HousingWire recently spoke to Alex Elezaj, chief strategy officer at UWM, about the work independent mortgage brokers can do right now to prepare for when rates drop and how to go above and beyond for clients. HousingWire: Why should independent
Real estate brokers focus on value amid commission lawsuit unease
Today, the first class action commission lawsuit goes to trial in Kansas City, Missouri. While two of the defendants — Anywhere and RE/MAX — have settled in the case, those settlements have not been finalized. The National Association of Realtors,
FHFA extends certain rep and warrants to pandemic-related forbearance loans
The Federal Housing Finance Agency (FHFA) announced on Monday morning that it will treat, in some aspects, loans in COVID-19 forbearance similar to those in natural disaster forbearance. The change, to be implemented on Oct. 31, means pandemic-related forbearance mortgages will remain
FHFA says GSEs are open to alternatives to loan repurchases
Regarding lenders’ vociferous complaints about increased loan buybacks from Fannie Mae and Freddie Mac, FHFA Director Sandra Thompson said the regulator expects originators to deliver loans consistent with the guidelines. But, she added, the Enterprises must implement a fair, consistent, and predictable process
White House announces new housing initiatives to boost homeownership
The White House on Monday announced a series of new initiatives designed to boost U.S. homeownership, alongside data detailing housing aid that has been provided since 2021. New initiatives include allowing homebuyers to leverage income from accessory dwelling units (ADUs),
Stakes are high as first buyer broker commission lawsuit goes to trial today
The long-anticipated Sitzer/Burnett class action commission lawsuit enters its first day in court on Monday, leaving real estate professionals to ponder the fate of today’s cooperation and commission practices. At the crux of the case is the allegation that commission
Philly Fed President Harker: “We are at the point where we can hold rates”
Philadelphia Federal Reserve President Patrick Harker advocated for stopping interest rate hikes, noting that disinflation is under way. “I believe that we are at the point where we can hold rates where they are,” Harker said at the 2023 Mortgage
FHFA issues notice of potential changes to Suspended Counterparty Program
The Federal Housing Finance Agency (FHFA) on Friday issued a notice of proposed rulemaking that would amend its Suspended Counterparty Program (SCP) to include additional forms of misconduct as a basis for keeping regulated entities from doing business with organizations
Will labor data send mortgage rates to 8%?
The 10-year yield and mortgage rates have been rising close to the 2023 high as some labor data shows that the honey badger labor market is still growing. To make things even more complicated, the spreads between the 30-year mortgage
HAF funds have kept 300,000 people in their homes: U.S. Treasury
The Homeowners Assistance Fund (HAF) — a program designed to offer financial help to homeowners impacted by the COVID-19 pandemic — has kept more than 300,000 homeowners in their homes by curing defaults and keeping them out of foreclosure, according
What does the fix-and-flip market look like right now?
The fix-and-flip market has seen a boom in recent years, with more than 407,000 homes flipped in 2022, a 14% increase from 2021 and a 58% increase from 2020, according to a recent report by real estate data firm ATTOM.
Nationwide Property and Appraisal Services acquires Integrity Appraisal Management
Nationwide Property and Appraisal Services LLC (NPAS), led by Sri Velamati and one of the largest appraisal management companies in the U.S., announced that it has acquired Integrity Appraisal Management (Integrity), a regional AMC based in Houston, TX. The acquisition
Consumers may be coming to terms with elevated rates and high home prices: Fannie Mae
Consumer confidence in housing may have plateaued, according to the latest home purchase sentiment index (HPSI) by Fannie Mae. The HPSI — which tracks the housing market and consumer confidence to sell or buy a home — rose a mere
Job gains slow in June, but are probably still too hot to sway the Fed
The labor market is moderating gracefully, but conditions remain too hot for the Fed’s liking. Job gains were relatively solid yet again in June, with total nonfarm payroll employment reaching 209,000 jobs, compared to 339,000 in May, according to data
Better.com posts $90M net loss in Q1 2023
Digital mortgage lender Better.com disclosed that it posted a net loss of $89.9 million in the first quarter of 2023 and cut approximately 91% of its workforce over an approximately 18-month period — due in large part to a substantial
Fannie Mae and Freddie Mac update condo, co-op policy guidance
Government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac released updates on Wednesday related to condominium and co-operative project standards policies for properties in need of critical repairs and special assessments. “At the direction of the FHFA, Fannie Mae and Freddie
Mortgage rates reach their 2023 peak
Mortgage rates jumped this week as investors grapple with persistent positive economic data and a hawkish Fed. The Freddie Mac’s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed
Improving your bottom line at HW Annual
In this tight market cycle, strategic operational decisions can be the difference between success and failure. An aligned team of operational leaders can transition your business into the future, but first, you need the tools to get there. How are
Survey: High mortgage rates are keeping many Americans from buying a home
Homebuyers these days are facing much higher costs of ownership compared to a year ago, pushing most to the sidelines. Mortgage rates and home prices are high and inventory is paltry, resulting in a largely frozen housing market. Nearly two-thirds of
NAMB publicly supports proposal to reinstate prior LLPA structure
The National Association of Mortgage Brokers (NAMB) declared its support this week for a bill introduced by Republicans in the U.S. House of Representatives that would reinstate the Loan Level Price Adjustment (LLPA) structure that was in place prior to
The AOL debate rages on
Fannie Mae dropped a bomb on the title insurance industry in April 2022, when it adjusted its selling guide to allow the purchase of loans using attorney opinion letters (AOLs). In the ensuing 15 months, discussion over the risks and
Home equity levels decline 0.7% year over year: CoreLogic
Home equity levels have been on the decline over the last year, new data shows. Homeowners with mortgage loans saw their home equity levels decline by an average of 0.7% between the Q1 2022 and Q1 2023, the first decline
Mortgage rates decline following debt ceiling deal
The U.S. debt ceiling impasse was solved when President Joe Biden signed a bill on Saturday to suspend the $31.4 trillion limit until January 2025 and cap government spending. It alleviated some pressure on mortgage rates, which declined over the
Is the sinking housing market finally at the bottom?
It’s been a brutal 15-month period for the housing market since the Federal Reserve began escalating its benchmark interest rate in March 2022 to combat rising inflation. Since then, the Fed has bumped rates 10 times, effectively putting the brakes on what