National Mortgage News, Feb. 13–Brad Finkelstein (subscription)January’s mortgage rate lock activity increased nearly 32% from December, the first increase in nine months, as interest rates continued to inch back down …
Category: Top National News
Remote Work Is Costing Manhattan More Than $12 Billion a Year
Bloomberg, Feb. 13, 2023–Emma Court, Donna BorakThree years into the pandemic, business leaders and city officials around the world are still trying just about everything to lure employees back into …
GSE CRT Issuance Ends 2022 with a Thud
Inside Mortgage Finance, Feb. 13, 2023–Dennis HollierThe government-sponsored enterprises didn’t issue any traditional credit-risk transfer transactions during the fourth quarter of 2022. Reinsurance activity also plummeted at the two mortgage …
Redwood Trust Experiences $44 Million Loss, Downsizes Workforce
Mortgage Professoinal America, Feb. 13, 2023–Candyd MendozaThe REIT recorded a $44 million loss in Q4 in its jumbo aggregation segment, reflecting the ongoing effects of interest rate volatility. In response …
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 …
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 …
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 …
Age Is Just a Number—Except When You’re Applying for a Mortgage
Wall Street Journal, Feb. 9, 2023–Robyn A. Friedman (subscription)The process of getting a mortgage can be a challenging one for applicants of any age. But for older borrowers, those who …
The Most Empty Downtown in America
New York Times The Daily podcast, Feb. 9, 2023–Michael BarbaroFor the past decade, San Francisco has worked hard to turn its downtown into a vibrant hub, providing a model that …
Black Homeownership–Why the American Dream is Still Elusive
Mortgage Professional America, Feb. 8, 2023–Tony CantuFifty years after Martin Luther King Jr.’s “I Have a Dream” speech, the ideal of equality remains far from realized for too many Black …