential transition loans,
CrossCountry to expand asset management arm Read More »