An inside look at the high growth companies driving mortgages and housing forward
October 1, 2014
A wide range of companies making the 2014 HW Fast50 suggests that — are you ready for this? — maybe things aren't as bad in the U.S. mortgage and housing markets as some breathless press might otherwise suggest. After all, our rankings this year include mortgage insurers, investors, loan servicers, technology specialists and dot-coms, home builders, real estate services companies, mortgage bankers and more.
Last October, HousingWire highlighted several correspondent lenders and gave a broad overview of where this division of mortgage finance was heading. We are happy to report that those lenders are still doing a robust set of business, although the road remains no less rocky. But as we said last year, at least there’s a road to begin with.
Bill Cosgrove, CEO of Ohio’s Union Home Mortgage Corp., has made the trek to MBA Annual for some 20 years. Memories still stand out from his first one, held in Orlando. "I saw that the mortgage industry was vast," he said, recalling that first conference, "much bigger than you expected it to be."
Since the end of the recession we have seen the U.S. economy grow at a slow and steady pace. The first quarter of 2014 was a bit of a shocker as the GDP declined 2.1%. Most economists blamed the decline on the harsh winter months that impacted both consumers and businesses. Since that time, we have seen signs of solid growth, reflecting a healthier economy.
Walter Investment has bad news, bad news, and good news
October 1, 2014
Walter Investment Management posted a second-quarter net loss of $12.9 million, or $0.34 per diluted share, which includes charges related to goodwill impairment in the reverse mortgage segment and reductions in the fair value of the company’s servicing rights related to changes in valuation inputs.
Sure, Forrest Gump may have shaken hands with John F. Kennedy (with the help of some computer-generated wizardry), but Dale Dykema has a photo album that’s littered with some of the biggest names in politics and sports in the last 40 years.
As our business moves into a new era of low profitability, increased expenses, and intense regulatory scrutiny, virtually every mortgage executive needs to experiment with ways to increase productivity and CFPB compliance while reducing overall operating costs.
As federal regulators continue the rulemaking process for our industry, one of the things many of our lender customers are doing right now is taking an inventory of their business partners. As you look down the long list of service providers and independent professionals that you work with, how many do you really trust?
Lenders aren’t lending because they don’t understand millennials. They don’t get their needs, their wants. They’re not smart enough to get one step ahead of millennials in order to convince them to stop paying rents and start looking at homes.