Ben Lane is the Managing Editor of HousingWire. In this role, he leads the editorial team, helps set the pace for news coverage spanning the issues driving the U.S. housing economy and helps guide HousingWire's overall direction. Previously, he worked for TownSquareBuzz, a hyper-local news service. He is a graduate of University of North Texas.
Recent reporting by Bloomberg suggested that the Trump administration may be wavering on pursuing widespread reforms of Fannie Mae and Freddie Mac in advance of the 2020 election due to the potential economic impact of those reforms on voters. Now, Federal Housing Finance Agency Director Mark Calabria now says it’s possible that the GSEs may remain in conservatorship until 2024, at least.
For years, State Farm agents could offer mortgages to their customers through State Farm Bank, the company’s banking arm that offers home loans, auto loans, checking accounts, savings accounts, credit cards and other traditional banking services to State Farm customers. But that won’t be the case for much longer. Soon, State Farm will begin using Quicken Loans to originate mortgages for its customers thanks to a significant new partnership between the two companies.
Nomura Securities International will pay a fine of $25 million after the Securities and Exchange Commission accused several of the company’s former mortgage bond traders of lying to customers about the nature of the trades. According to the SEC, several Nomura RMBS and CMBS traders made “false and misleading statements” to customers while negotiating the sales of those bonds.
Thanks in large part to interest rates that have fallen throughout much of the year, it appears that the mortgage business had quite a solid second quarter, at least at some of the nation’s largest lenders.
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.
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.
CrossCountry Mortgage, a mortgage lender based in Ohio, is expanding its operations, announcing this week that it has acquired both bemortgage and PERL Mortgage. bemortgage launched in 2017 as a division of Bridgeview Bank Group, but the company moved last year to become a division of CrossCountry Mortgage. CrossCountry acquired PERL Mortgage more recently, closing on the deal in March 2019.
A Rhode Island woman who operated a property preservation and field services business admitted in court this week that she used that business to defraud dozens of individuals out of millions of dollars by operating what amounted to a Ponzi scheme.
Analysts from Goldman Sachs told clients this week that it’s basically a done deal that the Federal Reserve will cut its benchmark interest rate later this month. In the report, the Goldman Sachs analysts say that there’s a 90% chance of a rate cut coming out of the next meeting of the Federal Open Market Committee, which is set for July 30-31.
HomeLight, an online real estate platform that uses data and technology to connect home sellers with buyers and real estate agents, is getting into the mortgage business, following in the path blazed by companies like Zillow, Redfin, and Opendoor. The company announced Wednesday that it has acquired Eave, a digital mortgage lending startup that launched last year.
Brickman takes to helm of one of the largest mortgage companies in the U.S. today, and while times at the government-sponsored enterprise are filled with uncertainty, Brickman sees nothing but excitement for the future of Freddie Mac.
When buying a home, many Americans consider a 20% down payment to be the norm, the ideal amount of money to put down to get a conventional mortgage with no private mortgage insurance and to keep monthly payments reasonably affordable.