First Republic Bank, the fourth-largest non-agency jumbo lender in America, is exploring strategic options, including a sale and a capital infusion, and is expected to attract interest from larger rivals, Bloomberg reported on Wednesday, citing anonymous sources with knowledge of the matter. No decision has been made, and the bank can remain
After pulling back at the start of the year, homebuilders jumped back in during February as homebuyer demand and builder confidence trended upward. Homes were started at an estimated annual pace of 1.45 million in February, up 9.8% month over month, according to a report released Thursday by the U.S. Census Bureau and
Closing software provider Qualia has announced a major update to its software offerings. On Thursday, the firm announced the launch of Qualia Atlas. According to Qualia, Atlas combines title and escrow production, as well as vendor management, along with client and homebuyer connectivity. “We originally launched Qualia almost 10 years
Fannie Mae announced on Wednesday that it has appointed Michael Seelig to its board of directors, where he will serve on the audit committee. Seelig’s mandate is to “help Fannie Mae fulfill its mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America,” according
Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios. The upfront pricing fee on DTI ratios of
Silicon Valley Bank resumed mortgage originations on Tuesday via its newly established “bridge bank” — just four days after California state regulators took possession of the financial institution and appointed the Federal Deposit Insurance Company (FDIC) as receivers, bank officials said. “We are still open for business and my team
You’ve likely heard of ChatGPT and the online discussions surrounding its use. The AI-powered language tool has been sparking conversations about where and how it can be used to make work more efficient, and the mortgage business is no exception. ChatGPT was launched in November 2022 by OpenAI. The tool
The U.S. Department of Housing and Urban Development (HUD) on Wednesday announced a sweeping overhaul of the agency’s disaster recovery efforts to improve the response for communities impacted by climate change. HUD has played an expanded role in the response to natural disasters in recent years. As such, the Department
Despite the volatile mortgage rate environment and overall economic uncertainty, homebuilder confidence slowly continues to rise, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) report, released Wednesday. In March, homebuilder sentiment in the market for newly built single-family homes rose two points from February’s reading, to an index
One day after Signature Bank collapsed, an affiliate of loanDepot moved $225 million of cash balances to a large money center bank, the mortgage company disclosed Wednesday morning. With the transfer, the lender said all cash and cash equivalents are now distributed across large money center banks, according to an
The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Still, homebuyers took advantage of declining rates provoked by the turbulence and applied for home loans. Meanwhile, mortgage lenders are still trying to calm down their investors
On Tuesday, we got more confirmation that the Federal Reserve‘s biggest fear — inflation blowing up to 1970s levels — isn’t happening, according to the CPI data. Even with its most significant component, shelter inflation, keeping core CPI higher than it should be, it’s been hard to accelerate the core
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