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National Mortgage News
In-depth analysis, data and strategic developments spanning the entire mortgage industry
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National Mortgage News provides award-winning news, analysis and perspective serving the entire residential mortgage industry, including depositories, nonbank lenders and servicers, brokerage firms, vendors and regulators. In addition, NMN convenes industry participants to provide insight on topics including regulation, compliance, technology and loss mitigation.

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689 Posts
Origin Protocol, Roofstock to buy, sell homes using NFTs on blockchain
origin protocol.png
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Origin Protocol, Roofstock to buy, sell homes using NFTs on blockchain
Gordon touts FHA's role promoting housing opportunities

While Federal Housing Commissioner Julia Gordon addressed using the FHA to expand homeownership opportunities, her presentation at a virtual industry conference did not cover reducing its mortgage insurance premium.

Regarding the Department of Housing and Urban Development's relationship with the Biden White House, "There's been a focus on homeownership, and there's been a focus on housing supply, which is of course, absolutely key to increasing affordability," Gordon said during the Housing Finance

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Gordon touts FHA's role promoting housing opportunities
Ian aftermath even harder to fix with supply chain tattered
People walk on a flooded street at a trailer park following Hurricane Ian in Fort Myers, Florida, US, on Thursday, Sept. 29, 2022. Ian tore a path of destruction across Florida, leaving more than 2 million homes and businesses without power, after landing as one of the strongest storms to hit the US. Residences, bridges and other infrastructure are in ruin, with damage estimates ranging from $65 billion to $100 billion, and Florida Governor Ron DeSantis said it will take years to recover. "Across the board,... more
Ian aftermath even harder to fix with supply chain tattered
Fannie Mae appoints affordable housing leader Almodovar as CEO
Government-sponsored enterprise Fannie Mae has tapped affordable housing veteran Priscilla Almodovar as its new CEO. With a professional background that includes experience in both real estate and community development, Almodovar will begin her tenure on Dec. 5, and also join the Fannie Mae board. David Benson, the GSE's president, has also been serving as interim CEO in the ensuing five months, as well as a member of the Fannie Mae board. "Priscilla's vast experience in large, complex businesses and her commitment... more
Fannie Mae appoints affordable housing leader Almodovar as CEO
Federal Home Loan banks should include nonbank lenders, advocates say
"There is more that the banks can and should do."The agency is looking at the banks' operations and mission to determine if it is meeting the goals set by Congress in 1932 when the system was created during the Depression to provide liquidity and spur homeownership. Over the three-and-a-half-hour session, many of the nearly three dozen speakers criticized the banks' Affordable Housing Program, or AHP. In 2021, the Home Loan banks provided $352 million to the program, which some experts said was a drop in the... more
Federal Home Loan banks should include nonbank lenders, advocates say
Angel Oak Mortgage names Sreeni Prabhu CEO in leadership change
Angel Oak Mortgage, a real estate investment trust active in the acquisition and securitization of non-QM loans, appointed Sreeni Prabhu CEO and president. Prabhu, who is also a co-founder, managing partner and group chief investment officer of affiliated company Angel Oak Capital Advisors, will serve in his new leadership position concurrently with the other roles. "After the successful completion of the company's initial public offering in 2021 and its first full year as a public company, the board believes... more
Angel Oak Mortgage names Sreeni Prabhu CEO in leadership change
Bank regulators to provide supervisory relief in wake of hurricanes

State and federal regulators are encouraging banks to work with borrowers hit hardest by Hurricanes Fiona and Ian this month.

The Federal Reserve, Federal Deposit Insurance Corp., National Credit Union Administration and Office of the Comptroller of the Currency announced Thursday that they would not penalize the institution they supervise for "prudent efforts" to adjust loan terms for impacted borrowers.

"In supervising institutions affected by Hurricanes Fiona and Ian, the agencies will consider

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Bank regulators to provide supervisory relief in wake of hurricanes
Delinquencies inch up as borrowers struggle with payments

Delinquencies slightly bounced up in the month of July, but were 1.2% lower on a year-over-year basis, a monthly report published by CoreLogic found.

Three percent of all mortgages were 30 or more days past due or in foreclosure in July. This was down from 4.2% in July 2021, but an increase from 2.9% a month ago.

The percentage of loans between 30 and 59 days also slightly increased to 1.3% from 1.2% in June. The increase in early-stage delinquencies is a "clear increasing trend on a month-over-month

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Delinquencies inch up as borrowers struggle with payments
Judge reverses Trump-era HMDA rule, forcing small mortgage lenders to comply
Judge Beryl Howell of the federal District Court in Washington last week vacated a 2020 rule issued by former CFPB Director Kathy Kraninger. Judge Howell called the rule that eased reporting requirements under the Home Mortgage Disclosure Act "arbitrary" and "capricious," in violation of the Administrative Procedure Act. The judge ruled that the bureau overstated the costs to lenders of complying with HMDA reporting requirements for home loans. The bureau did not adequately take into account. The CFPb is reviewing... more
Judge reverses Trump-era HMDA rule, forcing small mortgage lenders to comply
Ginnie Mae sets sights on a permanent liquidity facility
Ginnie Mae has taken steps to help make financing for issuer liquidity available in recent years, including during the pandemic. "We need to have something permanently in place for that kind of an event for the future," President Alanna McCargo said. Nonbanks need more oversight because the role they have increasingly played in the servicing and financing of government loans has gotten very large, she said. Other government agencies insure or guarantee the mortgages at the loan level. The next time the industry... more
Ginnie Mae sets sights on a permanent liquidity facility
Fitch downgrades PacWest, citing 'deterioration' of key capital ratio
The credit rating agency Fitch Ratings has downgraded PacWest Bancorp and its banking subsidiary, Pacific Western Bank, citing the company's recent decline in capital reserves. In a press release Wednesday, Fitch announced the revision of PacWest's long-term issuer default rating from "BBB" to "BBB-" and blamed the downgrade on the "Rapid, growth-driven deterioration" of the bank's common equity Tier 1 ratio. The Los Angeles-based bank's CET1 ratio fell to 8.2% during the second quarter, down from 10.4% during... more
Fitch downgrades PacWest, citing 'deterioration' of key capital ratio
Celebrity Home Loans drops correspondent business
Celebrity Home Loans has closed its correspondent mortgage channel, according to reports and a LinkedIn post. Correspondent lending is perceived as a middle ground between wholesale and retail. The only TPO business at two of the largest banks, Wells Fargo and Chase, is correspondent. In April, Home Point Capital sold its correspondent business to Planet Home Loans as it elected to concentrate on wholesale as the mortgage business contracted. But correspondent lending can have its own issues. In the first quarter,... more
Celebrity Home Loans drops correspondent business
Fannie, Freddie both pass 2022 stress test despite misalignment on risk rating
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Fannie, Freddie both pass 2022 stress test despite misalignment on risk rating
Home Point slips into the red as price war intensifies
Home Point Capital on Thursday recorded a second-quarter loss as it struggled with a challenging origination market that was particularly competitive in the growing loan broker channel. Losses mounted at the company due to higher rates, competitive wholesale pricing and the sale of its stake in Longbridge Financial, outweighing an increase in broker partners and savings from efficiency initiatives like the pending outsourcing of its servicing operations to ServiceMac. Although the company is outsourcing management... more
Home Point slips into the red as price war intensifies
The snowballing U.S. rental crisis is sparing nowhere and no one
Rent hikes are expected to persistently push inflation higher, since leases are staggered and renters face shocks at different times. People of color and those with lower incomes are the most affected by the increase in rent prices, since they account for the majority of renters. Some 54% of renters earn less than $50,000, and the annual median household income among renters is about $42,500, below the national median of $67,500, according to Zillow. New ArrivalsAn influx of new residents is driving up housing... more
The snowballing U.S. rental crisis is sparing nowhere and no one
Mortgage rates surge again, jumping above 5%
The 30-year fixed-rate average surged to 5.22% for the seven-day period ending August 11, Freddie Mac says. The spike comes after the rate had dropped by over 50 basis points the prior two weeks. The 15-year average rose 23 basis points to 4.59% from 4.26% seven days earlier. The 5-year Treasury-indexed hybrid adjustable-rate mortgage also increased. One week ago, the 3-year ARM was 4.25% and 4.45% to 3.25%. The 5.5-year mortgage also came in at 4.35% in the last week.
Mortgage rates surge again, jumping above 5%
Angel Oak Capital fined for misleading investors
The SEC fined Angel Oak Capital Advisors $1.75 million and its portfolio manager, Ashish Negandhi $75,000. In March 2018, Angel Oak issued an unrated $90 million fix-and-flip securitization, which was a rare occurrence for these loans as only two deals were done that year. Angel Oak has not originated these loans since 2019. "All senior noteholders in the securItization received full payment of principal and interest," the SEC said. Neg and NegandHI also did not admit or deny the findings. "This settlement was... more
Angel Oak Capital fined for misleading investors
Income verification fintech raises $50 million for expansion
Truework will build out hiring and product development with $50 million just raised in its Series C funding round. G Squared led the new round for the technology company, which facilitates access to borrower-permissioned information that confirms their income and employment data without necessarily going to a payroll provider to get it. Truework's platform connects consumers to 17,000 consumer lenders, including Caliber, Caliber and Citizens Bank. The company's platform is also a division of Rithm and Citizens... more
Income verification fintech raises $50 million for expansion
Angel Oak posts 2Q loss due to non-QM market uncertainty
Angel Oak Mortgage lost $52.1 million for the second quarter, compared with a $43.5 million loss for the first quarter. The REIT went public on June 17, 2021. The volatility resulted in Angel Oak Mortgage electing not to securitize any mortgages during the second month of the year. But changing market conditions enabled AngelOak Mortgage to issue one in July. The deal freed up additional cash and reduced loan financing facilities. But a favorable Securitization market could change.
Angel Oak posts 2Q loss due to non-QM market uncertainty
LoanDepot cutting wholesale channel in profitability push
The results are a far cry from last year's second quarter, when loanDepot reported $26.3 million in profit in its challenging first quarter as a public company. LoanDepot reported expenses of $560.6 million in the second quarter, just 7% lower than the first quarter's $606.2 million. The company is very close to identifying its target of annualized savings of $375 million to $400 million, with over half of the total in the process of being realized as of Tuesday, Martell said. The lender's net origination income... more
LoanDepot cutting wholesale channel in profitability push
FHFA adds fair lending reporting mandate for servicers
The requirement will become effective in March of next year. The FHFA characterized its latest move as building on a previous requirement to collect borrowers' language preference data. The Consumer Financial Protection Bureau registered some frustration with an inability to consistently track data points related to language preference and race when it studied pandemic response metrics from 16 large servicers last year. As a result, the CFPB could not evaluate the impact of the CARES Act's home mortgage loan... more
FHFA adds fair lending reporting mandate for servicers
Cooler inflation takes next Fed rate-hike size down to the wire
The consumer price index increased 8.5% from a year earlier, cooling from the 9.1% June advance that was the largest in four decades. Economists are divided on whether slower U.S. consumer-price growth for July means the Federal Reserve could ease its aggressive rate-hiking program, making 75 basis-point moves less definite. "Whether it's 50 or 75 in September is probably going to go down to the wire," says Derek Holt, an economist at Scotiabank.
Cooler inflation takes next Fed rate-hike size down to the wire
Nextdoor revenue forecast falls short as advertisers tighten belts
Nextdoor Holdings Inc. reported a sales outlook that missed analysts' estimates. The company's revenue in the current quarter will be between $53 million and $55 million. Its annual revenue projection also missed estimates. Real estate, retail and fast-food restaurants are among the sectors pulling back advertising spending, it added. The stock has declined 54% so far this year. The stock is down 54% this year and has dropped 54% in the last three months. The company has declined so far.
Nextdoor revenue forecast falls short as advertisers tighten belts
Refinances pick up for a second straight week
The Mortgage Bankers Association's Market Composite Index registered a small seasonally adjusted uptick of 0.2% for the weekly period ending August 5. But weekly volume was still 63% lower on a year-over-year basis. The Refinance Index rose for the second straight week, climbing 4%, but volumes were 82% lower than they were one year ago. "Buyers remain on the sidelines," says Joel Kan. The average 15-year fixed-contract rate remained at 4.74% week over week. The 5/1 adjustable-rate contract average of 4.7% to... more
Refinances pick up for a second straight week
Millenials, Gen Z in D.C. opt for luxury rentals over buying
D.C. is the fourth largest multifamily market in the U.S. with 566,750 existing units and 257,122 more in development. The average monthly rent in the area is $2,335, according to an analysis by Yardi. In the capital, 60% of housing underproduction is attributed to missing households and a lack of rental properties set at the right price. The DMV area is expected to undergo more changes. Amazon and Boeing are bringing more white-collar jobs to the area. The area is also expected to have more local competition... more
Millenials, Gen Z in D.C. opt for luxury rentals over buying
Longtime Cenlar CEO to retire, successors named
Greg Tornquist is retiring from Cenlar as chairman and CEO after more than 35 years at the helm and new leaders named at the company highlight what appears to be some heavy recruiting from the ranks of executives with government-sponsored enterprise ties. "Continuous investment in all aspects of our franchise will ensure Cenlar's commitment to providing both high quality service to our customers and a rewarding work environment for our talented team," he said in a press release. One is D. James "Jim" Daras,... more
Longtime Cenlar CEO to retire, successors named
Half of serious mortgage delinquencies are at least 6 months late
CoreLogic study: Half of home loans 90+ days past due or in foreclosure during May were more than six months late. Serious delinquencies continue to dominate distress in the mortgage market. Redefault rates as of July 7 also were drifting upward, according to a separate study the Federal Reserve Bank of Philadelphia released Tuesday. The redefault rate for loans exiting loss mitigation in early July was 11%, up from 10% the previous month. The redefaults in early June was 11% the last month. "There could be... more
Half of serious mortgage delinquencies are at least 6 months late
UWM touts aggressive pricing promotion as key to future
Second quarter net earnings at parent UWM Holdings dropped 53% from the previous quarter, but were up more than 55% from one year prior. UWM's originations shrunk to $29.9 billion in the most recent period from $38.8 billion three months prior and $59.2 billion in previous year. The company's purchase volume ended the quarter at $22.4 billion, a 17% increase in the first quarter. Forrester. For rerester took a leave of absence. UWM, UWM in the first year. The company has various sources of liquidity including... more
UWM touts aggressive pricing promotion as key to future
Mortgage credit offerings fall to a 9-year low
For the fifth straight month, mortgage credit tightened with availability falling by the most in over two years to levels last seen over nine years ago, according to the Mortgage Bankers Association. The MBA's July Mortgage Credit Availability Index, a summary measure tracking the availability of mortgage credit, dropped 9% from the prior month to a reading of 108.8. The Conventional MCAI fell by 9.8% month over month, primarily due to decreased availability of jumbo products. Downward pressure caused by rate... more
Mortgage credit offerings fall to a 9-year low
Student-loan freeze led to big credit score gains, N.Y. Fed says
The pandemic-era freeze on student debt payments has "Dramatically" improved credit scores for Americans who borrowed money to pay for college, the Federal Reserve Bank of New York said. About 30 million people saw improvements in their risk profile, with the biggest gains going to borrowers who were delinquent before the pandemic, New York Fed economists said in a blog post on Tuesday. It's currently set to expire on Aug. 31, though President Biden's administration is weighing another extension, as well as... more
Student-loan freeze led to big credit score gains, N.Y. Fed says
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