Fannie, Freddie Offer Mortgage Disaster Relief

Fannie Mae and Freddie Mac announced Wednesday that temporary assistance is available to homeowners impacted by a natural disaster, including the wildfires on the West Coast and the Hurricane Sally in the Gulf region. Fannie and Freddie urged homeowners impacted by the disasters to contact their mortgage servicers after the disaster to determine what assistance they may be entitled to. Assistance includes suspending or reducing payments for up to 90 days, suspending foreclosures, and forbearance on mortgage payments for up to a year. “The priority is for homeowners to get themselves and their loved ones safely out of harm’s way,” said Bill Maguire, Freddie Mac’s Vice President of Single-Family Servicing Portfolio Management. “Once out of harm’s way, homeowners whose homes…

IMB Mortgage Production Profits Jump In Q2

It was a big quarter for independent mortgage banks and mortgage subsidiaries of chartered banks. IMBs and subsidiaries reported a net gain of $4,548 on each loan they originated in the second quarter – up from a $1,600 per loan in the first quarter of the year, according to a report released by the Mortgage Bankers Association. “Fueled by a surge in borrower demand and record-low mortgage rates, mortgage production profits in the second quarter reached the highest level since the inception of MBA’s report in 2008,” said Marina Walsh, MBA’s Vice President of Industry Analysis. “Production volume averaged over $1 billion per company, and there was an ideal combination of higher revenues and lower costs.” The report also found:…

State Cites United Shore For Covid Violations

Michigan state workplace safety officials on Friday issued a citation to United Shore Financial Services – where at least 84 employees have been diagnosed with COVID-19 – for “failing to implement necessary precautions to protect employees” during the pandemic. Pontiac-based United Shore, a major player in the mortgage industry, was fined $6,300 by the Michigan Occupational Safety and Health Administration (MIOSHA). United Shore was one of six companies cited by the state on Friday. “The MIOSHA investigations determined that these six employers were clearly not taking the appropriate steps to protect employees and their communities from the spread of COVID-19,” MIOSHA Director Bart Pickelman said. “These citations are meant to reiterate the employer’s duty. Precautions are necessary to establish and…

United Shore Employee: “Our Building Is Not Safe”

The number of United Shore employees who have tested positive for COVID-19 climbed to 84, according to the Oakland County Health Department – but CEO Mat Ishbia told the Detroit Free Press that the virus is “not being spread around here.” United Shore, a Pontiac, Michigan-based mortgage firm, was slapped with a county health order earlier this month after 53 employees tested positive for COVID-19. Since then, another 31 employees have tested positive, the Free Press reported Saturday. The first case at United Shore was recorded June 29 – and the company is believed to have the most cases of any Oakland County business, a county official told the Free Press. But Ishbia claims it has nothing to do with the…

Rocket Companies Stock Up 19.5% On Opening Day

On its opening day of trading, Rocket Companies’ stock was up 19.5 percent Thursday – from $18 to $21.51 at the closing bell. Detroit-based Rocket Companies is trading under the ticker symbol RKT on the New York Stock Exchange. It climbed to $23.25 in after-hours trading. “Rocket Companies has a proven record of innovation that drives industry disruption and delivers an unmatched customer experience, and we’re excited to continue that legacy now as a public company,” CEO Jay Farner said.  “We see tremendous runway to drive long-term profitable growth by increasing market share in the massive and fragmented mortgage industry and leveraging our technology platform to unlock opportunities in our ecosystem. We invest for the long-term and place enormous value on supporting…

Employees Slam United Shore’s COVID Response

When the Oakland County health department sent an emergency order to United Shore and United Wholesale Mortgage CEO Mat Ishbia about safety protocols during the pandemic, they cited “numerous complaints” about the company’s practices and more than 50 positive tests. Those complaints are reflected on the company’s Glassdoor reviews, with numerous current and former employees alleging that company leadership forces employees to work in the office too close to others and doesn’t take health concerns seriously. “I’m disappointed in the way that United Shore has handled themselves with Covid19. They were late to the party by sending their employees to work from home, then forced them back at the beginning of July. It doesn’t surprise me to hear that there…

County Slaps UWM’s Ishbia With COVID Order

Amid multiple complaints and more than 50 confirmed COVID cases among employees, county health officials slapped United Shore with an emergency order this week requiring the company to comply with health and safety rules. Oakland County Health Officer Leigh-Anne Stafford sent a letter to United Shore and United Wholesale Mortgage CEO Mat Ishbia, demanding the company do more to protect employees. “The Oakland County Health Division has received numerous complaints that United Shore … is operating a business in direct violation of the Governors Executive Order 2020-161, that requires minimum activities for business operations and Executive Order 2020-153 that requires masks to be worn over the mouth and nose when in an indoor space. In addition, over 50 confirmed cases reported being…

Checking In With Anthony Casa

If you thought Anthony Casa would dial things back in the wake of sending lewd video texts about a rival’s wife, well … he seems to be sending a different message. As seen in the picture above, Casa updated his Facebook cover photo with an old picture in front of a presentation slide that says “FUCK THESE GUYS. ATTACK ATTACK ATTACK.” His Facebook profile still identifies him as “Chairman @ Association of Independent Mortgage Experts” – even though he took a leave of absence after swift and severe backlash to his lewd texts and comments. Casa came under fire after The Mortgage Note and others shared videos he sent to Quicken executive Austin Niemiec falsely alleging his wife Theresa performed oral sex…

Quicken, Regions Top Ranked Mortgage Servicers

With the economy in shambles and millions of Americans struggling to pay their mortgages, borrowers’ satisfaction with their loan servicers actually has increased this year, according to the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study released Monday. The survey found that borrowers are most satisfied with Quicken Loans, followed by Regions Mortgage and Huntington National Bank. PHH Mortgage, Shellpoint Mortgage Servicing and NewRez were ranked at the bottom. The survey found that the record low interest rates, coupled with the economic fallout from the coronavirus, has created a huge surge in customer inquiries – resulting in a more website use, long wait times on call centers and very little proactive communication. “The COVID-19 pandemic has really amplified the…

GSEs Report Solid Q2 Earnings

Fannie Mae and Freddie Mac reported financial results for the second quarter on Thursday, with Fannie notching net income of $2.5 billion and Freddie recording $1.9 billion. Both companies reported significantly higher net worth as of June 30. Here are the details: Fannie Mae Fannie Mae reported net income of $2.5 billion for the second quarter of 2020, compared with net income of $461 million for the first quarter of 2020 – due primarily to a decline in credit-related expense in the second quarter of 2020 compared with the first quarter of 2020.  Fannie Mae’s net worth increased from $13.9 billion as of March 31, 2020 to $16.5 billion as of June 30, 2020. Fannie Mae provided $542 billion in…