While its two mortgage banking segments made money during the second quarter, Redwood Trust lost $100.2 million for the period, related to businesses it is winding down. This compared with net income of $14.4 million in the first quarter and $13.8 million in the second quarter of 2024. The legacy investments are now its own […]
Redwood Trust’s mortgage businesses turn 2Q profits Read More »
Lenders are sweating out the dog days of summer as state rates continue to keep buyers at bay. Total application volume fell 3.8% last week compared to the prior seven days, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Both purchase and refinance demand stepped back with average 30-year fixed-rate mortgage rates ticking
Cruel summer continues as rates, applications barely budge Read More »
Two, an investor and originator/servicer, recorded anticipated expenses from a dispute with a former external manager that weighed down second-quarter earnings as it navigated secondary market disruption. The real estate investment trust and owner of Roundpoint Mortgage Servicing reported a more than $270 million net loss to common shareholders (over $257 million including preferred and
Mortgage REIT Two weathers volatility and legal costs Read More »
The rise in home equity lending should continue through the end of next year as conditions feeding current growth in the product will drive the market, a new study from the Mortgage Bankers Association has found. In 2024, the total combined HELOC and outstanding home equity loan debt grew 10.3%, according to the MBA’s 2025
Home equity products set to grow in 2025, 2026, study finds Read More »
A Newrez spinoff is temporarily off the table, as its parent company focuses on maximizing the mortgage lender’s value to support the overall business, Rithm Capital leaders said in its latest earnings call. After reproposing the idea of a Newrez public listing two years ago, company leaders said optimizing its earnings potential for Rithm would
Newrez spinoff delayed as Rithm eyes growth Read More »
In 2023, Steve Thomas started a new correspondent lender, Futurewave Finance. His three decades in the mortgage industry include servicing as the senior managing director of mortgage capital markets at the Federal Home Loan Bank of Chicago, as well as time at Fannie Mae. From his time in the FHLB system, Thomas learned that community
Why Futurewave bets on bank-focused non-QM loans Read More »
Private flood insurance use rose notably in recent years as utilization of federal coverage inched down due to adjustments to public programs that have included more latitude in the mortgage sector. Over the last four years, private coverage grew 20% while public policies the National Flood Insurance Program offers receded by 2%, according to a
Private flood insurance growing as federal coverage recedes Read More »
Primelending returned to the black in the second quarter, but ongoing housing market challenges look set to apply further downward pressure to the mortgage business’ bottom line, leaders of its parent company warned. Mortgage originations brought in $3.21 million of pre-tax income for Hilltop Holdings, parent company of Plainscapital Bank and Primelending, during the second
Primelending profits, but outlook still dim Read More »
Real estate and mortgage intelligence provider Ingenius announced an acquisition and integration of a new recruitment platform aimed at helping retail branch managers into its own data tools. The Pompano Beach, Florida-based technology firm welcomed the deal that combines SIMPL with Ingenius’ data software. Built by longtime mortgage sales leaders Fobby Naghmi and John Perry,
Ingenius acquires loan officer recruitment platform Read More »
Fannie Mae now projects lower mortgage rates and increased volume for this year and next, raising its home sales expectations from June. By contrast, the Mortgage Bankers Association cut its origination outlook for 2025 in its own July forecast. The MBA’s rate expectations for both this year and next, as well as the 2026 volume
Fannie Mae cuts rate forecast, raises volume outlook Read More »