The Federal Reserve lowered its benchmark interest rate by 25 basis points on Wednesday, setting the target range at 4% to 4.25%. The first cut since December 2024 marks a new phase in the central bank’s effort to balance maximum employment and stable prices. Economists say it could usher in an easing cycle with direct […]
Fed cuts rates by 25 bps as inflation lingers, labor market weakens Read More »
Ohio-based Union Home Mortgage (UHM), led by Bill Cosgrove, has reached an agreement to acquire California-based Sierra Pacific Mortgage‘s assets, sources told HousingWire. The deal marks UHM’s second deal in 2025, following its March purchase of Houston-based Nations Reliable Lending (NRL Mortgage). The move comes less than three years after UHM acquired Amerifirst Home Mortgage.
Union Home Mortgage acquires assets of Sierra Pacific Mortgage: sources Read More »
Griffin Funding has launched an internal artificial intelligence-driven platform designed to help loan officers navigate the complex world of non-QM lending. The tool, known internally as “LIA,” pulls hundreds of pages of program guidelines into a single system and uses AI to deliver tailored answers to loan qualification questions, according to Chloe Shubin, vice president
Non-QM lender Griffin Funding unveils AI-driven underwriting platform Read More »
On Thursday, mortgage rates data from Mortgage News Daily (MND) showed that the 30-year fixed rates for government loans fell below 6%. As of Thursday afternoon, the average Federal Housing Administration (FHA) loan rate was 5.97% and the U.S. Department of Veterans Affairs (VA) rate was 5.99%. Mortgage News Daily also reported 15-year fixed rates
Mortgage rates drop below 6% for FHA, VA loans Read More »
Borrowers rushed to refinance in August as mortgage rates eased, pushing rate-and-term refi lock volume up 70% from July, according to Optimal Blue’s Mortgage Market Advantage report released Wednesday. “Borrowers are responding quickly to rate improvements, driving the strongest month for rate-and-term refinances we’ve seen this year,” Mike Vough, head of corporate strategy at Optimal
Optimal Blue: Rate-and-term refis soar 70% in August Read More »
Fintech Aven has raised $110 million in a Series E funding round, expanded into mortgage refinancing and added heavyweight advisers Lawrence Summers and Patrick McHenry to its board, the company announced Tuesday. The San Francisco-based fintech, best known for its home equity-backed credit card, is now valued at $2.2 billion following the round led by Khosla
Fintech Aven raises $110M, expands into mortgage refinancing Read More »
With the next interest rate decision from Federal Reserve monetary policymakers just over a week away, mortgage rates have continued their downward trajectory as many lenders and investors have priced in a cut. But the markets will need to navigate one more inflation report before the Fed’s Sept. 17 meeting. On Tuesday at HousingWire’s Mortgage
Mortgage rate declines are anchored to an expected Fed cut Read More »
Longbridge Financial has officially launched a home equity line of credit (HELOC) program that’s designed for homeowners ages 62 and older, offering approval and funding in as little as five business days. The move marks an expansion beyond the company’s core reverse mortgage business while staying focused on older borrowers. This demographic collectively holds nearly
Longbridge’s ‘HELOC for Seniors’ is officially on the market Read More »
Boston-based Hometap has closed a $300 million securitization of home equity investment (HEI) loans originated by the company, marking its fifth transaction in the space. The deal, closed on Aug. 29, included a $231 million Class A tranche rated at BBB(sf) and a $12 million Class B tranche rated at BBB(low)(sf) by Morningstar DBRS. “Through
Hometap closes $300M securitization of home equity investments Read More »
Mortgage rates at their lowest levels in nearly a year are driving a wave of refinance opportunities for lenders ahead of the Federal Reserve’s expected rate cut next week. The shift is encouraging more borrowers to leave the sidelines, with small rate moves already triggering meaningful activity. “Refinance businesses increased significantly from the first quarter,
With a Fed rate cut likely, how big could the refinance wave be? Read More »