Multiple new executives have joined Better.com to bolster its leadership team and forge long-term growth, the company announced in a press release. Better’s biggest pulls are Sushil Sharma as Chief Growth Officer, the first for the company, and Steve Riddell as Head of Sales. Sharma is an industry veteran with two decades of experience in product management and software engineering. Prior to Better, he served as Chief Product Officer at both LendingTree and Match. “Better’s mission to make homeownership simpler, faster, and more affordable instantly drew me in,” said Sharma. “A home is much more than a place to live: it provides stability to raise a family and is one of the biggest financial assets an individual can own. I…
By TYRONE TOWNSEND Rising mortgage rates may not have brought the housing market to a halt just yet, but experts are predicting a cooldown that will come in waves and hit different areas of the country at different times. As home prices begin to level off, the 30-year mortgage rate is moving between 5% and 6%. At the same time, consumer confidence is dwindling, and economic statistics indicate the housing industry is cooling after its frenzied surge during the Covid-19 pandemic. As a result, several Wall Street analysts are revising their outlooks for the homebuilding sector and downgrading some equities. “The housing market faces both demand-side and supply-side challenges,” Robert Dietz, chief economist at the NAHB, said in a statement.…
Mortgage rates tanked last week, dropping from an average 5.70% to 5.30%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5.30%. A year ago at this time, the 30-year FRM averaged 2.90%. “Over the last two weeks, the 30-year fixed-rate mortgage dropped by half a percent, as concerns about a potential recession continue to rise,” said Sam Khater, Freddie Mac’s Chief Economist. “While the drop provides minor relief to buyers, the housing market will continue to normalize if home price growth materially slows due to the combination of low housing affordability and an expected economic slowdown.” Potential buyers are backing away from the market due to the soaring cost of purchasing…
By KIMBERLEY HAAS The newly named Chief Executive Officer for Bonzo said in a recent interview that a secret to success is building work around your life. “What do you love to do? What are you interested in?” Chad Jampedro asked while talking about what his advice to young people is. “Choose your obsession,” Jampedro said. “You can have it all.” Jampedro sat down with The Mortgage Note after transitioning from home lending to relationship management. He is the former President of GO Mortgage, according to LinkedIn. Jampedro was a customer and investor at Bonzo before being named CEO this spring. He described the stress related to home lending during COVID. “It was an all-out sprint for two years,” Jampedro…
Home price growth saw its largest single-month slowdown since 2006 in May as inventory begins to correct, according to Black Knight’s May Mortgage Monitor Report. May was the second straight month of prices cooling across the country. Home price growth slowed in 97 of the U.S.’s 100 largest housing markets. The national appreciation rate fell by more than a whole point YOY. “[W]hile any talk of home values and 2006 might set off alarm bells for some, the truth is that price gains would need to see deceleration at this rate for more than 12 months just to get us back to a ‘normal’ 3-5% annual growth rate,” said Black Knight Data & Analytics President Ben Graboske. “That said, the…
Most consumers think the economy is on the “wrong track,” growing frustrated as they struggle against inflation and a slowing economy. Fannie Mae’s most recent Home Purchase Sentiment Index (HPSI) fell 3.4 points in June to its lowest reading in ten years, while a survey-high 81% of consumers reported they believe the economy is on “the wrong track.” The full index is down 14.9 points YOY. Four of its six components fell from the month prior. More Americans reported they are worried about losing their jobs in the next twelve months (+5%) and fewer reported their income has significantly increased in the past year (-1%.) For the first time in almost seven years, a plurality of respondents said they would…
Waterstone Mortgage has announced the opening of a new branch in Franklin, Tennessee. The branch will be led by David Gatheridge. He brings more than two decades of mortgage lending and financial services experience to the branch. Gatheridge’s past experience includes Branch Manager positions at Novus Home Mortgage and First Community Mortgage, and Sales Manager with loanDepot. He is a Certified Mortgage Advisor. “[T]he biggest reason I joined was due to the leadership at the top – they are ultra-sensitive and responsive to what we go through at the branch, which is how they drive growth for the organization,” Gatheridge said. He also noted that Franklin and its surrounding communities are the perfect areas to buy a home. “Franklin is…
Mortgage loan application volume fell by 5.4% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 5.4%. The adjusted purchase index dropped 4%, while the unadjusted purchase index increased by 7% and was 17% lower YOY. The refinance index fell by 8% and made up 29.6% of total applications, down 78% from the same time last year. ARM activity fell to 9.5% of total applications. “Mortgage rates decreased for the second week in a row, as growing concerns over an economic slowdown and increased recessionary risks kept Treasury yields lower. Mortgage rates have increased sharply thus far in 2022 but have fallen 24 basis points…
With the July Federal Open Markets Committee meeting fast approaching, speculation about another substantial rate hike is running rampant. After June’s historic 0.75 percentage point interest rate hike, the third hike this year and the largest since 1994, analysts are watching the Fed closely. Recession fears are rapidly growing, with 70% of economists expecting it by 2023. But Federal Reserve Chairman Jerome Powell said he was more concerned about high inflation continuing than about the possibility of rising interest rates causing a recession. “Is there a risk we would go too far? Certainly there’s a risk,” Powell said this week. “The bigger mistake to make, let’s put it that way, would be to fail to restore price stability.” Some experts…
Nadia Aziz has been named Chief Operating Officer of Roostify, a mortgage and home equity lending tech provider, the company announced in a press release. Aziz brings more than twenty years of experience in financial services and fintech, especially in the home lending world. Her areas of expertise include strategy, product management, operations, technology, and risk management. “A home lending transaction, whether for a home purchase, refinance, a home equity loan or a line of credit, is fraught with stress and frustration for the borrower and entails multiple steps and handoffs for the lender,” Aziz said. “Borrowers are looking for an experience that is simple and trustworthy, and lenders are looking for a process that is efficient, transparent, and quick.…
