By Oct. 1, the first day of the federal government shutdown, mortgage subservicer Loancare was already fielding calls from borrowers asking what it meant for them and whether forbearance or other relief options were available. Consumers may have been more optimistic then. By Nov. 7, the shutdown had entered Day 38, concern was growing. How […]
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Loandepot leadership said the company has set the course for profitability but still ended up in the red at the end of the third quarter, posting a loss for the fourth straight earnings period. The national lender reported a net loss totaling $8.7 million based on generally accepted accounting principles, with the total including fair-value
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Home prices continue to rise across the country, despite the market tilting in favor buyers. The national median single-family existing-home price increased 1.7% year over year to $426,800 in the third quarter, the same annual growth rate as the second quarter, an analysis by the National Association of Realtors found. “Home sales have struggled to
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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
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UWM Holdings had its strongest production quarter since the pandemic-fueled 2021, beating its own guidance, taking advantage of a brief window where rates fell in September. “Although I don’t know if you guys recognize it, but it was a dominant, dominant quarter,” Mat Ishbia, chairman, CEO and president said on the earnings call. The company
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With the average mortgage rate near 6%, US homebuyers are looking at the most affordable monthly payments in a year. But San Antonio real estate agent Tavyn Weyman knows how to get them lower — much lower. The trick is simple: buy new. In markets across the US, homebuilders sitting on unsold inventory are subsidizing
Homebuilders bet on 1% mortgage rates to wake up U.S. buyers Read More »
Guild Mortgage reported higher profits and loan volume in the third quarter, likely marking its final earnings release as a public company before its merger with Bayview Asset Management. The company reported net income of $33.3 million in the third quarter, up significantly from a loss of $66.9 million during the same period a year
Guild’s profits and originations jump ahead of privatization Read More »
A new examination of which metropolitan statistical areas benefit the most and the least from government-sponsored enterprises shows that the largest concentrations of GSE-backed mortgages are typically found in regions within Northern states and the smallest in the lower half country, including the Southwest. Boulder, Colorado, commands the highest share at 67%, according to the
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Reverse mortgage company Finance of America’s continuing operations took a net loss on a one-time adjustment in the third quarter, but it was profitable on that basis for the year-to-date, unaudited interim results show. The company reported a $29 million in net loss from continuing operations during the third quarter due to home price model
Finance of America reports 3Q loss, nine-month profit Read More »