Rates for 30-year conforming mortgages stayed above 6.7% this week, but housing market activity has been resilient as weekly pending sales and purchase loan demand are up slightly compared to this time last year. At HousingWire’s Mortgage Rates Center on Tuesday, 30-year conforming loan rates averaged 6.71%, while rates for 30-year jumbo loans averaged 6.73% […]
Mortgage rates at 6.71% as purchase demand holds up Read More »
Rocket Mortgage and Rocket Pro provided additional details this week on their rollout of VantageScore 4.0 in mortgage lending after officially announcing last week that they have started using VantageScore 4.0 alongside Classic FICO scores. Heather Lovier, chief operating officer of Rocket Companies, told HousingWire that VantageScore 4.0 can currently be used for Fannie Mae, Freddie Mac and
Rocket expands on VantageScore 4.0 pilot for agency, VA loans Read More »
Bank of America said Thursday that it will continue its Community Homeownership Commitment program after surpassing its original goal of delivering $15 billion in affordable home loans and grants. The program, launched in 2019, has provided more than $15 billion in affordable home loans. This total includes more than $600 million in down payment and
Bank of America extends Community Homeownership Commitment program Read More »
A coalition of fair housing and economic advocacy groups sued the Consumer Financial Protection Bureau (CFPB) and acting director Russell Vought on Wednesday, seeking to block a Trump administration-backed rule they say would weaken longstanding protections against lending discrimination. The lawsuit, filed in federal court in Washington, D.C., challenges changes made last month by the
Fair housing groups sue CFPB, Vought over ECOA fair lending rule Read More »
Homebuyer affordability declined in April as the national median payment applied for by purchase mortgage applicants rose to $2,152, up from $2,131 in March, according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPI) released Thursday. The national PAPI rose 0.3% to a reading of 156.0 in April, up from 155.5 in March,
Homebuyer affordability slips in April as median mortgage payment rises to $2,152 Read More »
Two Harbors Investment Corp. has once again adjourned its special meeting of stockholders, giving the MSR-focused real estate investment trust more time to solicit votes for its proposed all-cash sale to an affiliate of CrossCountry Mortgage (CCM). Two Harbors and CCM entered into a definitive merger agreement on March 27. Negotiations with CCM produced two
The wait continues: Two Harbors stalls on CCM merger approval Read More »
Wells Fargo has reached an agreement with construction technology company ICON to serve as the preferred lender for its new 3D-printed residential properties. As part of the partnership, the bank will offer a 50 basis-point interest rate incentive to borrowers. “The housing market is looking for new ways to increase supply and improve affordability, and this technology is
Wells Fargo to offer 50-bps incentive for ICON 3D-printed homes Read More »
LadderUp Housing announced on Thursday that it received an investment from the Richard King Mellon Foundation to expand its rent-to-homeownership model into Allegheny and Westmoreland counties in Pennsylvania. The company said the funding will support the acquisition and renovation of homes aimed at helping low- to moderate-income families transition from renting to owning through financial
LadderUp expands rent-to-homeownership model Read More »
Beeline Holdings Inc. has signed a letter of intent to acquire the remaining stake in MagicBlocks, an AI-focused real estate technology firm that powers the lender’s chatbot and digital infrastructure. The deal is non-binding at this point, meaning either party can still walk away before signing a definitive agreement, the companies announced Thursday. Beeline currently
Beeline seeks to buy remaining MagicBlocks stake Read More »
For years, the mortgage industry wore integrations like a badge of honor. Legacy loan origination systems have hundreds of them, connecting to every vendor, service provider and data source imaginable. The more, the merrier. Sounds impressive? Look closer. Think about the incentives. For a service provider, being integrated into an LOS means easier access to
Why LOS Integrations Can Slow Mortgage Operations Read More »