By KIMBERLEY HAAS Leaders at Guild Mortgage have partnered with the National Association of Hispanic Real Estate Professionals as part of their commitment to diversity and inclusion. The association is dedicated to advancing sustainable homeownership for the Hispanic community in America with a network of over 40,000 professional members and 100 local chapters nationwide. Jorge Montoya, a branch manager at Guild in Reno, Nevada, recently sat down with The Mortgage Note. He said the key to improving Hispanic home ownership is education. “We’ve really focused on educating the Latino clientele about it’s not just getting a mortgage, but it’s getting a mortgage with a plan, and what is that plan? Is this going to be a forever plan? Is this…
Foreclosures have now risen more than 50% YOY as filings edge closer to pre-pandemic levels, according to ATTOM’s October 2022 U.S. Foreclosure Market Report. A total of 32,376 properties had foreclosure filings in October, up 57% from a year ago. But month-to-month, foreclosures only rose by 2%. Foreclosures continue to climb steadily toward pre-pandemic levels after the foreclosure moratorium, pushing YOY data artificially to scary highs. Activity is still below what ATTOM considers normal levels. “October foreclosure activity was about 59% of pre-pandemic numbers, and at its current pace, foreclosures probably won’t be back to historically normal levels until sometime around mid-2023,” said Rick Sharga, executive vice president of market intelligence at ATTOM. Illinois, Delaware, and New Jersey were the…
Mortgage loan application volume dipped just slightly last week, continuing a weeks-long trend of relative calm, according to the Mortgage Bankers Association’s weekly survey. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 0.1%. Mortgage rates jumped back up to 7.14% after cooling slightly. The adjusted purchase index rose 1%, while the unadjusted purchase index decreased by 1% and was 41% lower YOY. “Mortgage rates edged higher last week following news that the Federal Reserve will continue raising short-term rates to combat high inflation. The 30-year fixed rate remained above 7% for the third consecutive week, and there were increases for most other loan types,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. …
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%…
Ravi Shankar has joined Freddie Mac as senior VP and head of Single-Family Portfolio and Servicing, the GSE announced in a press release. Shankar is returning to Freddie Mac, having served as an executive for the GSE from 2013 to 2019. In that period, he served as SVP for Single-Family Portfolio Management and deputy head of Investments and Capital Markets, respectively. He is a member of the company’s senior operating committee and reports to its president, Mike Hutchins. “Ravi Shankar brings substantial experience to the company as a respected financial services leader, portfolio manager, and Freddie Mac alum. I am pleased to welcome him back to the company,” said Mike Hutchins, President of Freddie Mac. “I look forward to working…
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…
Homeowner equity saw a contraction in Q3 2022 as dropping prices are finally taking their toll, according to Black Knight’s latest Mortgage Monitor Report. Home prices are cooling at a slower pace than they have been in the last few months, but the impact of those price drops is catching up to homeowners basking in record-high equity levels. Equity is down $1.3 trillion from Q2, and close to $1.5 trillion from its peak in May. This is the largest quarterly drop by dollar value ever recorded “by far,” Black Knight Data & Analytics President Ben Graboske noted. By percentage, it’s the biggest decline since 2009. “As we reported at the time, while hitting a record high in Q2, total homeowner…
Americans agree that military families deal with more financial stress than the average family. Ahead of Veterans Day, WalletHub looked at the best places veterans can live to reduce that burden. The Midwest and South offer the best places for veterans to live well, according to WalletHub’s 2022 Best & Worst Places for Veterans to Live report. The report analyzed the 100 largest U.S. cities for key metrics related to veterans’ quality of life, including the share of military skill-related jobs, housing affordability, and proximity to VA health facilities. Raleigh, NC, took the top spot for the best place for veterans to live, followed by Austin, TX, and Laredo, TX. Madison, WI, and Tampa, FL, rounded out the top five.…
Kristy Fercho has been named Well Fargo’s new head of Diverse Segments, Representation, and Inclusion, the bank announced in a press release. She is succeeding Kleber Santos, who is transitioning to CEO of the bank’s Consumer Lending Business. Fercho is being promoted from her position as head of Wells Fargo Home Lending. In her new position, she will integrate diversity, equity, and inclusion into the various aspects of Well Fargo’s business, and deliver marketplace and workplace outcomes. “Our work on diversity, equity, and inclusion is a long-term commitment, and we will continue to advance it under Kristy’s leadership,” said Wells Fargo CEO Charlie Scharf. “Her deep business experience, including her most recent role as head of our Home Lending business,…
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…
