Online bank Ally Financial recorded a $136 million impairment related to its investment in struggling digital mortgage lender Better.com, bank executives said Wednesday during the company’s third-quarter earnings call. The bank disclosed to shareholders and analysts that the $136 million impairment was a “nonmarketable equity investment” related to its mortgage
Profit margins on median-priced single-family and condo sales across the U.S. decreased to 54.6% in the third quarter, according to a new report from real estate data company ATTOM. This is the first decline in home prices in almost three years, down from 57.6% in the second quarter, with median
Mortgage rates have more than doubled from the beginning of the year and homebuyers facing affordability challenges are increasingly turning to adjustable-rate mortgages (ARMs) to reduce their monthly payments. The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage rose two basis points from last week to
The Fifth Circuit U.S. Court of Appeals found this week that the funding source for the Consumer Financial Protection Bureau (CFPB) is unconstitutional, according to a decision reached by a three-judge panel. The panel found that the “design of the CFPB violated the Constitution because it receives funding through the
Nations Direct Mortgage, a residential lender in both the retail and wholesale channels, on Wednesday announced appointing Jack O’Brien as its senior vice president and national sales director. Prior to joining Nations Direct, O’Brien held leadership positions at LoanDepot, was Northeast regional sales manager at Fifth Third Bank; principal at
A coalition of 77 banking trade groups led by the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) has asked the Federal Housing Finance Agency (FHFA) to modify an existing rule which allows banks to access lower-cost funding from the Federal Home Loan Bank (FHLB) system
A doubling of 30-year fixed rate mortgage rates, shrinking profit margins and a risk of recession presents a challenging environment for independent mortgage banks (IMBs), but smaller IMBs are better positioned to weather challenges, claimed the Community Home Lenders of America (CHLA), a lobby group that represents smaller mortgage lenders.
Fitch Ratings in October 2022 set negative outlooks for four nonbank mortgage lenders. Credit rating agency Fitch this week revised the long-term issuer default ratings (IDRs) for five nonbank residential mortgage lenders based on their financial performances in the first half of 2022. The results: downgraded two companies and set
In June of this year, I raised the fifth recession red flag, putting the housing market in a traditional recession where sales, incomes, jobs, and production would be falling, which is happening now. And unfortunately, one of those productions items is housing completions data — which looks terrible in the
With interest rates now at 14-year highs, the cost of homeownership is becoming an issue for most prospective home buyers. HousingWire recently spoke with Mike Darne, vice president of marketing at CreditXpert, about how mortgage lenders can leverage credit to help make homeownership more affordable. HousingWire: With interest rates at
U.S. debt purchasers are positioned to benefit from rising delinquencies due to improvement in portfolio supply from an increase in non-performing loan (NPL) sales, according to a recent report from Fitch Ratings. This increase in delinquencies is attributed as a byproduct of mounting recessionary pressures, with higher interest rates and
Optimal Blue, a division of Black Knight, launched its first hedging and trading platform CompassEdge, unifying its existing risk management and loan sale platform CompassPoint within a single system. CompassEdge is designed to support every originator – regardless of range, size or type – and provide pipeline risk management tools
Meridian Listing Agent Kevin Harper Says Idaho Real Estate Market Stronger Than Many Expected
Lake & Town Realty Partners With Real Estate Portal Lakefront Living Realty LLC
Reseller Hosting Provider Launches White Label Webhosting Education Campaign For Freelancers
Ohio Investment Real Estate Broker Launches New Property Search Website
Zillow News Truth Delta: Opinion & Editorial