Lending

Quarter of homeowners can't define a HELOC

Nearly half plan to renovate, but most won't use their home equity to finance it
Nearly half of homeowners say they have plans to renovate their home in the next two years, and a third of those intend to drop $50,000 to do it. This is according to a recent survey from TD Bank, which highlights a major opportunity for lenders: A sizable number of homeowners can't define a HELOC.
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Quicken Loans logs best quarter in company history

Originated record-breaking $32 billion in mortgages in Q2
The mortgage business has been a bit rocky in recent years, but that doesn’t appear to be holding back Quicken Loans. The Detroit-based lender logged its best quarter ever, raking in $32 billion in mortgage originations in the second quarter of 2019 – the most in its 34-year history.
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LenderClose adds to sales, software development team

Hires Troy Allen, Kathy Bell and Caleb Salt
Iowa-based fintech startup LenderClose is expanding its team yet again, announcing three new hires Tuesday. Joining the team are sales reps Troy Allen and Kathy Bell, and software developer Caleb Salt, who bring LenderClose’s total number of new hires so far in 2019 to 15.
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Hispanic buyers are boosting the housing market

Homeownership for this group is trending upward, and lenders are recognizing the opportunity
The homeownership rate for Hispanics has jumped in recent years, a fact that could buoy the housing market for years, according to a recent Wall Street Journal article. Just three years ago, the homeownership rate for this group had fallen to a 50-year low. But now, recent Census data shows that it has risen 3.3% since then, surpassing the overall homeownership growth rate of 1.3%.
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Trade groups cast doubt over FHA's attempt to remove lending roadblocks

Letters to HUD say proposal "will not give lenders the assurance needed"
In May, the FHA said it was working to clarify the rules of its mortgage program in an effort to ease compliance concerns, pledging to replace the “jumbled legalese” in its certification and compliance documents with “plain English.” But a number of trade groups expressed their joint belief that the proposed changes do not go far enough to ease compliance concerns and “will not give lenders the assurance needed to expand their program participation.” Here's what they recommend be done.
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Who are the HousingWire Tech Trendsetters?

And how can you become one?
Who are the HousingWire Tech Trendsetters? Actually, that has yet to be decided. The 2019 Tech Trendsetter award is HousingWire’s brand new awards program, and we’re waiting on you to help shape the list of the first Tech Trendsetter award winners.
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Opendoor and Redfin join forces to begin buying houses in Phoenix and Atlanta

Opendoor will being buying houses via Redfin’s platform
In what may seem like a surprising partnership between two would-be competitors in the burgeoning iBuyer market, Opendoor and Redfin are joining forces to buy homes in Phoenix and Atlanta. The companies announced this week that homeowners in those two cities will now be able to request a direct offer for their home from Opendoor through Redfin’s website and mobile apps.
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Trump administration reportedly souring on sweeping Fannie, Freddie reform prior to 2020 election

Bloomberg: Trump admin is concerned about political fallout of GSE reform
Despite momentum towards actually ending the conservatorship of Fannie Mae and Freddie Mac seemingly growing by the day, the Trump administration is reportedly concerned about the impact of widespread housing finance reform in advance of the 2020 election. And because of that concern, the administration may be considering holding off on significant reforms to the GSEs for at least another 18 months.
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