Mortgage rates to rise for the first time in 2023. Has volatility returned?
Early 2023 sparks optimism in the mortgage industry federal Reserve The federal funds rate hike could be stopped sooner than later. Mortgage rates also fell by about 30 basis points in January, to the lowest level since September 2022. But February brought a dose of reality back to the markets. on February 3 Bureau of […]
How LO can leverage their sphere of influence
The market of 2023 is unlike those we have seen in previous years. We’re coming out of back to back years where mortgage rates were in the 2s and 3s, and now they’re in the 6s. In a market like this, every lead, loan and basis point counts more than ever for LOs. Dave Savage, […]
Northpoint Bank will spin off its correspondent lending business
northpoint bankA regional bank headquartered in Michigan will walk away from its correspondent lending business to focus on its retail lending, mortgage warehouse financing division and specialty loan service business. “Due to the significant contraction in the overall mortgage industry, we have made the difficult decision to exit the correspondent lending business,” said Chuck Williams, […]
Michael Strauss, smart rate license suspended in Illinois
A regulator in Illinois has suspended the MLO license of industry veteran Michael Strauss and the license of his mortgage company, smart rate mortgage, essentially preventing the company from operating in the state, as per Nationwide Multistate Licensing System (NMLS). In Illinois, the Department of Banking at the Department of Financial and Professional Regulation issued […]
Guaranteed Rate Loan Program Lower rates for builders, borrowers
Mortgage lender and digital financial services company guaranteed rate Court builders and lenders with their newly launched programs – the Lock ‘n’ Sell Rate Lock Program and Forward Commitments – by helping borrowers secure lower mortgage rates. The rate lock program allows builders to lock in the prevailing rate on individual homes for up to […]
Why HELOCs Are Becoming More Popular
The past few years in the housing industry have been nothing short of phenomenal. In 2020 and 2021, many homeowners refinanced, locking into historically low 30-year fixed-rate mortgages. And now, with the effects of inflation and growing economic uncertainty, home equity lines of credit (HELOCs) are an increasingly popular option for those looking to tap […]
Townstone wins order to dismiss CFPB’s redlining lawsuit
A federal judge in Illinois ruled in favor of Townstone Financial Inc. and on a motion to dismiss with prejudice a redlining lawsuit filed by its owner, Barry Sterner, consumer financial protection bureau (CFPB). In July 2020, the CFPB filed a lawsuit accusing the non-bank retail lender of discouraging potential African American borrowers from applying […]
Mortgage rates projected to drop, but will it entice buyers?
Mortgage pricing is mostly driven by long-term rates, so the shape of the yield curve matters too, says Shampa Bhattacharya, director Fitch Ratings, Told. The Fed’s latest decision to raise rates at a slower pace “could be an incremental positive for mortgage markets as long-term rates continue to decline.” Bhattacharya said 30-year mortgage rates peaked […]
FOA Announces Sale of InCenter’s Title Businesses
America’s Finance (FOA) indirect assistant in the center is selling its title insurance business, according to an announcement made on Thursday. entered into an agreement with a wholly owned subsidiary of Saar Group Limited to sell the issued and outstanding shares of Agent National Title Holding Company (antique) and issues and excellent membership interest Boston […]
Mortgage rates fall again despite militant Fed
federal Reserve Chairman Jerome Powell maintained a dovish tone during his speech at a press conference Wednesday afternoon — but it wasn’t enough to stop optimism seeping into the markets as mortgage rates fell to near 6%. “Inflation remains well above our long-term target of 2% in the 12 months ending December: overall PCE prices […]
