New American Funding announced the launch of an insurance affiliate, which will offer homeownership coverage, alongside a range of other protections. In a deal with insurance distribution firm The Baldwin Group, New American will sell primary property coverage in addition to products to guard homeowners against flood and wind damage. The affiliate, named NAF Insurance […]
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A Massachusetts judge denied a home equity investment platform’s request to dismiss a state lawsuit filed against it in a case that could provide clues to how products from such companies might ultimately be defined. State Attorney General Andrea Joy Campbell originally sued HEI platform Hometap in February, putting forth multiple claims, including allegations that
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Rocket Cos. President Bill Emerson will retire at the end of the year, the company announced. The longtime executive and CEO of Rocket Mortgage from 2002 to 2017 will retire but remain on the Board of Directors, according to a Securities and Exchange Commission filing this week. Emerson helped lead the lender and servicer through
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The Community Home Lenders of America is calling for nonbank lender support as it emphasizes the importance of mortgage industry input in any federal decision-making regarding the future of Fannie Mae and Freddie Mac. The group representing small and mid-sized independent mortgage banks made its wishes known in a letter this week to Treasury Secretary
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Lenders looking to cut costs are more willing to lay off their back office staff than slash other business expenses, according to a new Fannie Mae survey. While cost-cutting wasn’t firms’ top business priority, more senior mortgage executives placed prospective layoffs above trimming general and administrative expenses. The findings in the Mortgage Lender Sentiment Survey,
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New mortgage delinquencies showed overall improvement in loan performance, but in what could be a more concerning trend, later-stage distress and foreclosures trended upward in the second quarter. The overall delinquency rate decreased to a seasonally adjusted 3.93% during the quarter, reflecting pullbacks from both three months and one year earlier from 4.04% and 3.97%,
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Two Texas-based mortgage giants are hoping to attract more investors in their own backyard, announcing dual listings on the New York Stock Exchange Texas. Plano-based Finance of America and Dallas-based Hilltop Holdings, the parent of Plainscapital Bank and Primelending, are founding members of the new fully-electronic exchange headquartered in Dallas. The NYSE, owned by Intercontinental
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Anniemac Home Mortgage is making its second acquisition in two weeks, adding construction lending experience to its ranks. The New Jersey-based lender Tuesday said it acquired certain assets of Florida-based Home Solution Lenders. The company, which recorded almost $200 million in loan volume last year, brings expertise in construction-to-permanent loans, Anniemac said. “Having an experienced,
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Lending software platform MeridianLink will go back into private hands after announcing Monday it had agreed to terms of an acquisition deal with investment management firm Centerbridge Partners. The deal to reprivatize the Irvine, California-based technology provider is the latest in a wave of mortgage-related mergers and acquisitions this year and also comes as advances
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John Bell III, executive director of the Department of Veterans Affairs’ Loan Guaranty Service, is leaving his role. The longtime mortgage professional and U.S. Navy veteran had been the executive at LGY since 2022, and spent 15 years at the VA, according to his biography. In a Linkedin post late Sunday night, he announced his
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