Lenders are drawing up new game plans, or preparing to, now that Fannie Mae, Freddie Mac and the Housing and Urban Development have committed to adding modernized credit scores as alternatives to Classic FICO. Processing Content NewRez, a division of Rithm Capital, completed a test sale of $10 million in loans to Freddie Mac using […]
Lenders test new Fannie Mae, Freddie Mac, FHA scores Read More »
Mortgage rates jumped higher today at the fastest pace in weeks to the highest levels since March 30th. There were two key motivations for the increase, but one accounted for a vast majority of the damage. News came out overnight that spoke to the possibility of a prolonged blockade of the Strait of Hormuz. Markets
Mortgage Rates Surge Higher as US Considers a Longer Blockade Read More »
A lunch meeting between once bitter adversaries turned into a business agreement that few in the mortgage industry saw coming this week. Processing Content Now aligned on the same side, United Wholesale Mortgage CEO Mat Ishbia and longtime Rocket executive Mike Fawaz raised eyebrows with their eye-opening new alliance that provides a big boost and
UWM’s Ishbia talks surprise partnership with past Rocket foe Read More »
Key insight: Federal Reserve Chair Jerome Powell said that he would remain at the Fed board after his term as chair expires next month in order to ensure that the central bank can continue to conduct monetary policy independently. Expert quote: “I worry that these attacks are battering the institution and putting at risk the
Powell plays his last card as Fed chair Read More »
The Department of Housing and Urban Development and Department of Agriculture are rescinding a Biden administration-era policy that they say added up to $31,000 to the cost of new homes. Processing Content President Joe Biden issued a final rule in 2024 that required newly constructed homes to abide by the 2021 International Energy Conservation Code,
HUD, USDA kill energy rule builders called a barrier Read More »
Better Home & Finance is releasing a new product that will help homeowners access home equity. Processing Content The mortgage originator announced Wednesday the launch of its Better Home Equity Card on Stripe Issuing. The card offers a simpler and digital alternative to high-cost unsecured debt for home renovations and improvements, the company said. “Homeowners
Better partners with Stripe to launch home equity card Read More »
Key insight: Sen. Thom Tillis, R-N.C., officially dropped his opposition to Warsh’s nomination with an aye vote, despite ongoing parts of the DOJ investigation against current Fed Chairman Jerome Powell. What’s at stake: Fed independence has been the theme of Warsh’s nomination, with outstanding questions about Warsh’s willingness to lower rates at President Donald Trump’s
Warsh clears Senate Banking Committee Read More »
While Two Harbors Investment returned to profitability in the first quarter on a GAAP basis, the real estate investment trust reported a loss using a non-GAAP metric, comprehensive income. Processing Content Shares of Two Harbors rose 55 cents to $11.56 in the first 10 minutes of Wednesday trading, after CrossCountry raised its acquisition offer to
Two Harbors turns GAAP profit amid CrossCountry bid Read More »
Fannie Mae reported a stronger profit in the first quarter as the company continues to get leaner. Processing Content The government-sponsored enterprise recorded $3.7 billion in net income during the period, a 5% quarterly increase and on par with its winter result a year ago. Executives cited a shift from fair value losses to gains,
Fannie Mae single-family loan acquisitions reach 3-year high Read More »
Bank groups said that although the Federal Reserve’s eased capital plans are a major improvement over previous versions, the recent proposals still need changes to help avoid risk assessments they say may hinder banks’ ability to boost lending. Processing Content Heads of the Washington-based Bank Policy Institute and the Mortgage Bankers Association, among others, testified
Bank groups eye changes to Fed’s relaxed capital plans Read More »