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Mortgage delinquencies are rising as homeownership costs pile up

Cotality, Delinquencies, Florida, Georgia, Homeowners insurance, HWmember, Mortgage, Property Tax, Servicing, South Carolina /

Rising property taxes, insurance payments and growing delinquencies are eroding the promise of long-term stability in homeownership, according to a new blog from Cotality. The post revealed that across the country, more people are starting to fall behind on their mortgages due to the post-purchase costs. These include property taxes and homeowners insurance, both of […]

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‘Dating the rate’ misled borrowers. Now they’re financially strained

Affordability, Churchill Mortgage, Homebuyers, HWmember, LendingLife, Loan Officer, Mortgage, Mortgage Rates, Origination, Refinancing /

“Marry the house, date the rate” is a phrase that was popularized during the post-pandemic era of rising mortgage rates. Lenders urged borrowers to focus on finding a house they were head over heels with and worry about their interest rate down the line. Borrowers who were accustomed to rates hovering near 3% didn’t realize

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Bilt raises $250M to expand into mortgages, with backing from UWM

HWmember, Investment, LendingLife, Mat Ishbia, Mortgage, Origination, Renters, United Wholesale Mortgage /

Bilt, which operates a loyalty program and credit card that converts rent payments into points, has secured a $250 million funding round led by General Catalyst and GID, with participation from United Wholesale Mortgage (UWM), the nation’s largest mortgage lender. The funding brings Bilt’s valuation to $10.75 billion and will fuel expansion across the broader

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Trade groups applaud Jonathan Gould’s confirmation to OCC

Bob Broeksmit, Cryptocurrency, HWmember, Mortgage, Mortgage Bankers Association, Office of the Comptroller of the Currency, Regulatory, Senate, Trump administration /

On Thursday, the U.S. Senate confirmed Jonathan Gould as head of the Office of the Comptroller of the Currency (OCC) in a 50-45 vote. The confirmation marks another Trump administration appointee who supports more lenient oversight of the banking sector and a more welcoming stance toward cryptocurrency. Gould previously held roles at the OCC during

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Housing market slowdown hits retirees long after they’ve sold

Bankruptcy, HWmember, Money, Mortgage, National Investment Center for Seniors Housing and Care, Retirement, Reverse, Wall Street Journal /

In 2020, Arlene Kohen, an 89-year-old widow, moved into Harborside, a luxury continuing-care retirement community in Long Island, New York. She paid a $945,000 entrance fee and $5,700 per month, with Harborside promising to refund 75% of the entrance fee upon death or departure. But after struggling financially and filing for bankruptcy three times, Harborside

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GTCR announces investment in Clear Capital

Appraisals, Clear Capital, HWmember, Investment, LendingLife, Mortgage, Scott Happ, Technology, Valuation /

Private equity firm GTCR announced on Tuesday that it has made a significant investment in national real estate analytics and data solutions company Clear Capital. As part of the investment, GTCR is partnering with Clear Capital co-founder and CEO Duane Andrews. The transaction represents Clear Capital’s first outside investment, with GTCR becoming the company’s majority

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Lawsuit claims Xactus, Equifax, others violated Fair Credit Reporting Act

California, Citigroup, Credit, Equifax, HWmember, Lawsuit, Legal, Mortgage, Wells Fargo, Xactus /

A plaintiff in California is claiming that Xactus and Equifax did not conduct a “reasonable” investigation into claims of identity theft, which harmed her credit and violated the Fair Credit Reporting Act.  The suit was filed in late May in the Superior Court of San Bernardino County, California, by plaintiff Junnan Guo, who is representing

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HUD offers foreclosure relief to Texans saddled by floods

Disaster Relief, Flood, Foreclosure, Government Lending, HUD, HWmember, Mortgage, Regulatory, Scott Turner, Texas /

Scott Turner, the secretary of the U.S. Department of Housing and Urban Development (HUD), announced on Tuesday a 90-day foreclosure moratorium for Federal Housing Administration (FHA)-insured single-family mortgages in the areas of Kerr County, Texas, that have been devastated by recent severe storms, including wind and flood damage. The 90-day moratorium prohibits mortgage servicers from

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Union Home Mortgage expands footprint in Ohio, adds 15 new personnel

HWmember, Mortgage, NRL Mortgage, Ohio, People Movers, Union Home Mortgage /

Union Home Mortgage (UHM) is extending its reach into the Cincinnati, Ohio, market, the company announced on Tuesday. Ravi Patel and Justin Allen will both serve as area branch managers of the Cincinnati office and bring with them a team of eight additional loan officers, three loan officer assistants, a processor, a production manager and

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Groups petition Supreme Court over New York foreclosure statute

American Bankers Association, Foreclosure, HWmember, Legal, Mortgage, Mortgage Bankers Association, New York, Supreme Court /

A group of banking and mortgage associations is trying to get the U.S. Supreme Court‘s attention due to constitutional concerns about the state of New York’s Foreclosure Abuse Prevention Act (FAPA). Friedman Vartolo LLP announced on Monday that it has filed an amicus curiae brief with the Supreme Court on behalf of five of the

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