Kelsey Ramírez is a Reporter at HousingWire. Ramírez is a journalism graduate of University of Texas at Arlington. Ramírez previously covered hard issues such as homelessness and domestic violence and began at HousingWire as an Editorial Assistant.
Independent mortgage bankers pulled back into the black during the second quarter after seeing the worst quarter for profitability in years during the first quarter. However, even after rising from the first quarter’s loss, when measured in basis points, pre-tax net production income reached its lowest level for any second quarter since the inception of the MBA’s report in 2008.
American Equity Mortgage closed its doors for good after its failure to invest in technology made it unable to compete with other mortgage lenders. Many lenders hope that investing in digital mortgages will help cut back on costs as competition rises, but for American Equity Mortgage, that investment was simply too little, too late.
Home sales are slowing as the year stretches on, however, that’s not true for one market segment – first-time homebuyers. In fact, first-time buyers purchased more homes in the first half of this year than any first half since 2005.
The FHFA announced Tuesday its new proposed rule which would amend its rule on golden parachute payments in order to reduce compliance burdens. The agency explained some parts of the rule are too broad, and overregulate areas where there is little risk of excess or abuse.
Over the weekend, Sen. John McCain passed away at the age of 81. Now, members of the housing and mortgage finance industries are paying tribute to the renowned Republican politician, expressing their support in remembrance of the war hero-turned U.S. senator from Arizona.
Private mortgage insurance continues to surge, seeing a significant increase in new mortgage insurance written in the second quarter. New mortgage insurance business volume rose to about $80.3 billion, rising 14% annually and hitting a new post-crisis peak.
Moody’s announced it is downgrading its assessment for JPMorgan Chase’s jumbo residential mortgage originator from strong to above average. This change was driven by a significant increase in loans acquired from Chase’s correspondents with delegated underwriting authority. But Chase disputed the downgrade, saying it was based on insufficient information.
Airbnb is suing New York City over a recently passed law that forces the company to reveal hosts’ data, saying this law violates users privacy rights. New York recently passed new legislation that is designed to target illegal short-term rental activity but is slated to slash Airbnb’s New York booking revenue in half. But now the short-term rental company is fighting back.
Hurricane Lane is set to make landfall over the weekend and Fannie Mae and Freddie Mac are reminding servicers of their options in the wake of the upcoming storm. As the storm moves closer, the GSEs explained homeowners affected by it could receive forbearance for up to one year.
Federal Reserve Chair Jerome Powell defended the Fed’s current approach to monetary policy in a speech at the Jackson Hole symposium on Friday. In his speech, he outlined the current state of the U.S. economy and expressed his view that, for now, rate hikes will likely continue.
The first thing you notice about New American Funding's Rick and Patty Arvielo is how much they like each other. That might seem like a foregone conclusion when you meet a married couple, but when that couple also runs an incredibly successful business together, I imagine it could get complicated. Read on to find out more about how this successful couple manages their life, and business, together.
For the first time since 1981, our industry is experiencing a rising interest rate environment. Some people may assume that the current market shift means their business will take a downward turn from which they will never recover. I don’t buy it. The way I see it, challenging times force us to refine our processes and practices.