Opendoor, an online marketplace that buys homes directly from homeowners, announced this week it has expanded its Homebuilder Program beyond its pilot and is now available to all homebuilders. Homeowners using the program can sell their existing home to Opendoor and be connected with a homebuilder that will build them a new home, all in one transaction.
The long-standing nomination of Brian Montgomery, President Donald Trump's pick to lead the Federal Housing Administration, is finally over. Montgomery was confirmed Wednesday as FHA commissioner by the Senate in a vote of 74 to 23. Click the headline to read more.
On Tuesday, the House of Representatives passed S. 2155, also known as the Economic Growth, Regulatory Relief and Consumer Protection Act. The bill rolls back reforms from the 2010 Dodd-Frank Act and promises to provide regulatory relief to credit unions and community banks.
Tech startup First.io announced Tuesday it raised $5 million in its Series A funding round. Chicago-based startup investors MATH Venture Partners, Nine Four Ventures, and @properties’ co-founders Thad Wong and Mike Golden, leading the investment round.
Mortgage quality control and origination management solutions provider TRK Connection announced this week that Jeremy Burcham joined the company as executive vice president of sales. Burcham comes to the company from The Compliance Group.
Fannie Mae’s newest report from its Economic & Strategic Research Group indicates that this year’s economic outlook isn’t going to change much. The report shows that 2018’s growth prediction remains unchanged at 2.7% and the year will see two more interest rate hikes from the Federal Reserve. But, things don’t look quite as rosy for 2019... why?
In the most recent episode of “The Winner’s Circle”, HousingWire Editor-in-Chief Jacob Gaffney discusses a range of issues with Movement Mortgage CEO Casey Crawford, from how to increase black homeownership to how technology is changing mortgage lending. When asked about the application of artificial intelligence and automation in lending, Crawford said he anticipates that every tactical element is going to be automated but he reminds us that there is no replacement to human interaction.
Digital mortgage point-of-sale software provider Cloudvirga announced it raised $50 million in its Series C funding round, led by private equity firm Riverwood Capital. The company said the new round of funding will support its mission to “help lenders reduce record-high loan production costs via automation and empower borrowers with greater transparency and engagement in the mortgage transaction.”
In the newest episode of "The Winner's Circle", Casey Crawford, the CEO of Movement Mortgage, reflects on his childhood, NFL career and how he builds morale at Movement. But games and sports are no longer his strongest passions. In fact, he believes minorities need to be encouraged to buy homes much more than they are today. "The low rate of black homeownership is a problem," he says. Here’s what he is doing to fix it.
He wears t-shirts to his televised interviews; not very CEO. He played sports at a high level, but rarely brings it up and when he does he talks about it as a mere chapter in his life. Honestly, who plays a Super Bowl and doesn’t describe it as the defining moment in their personal journey? Casey Crawford, that’s who. His family is a big part of his life of course, but he talks about his even larger family — his coworkers — in terms that are just as glowing.
One of the things that has bedeviled mortgage financing post-crisis has been the absence of the private label mortgage backed securities market. During the peak years, private label MBS issuance topped $1 trillion. In 2017, only $70 billion of private label RMBS were issued, although that is a big increase from 2016.
Digital technology has disrupted businesses and industries from publishing to public transportation, so can the mortgage industry be far behind? Actually, anyone who’s applied for a mortgage recently will have recognized that things are already changing fast.