With mortgage rates spiking over the last few weeks, many homeowners are unwilling to give up their current rate, a new industry report showed. Processing Content Roughly a third of homeowners with a mortgage rate less than 6% would not give up their rate for any reason, and 47% said they couldn’t afford current rates, […]
Rate lock-in: 1 in 3 owners won’t budge at any price Read More »
With a ceasefire in Iran announced early yesterday evening the economic landscape may have changed dramatically, then again maybe not. Processing Content The only scheduled economic news today is the release of the Minutes of the last FOMC meeting at 2:00, but since the futures markets didn’t have a change in rates priced in for
Iran ceasefire, Treasury gaps shift rate outlook Read More »
If you’ve been looking for a home lately, you’ve probably felt how tough affordability still is. And that’s exactly why more buyers are opting for adjustable-rate mortgages, or ARMs. Here’s what you need to understand about how they work, and whether they make sense for you. What Is an Adjustable-Rate Mortgage? Since a lot of
Thinking About an Adjustable-Rate Mortgage? Here’s What You Need To Know. Read More »
In stark contrast to the entire month of March, April’s mortgage rate volatility has been downright boring. To put this in context, the average top tier 30yr fixed rate rose a substantial 0.65% by March 27th. In the first five business days of April, they’ve held inside a range of just 0.04%. Today did nothing
Mortgage Rates Little-Changed But Volatility Could Return Quickly Read More »
Fannie Mae, Freddie Mac, Vice Capital Markets, Better Mortgage and Wolters Kluwer are among companies adding new secondary market offerings, financing or related technology this week. Processing Content Freddie has released two new types of low-loan balance 30-year mortgages that receive cash pay-ups, according to Vice Capital Markets, which has added the products to its
Freddie, Fannie updates lead wave of secondary market news Read More »
Consumers continue to pile lawsuits over spam calls and messages against a wide range of originators, in complaints that, if successful, could deliver big paydays. Processing Content Rocket Mortgage and United Wholesale Mortgage are among the nine lenders facing new Telephone Consumer Protection Act complaints filed since February. Some of the companies have already moved
TCPA lawsuits hit nine more mortgage lenders Read More »
Retail mortgage lender Rate is welcoming a new president of consumer lending to help the company further expand beyond mortgage. Processing Content Adam Boyd, a veteran financial services executive with more than 25 years of experience building and scaling consumer lending businesses, will head the growth of Rate’s consumer lending platform, the lender said in
Rate looks to scale consumer lending business with new hire Read More »
Washington State regulators are proposing a hefty financial penalty against Newrez after charging the company with numerous mortgage servicing violations in response to an investigation into more than 125 consumer complaints. Processing Content The Washington State Department of Financial Institutions seeks to fine the lender and servicer nearly $4.2 million for repeated violations of consumer
Newrez faces $4.2M penalty for servicing violations Read More »
The owner of NEXA Lending has found a compliant way to give the company’s mortgage originators a financial incentive aligned with the long-term value of the mortgage servicing rights they create. Processing Content It will also provide its loan officers with business intelligence about those MSRs. Mike Kortas, head of NEXA Mike Kortas is in
How NEXA created a servicing-based incentive for LOs Read More »
San Francisco’s median house price jumped to a record $2.15 million in March, up 18% from a year earlier as wealth generated by artificial intelligence startups flooded the city, according to brokerage Compass Inc. Processing Content Condo prices also surged, rising 27% to $1.36 million, Compass said in a report. That was just below the
San Francisco house prices hit record $2.15 million on AI Read More »