Seattle-area residents lost tens of billions in wealth due to racist housing policies: report
Households headed by people of color living in King County, Washington – the area where Seattle is located – have lost an estimated $12 billion to $34 billion in wealth since the 1950s because of racist housing policies. That’s according to a report commissioned by King County, which was first reported this week in The […]
Housing Market Tracker: Inventory Shocks Lower
The slow zombie crawl of housing inventory eased last week as inventory turned negative week-over-week. In addition, mortgage rates rose to their highest in a year as labor data held steady and purchasing apps had their first negative week after three consecutive weeks of positive growth. Weekly Active Inventory declined 866 houses Mortgage rates hit […]
How Prime Lending plans to gain market share
prime lendingThe Texas-based retail mortgage bank aims to expand its market share by growing within its existing footprint in a margin-thinning environment. The lender hired 100 loan officers in June, taking the total number of LOs to around 800. Licensed in 23 states across the country, PrimeLending has 150 branches, including satellite and primary retail […]
Invitation Homes Reportedly Close to Buying 2,000 SFR
Barry Sternlicht’s Starwood Capital Group is close to an agreement to sell a portfolio of single-family rental homes to Invitation Homes Inc, The transaction will include about 2,000 homes and each property will be valued at about $400,000, a source told Bloomberg, which first reported the story. The deal is not final and may not […]
Movement to pay $24 million to settle underwriting government loan fraud case
Lender based in Indian Land, South Carolina movement hostage agreed to pay $23.75 million to settle allegations that it improperly originated and underinsured mortgagees. federal housing administration (FHA) and department of veterans affairs (VA) program. The Justice Department’s settlement announcement on Thursday resolves a whistleblower lawsuit filed in 2018 by former underwriter Jennifer McNeil and […]
Guaranteed Rate acquires full ownership of the Premia Relocation Mortgage
Chicago based guaranteed rateTop 10 US mortgage lenders acquired Sirwa’s shares on premia relocation mortgage and is now wholly owned by the business, the companies announced Friday. Financial terms of the transaction were not disclosed. Premia, which provides relocation mortgage service for employees moving across the country or to other countries, has a digital platform […]
What are housing leaders doing that you are not?
It is even surprising that HW Media deliberately creates and produces its programs, but what is going on behind the scenes? This letter from the editor series shows the inside and outside of our HW annual event in Austin, Texas, October 10-12. To learn more about the event or to register, go here, Bren Nath, […]
Crowdfunding platform PeerStreet files for bankruptcy
California based real estate investment platform PeerStreet, Inc. and 14 affiliated debtors filed for protection under Chapter 11 of the U.S. Bankruptcy Code in a Delaware court on Monday, citing a challenging mortgage market and struggles to raise capital with venture capital funds. “Through its bankruptcy filing, PeerStreet will seek to sell all of its […]
How the implementation of AI could impact the mortgage industry
“Once the data is identified, the system can run a series of automated comparison checks or rules,” said Jennifer Fortier, principal at Stratmore. Automated comparison checks could help solve one of the biggest issues in mortgage banking: a lack of trust in the data provided by borrowers and lenders. Senior Garth Graham says, “We spend […]
Pending home sales declined 2.7% in May, though demand remains strong
Pending home sales fell again by 2.7% in May, after remaining steady month-on-month in April, according to data released on Thursday. National Association of Realtors (NAR). Year-to-date, pending home sales declined by 22.2%, a major decrease from the 20.3% annual decline recorded in April. The NAR’s Pending Home Sales Index fell to 76.5 in May. […]
