Zillow Reports Q3 Revenue Of $657 Million

Zillow announced third quarter financial results, as the online real estate company posted strong revenue amid the coronavirus pandemic. “Zillow’s strong third quarter results reflect impressive execution during a time of challenge and opportunity,” Zillow Group co-founder and CEO Rich Barton said. “Many of us are re-evaluating where we live and how we live, which has kicked off a Great Reshuffling, and we need safe, digital ways to get to a better place.” Total consolidated revenue of $657 million and revenue for all three segments exceeded the high end of the company’s revenue outlook for the third quarter.Segment income (loss) before income taxes was $140 million, $(76) million and $11 million for the IMT, Homes, and Mortgages segments, respectively, and…

Redfin Posts Third Quarter Earnings

Redfin on Thursday announced financial results for the third quarter, with revenues down slightly but profit up significantly from last year. Third-quarter revenue dropped 1 percent year over year to $237 million, while gross profits was $93 million – an increase of 74 percent from the third quarter of 2019. Net income per share attributable to common stock was $0.30, up from $0.07 last year. Redfin also reported that gross profits on real estate services were $92 million, an increase of 70 percent from $54 million in the third quarter of 2019. “Redfin’s increasing share of North America’s online real estate audience, coupled with a strong housing market, has generated demand faster than we can recruit agents, lenders and partners,” said Redfin CEO Glenn Kelman. “Our market…

UWM Announces Earnings Ahead Of IPO

Ahead of its initial public offering, United Wholesale Mortgage announced that it closed $54.2 billion in loans in the third quarter of this year – up 81 percent from the third quarter of 2019. For the year, the Pontiac, Michigan-based wholesale lenders has closed $127.8 billion in mortgages – up from its total 2019 record of 107.8 billion.  “This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience,” UWM President and CEO Mat Ishbia said. The increased volume reflects an industry-wide growth in mortgage activity – especially around refinances – amid record-low mortgage rates. On Wednesday, the Mortgage Bankers Association announced that refinances…

Fannie, Freddie Offer Relief After Hurricane Delta

In the wake of Hurricane Delta, Fannie Mae and Freddie Mac are reminding homeowners of the mortgage assistance and disaster relief options available to them. Relief options include: Homeowners may request mortgage assistance by contacting their mortgage servicer following a disasterMortgage servicers are authorized to suspend or reduce a homeowner’s mortgage payments for up to 90 days – even without establishing contact – if the servicer believes the homeowner was affected by the disasterHomeowners affected by a disaster are often eligible to reduce or suspend their mortgage payments for up to 12 monthsDuring this temporary payment break:Homeowners will not incur late feesForeclosure and other legal proceedings are suspended “Hurricane Delta will mark the fifth hurricane to hit the U.S. so…

Report: Anthony Casa Leaves AIME

Three months after igniting a scandal by sending lewd and misogynistic messages about a rival, Anthony Casa is officially stepping down from his role at the Association of Independent Mortgage Experts, HousingWire reported Thursday. Casa took a leave of absence from AIME after he falsely accused the wife of a Quicken executive of having sexual relations with United Wholesale Mortgage CEO Mat Ishbia. He is starting his own brokerage in Philadelphia, according to a statement he provided to HousingWire, which makes no mention of the scandal that drove him out of AIME. “After much consideration and heart-to-heart conversations with family and friends, I have decided to officially hand the reigns over to the extremely capable hands of Katie Sweeney and…

Wells Fargo CEO Apologizes For Diversity Comments

Wells Fargo CEO Charlie Scharf apologized for telling employees that the banking giant was failing to meet diversity goals because there were not enough qualified minorities in the industry. “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from,” Scharf said in a memo in June, Reuters reported. After significant blowback, including from members of Congress, Wells Fargo publicly released a follow-up message Scharf sent to employees Wednesday. “Some of you may have seen media stories referencing a comment on diverse talent from my June “Our commitment to change” memo,” Scharf wrote. “I apologize for making an insensitive comment reflecting my own unconscious bias. There are many…

Rocket Doubles Down On Broker Market

Quicken Loans Mortgage Services is taking a bigger step into the broker pool – with new offerings and a new name. Quicken Loans Mortgage Services – which serves brokers, community banks and credit unions – will be rebranded as Rocket Pro TPO by late November. As part of the rebrand, the lender is creating a broker-branded origination hub to streamline the loan process. “Through the thousands of conversations we have had with our partners, we know brokers want cutting edge technology, marketing support and more referrals. QLMS is now aligning with the Rocket brand – the most recognizable mortgage brand in the country – and giving partners the ability to use it in their marketing to assist more Americans,” said Austin…

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…