“Turn to automation when profit margins are tight.” It’s a message the industry is hearing loud and clear as rates stay high and lenders can no longer depend on a steady flow of refis. In light of this, HousingWire CEO Clayton Collins recently sat down with Paul Doman, CEO at Accurate Group, to discuss mortgage […more]
New York-based title underwriter AmTrust has come under fire from New York Attorney General Letitia James for business practices that “hurt workers and limited their earning potential.” An investigation by James’s office found that for years AmTrust entered into illegal no-poach agreements with their competitors, thwarting labor competition. AmTrust Title, which is controlled by insurance […more]
What a difference a year makes. In mid-2021, most mortgage companies enjoyed strong origination volume and were hiring additional staff in response. But as we begin the third quarter of 2022, the landscape has changed drastically and multiple challenges face the industry. Rates are now reaching almost 6% for a 30-year fixed mortgage, while the […more]
Angel Oak Cos., through its Angel Oak Mortgage Trust conduit, recently unveiled its latest private-label securitization (PLS) offering — a deal slated to close in early August backed by 788 predominately non-QM loans valued at $362 million. Counting this latest offering, Angel Oak Cos. — through its affiliated companies, including real estate investment trust, or REIT, Angel Oak […more]
As projected, the Federal Reserve has just announced another rate hike of 75 basis points or three-quarters of a percent for federal funds, its second 75 basis point hike in as many months, which was an unprecedented move. As we foreshadowed at the end of last year, the higher federal funds rate has pushed the […more]
This article was first published on NerdWallet.com. The Federal Reserve doubled down on its inflation-fighting strategy on Wednesday afternoon, raising a key interest rate by 75 basis points, or 0.75 percentage point, for the second month in a row. The good, or at least not worse, news for home buyers: The Fed’s latest move doesn’t […more]
The Federal Reserve (Fed) on Wednesday raised the federal funds rate by another 75 basis points, to 2.25%-2.50%, delivering what was expected by most investors and economists in recent weeks. Designed to control persistent inflation, the decision could increase the cost of mortgage borrowing and further slow home sales, as the housing sector is particularly […more]
Having ticked up a downwardly revised 6.3 percent in May, the seasonally adjusted pace of new single-family home sales in the U.S. dropped 8.3 percent in June to an annualized rate of 590,000 sales, which is effectively the same pace as in April of 2020 when the market came to a pandemic-driven halt and down […more]
Nonbank mortgage lender and servicer Mr. Cooper Group reported a net income of $151 million in the second quarter of 2022, a staggering 77% reduction in profits compared with the $658 million it recorded during the previous quarter. The Dallas-based company’s performance reflects gains with mortgage servicing rights (MSR), which offset lower profitability related to […more]
The Department of Justice and the Consumer Financial Protection Bureau are taking the fight to non-bank mortgage lenders for redlining. The two agencies revealed their new strategy to rein in mortgage discrimination on Wednesday, with a $24.4 million consent order, stemming from a referral the CFPB made in November 2020. It’s the DOJ’s second-largest mortgage […more]