Bloomberg, Oct. 10, 2022–Tracy Alloway, Joe WeisenthalWould-be homebuyers are facing massive sticker shock right now, with measures of affordability worsening at their fastest pace on record. In fact we’re seeing …
Category: Top National News
Lower Has a Round of Layoffs to ‘Weather Upcoming Rate Hikes’
HousingWire, Oct. 10, 2022–Flávia Furlan NunesOhio-based mortgage lender Lower imposed a round of layoffs last week due to market conditions, affecting 6% of its workforce, according to a spokesperson for …
A Decline in Market Share for High LTV GSE Loans
Inside Mortgage Finance, Oct. 10, 2022–Brandon IveyIn the mid-range credit score bucket (scores between 700 and 739), the share of mortgages with LTV ratios between 81% and 97% declined from …
Breaking Down September’s Double-Digit Drop for REIT Total Returns
Wealth Management Real Estate, Oct. 10, 2022–David BodamerPublicly traded REITs saw total returns fall 12.72 percent in September, leaving the FTSE Nareit All Equity REITs index down 27.93 percent year-to-date. …
El-Erian Blames Fed for ‘Very High’ Risk of a Damaging Recession
Bloomberg, Oct. 9, 2022–Tony CzuczkaAllianz SE chief economic adviser Mohamed El-Erian said the US economy is on “a bumpy journey to a better destination,” though the risk of a Federal …
After Forward Retail Deal with G-Rate Collapses, FoA Announces Wholesale Exit
HousingWire, Oct. 7, 2022–Flávia Furlan NunesGuaranteed Rate this week walked away from negotiations to acquire Finance of America’s forward mortgage retail channel, which may result in FoA exiting the wholesale …
Bank of America to Pay $1.84B To Settle Crisis-Era Countrywide Case
National Mortgage News, Oct. 7, 2022–Polo Rocha (subscription)Ambac, which provided insurance policies for Countrywide’s securities, alleged the mortgage lender misrepresented the quality of the loans it was making in the …
loanDepot Does It Again: Cuts Funding Capacity By $500M For 3rd Time
National Mortgage Professional, Oct. 7, 2022–David KrechevskyThe $1.5 billion in reductions follow the company’s announcement on Aug. 9 that it would exit the wholesale lending business. That decision was announced …
Mortgage Rate Volatility Continues to Price Out Home Buyers
Mortgage Professional America, Oct. 7, 2022–Candyd Mendoza“The current rate has more than doubled over the past year and has increased 130 basis points in the past seven weeks alone,” said …
One More Squeezing of the MSR Grapes? Looks That Way
Inside Mortgage Finance, Oct. 7, 2022–Paul MuoloMost mortgage banking firms have been living off their servicing portfolios this year, selling existing contracts to a welcoming group of buyers that want …