With the market favoring buyers, more home sales are falling through as minor disagreements can lead to deals being called off. Nearly 60,000 home-purchase agreements were canceled in August, according to a new report from Redfin, a subsidiary of Rocket Cos. That’s 15.1% of homes that went under contract, up from 14.3% a year earlier […]
More home sales fall through as buyers gain leverage Read More »
Minority homebuilding businesses grew noticeably in the years after the Great Financial Crisis, but their share still lags when compared to the total population of people of color in the U.S., new analysis finds. The percentage of newly established minority-owned homebuilders more than doubled between pre-crisis 2007 and 2022 from 6% to 14%, according to
Growth of minority builders collides with policy rollback Read More »
The mortgage industry’s top trade group issued two new enhancements to help establish consistency across the loan boarding process as well as in communications surrounding artificial intelligence. The Mortgage Industry Standards Maintenance Organization released its new loan boarding dataset, which provides a consistent data baseline to ease the path for newly originated mortgage loans to
MISMO releases loan data guide and AI glossary Read More »
The Phoenix arena home to Mat Ishbia’s basketball teams will promote United Wholesale Mortgage’s broker search website for the foreseeable future. The Phoenix Suns, Phoenix Mercury and UWM Thursday announced a 10-year, $115 million naming rights partnership for the city’s arena to be known as the Mortgage Matchup Center, after UWM’s mortgagematchup.com site. Ishbia, president
UWM inks deal to name Phoenix arena Mortgage Matchup Center Read More »
A mixed picture emerged in mortgage rates one day after the start of the U.S. government shutdown, while a release of new jobs data raises concerns about the nation’s economic picture. Ten-year Treasury yields, whose movements typically influence the direction of mortgage rates, sat at 4.08% as of Thursday afternoon, tumbling 11 basis points from
Bond yields sank — so why aren’t mortgage rates following? Read More »
Fair Isaac Corp. is rolling out a new program that lets mortgage resellers bypass the three major credit bureaus Equifax, Experian and Transunion and deliver its FICO credit scores directly to lenders, a shift the company says will bring down costs. The announcement drew cautious optimism from industry trade groups. The move avoids any additional
FICO’s new pricing program met with cautious optimism Read More »
The Mortgage Bankers Association’s Chief Operating Officer will retire at the end of the year, the company announced Wednesday. Marcia Davies joined the MBA in 2011 as senior vice president of conference and meetings and chief of staff under former President and CEO David Stevens. She was promoted to chief operating officer in 2014. “Her
MBA announces retirement of COO by year’s end Read More »
Farmer Mac Farmer Mac CEO Bradford Nordholm will retire in 18 months, the company announced Thursday. Nordholm took over as CEO in 2018, almost a year after Farmer Mac fired former CEO Timothy Buzby for violating company policies not related to its financial and business performance. With Nordholm at the helm, Farmer Mac, a secondary
Farmer Mac CEO Bradford Nordholm to retire in 2027 Read More »
Adobe Stock OCMBC is retiring a controversial name it does business under, Jet Advantage Mortgage, and is replacing it with a new one, the company announced this week. But the new moniker does not resolve outstanding legal issues OCMBC has with a local rival. GIANT Lending will serve as the company’s nationwide wholesale lender with
OCMBC launches new business name, retires old one Read More »
Cities with younger, more mobile populations are set to benefit more from sinking mortgage rates, a new Realtor.com report found. More than 80% of existing mortgages have a rate of 6% or lower, meaning as rates approach similar levels, more homeowners will be brought back to the market. This especially is true in metros with
Youthful cities to benefit more by falling mortgage rates Read More »