PHH Mortgage officially rolled out a new lending product suite this week as it looks to tap into growing mortgage industry demand for non-agency offerings. The proprietary non-qualified mortgage products, collectively known as FlexIQ, will be available through PHH’s correspondent lending channel for both delegated and non-delegated loans. The lender is a subsidiary of West […]
PHH Mortgage introduces new non-QM product suite Read More »
Following its absorption of the Mr. Cooper and Redfin organizations, Rocket Companies confirmed it conducted a round of layoffs on Oct. 17, in line plans for cuts announced in second-quarter earnings. The reduction in force affected less than 1% of its team, the company said in a statement, confirming information which appeared in HousingWire. “Following
Rocket layoffs related to Mr. Cooper deal get underway Read More »
A credit reporting agency on Monday morning responded to an industry proposal to look into ending the tri-merge with a study finding it even more harmful to borrowers than a two-score pull. Although an earlier Standard & Poor’s study found a bi-merge alternative to the status quo in the mortgage industry could be viable, TransUnion
TransUnion study pushes back on single-score concept Read More »
The Mortgage Bankers Association is warning lenders of wavering productivity and stubbornly high expenses amid what should be steadily climbing production volume. The trade group’s top economists Sunday at the MBA Annual conference in Las Vegas discussed the macroeconomic headwinds that they suggested shouldn’t dramatically affect new mortgage volume. The economists are anticipating an 8%
MBA cautions lenders of falling productivity, pull-through Read More »
TransUnion is the latest company to make a move in the credit score war between VantageScore and Fair Isaac Corp.’s FICO score, following partners Experian and Equifax. Transunion will offer VantageScore 4.0, a credit scoring model, for $4 in 2026. Experian will provide it for free to its clients indefinitely and Equifax will charge $4.50
TransUnion to offer VantageScore 4.0 at discount Read More »
Cornerstone Capital Bancorp, a one-time independent mortgage banker that acquired a depository, has agreed to purchase another bank, Peoples Bancorp of Lubbock, Texas. Terms of the transaction were not disclosed. “With one of the strongest capital positions in our markets and a deep base of low-cost core funding, we are well positioned for meaningful organic
Cornerstone Capital to acquire another Texas bank Read More »
A Southern California mortgage brokerage has reached a settlement with four states over claims of wrongdoing that included several allegations of unlicensed lending activity. E Mortgage Capital, based in Irvine, California, agreed to settle with banking supervisors of Hawaii, Idaho, Oregon and Texas in late September following a multistate investigation that began in late 2023.
California broker fined for unlicensed activity Read More »
Applications for new-home purchase mortgages ran ahead of last year’s pace in September, but various factors have the leading industry trade group preparing for a near-term slowdown. Purchase applications for new single-family properties increased 2% on a year-over-year basis last month, picking up some momentum after August’s flatter 1% rise, according to the Mortgage Bankers
New-home loan growth slows as builders anticipate a slowdown Read More »
Consumers who opt to purchase a home in January, one of the months with the lowest share of sales, could save over $23,000 on their buy versus May, one of the busiest, a LendingTree study found. In 2024, January had the lowest share of sales at 6.3%, while May had the most at 9.9%; although
When is the best time to buy a home? January. Here’s why Read More »
Fathom Holdings is deepening its Western presence and doubling down on first-time homebuyers with its acquisition of Colorado-based START Real Estate. The deal adds 70 agents and a first-time buyer program that recently entered Utah, bolstering Fathom’s network following its purchases of Arizona’s My Home Group and Texas-based Elite Financing Group. “START Real Estate’s growth
Fathom expands in West with START Real Estate deal Read More »