Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

Road to the one-click mortgage

This white paper will outline how leveraging a credential-based data provider can save money for lenders, reduce friction for borrowers, speed time to close, and overall bring lenders one step closer to a one-click mortgage.

Politics & Money

NovaStar to Slash 17 Percent of Workforce

NovaStar Financial, Inc. (NYSE:NFI) said Friday that it will lay off roughly 350 employees — 17 percent of its workforce — in a move it characterized as necessary to “align its organization with changing conditions in the mortgage market.” In a press statement, the company said the layoff will largely focus on the company’s wholesale loan origination group and related functions, including employees at the company’s headquarters in Kansas City and at operation centers in California and Ohio. Subject to completion of the necessary legal notices and requirements, implementation of the reductions will begin immediately and conclude during the second quarter of 2007, NovaStar said. NovaStar’s loan servicing organization is not affected by the reduction. As the economic landscape changes for the mortgage industry, NovaStar said it will continue to focus on three disciplines: solid lending guidelines appropriate for current conditions; coupon rates on loans that provide acceptable risk-adjusted returns; and lower overhead and support costs for loan origination. The company previously disclosed steps to tighten its underwriting guidelines and exception policies, as well as raising coupon rates to improve margins. The company estimates that the total pre-tax charge to earnings associated with this plan of termination will range between $2.7 million and $3.1 million and is expected to be incurred in the first quarter of 2007. For more information, visit http://www.novastarmortgage.com.

Most Popular Articles

Are we back to a normal housing market?

Favorable demographics should keep the housing market ticking. But watch for home prices escalating out of control and rates moving up sharply, writes columnist Logan Mohtashami. HW+ Premium Content

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Latest Articles

FHA Introduces Simplified COVID-19 Recovery “Waterfall”

As was alluded to in June, the FHA late last week published a fully revised version of their “waterfall” loss mitigation options for borrowers coming to the end of their forbearance period. In order to streamline the process, the administration is scrapping their old waterfall framework and is instead providing two options for servicers processing […]

Jul 28, 2021 By
3d rendering of a row of luxury townhouses along a street

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