National Mortgage News, Feb. 13, 2023–Andrew Martinez (subscription)Mortgage lenders are notoriously slow to adopt new tech, with less than half of industry leaders in an Arizent survey last summer indicating …
Category: Top National News
Cooling Buyer Demand Takes a Toll on Q4 Title Profits
HousingWire, Feb. 10, 2023–Brooklee HanAfter a quarter characterized by weakening homebuyer demand and some of the highest mortgage rates seen in decade, it was no surprise that Stewart and First …
Equifax Cuts 10% of Its Employees in Fourth Quarter
National Mortgage News, Feb. 10, 2023–Maria Volkova (subsription)Credit reporting agency Equifax cut 10% of its employees and contractors in the fourth quarter. That amounts to 2,350 workers being let go, …
The Rise of the Millionaire Renters
Bloomberg, Feb. 10, 2023–Kriston CapsAffluent households have started to make up a significant share of renters in major US cities. Will the trend hold?https://www.bloomberg.com/news/articles/2023-02-10/millionaire-renters-are-on-the-rise-in-high-cost-us-cities?srnd=premium
HECMs Prove Troublesome for Some Borrowers and Lenders
National Mortgage News, Feb. 10, 2023–Spencer Lee (subscription)While reverse mortgages allow older homeowners the opportunity to draw on home equity with minimal risk, problems arising from flaws in program structure …
PRMI Ordered To Pay $20M For Defaults
National Mortgage Professional, Feb. 10, 2023–Mike SavinoPrimary Residential Mortgage Inc. has a legal bill of more than $20 million after losing its fight over defaulted mortgages. The lawsuit stems from …
A $1M Profit at Mr. Cooper as Lending Suffers but MSRs Buoy
Inside Mortgage Finance, Feb. 10, 2023–Paul MuoloMr. Cooper, one of the largest residential servicers in the nation, squeezed out a $1 million profit in the fourth quarter thanks to revenue …
Here’s What’s Happening with Home Prices as Mortgage Rates Fall
CNBC, Feb. 10, 2023–Diana OlickPrices began falling last June, but are still higher than they were a year ago. Now, as demand appears to be coming back into the market, …
Home Lenders Maintain Loose Credit Standards
Mortgage Professional America, Feb. 10, 2023–Candyd MendozaMortgage companies maintained their loose lending standards in January as a way to “cope with lower volumes,” according to the Mortgage Bankers Association.https://www.mpamag.com/us/mortgage-industry/market-updates/home-lenders-maintain-loose-credit-standards/435958
New Search Portal Set to Launch
The Housing Scene (UExpress), Feb. 10, 2023–Lew SichelmanThe new search engine, Nestfully, will offer up-to-the-moment pricing information, plus the ability to search based on your individual needs. You’ll be able …