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Rocket lays off 2% of workforce after closing Redfin acquisition

LendingLife, Mortgage, Mortgage and Housing Layoffs, Origination, Redfin, Rocket Companies, Rocket Mortgage /

Detroit-based Rocket Companies confirmed a company-wide layoff on Friday, just weeks after completing its $1.75 billion all-stock acquisition of real estate brokerage Redfin. The cuts affected roughly 2% of the firm’s workforce. “Following the Redfin acquisition, we carefully reviewed our combined structure, identified overlapping roles and made the difficult decision to streamline teams,” a spokesperson […]

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MMI unveils conversational AI for mortgage loan officers

Artificial Intelligence, Data & Analytics, LendingLife, Loan Officer, Mortgage, Origination, Technology /

Mortgage technology company Mobility Market Intelligence (MMI) announced on Monday its launch of ChatMMI, which claims to be the industry’s first conversational artificial intelligence interface built specifically for lenders, recruiters and other mortgage professionals. The tool allows MMI users to skip dashboards and spreadsheets to directly ask questions via a chat function. The company said

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The Non-QM revolution: Redefining homeownership in the modern economy

Contributors, HWmember, Mortgage, Mortgage Rates, Non-QM, Opinion, Origination /

The U.S. mortgage market is undergoing a tectonic shift, and Non-Qualified Mortgage (Non-QM) lending is at the epicenter of this transformation. Once viewed as a niche or transitional product, non-QM lending now represents around 5 percent of today’s mortgage market, according to a recent CoreLogic report. Far from another risky expansion of lending standards that

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Which is better for mortgage — FICO or VantageScore?

Credit Score, Fannie Mae, FHFA, FICO, Freddie Mac, HWmember, LendingLife, Mortgage, Origination, Regulatory, VantageScore /

VantageScore and FICO have escalated their rivalry in the mortgage space following the Federal Housing Finance Agency’s (FHFA) decision to allow Fannie Mae and Freddie Mac to purchase loans underwritten with VantageScore 4.0 as an alternative to the Classic FICO score.  Both companies published analyses this week from their data scientists. Naturally, each claims their score more

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The Rolling Stones, real estate, and reality checks

Contributors, HWmember, Mortgage, Mortgage Rates, Opinion, Origination /

In 1969, The Rolling Stones gifted us their 10th studio album, Let It Bleed. Tucked away as the final track, “You Can’t Always Get What You Want” started life as a B-side to “Honky Tonk Women” before becoming an anthem for an entire generation. Here’s the kicker: this iconic track never actually hit number one.

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VantageScore 4.0 is coming. But much work needs to be done

Bill Pulte, Fannie Mae, FHFA, FICO, Freddie Mac, HWmember, LendingLife, Mortgage, Origination, Regulatory, VantageScore /

In the days following the announcement that VantageScore 4.0 was suddenly in play for conventional mortgages, FinLocker‘s Brian Vieaux had to burst some bubbles. Most of the 15 to 20 loan officers he spoke to were ecstatic about being able to use the new credit scoring model. Millions of new prospective borrowers could be scored

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After the Bayview deal, what’s the refi strategy for Guild Mortgage?

Guild Mortgage, HWmember, Lenders, LendingLife, Loan Officer, Mortgage, Mortgage Servicing, MSRs, Origination, Servicing /

Bayview Asset Management’s $1.3 billion deal to acquire Guild Holding Co., the parent of Guild Mortgage, has left loan officers wondering how the traditionally purchase-focused lender would integrate refinance capabilities to leverage the $770 billion servicing portfolio of soon-to-be sister company Lakeview Loan Servicing, the nation’s second-largest mortgage servicer. Guild LOs, who spoke with HousingWire

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Are you equipped for the next generation of homebuyers and investors?

Acra Lending, Mortgage, Origination, Sponsored /

The American workforce is undergoing a seismic shift, with a growing number of professionals leaving W-2 jobs behind. Data from Statista projects that by 2027, around 86.5 million Americans — more than half of the U.S. workforce — will be freelancing.  The growing “gig economy” is reshaping the future of homebuying, and savvy brokers are

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‘Dating the rate’ misled borrowers. Now they’re financially strained

Affordability, Churchill Mortgage, Homebuyers, HWmember, LendingLife, Loan Officer, Mortgage, Mortgage Rates, Origination, Refinancing /

“Marry the house, date the rate” is a phrase that was popularized during the post-pandemic era of rising mortgage rates. Lenders urged borrowers to focus on finding a house they were head over heels with and worry about their interest rate down the line. Borrowers who were accustomed to rates hovering near 3% didn’t realize

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Bilt raises $250M to expand into mortgages, with backing from UWM

HWmember, Investment, LendingLife, Mat Ishbia, Mortgage, Origination, Renters, United Wholesale Mortgage /

Bilt, which operates a loyalty program and credit card that converts rent payments into points, has secured a $250 million funding round led by General Catalyst and GID, with participation from United Wholesale Mortgage (UWM), the nation’s largest mortgage lender. The funding brings Bilt’s valuation to $10.75 billion and will fuel expansion across the broader

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