Real Estate Broker/Agency News

Servicing business carries Pennymac in Q2 2022

On the strength of its servicing segment, California-based Pennymac Financial Services delivered a $129.2 million profit in the second quarter, which was down 25.6% quarter-over-quarter and 36.7% year-over-year, the company reported Tuesday.   The nonbank lender’s top executives said the company reported a strong performance given the downturn in mortgage originations. “We improved

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Mortgage demand increases after a four-week decline

Demand for mortgage loans increased last week as a troubling economic outlook led to a decline in rates, according to the Mortgage Bankers Association (MBA). The market composite index, a measure of mortgage loan application volume, increased 1.15% for the week ending July 29, after falling for four consecutive weeks

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Don’t miss the Vanguard Forum at HW Annual Oct. 4

Since we first started recognizing our HousingWire Vanguard award winners years ago, one key theme has been very clear — Vanguard honorees all share an unmistakable impact on the industry at-large. This immense impact on the industry is why we’re thrilled to bring some of the greatest housing leaders of

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VA now accepting desktop and exterior-only appraisals

The Department of Veterans’ Affairs announced last week that it would allow desktop and exterior-only appraisals for some transactions. The changes took effect July 27. In a department memo, the VA explained that the move was a response to “high demand for appraisal services and limited availability of appraisers in certain

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Rocket doubles down on solar

Rocket Loans will be offering loans to customers who are installing solar panels, the lender announced Tuesday. The news comes exactly one year after its parent Rocket Companies announced it would enter the green energy game in 2022.  Rocket Loans will provide financing to Rocket Solar customers who choose to

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The economics behind a permanent forbearance plan

Foreclosures cost a lot of money. A conservative estimate of the financial toll on the borrower, the creditor, the guarantor and the surrounding community shows a foreclosure can cost upwards of $65,000. Letting borrowers skip monthly payments for a period, through a permanent forbearance option, could help avoid that financial

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FoA cuts workforce amid company restructuring, market downturn

Multichannel lender Finance of America (FoA) has laid off hundreds of employees across several rounds in the second and third quarters of 2022. The layoffs come amid a mortgage market downturn and a larger company restructuring, multiple current and former staffers told HousingWire. The Texas-based company reduced its workforce across

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