Camila Silva is highly organized and detail-oriented, especially when it comes to paying her bills on time — including the mortgage on her townhouse in the quiet outskirts of Washington D.C. Car, utility and mortgage payments are all color-coded in the calendar on Silva’s phone. Since the origination of her home loan in 2021, Silva […]
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John Bell III, the former executive director for loan guaranty service at the Department of Veterans Affairs, has died. His passing was noted in a Facebook post by Rick Bettencourt, president of Veterans Mortgage Brokers, Danvers, Massachusetts. “For the last 10 years John has been a Titan in the VA home loan world,” Bettencourt, who
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Newrez posted a fourth straight quarterly profit, as parent company Rithm Capital pointed to a new servicing deal with Wells Fargo and falling interest rates as drivers of recent momentum. Technology, particularly investments in artificial intelligence, also paid dividends that drove profits for Newrez, said the lender’s President Baron Silverstein. “Even with increased production, our
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Mortgage rates declined for the fourth consecutive week on the back of the Federal Reserve’s second rate cut of the year. The 30-year fixed-rate mortgage averaged 6.17%, just a 0.2-percentage-point drop from last week‘s 6.19%, according to Freddie Mac’s Primary Mortgage Market survey. The 30-year rate was 6.72% a year ago. “The last few months
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Loan origination system platform Mortgage Cadence is under new ownership following its sale to an enterprise software acquisition group. Partnerone, an international software firm with a record of acquiring and scaling companies, announced a purchase of the mortgage technology business from current parent Accenture. Mortgage Cadence has operated as a unit within the financial services
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Mortgage industry trade groups quickly expressed support for the Trump administration’s elimination of two nonbank registry rules, including a reporting requirement that first went into effect last year. Leaders welcomed the decision, citing the additional headaches it presented to mortgage lenders with little to no benefit in return. “Rescinding these two requirements just makes sense,”
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Housing rewards platform Bilt Technologies will partner with Venmo, adding the app to its existing payment methods that can help consumers earn points toward homeownership. Beginning next year, Bilt members will have the opportunity to connect their accounts to Venmo, with the new option offering another way to earn points from rental and mortgage payments,
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Fannie Mae is suing four home warranty providers, accusing them of “willful misuse” of its trademarked name for their own marketing in ways that intentionally deceived consumers. In documents filed in federal court of the Northern District of Ohio, attorneys representing the government-sponsored enterprise named Warranty Global Group, based in Addison, Texas, along with three
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Puerto Rico-based Popular Bank announced it is exiting home lending, the second institution to make the decision in a little over a month. The company said competitive pressure and the wish to focus on areas with greater revenue potential motivated their exit from the mortgage segment. “As part of our ongoing efforts to improve profitability, we
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Mortgage performance remained strong in September despite Federal Housing Administration loans driving up total foreclosures, according to new industry data. Overall foreclosure volume remained historically low, with foreclosure sales reaching 21,000 in the third quarter this year, roughly half of 2019’s pre-pandemic levels, according to a report from ICE Mortgage Technology. FHA loans accounted for
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