UWM Holdings CEO Mat Ishbia’s new target for mortgage broker originations share is for them to do over half of production. On the company’s earnings call, he cited statistics giving the current broker share at 30%. “Our goal is for brokers to be No. 1,” Ishbia said. “In my mind, that means 50.1%; I don’t […]
UWM aims for broker-majority market amid 300% profit surge Read More »
In an interview with National Mortgage News, former Federal Home Loan Bank of Chicago executive Steve Thomas complained about the current lack of product development in the mortgage business. That is likely because of a reluctance among lenders to create those unique programs outside of the agency and government spectrums especially since Monday morning quarterbacks
Breaking the mold: new mortgage products emerge Read More »
The Mortgage Bankers Association announced Wednesday that its Residential Board of Governors has passed a resolution calling for two influential government-sponsored enterprises to end their requirements for tri-merged credit reports. The move follows FHFA’s decision to allow score competition without changing tri-merge rules, and MBA’s earlier plan to explore the viability of using a single
MBA urges GSEs to end costly tri-merge credit reports Read More »
Home equity investment firm Unlock rolled out its home equity investment product in Hawaii, Idaho, Montana, New Hampshire and Wyoming, it announced this week. The Tempe, Arizona-based company had added four Central U.S. states earlier this year and now offers its product in 24 states, nearly half the country. “We’re now the first provider to
HEI platform Unlock expands into five new states Read More »
Finance of America was profitable for a second consecutive quarter as funded volume at the reverse mortgage lender grew 7% versus the first quarter and 35% year-over-year. The company made net income from continuing operations of $80 million for the period ended June 30, unchanged from the first quarter and up from a $5 million
FOA posts profit, buys out Blackstone stake Read More »
With home prices climbing and mortgage rates keeping owners locked in place, Americans are sitting on a record $34.5 trillion in home equity and lenders are eager to cash in. The $34.5T in equity marks a $600 billion increase from last year. The total equity Americans have in their homes is up $4.7 trillion from
Home equity surges and lenders smell opportunity Read More »
Frank Cassidy, the acting Federal Housing Association commissioner, has apparently been nominated for the job on a full-time basis. The Mortgage Bankers Association put out a statement on Aug. 2 in support of Cassidy’s appointment. His current title at HUD is principal deputy assistant secretary, and he was nominated to the position by the Trump
Frank Cassidy nominated as Federal Housing Commissioner Read More »
The Senate passed the Homebuyers Privacy Protection Act on Saturday, a move that will bring to an end most types of trigger leads. The legislation passed by unanimous consent, a move where a bill can be approved without a roll call vote. The bill now heads to President Donald Trump’s desk where he is expected
Senate passes trigger lead ban Read More »
Overall employment numbers fell below what the market anticipated, with 73,000 July job additions compared to estimates for 104,000, making it more likely that a mortgage rate drop is nigh and that industry hiring may escalate. Bond market reaction to the Bureau of Labor Statistics data could lower long-term mortgage rates near term, according to
Weak jobs data boosts odds of mortgage rate drop Read More »
Rocket Cos. returned to profitability in the second quarter even with a Spring home sales market which started off poorly, but has been gaining momentum month-by-month that should continue beyond September, company management said. During the quarter, the company reported net income of $34 million. This compared with a first quarter loss of $212 million.
Rocket profitable in Q2 in spite of weak spring market Read More »