A fraud scam involving phony warehouse lending is leading mortgage brokers to lose tens of thousands of dollars, according to a California advisory. California regulators issued the warning earlier this month, cautioning mortgage brokers to be on alert for the elaborate scam, where unlicensed fraudulent businesses approach them with offers of warehouse lines of credit.
The six private mortgage insurers had the smallest year-over-year decline in new business in almost three years during the second quarter of 2024, with all underwriters coming in with similar market shares. During the quarter, the industry produced $79.8 billion of new insurance written, a 2% drop from one year ago, when they did $81.7
After months of heightened interest, mortgages for new single-family homes pulled back sharply in June, as lending activity significantly cooled. Applications for new homes decreased 16% from May on a non-seasonally adjusted basis, posting its first decline in 2024, according to the Mortgage Bankers Association’s Builder Application survey. Compared to the same time period one
While purchase mortgage activity slumped in June, declining interest rates drove a whopping 39% month-to-month increase in rate and term refinance origination volume, a Optimal Blue Market Advantage report said Consumers who had higher than the current market mortgage rates were quick to take advantage of the situation. “Many homeowners with higher rates — particularly
Mortgage lock volumes pulled back in June, as pervasive market sluggishness kept a grip on the housing market, according to a new report. Rate locks finished 7.84% lower compared to May, Mortgage Capital Trading said in its latest report. On a year-over-year basis, though, volumes increased by 6.11%. Among loan categories, purchase locks fell 8.99%.
A lackluster origination market has pushed some mortgage lenders to shed their middle management as a way to cut costs, which raises a question among industry stakeholders: Are regional and divisional managers important to the functioning of mortgage shops? In recent months, numerous stakeholders have pointed out that as the industry weathers an extended spell
A collaboration between rent-reporting platform Esusu and a leading trade group has helped bring in more than 15,000 new mortgage originations over its first year in operation, representatives say. Efforts to incorporate new rent underwriting criteria contributed to a total of 15,302 home loans totaling $6.9 billion, data from the New York-based financial technology platform
Following an early-year runup, home price growth eased to start the spring, as inventory also showed signs of improvement, according to the latest data from ICE Mortgage Technology. But despite the leveling off in prices, lack of affordability is still an obstacle in the current housing market, with both supply and demand running below usual
Mat Ishbia and United Wholesale Mortgage unveiled a 0% down purchase product Thursday, building on the wholesale giant’s aggressive offerings in the lending space. The product will grant home buyers a 3% second lien, down payment assistance loan up to $15,000, the firm’s president and CEO said at his company’s conference. The broker tool allows
Crafting a compensation package that allows mortgage companies to recruit or retain the employees they desire has to strike a balance between offering a competitive amount and ensuring it is sustainable for the finances of the business. In boom times, companies tend to make offers that in the long-term are not healthy for their own