The Federal Housing Administration, which receives the largest share of mortgage applications among the government guarantors, is adopting the UAD 3.6 appraisal format going into place in the conforming market. The new UAD 3.6 Uniform Residential Appraisal Report is replacing traditional boilerplate forms which are currently being used, such as the Fannie Mae 1004. But […]
FHA adds momentum to new appraisal format’s use Read More »
A federal jury in Puerto Rico on Tuesday convicted Oluwasegun Baiyewu, 37, of Richmond, Texas, in a money-laundering conspiracy stemming from wide-ranging wire, mail and device fraud schemes that funneled illicit funds to Nigerian transnational organized crime groups through car part auctions. While the total dollar value of the schemes is relatively small, prosecutors only cited
A small Nigerian money-laundering scheme has big lessons for banks Read More »
Mr. Cooper’s $25 charge to borrowers for expedited payoff quote statements passes legal muster, a federal judge ruled. U.S. District Judge Barbara Jacobs Rothstein last week granted summary judgment in favor of the lender and servicer in the consumer lawsuit that drew the attention of federal regulators. Plaintiffs have argued for over a year that
Mr. Cooper servicing fee passes legal muster Read More »
Mortgage application volume declined for the second week in a row, as a small rise in rates put a damper on refinance activity, the Mortgage Bankers Association said. The Market Composite Index decreased by 1.4% on a seasonally adjusted basis for the period ended Aug. 15. The refinance component was down by 3%, although versus
Higher mortgage rates slow refi application volume Read More »
The oversight agency for two government-sponsored enterprises greenlighted plans for industry giant Rocket Cos. to buy megaservicer Mr. Cooper, but only under certain conditions. Fannie Mae and Freddie Mac’s regulator will require the new combined company to have “appropriate financial and operating safeguards.” Their regulator specifically is requiring them to each maintain “strict counterparty risk
GSEs’ regulator allows Rocket-Mr. Cooper combo with caveats Read More »
Now that the market is slowing down, homeowners who haven’t sold at the price they were hoping for are increasingly pulling their homes off the market. According to the latest data from Realtor.com, the number of homeowners taking their homes off the market is up 38% since the start of this year and 48% since
History Shows the Housing Market Always Recovers Read More »
Lenders like Rocket Mortgage and UWM have reshaped the mortgage industry. Their massive tech stacks and national footprints allow them to manufacture loans at incredible speed and scale. The rest of the industry has responded by layering automation onto existing workflows in an attempt to keep pace. But the challenge isn’t just about speed. It’s
Everything everywhere all at once: The end of the assembly line in mortgage lending Read More »
As consumer debt surpasses $18 trillion in early 2025, the need for effective and ethical consumer debt reduction solutions has never been more urgent. Both nonprofit and for-profit models offer pathways to financial recovery, but they’re just part of a broader landscape. For real estate agents, mortgage lenders, brokers, and fintech innovators, understanding the full spectrum of
Let’s be real: the last two years have been brutal for a lot of people in our industry. Production’s down. Pipelines are tighter. Good people have left. But if you’re reading this, you’re still here. And that means something. It means this isn’t just a job to you…it’s your business. Your calling. Your legacy.And you’re
Loan originators, you’re still here. That means something. Read More »
President Donald Trump’s unprecedented and escalating attack on the Federal Reserve runs the risk of backfiring by hitting financial markets and the economy with higher long-term borrowing costs. For weeks, he has lambasted Chair Jerome Powell for not slashing interest rates deeply to stimulate the economy and — as Trump sees it — lower the
Trump’s Fed gamble risks pushing key bond rates even higher Read More »