Jacob Gaffney

Jacob Gaffney

Jacob Gaffney is the Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s). At HousingWire, he began focusing his journalism on all aspects of the housing and mortgage markets.

ARTICLES

  • Here's where to find some good news for mortgage lenders

    Refis down, mortgage profits down, true, but desire to buy homes is still growing
    Looking for some good lending news during a downturn? LendingLife has your back. Yes, it is true that rates are rising, per loan profits are down, credit feels tight and refinances are dipping. But, the good news is that the perception of homeownership as a good investment is on the rise. And that's not the only good news for lenders right now.
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  • Bank of America’s problem with loan officers (and vice versa)

    Toxic work culture is not the bank's only mortgage troubles
    So BofA is still doing mortgages, just the way in which they’re now categorized is “immaterial”? Such language comes as no surprise to loan officers. It didn’t take me long to find one who has a problem with Bank of America. In a message on LinkedIn, the LO tells me that, as a loan officer who has been on both sides — wholesale and retail — she’s never had a good experience with Bank of America. Here's why.
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  • Freddie Mac Multifamily promotes two key leaders

    Both support vision of helping house low-to-moderate income families
    “As our business continues to grow, we are developing new ways to meet the needs of the market—and new leaders to address these opportunities,” said David Brickman, executive vice president and head of Freddie Mac Multifamily, about the promotions.
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  • Should borrowers be charged AMC fees and appraiser fees separately?

    There are two sides to mortgage lending valuations at play here
    The appraisers I speak to paint the AMCs as part of some large conspiracy to nickel-and-dime their way to big profits. The AMCs I speak to believe they are vital to maintaining the arms-length regulatory requirements set forth by Dodd-Frank. Are the AMCs hiding something? Maybe, maybe not. But, there is certainly something missing.
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  • AMCs respond to FHFA report they bring little value to appraisals

    Just as likely to make mistakes
    When commissioning an appraisal, do AMCs provide a better valuation to mortgage lenders? The FHFA says no and AMCs are not happy: "Our review of the research has uncovered real concerns about the methodology, measures of quality, errors and the insertion of staff opinion that seems to indicate bias."
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  • United Wholesale CEO declares huge HouseCanary settlement is “good for all of us”

    Tech disruption comes at a big price
    Speaking to the mortgage loan officer community on YouTube, Mat Ishbia said: "So this is good for all of us, we want these firms to come and disrupt it, and come up with a new way to help you with a Realtor, to help you with a consumer, help us with valuations. We need this, we all need this. The jury basically validated these technology firms have a place in our industry.”
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  • LendingLife reader: “Only a handful of AMCs will remain in a few years”

    Industry left scrambling for solutions?
    Last week readers of LendingLife got a first look at the Veros, Valligent partnership promising to cut mortgage lending cost. In that article, it's written that a big part of that cost savings would be taking the legwork out of valuations. More importantly, the news set off some responses from LendingLife readers, not just on the partnership, but on the state of the valuations industry as a whole.
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  • Here's how Mr. Cooper decreased homeowner concerns by 24%

    Makes other subservicers look absolutely stone age
    The large nonbank mortgage lender and servicer, Mr. Cooper, is used to onboarding huge portfolios of loans. By its own admission, such a process can be confusing and stressful. So with that in mind, the Mr. Cooper team developed what they call the “Red Carpet Initiative.” Here's how it works.
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