In a new lawsuit that has attracted AARP, a consumer advocacy group is suing home equity investment platform Unison, the latest in a series of similar cases HEI firms have seen lodged against them. Processing Content The National Association of Consumer Advocates filed the lawsuit in District of Columbia Superior Court. Alongside its own attorneys, […]
AARP joins suit against Unison HEI model Read More »
Mortgage rates dropped for the first time in three weeks but have remained in the same range for the past month. Processing Content The 30-year fixed-rate mortgage averaged 6.09% Thursday, down two basis points from 6.11% last week, according to the Freddie Mac Primary Mortgage Market Survey. The 30-year rate was 6.87% at this time
Mortgage rates slip, but 6% may be the limit Read More »
Freddie Mac posted lower fourth-quarter and full-year earnings as revenue slipped and credit costs climbed, even as lawmakers on Capitol Hill renewed debate over whether the company and Fannie Mae are anywhere close to having the capital needed to exit conservatorship. Processing Content Lower net revenues and a higher provision for credit losses drove a
Freddie profit falls; Congress pushes back on IPO Read More »
Onity Group reported stronger fourth-quarter earnings, driven by a deferred tax asset valuation, and executives said they see opportunity in industry consolidation. But they signaled the company may take a different approach than some of its peers. Processing Content Net income to common shares was $126 million, compared to a $107 million to $131 million
Onity reveals more about M&A, earnings in final results Read More »
Sales of previously owned US homes fell in January by the most in nearly four years, a month marked by a massive winter storm. Processing Content Contract closings decreased 8.4%, the biggest drop since February 2022, to a 3.91 million annualized pace in January, according to National Association of Realtors data released Thursday. That trailed
Home resales fall most in four years despite lower rates Read More »
The housing market continues to favor buyers, forcing prices to slide and affordability to improve, according to a new report from Redfin. Processing Content Americans needed to earn $111,252 per year to afford the average home for sale in December, down 4% from $115,870 a year ago and 8.8% from a peak of $122,000 in
Income needed to buy a home falls 4% Read More »
The mortgage industry loves speed. Faster verifications, faster underwriting, faster closings. Over the past decade, lenders have invested heavily in technology designed to compress cycle times, reduce manual touchpoints, and improve margins in an increasingly rate-sensitive market. Processing Content But there is a structural problem technology alone cannot solve: a mortgage decision is only as
Mortgage tech can’t fix bad credit data Read More »
Underwriting processes will see the greatest transformation — and the biggest lift — from artificial intelligence this year, and the outcomes it produces should aid in instilling confidence among buyers and lenders. Processing Content In a recent National Mortgage News survey, 57% of respondents predicted AI-driven underwriting would create the greatest mortgage industry change this
AI hits underwriting: 57% of pros predict change Read More »
You may have heard homeowners today have a lot of equity built up. But what does that really mean? Let’s break it down. Because your equity isn’t just a number, it’s a powerful asset that can help you take your next big step in life. How Much Equity Does the Typical Homeowner Have? Here’s how
Four Ways Your Home Equity Can Work for You Read More »
Pennymac struck a deal to buy Cenlar Capital Corp.’s subservicing business in a move that will boost its portfolio above a key benchmark and increase the nonbank concentration in the space. Processing Content The acquirer’s financial services company will pay $172.5 million upfront for Cenlar’s portfolio and operations with a $85 million contingent consideration, according
Pennymac to buy Cenlar’s subservicing business Read More »