Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

FintechMortgageReal Estate

CitiMortgage takes a beating in Q3

Mortgage originations fall 29% and its mortgage division succumbs to scandal

Citigroup released its earnings report this morning, and mortgage originations are down. Way down.

The bank reported a 29% decrease in originations year over year and an 8% decrease in originations from the second quarter.

Squeezed by declining affordability and rate hikes, Citi’s origination nosedive is indicative of what the rest of the mortgage industry has been feeling in the past year as originations have fallen for just about everyone.

This is a tough blow for the bank because it has been stepping on the gas in the digital mortgage department this year, partnering with Digital Risk and Black Knight to form a digital mortgage origination platform after scuttling its servicing operations in early 2017.

It’s been a bad year for CitiMortgage, mostly because it keeps shooting itself in the foot.

Citi’s mortgage operations are under the magnifying glass as the bank got itself in trouble earlier this month with the Office of the Comptroller of the Currency for charging affluent minorities more for their mortgages, a bad call by any measure but especially unwise during a dip in the market, when consumers with the appetite for a mortgage are few and far between.

Citigroup spokesman Drew Benson acknowledged the problems in a statement to Reuters, saying the bank “firmly believes it has not engaged in discrimination or violated fair lending laws.”

“In 2014, Citi self-identified errors implementing its relationship pricing program which affected a small percentage of our mortgage customers,” Benson wrote in an email. “We conducted a comprehensive review, reimbursed affected customers and have strengthened our processes and controls to help ensure correct implementation going forward,” he added.

Before that, in August, the Federal Reserve slapped Citi with an $8.6 million fine for sloppy mortgage documentation practices.

If CitiMortgage wants to weather the regular market headwinds, it needs desperately shape up and fly right.

Most Popular Articles lays off LOs, secures $750M cash injection

Digital mortgage lender is laying off 9% of its workforce ahead of a $750 million cash injection from financial backer SoftBank Group.

Dec 01, 2021 By

Latest Articles

In the race to modernize title, firms double down on software

Developing software to overcome regulatory issues and underlying business practices is the key to the future of the title insurance industry, some CEOs believe.

Dec 06, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please