Powell was referring to the current situation in which homeowners holding historically low rate mortgages aren’t feeling incentivized to sell their homes, reducing the number of properties available in the market. A Federal Housing Finance Agency research paper published in March 2024 shows that nearly all 50 million active mortgages have fixed rates, and most [...]read moreWhen will the Fed’s moves alleviate the lock-in effect?
Chris Clow/RMD: How has reverse business this year been going, and how do you foresee business progressing by the time we get to December? Tyler Plack: We just finished out May, and I thought the May results were very good. I’m excited about where we’re headed. Some of our corporate goals have been to increase [...]read moreSouth River president on reverse mortgage business, data science and priorities
In court filings, the plaintiffs argue that Enhanced Credit Score disproportionately sent Black and Latino applicants to higher-risk classes, subjecting them to more underwriting scrutiny than other applicants and resulting in higher denial rates. Enhanced Credit Score generates a score that measures each applicant’s likelihood of default. “Wells Fargo discriminated against the minority applicants by [...]read moreMortgage underwriting algorithm at heart of Wells Fargo’s racial disparity lawsuit
One of the most alarming aspects of the housing bubble crash was the staggering number of Americans who were underwater on their homes. In 2010, CoreLogic’s national data in the fourth quarter revealed that a shocking 23.1% of homes with mortgages were underwater, totaling just over 11 million homes. However, the situation has significantly improved [...]read moreShould we be worried about the number of underwater homes?
“Certain Ginnie Mae documents have been flagged as potentially subject to the federal Defend Trade Secrets Act,” the filing reads. “To administer its programs, Ginnie Mae requires program participants to submit proprietary, business sensitive, and other competitively advantageous non-public information.” A portion of this information belongs to non-parties described as direct competitors of TCB, and [...]read moreGovernment requests more time in Ginnie Mae/TCB lawsuit
Before the Fed held its press conference, we got a softer-than-anticipated CPI report, which sent the 10-year yield (and mortgage rates) lower at first. Then, the Fed announced its policy and bond yields headed higher as Powell spoke. However, the 10-year yield finished the day lower. We have had some wild moves on key data [...]read moreInflation and Fed day: A crucial moment for the housing market
“The economic impact analysis considers what the economy would have looked like if the VA loan hadn’t existed,“ the report explained. “It found the loan program has withstood various market changes, accounting for as much as 11% of new home mortgages in the postwar building boom. Total VA loan volume in 1947 was more than [...]read moreAs the VA loan turns 80, its economic impact is in the trillions
Sarah Wheeler: You could have chosen to lead any number of mortgage tech companies. Why Optimal Blue? Joe Tyrrell: One of the things that just has always stuck with me is what we do in the mortgage industry. I’ve worked in a lot of different industries and at the end of the day, putting people [...]read moreOptimal Blue’s new CEO Joe Tyrrell on moving technology’s finish line
The firm previously offered to exchange $850 in principal amount for new notes and $250 in cash for each $1,000 in principal amount for old notes, but it’s now offering “a mixed consideration of $1,100 in cash and principal amount of new notes for each $1,000 principal amount of old notes,” according to an 8-K [...]read moreUnder stress, loanDepot ‘buys time’ with plan to extend $500M debt
In its most recent brief, MLS PIN stated that it had reached a “fair and reasonable settlement that fully resolves the disputed antitrust claims plaintiffs have asserted in this litigation.” It added that it believes the DOJ is effectively looking to hold a trial on the merits of the settlement. “DOJ never denies that courts [...]read moreMLS PIN urges Nosalek judge to approve settlement agreement