Mortgage giant Mr. Cooper Group has named Mike Weinbach, a former Wells Fargo and JPMorgan Chase executive, as its new president. He will succeed Chris Marshall, who is retiring at the end of 2024 but will assist with the transition. Weinbach, 50, will be in charge of the company’s operations, which includes originations, servicing and technology, Mr. Cooper announced on […]
Rocket Pro TPO, the wholesale arm of Rocket Mortgage, hopes to woo brokers with a slew of product enhancements and services. Rocket Pro TPO‘s executive vice president Mike Fawaz shared major changes and commitments for the broker community at its IGNITE Live event on Monday afternoon. Rocket Pro TPO affirmed that it will continue to […]
Three top agents from Realogics Sotheby’s International Realty moved to The Agency’s outpost in Seattle, Seattle Agent Magazine reported on Friday. Sandra Hines and Blake Waggoner from The Hines Group will join as senior broker and broker, respectively, and Dave Janssens will join as managing broker at the California-based brokerage led by Mauricio Umansky. Together, […]
The U.S. Department of Housing and Urban Development (HUD) on Tuesday announced that it is making $40.25 million available to support housing counseling services for homeowners, homebuyers and renters. Such funding will also directly support the work of housing counseling offering required Home Equity Conversion Mortgage (HECM) sessions. The new funding “Through the 2023 Office […]
Among the numerous issues that retirement preparation can present to those near the end of their careers, long-term care (LTC) provides an increasingly common discussion point. One potential product that could assist in paying for LTC and its insurance could be a reverse mortgage, according to personal finance publication Kiplinger. LTC is already an expensive […]
With four commission lawsuits in play, Illinois currently holds the title for the most commission lawsuits in one state. In addition to the long running Moehrl commission lawsuit, as well as the Batton 1 and Batton 2 suits, the Prairie State is now home to the Tuccori suit, filed in early December 2023 by James […]
360training.com, Inc. (360), an online regulated training provider, acquired Mortgage Educators and Compliance (MEC), a mortgage lending training company, both companies announced this week. Established in 1997, 360 specializes in comprehensive online training solutions for individuals and businesses across industries – including financial services, real estate, healthcare and environmental health and safety. The acquisition represents […]
Home-equity lending overall found its wings in 2023 as a number of independent mortgage banks ramped up product lines over the course of the year — despite a bump in the road in the third quarter when mortgage rates surged past 7%. The popularity of home equity lines of credit (HELOCs) and closed-end second (CES) […]
Ohio-based mortgage lender CrossCountry Mortgage has adopted the updated credit scoring model FICO Score 10 T to support origination of non-conforming loans and issue mortgage-backed securities (MBS), the company announced on Tuesday. The lender’s move follows Movement Mortgage’s decision in early October to become an “early adopter” of the updated credit scoring model that FICO […]
Is 2023 a year to forget? That’s what we’re supposed to say after a tough year, right? In the case of the mortgage industry, 2023 was not a pretty one. According to the Thomvest U.S. Housing Report, purchase loans were down 22% and refinance loan volume was down 65%. Home affordability was at its lowest […]
In the ongoing struggle for attainable housing, one positive development has been the increased availability of funding options for homeowners seeking to incorporate Accessory Dwelling Units (ADUs) into their properties. A recent survey by Villa noted that some ~60% of rental tenants said that living in an ADU has allowed them to live in a […]
Monday was the final date for parties to file post-trial motions in the Sitzer/Burnett commission lawsuit and litigants took it down to the wire to file their motions. The parties had since Oct. 31, 2023, when a Missouri jury found the National Association of Realtors, HomeServices of America, and Keller Williams liable for colluding to […]
Partisan rancor in Congress seems a sure thing in U.S. politics these days, but there is a sign of hope for compromise. Over the weekend, leaders including Speaker of the U.S. House of Representatives Mike Johnson (R-La.) and U.S. Senate Majority Leader Chuck Schumer (D-N.Y.) made separate announcements saying that an accord had been reached […]
The presiding judge in the ongoing bankruptcy case of Reverse Mortgage Funding (RMF) has approved a stipulation that would resolve an administrative claim made against the company’s estate by reverse mortgage servicing company Celink, authorizing both companies to consummate the agreement. The new agreement The agreement, stemming from a proof of claim filed against RMF […]
Boutique luxury brokerage Tate Property Group has joined Coldwell Banker, the company announced last week. The Austin, Texas-based brokerage was founded in 2008 by Pat Tate, who will be jumping to Coldwell Banker with her son, Drew Tate, and three other agents. The group will relocate to the Coldwell Banker’s Westlake office. In a statement […]
The battle among big brokerages for top agents continues in Texas, where eXp Realty added two top teams last week. The Mike Seder Group joined eXp after spending more than 25 years with RE/MAX. The team boasts 12 members, including Mike Seder’s wife Ally, and their two sons Patrick and Brett. Together, they serve communities […]
ICE Mortgage Technology — part of Intercontinental Exchange (ICE) – will be offering lenders access to investment advisory advice in its Encompass loan origination system (LOS) through a partnership with Halcyon, a tech firm specializing in advanced data integration. “In the current market where the refi boom has dried up and interest rates are sky […]
Based on the trends we can see after the start of the year, I’ll project 2024 will see about 15% home sales growth over 2023. Home prices will be up this year by a few percentage points, also. These are very clear trends as we start the new year. 2022 started insanely strong and weakened […]
