The Federal Housing Administration (FHA) announced on Monday changes to its loss mitigation options for borrowers struggling to pay their mortgages. The announcement follows the Biden administration’s decision to set an end date for the COVID-19 pandemic national emergency declaration. Meanwhile, the FHA-Home Affordable Modification (FHA-HAMP) options were temporarily suspended
Scott Miller, a former mortgage loan originator at Sprout Mortgage, knew the clock was ticking when the non-qualified mortgage (non-QM) lender abruptly closed doors in July 2022. The decision left more than 400 employees without a job, and Miller had two urgent tasks — to find a lender that would
First Internet Bank is shutting down its consumer mortgage business due to a steep decline in mortgage volumes and the negative outlook for mortgage lending that is forecasted to continue for the next several years. First Internet Bancorp, parent company of First Internet Bank, announced that the exit will include
New York Community Bancorp, Inc. (NYCB) confirmed it’s closing 69% of the retail home lending offices outside of its branches after acquiring Michigan-based Flagstar Bank. “We made the strategic decision shortly after the transaction closed to swiftly restructure the business, which occurred in January,” Thomas Cangem, NYCB president and CEO,
Yearly home price growth continued to cool in November as mortgage rates reached some of their highest levels in decades, which resulted in annual home price gains shrinking for the eight consecutive month, according to the S&P CoreLogic Case-Shiller National Home Price Index, released Tuesday. Nationwide, home prices posted an annual
Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., has appointed D. James ‘Jim’ Daras as its CEO and president. Daras’ professional career spans more than four decades in the banking and mortgage banking industry. His specializations include risk management, banking and corporate finance functions, bank restructuring,
A group of 11 former employees are accusing AmeriSave Mortgage Corp. in a new lawsuit of failing to pay the wages, bonuses and commissions that were agreed to when they were hired by the company. The group also alleges that the company conducted a defamatory campaign against them after their
We are off and going now, as seasonality has kicked into full gear with the purchase application data. And, so far, it’s been a good start to the year. Here’s the housing market rundown for the last week: Purchase application data showed positive weekly growth again — and the bounce
Most retail lenders are desperately seeking high producing loan originators to make up for the losses that occurred in 2022. The majority of lenders easily lost half of the volume last year that they originated in 2021, and LOs who have their own databases to tap into are highly sought
As housing prices remain high across the nation, the Biden administration is taking action. The administration announced new actions earlier this week to protect access to housing and make rentals more affordable. According to the White House, roughly 35% of the U.S. population — or over 44 million households —
Top-producing loan officer Dave Medina and his team at the Temecula, California-based branch have left Fairway Independent Mortgage to join Movement Mortgage. The move, which marks the start of Movement’s branch partnership strategy, comes four months after the South Carolina-based lender hired two top executives away from Fairway. “In the
The rapidly cooling housing market in 2022 was not kind to Big Four title insurer Old Republic. While the century-old firm, which is celebrating its 100th anniversary in 2023, did generate net income for both the fourth quarter of 2022 as well as for the year as a whole, it
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