Both Movement Mortgage and Homepoint introduced new, speed-focused home equity products as homeowners continue to seek out ways to access cash without compromising their mortgage rates. Homepoint, a wholesale lender, launched a new, 100% digital HELOC in 38 states and Washington, D.C., available through its mortgage broker partners. The company said it will expand to more states within months. Its HELOC requires “minimal uploading of income and asset documents” and, in some cases, may provide same-day approval and funding within five business days. It lets borrowers access $20k to $400k of their home’s equity as a line of credit with either a 5-, 10-, 15-, or 30- year term and 2- to 5-year draw terms. They maintain at least 15%…
By KIMBERLEY HAAS Leaders at Lenders One Cooperative are planning to open branch locations at select Walmart stores in seven states. The company, established in 2000, is a national alliance of independent mortgage bankers, banks, and credit unions managed by a subsidiary of Altisource Portfolio Solutions. President Justin Demola said in a recent interview with The Mortgage Note that opening branches inside Walmart stores makes sense for their members and customers who will have access to lending services in the same place they shop. “Walmart is an interesting opportunity for us and our members,” Demola said. “The timing has lined up nicely. This project started almost two years ago when the mortgage market was buzzing. Interest rates were super low…
Mortgage interest rates softened last week after shooting above 7%, falling back to 6.95%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey found that the 30-year fixed-rate mortgage averaged 6.95%, down from 7.08% the week prior. A year ago at this time, the 30-year FRM averaged 3.09%. “Mortgage rates continue to hover around 7%, as the dynamics of a once-hot housing market have faded considerably,” said Sam Khater, Freddie Mac’s Chief Economist. “Unsure buyers navigating an unpredictable landscape keep demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday’s interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market.” The Federal Reserve approved another 75 BPS interest…
By KIMBERLEY HAAS A realtor who works in Florida says he has represented a number of buyers in the past two years that moved to the Sunshine State for more than its warm weather. They were escaping COVID pandemic restrictions, John Alestra, who works at Agile Group Realty in Tampa, said in a recent interview with The Mortgage Note. “A lot of the feedback I got from folks, a lot of it was just they didn’t want to deal with their states. They saw how they handled the pandemic. They wanted to make that move to a state where they felt they could live their lives a little more freely,” Alestra said. Alestra said they missed the basic life they…
By KIMBERLEY HAAS The new vice president of national sales at SingleSource Property Solutions says demanding clients are the ones who are communicating their needs and that leads to better business relationships. Jodi Bell has worked in the mortgage industry for 25 years. In September, SingleSource leaders announced that she had joined the team. SingleSource is a provider of property services supporting the U.S. housing industry. They have a broad cross-section of clients in the financial services industry including servicers, originators, banks, credit unions, investment banks, and hedge funds. “In addition to her excellent business development experience, Jodi is well connected and brings a wealth of product development experience and positive energy to our organization,” SingleSource CEO Brian Cullen said…
By JARED WHITLEY Amer Bally, the top-ranked loan officer in Michigan and a former account executive at United Wholesale Mortgage (UWM), announced his departure from Philadelphia-based UMortgage last week in a LinkedIn post citing a “need to reflect on my actions, accountability, and who I want to be.” Bally’s meteoric rise and fall – the 27-year-old’s team joined UMortgage to great fanfare only this year – might not be newsworthy but for the fact that UMortgage CEO Anthony Casa and UWM CEO Mat Ishbia are tacitly implicated on account of their close professional relationships with Bally and their own penchants for indiscretion. Details are scant, but multiple sources close to Bally and UWM report that his unplanned exit is the result of a federal…
Homes are staying on the market longer but are still selling faster than they did in the fall of 2019, according to a new analysis from Zillow. The typical home that switched to “pending sale” in September did so after 19 days, up from the pandemic’s record lows, but 10 days faster than in September 2019. Homes are also staying on the market with a median of 54 days in October, up 45% YOY. “Buyers are still out there and willing to buy when they find the right home at the right price, which will provide a floor for the price declines we are currently seeing. But sellers need to do things right to attract the attention of these buyers…
This Halloween, mortgage brokers have more to fear than your typical ghosts and ghouls. Some economists say the market is rebalancing, while others say the housing slowdown is more severe than a correction. “Last year, sellers could seemingly list their home at any price and see multiple offers roll in above list price within days,” said Senior Economist Nicole Bachaud of Zillow. “Now, buyers have some negotiating power, and sellers are under pressure. Buyers are still out there and willing to buy when they find the right home at the right price, which will provide a floor for the price declines we are currently seeing.” Either way, mortgage brokers are facing a seriously spooky situation: dwindling home sales, decades-high interest rates,…
By KIMBERLEY HAAS Leaders at an online marketplace that connects property investors to homeowners selling as-is say their platform gives both parties more certainty during the process. People who have houses that are vacant, damaged from natural disasters, or have structural issues can be sold on the Sundae marketplace, but any number of potential sellers may benefit from the company’s services, according to Shaun Greer. Greer is the Senior Vice President of Revenue at Sundae. He recently sat down for an interview with The Mortgage Note. Greer said they have about 22,000 investors who are interested in purchasing “homes that need love.” “What Sundae does is partners with the homeowner and says, ‘Hey, we are going to get you the…
Homebuyers saw affordability plunge in September as the typical monthly payment rose $102 from August. The national median payment applied for by applicants jumped to $1,941 from $1,839 in the month prior, the Mortgage Bankers Association reported. MBA’s Purchase Applications Payment Index fell for a second consecutive month, up 5.5% to a reading of 163.6. PAPI measures monthly payments across time and relative to income, so this reading indicates that payments on new mortgages accounted for a smaller share of a typical person’s income. The increase reverses four months of improvement from an index high of 164.2 in May. “With mortgage rates continuing to rise, the purchasing power of borrowers is shrinking. The median loan amount in September was $305,550…
