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Navigating the Unchartered Waters: Rising Interest Rates in Mortgage Lending Explore how rising interest rates are affecting mortgage lending and homebuyer affordability in the current market.
Lending (1495)
Higher Incomes Drive Up Home Purchase Sentiment Index
The Fannie Mae Home Purchase Sentiment Index rose 0.5 points to 86.2 in November. The increase can be attributed to an increase in the net share of Americans who reported a significant increase in income, which hit a new survey high after jumping five percentage points. The net share of Americans who said it is… Read more...
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Wells Faces Class Action Lawsuit
Two law firms have filed a class action lawsuit on behalf of borrowers who were wrongfully denied a mortgage modification under the federal Home Affordable Modification Program due to an alleged software error by Wells Fargo. The Gibbs Law Group and Paul LLP allege in the lawsuit that Wells Fargo failed to implement and maintain… Read more...
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New Penn To Receive Name Change, Rebrand
New Penn Financial LLC will operate under the name NewRez as of 2019. New Residential said the name change and decision to rebrand are indicative of New Penn’s close alignment with its parent company and deliver value to customers and strategic partnerships. New Residential acquired New Penn, a national lender known for innovative technology, in… Read more...
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Tight Market, Doesn't Deter Millennials
Millennials were not deterred from purchasing homes in October, despite a tight market and increased interest rates. According to the latest Ellie Mae Millenial Tracker, the average loan amount to Millennial borrowers for all closed loans was $189,686 in October, down from $192,005 in September, but than last October’s average of $186,567. When men were… Read more...
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Amerifirst Live with Black Knight's Mobile Tool
Amerifirst Home Mortgage has gone live with a mobile tool that delivers detailed, timely and personalized information to borrowers about the value of their homes and potential to build wealth from those real estate assets. Black Knight’s mobile solution, Servicing Digital, was launched in June and is a component of Black Knight's LoanSphere platform. Amerifirst… Read more...
Renters Warehouse To Acquire OwnAmerica
Renters Warehouse has agreed to acquire OwnAmerica, a single-family rental investment marketplace. OwnAmerica’s marketplace technology will allow real estate investors to buy and sell single-family rental properties with confidence. The transaction is scheduled to officially close Jan. 1, 2019. “As we strive to offer our clients better access to information, data and resources to make… Read more...
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FHFA: Number of Non-Performing Loans Drop in First Half 2018
The number of non-performing loans fell in the first of half of 2018, compared with the same period a year earlier, according to semiannual report from the Federal Housing Finance Agency. In the first half of 2018, 7,140 non-performing loans were sold, compared to 18,419 in 2017. Non-performing loans sold through the first half of… Read more...
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In Brief: Flagstar Completes Acquisition, and More
Flagstar Completes Acquisition Flagstar Bank has acquired 52 branches of Wells Fargo Bank in four Midwest states, including approximately $2 billion in deposits, along with certain related assets. The acquisition of these branches had been already been announced. "We are excited to welcome the customers and employees of the 52 Wells Fargo Bank branches who… Read more...
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Cornerstone Licenses Doc Solution
Cornerstone Financial Credit Union has licensed a platform that will enable it to gain greater control and security over lending documents shared with its members. It will deploy Sharebase from Hyland, with the objective of providing members secure access to loan-related documents and packages. Due to regulations, lenders have been required to collect more documents… Read more...
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Freddie Pilots Financing for Manufactured Homes
Freddie Mac has begun a two-year manufactured housing pilot designed to increase the number of affordable homes and provide lenders with innovative financing options. “Currently there are more than 22 million families living in factory-built housing, and with that number expected to grow, there’s an opportunity for factory-built homes to address the housing supply shortage… Read more...
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