Finance of America reports a $64M loss in Q1

Fast-rising interest rates hit Finance of America Companies hard in the first quarter of 2022 and the company cut almost 600 jobs between March 2021 and March 2022. Like many of its competitors, the lender reported that its traditional mortgage business saw reduced originations and margins from January to March, mainly due

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Mortgage rate locks tumble amid sharp rate rise

Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates, reflecting home affordability concerns, reports from Mortgage Capital Trading and Black Knight showed.  Total mortgage rate locks by dollar volume were down 5% in April from the previous month, according to MCT’s monthly Mortgage

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FHA gives investors cold shoulder on foreclosed properties

The Federal Housing Administration said that nonprofit organizations and owner-occupant buyers will have first dibs on foreclosed properties that get auctioned off through its Claims Without Conveyance of Title (CWCOT) program, specifically prioritizing these groups over investors. For the first 30 days, a foreclosed property listed for sale can only

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Title insurance industry premiums spike $7B year over year

The American Land Title Association saw a nearly 36% year-over-year increase in title insurance premium volume in 2021 for a staggering $7 billion spike, according to the trade group’s Market Share Analysis, published Friday. The title insurance industry generated $26.2 billion in premiums last year compared to $19.2 billion in

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First-time homebuyers feeling squeezed out of the market

Budget-tightening constraints of inflation, higher mortgage rates, and housing price gains are constraining consumers from buying houses. Fannie Mae‘s Home Purchase Sentiment Index, which tracks the housing market and consumer confidence to sell or buy a home, dropped by 4.7 points to 68.5 in April, marking the lowest level since

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Guaranteed Rate’s Owning continues layoffs

California-based Owning Corp., a direct-to-consumer mortgage lender acquired by Guaranteed Rate in February 2021, is planning a workforce reduction amid higher mortgage rates and lower refinance volumes. According to a Worker Adjustment and Retraining Notification (WARN) notice submitted to the Employment Development Department (EDD) in California, the company cut 108 jobs in three rounds from February to

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