Social media and mobile-digital communications have already reshaped a number of industries, and mortgage banking isn’t going to be any different, according to a leading guru in the field. Many of today’s loan officers are going to become obsolete unless they adapt to rapidly shifting consumer expectations, said Clara Shih, CEO and founder of Hearsay Social, during a session at the recent annual convention of the Mortgage Bankers Association. Although there are some ...
An executive at Angel Oak Capital, Atlanta, parent of Angel Oak Home Loans, confirmed that his firm is seeking a rating and would like to issue a rated non-QM MBS someday…
As the new breed of subprime lenders continues to increase originations, these firms are now actively pondering whether they should approach the rating agencies about getting their firms rated. Dan Perl, founder and CEO of nonprime/non-QM lender Citadel Servicing, Irvine, CA, said his firm has approached Fitch Ratings and hopes to get rated as both a servicer and originator. Perl believes some of his competitors are going down the same path as well. He told...
In case you didn’t know it, the Irvine, CA-based Citadel now services roughly $650 million in nonprime loans. Angel Oak and Deephaven use subservicers…
Mortgage lenders delivered a slightly less risky assortment of single-family loans into Fannie Mae and Freddie Mac mortgage-backed securities during the third quarter of 2016, according to a new Inside Mortgage Trends analysis. Some 11.62 percent of purchase mortgages securitized by the two government-sponsored enterprises had low credit scores and high loan-to-value ratios during the third quarter, down from 11.79 percent in the previous ... [Includes two data charts]
As yearend approaches, growth-minded nonbank mortgage firms continue to hire new workers while commercial banks are taking a cautious “wait-and-see” approach, according to interviews conducted by Inside Mortgage Trends over the past two weeks. “We continue to grow and are currently hiring across the board – technology, mortgage banking, underwriting, marketing and more,” said Jordan Fylonenko, a spokesman for nonbank Quicken Loans, the nation’s second ...
Homebuilders are optimistic about the rising trend in the housing market for persons 55 years of age and over. The National Association of Home Builders’ 55+ Housing Market Index showed an increase of two points to 59 in the third quarter from the previous quarter. That marks the 10th consecutive quarter in which the index has risen above the break-even point of 50, according to the trade group. The two-point increase suggests that more builders view housing-market conditions ...
The average age of first-time homebuyers tied a record high this year, and many potential first-time homebuyers are having difficulties finding affordable properties and saving for a downpayment, according to the National Association of Realtors. NAR’s annual profile of homebuyers and sellers found that the median age of first-timers was 32, up from 31 over the past five years. First-time homebuyers accounted for 35.0 percent of home purchases in 2016, up from a ...
Balancing technological advances in the mortgage space with safety and soundness can be challenging, but it should be considered a priority, according to industry experts on a recent panel in Washington, DC, sponsored by the Urban Institute and CoreLogic. Quicken Loans launched its Rocket Mortgage early this year at a time when an avalanche of new regulations had the industry back on its heels. “While many in the industry were playing a lot of defense, and rightfully so ...
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