Reuters, Mar. 15, 2023–Lucia MutikaniU.S. retail sales fell moderately in February, likely payback after the prior month’s outsized increase, but the underlying momentum remained strong, suggesting the economy continued to …
Category: Top National News
Greg Frost Sr. Was Industry’s First Billion Dollar Originator
National Mortgage Professional, Mar. 15, 2023–Keith GriffinRenowned mortgage sales and marketing guru Greg Frost Sr. passed away Monday, four days shy of his 74th birthday. His family said Frost had …
Mortgage Demand Rises Despite Volatile Interest Rates
CNBC, Mar. 15, 2023–Diana OlickDemand for mortgages increased for the second straight week, despite some volatility in mortgage rates. Total application volume rose 6.5% last week compared with the previous …
loanDepot Discloses Large Cash Transfer Out of ‘Bridge Bank’ Signature
Inside Mortgage Finance, Mar. 15, 2023–Paul MuololoanDepot, the nation’s 16th largest servicer, disclosed in an SEC filing Wednesday morning that on Monday one of its affiliates transferred $225 million of …
Real Estate Investor Run on Signature Bank Helped Fuel Its Demise
Wall Street Journal, March 15, 2023–Konrad Putzier, Peter Grant (subscription)A rush by New York City real estate investors to yank money out of Signature Bank last week played a significant …
Flood Premium Relief Sought in Reintroduced Bill
National Mortgage News, Mar. 14, 2023–Bonnie Sinnock (subscription)The bill, the Homeowner Flood Insurance Transparency and Protection Act, proposes temporarily giving consumers with higher rates the option to revert to the …
Signature Bank Was Seized After Leaders Caused ‘Crisis of Confidence’
Bloomberg, Mar. 14, 2023–Max ReyesSignature Bank was seized by the government Sunday after regulators lost faith in management and depositors fled, according to New York officials. “The bank failed to …
Finance of America Reveals Financial Losses in 2022
Mortgage Professional America, Mar. 14, 2023–Candyd MendozaThe reverse mortgage lender reported a net loss of $716 million ($3.06 per share) and recognized an adjusted net loss of $61 million in …
Hispanic Homeownership Rate Rose to 48.6% in 2022
HousingWire, Mar. 14, 2023Latinos have the largest near mortgage-ready population of any racial or ethnic group, according to NAHREP.https://www.housingwire.com/articles/hispanic-homeownership-rate-rose-to-48-6-in-2022/
Guild Mortgage Acquires Cherry Creek Mortgage
National Mortgage Professional, Mar. 14, 2023–Keith GriffinGuild Mortgage, a growth-oriented mortgage lending company, acquired Cherry Creek Mortgage LLC, a privately held Colorado-based lender. The merger adds 68 branches in 45 …