Mortgage rates rose somewhat sharply yesterday to match the highest level since March 27th. They’re just a hair higher today, thus officially at 6-week highs. Whereas yesterday’s Consumer Price Index (CPI) didn’t have an obviously negative impact on rates, today’s Producer Price Index (PPI) did. Both are big inflation reports. CPI is typically much more […]
Mortgage Rates Officially at 6 Week Highs Read More »
Household debt inched up to another record high in the first quarter even though nonmortgage-related debt drifted lower with a seasonal decrease in credit card balances due in part to tax refunds. Processing Content Housing finance obligations rose, driving total debt up by $18 billion to $18.8 trillion during the period, according to an analysis
Household debt at a high, risks lurk beneath stable arrears Read More »
Key insight: The Senate confirmed Kevin Warsh as Fed chair in a largely party-line 54 to 45 vote. What’s at stake: Warsh has pledged to keep monetary policy independent despite sustained pressure from President Donald Trump for lower interest rates. Forward look: Warsh takes the helm of the Fed as inflation metrics continue to climb,
Senate confirms Kevin Warsh as Federal Reserve chair Read More »
GO Mortgage is the latest mortgage lender to start a wholesale operation, but it is coming at it from a different point of view: The current way this business is done is not just inefficient; the model is broken. Processing Content “We didn’t have the burden of legacy, process, technology and people,” Jay Promisco, the
GO Mortgage wants to fix ‘broken’ wholesale business model Read More »
Enjoy complimentary access to top ideas and insights — selected by our editors.Want unlimited access to top ideas and insights? Subscribe Now In January, the Trump Administration released a new executive order seeking to limit the role of large institutional investors in single-family homes and promote greater access to homes for families and local buyers.
The real fix for housing: Reform 1031s and HUD sales Read More »
After recently touting the cost savings it expects artificial intelligence to deliver, mortgage lender Newrez announced the launch of an AI-backed borrower-assistance tool within ChatGPT. Processing Content Dubbed Rezi Mortgage Assistant, the lender’s large language-model guide sits squarely within OpenAI’s generative chatbot platform. Output from the assistant is based on Newrez’s internal underwriting guidelines and
Newrez rolls out AI consumer-facing guide in ChatGPT Read More »
Mortgage activity increased last week, despite rates jumping to their highest point in nearly a month. Processing Content The Mortgage Bankers Association’s Market Composite Index found mortgage applications rose 1.7% on a seasonally-adjusted basis from one week prior for the period ending May 8. The index climbed 2% on an unadjusted basis. This comes after
Buyers shrug off rates, push mortgage apps higher Read More »
The Two Harbors board of directors has rejected the updated hostile bid UWM Holdings made for the company, despite being 50 cents more per share than CrossCountry Mortgage is paying. Processing Content UWM’s latest offer of $12.50 does not constitute a “company superior offer,” the Two Harbors press release said. The rejection notice said the
Two Harbors rejects UWM’s hostile $12.50 offer Read More »
You’ve probably seen the headlines saying, “foreclosures are on the rise,” and maybe your mind jumped straight to 2008. That’s understandable. A lot of people remember that crash and all the foreclosures that happened during that window, and they’re hoping something like that never happens again. But this isn’t a repeat of what happened back
What the Foreclosure Headlines Aren’t Telling You Read More »
Homeownership is one of the most powerful wealth-building tools this country offers, and my path into the mortgage lending industry is an unlikely story that I could not be prouder to tell. In 2006, I was a methamphetamine addict living in an abandoned house, likely due for demolition, in Akron, Ohio. I had burned practically
From addiction to advocacy: How the mortgage industry gave me a second chance Read More »