HousingWire, Nov. 3, 2022–Bill ConroyUp to 30% of the 1,000 largest independent mortgage banks are projected to disappear by the end of 2023 via sales, mergers or failures in the …
Category: Top National News
US Homeowners Have a Fat Equity Cushion for Real-Estate Downturn
Bloomberg, Nov. 3, 2022–Alexandre TanziUS homeowners continued to build their equity positions last quarter even as the housing market cooled, and they have ample buffers to shield against a deeper …
Maine May Reconsider Foreclosure Rule That Shields Borrowers
National Mortgage News, Nov. 1, 2022–Bonnie Sinnock (subscription)The possibility that Maine could remove a consumer protection against continued foreclosure litigation after a borrower has won could give servicers expanded options …
What Happens When the CFPB’s Funding Question Hits the Supreme Court?
National Mortgage News, Nov. 1, 2022–Kate Berry (subscription)Constitutional scholars and legal experts said the Supreme Court is likely to expedite a review of the case as early as next year, …
Increasingly, Fannie and Freddie are Sticking to Core Activities
Inside Mortgage Finance, Nov. 1, 2022–Brandon IveyRising interest rates and new pricing policies initiated by the Federal Housing Finance Agency have driven down the “noncore” share of business at the …
Rocket Mortgage Rolls Out New Loan Option for Manufactured Homes
HousingWire, Nov. 2, 2022–Connie KimRocket Mortgage is now offering a conventional loan option for buyers who want to purchase or refinance a manufactured home, which expands the home financing options …
Production Tanks at Rithm, MSR Markups Save the Day
Inside Mortgage Finance, Nov. 2, 2022–Paul MuoloRithm Capital Corp., the third largest owner of mortgage servicing rights in the nation, saw its originations tank by almost 28% in the third …
Promontory MortgagePath is Closing its Doors
National Mortgage News, Nov. 1, 2022–Maria Volkova (subscription)Connecticut-based Promontory MortgagePath, a provider of mortgage fulfillment services, is closing its doors due to “unprecedented and rapid mortgage market deterioration.”https://www.nationalmortgagenews.com/news/promontory-mortgagepath-is-closing-its-doors?position=editorial_1&campaignname=V2_NMN_Daily_2021-11022022&utm_source=newsletter&utm_medium=email&utm_campaign=V2_NMN_Daily_2021%2B%27-%27%2B11022022&bt_ee=La6TQhzzQ5GKi9%2FRfDoJc1OTlFnLcfwDIB%2BitRCg8x1f9g2maK4CXh4ofkrnSzT4&bt_ts=1667383217904
Opendoor Technologies Lays Off about 18% of Workforce
Reuters, Nov. 2, 2022–Chavi Mehta lays off about 18% of workforceProperty-selling platform Opendoor Technologies Inc (OPEN.O) is laying off about 550 employees, Chief Executive Officer Eric Wu said on Wednesday.https://www.reuters.com/technology/opendoor-technologies-lays-off-about-18-workforce-2022-11-02/
Is the U.S. Headed Toward a Housing Crash? Experts Say It’s Not 2008
The Hill, Oct. 31, 2022–Adam BarnesAnalysts argue these market trends are a symptom of a correction after two years of massive growth and several key elements present during the 2008 …