Jerry Halbrook Joins Pennymac

Pennymac has appointed fintech exec Jerry Halbrook as its Chief Mortgage Innovation Officer, the company announced in a press release. Halbrook brings four decades of experience to the company. He will be responsible for developing and launching new tech solutions and preparing for future innovations. “Pennymac welcomes Jerry and his extensive expertise as we continue to make significant strides towards building the future of technology in the mortgage banking industry,” said Doug Jones, President and Chief Mortgage Banking Officer at Pennymac.  “Jerry is a proven leader who will accelerate Pennymac’s growth in sectors where our industry is moving – especially in today’s competitive and volatile market.” His previous experience includes roles in the top 10 mortgage lenders, plus boutique firms…

Denise Miller Named VP, Controller At Monroe Community Credit Union

Denise Miller has been promoted to Vice President, Controller, at Monroe Community Credit Union. The company announced in a press release that Miller will oversee the financial and regulatory functions of the credit union while managing the accounting, payment strategies, and payment solutions departments. Her experience includes more than two decades in the financial institution industry, including as an auditor. She has a Bachelor of Science in Business Administration with a double major in Accounting and Finance from Central Michigan University, and her MBA from Walsh College. “Since joining the credit union in April of 2020, Denise’s responsibilities have steadily increased in the financial operations of the credit union,” said Kristine Brenner, President/CEO of MCCU.  “As a former auditor, her…

Applications Sink Again To 22-Year Low

Mortgage loan application volume fell 1.2% last week to a 22-year low as the 30-year fixed rate rose to its highest point in almost a month, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. The adjusted purchase index fell 1% while the unadjusted purchase index dropped 2% and was 21% lower YOY. The refinance index dropped by 3% and made up 31.1% of total applications, down 83% from the same time last year.  ARM activity fell to 6.5% of total applications. “Last week’s purchase results varied, with conventional applications declining 2% and government applications increasing 4%, which is potentially a sign of more first-time homebuyer activity.…

“Rate Lock-In,” Falling Prices Push Sellers To Sidelines

New listings fell 12% during the four-week period ending August 7, the largest YOY decline since June 2020, according to recent Redfin data. Higher mortgage rates are keeping some Americans in their homes longer than they normally would be. Some homeowners are experiencing what Redfin calls “rate lock-in,” a fear of putting their home up for sale due to a low rate they nabbed during the pandemic. Others are realizing they won’t get an offer over listing price on-demand like they could last year. “Buyers are backing off due to rising housing costs and sellers are holding back because they realize they won’t get the bidding war they would have gotten six months ago,” said Redfin Deputy Chief Economist Taylor…

Half Of Mortgaged Homes Are Equity-Rich

Nearly half of mortgaged homes in the U.S. were equity-rich in Q2, with the most equity gains concentrated in the South, according to ATTOM’s Q2 2022 U.S. Home Equity & Underwater Report. The report found that 48.1% of mortgaged residential properties had an estimated worth that topped their loan balances by 50% or more. That’s up from 44.9% in Q1 2022 and 34.4% YOY. At least half of all mortgagees in 18 states were equity-rich, up from just 3 states at the same time last year. It’s the ninth consecutive quarter in which the number of equity-rich homes increased. ATTOM also found that only 2.9% of mortgaged homes were considered seriously underwater in Q2, down from 3.2% in Q1 and…

Brady: Housing Inflation Crushing American Dream

By KIMBERLEY HAAS A U.S. Congressman serving the 8th district of Texas says housing inflation is crushing the American dream for families. During a hearing, Ways and Means Republican Leader Rep. Kevin Brady said American families and workers are finding that President Joe Biden’s economy is “cruel.” “Working women haven’t had it this bad in decades. The dangerous baby formula shortage, rising crime, and inflation, and now housing they can barely afford to live in. Just as with crushing gas prices, Democrats in Washington are blaming everyone under the sun for the cruel rise in housing costs: builders, local investors and developers who make the construction of new homes and neighborhoods a reality,” Brady said. He added, “Republicans have held…

Delinquencies Fall Again, Hover Near Record Lows

Delinquencies fell for the thirteen consecutive month in April, down 1.8% YOY and unchanged from the month prior, according to CoreLogic’s latest Loan Performance Insights Report. Only 2.9% of mortgages across the nation were in some stage of delinquency in April. Serious delinquencies, those which are 90 days or more past due, have seen the most change in the last year. They account for 1.4% of all mortgages, down from 3.3% at the same time last year, and have fallen from a high of 4.3% in August 2020. All states saw annual declines in their overall delinquency rate in April. The states with the largest declines were Nevada (-3.2%), Hawaii (-3%), and New Jersey (-2.7%).  Early-stage delinquencies are up 1%…

Homebuyers Competing With Cash Offers Get A Break

By KIMBERLEY HAAS Guild Mortgage has launched a national program that can help potential homebuyers compete with all-cash offers. Vice President of Product Strategy Erin Watts said in a recent interview with The Mortgage Note that they are doing everything they can to help homebuyers compete in today’s market. “We were getting these really well-qualified homebuyers that needed to get mortgage financing but they just kept missing out due to these cash offers,” Watts said. How does CashPass Work? When homebuyers apply for a loan with Guild Mortgage, they let them know they are interested in CashPass. They then provide the same information that they would need for pre-approval for a conventional loan. A minimum credit score of 680 is…

Travis Morrow Named President Of 7 Mortgage

Travis Morrow has been appointed president of credit union 7 Mortgage, the company announced in a press release. Morrow takes the place of Wendy Robinson, who retired this year. He officially took over the title on May 29th, 2022. “Travis has worked in the financial and mortgage industry for over 10 years and has the experience and knowledge needed to successfully transition into his new role as President of 7 Mortgage,” said Chris Boler, President & CEO of 7, LLC.  “He is familiar with our culture and understands our mission to empower credit unions of all sizes to offer much-needed mortgage solutions to their members.” Give a wonderful welcome to Travis Morrow, our new President of 7 Mortgage! 🎉 Travis…

Applications Reverse Downward Spiral, Up 6.6%

Mortgage loan application volume reversed course after five straight weeks of decreases, rising 6.6% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 6.6%. The adjusted purchase index rose 8%, while the unadjusted purchase index was up by 18% and was 16% lower YOY. The refinance index rose 4% and was down 76% YOY and made up 31.7% of total applications. ARM activity fell to 8.1% of total applications.  Joel Kan, MBA Association Vice President of Economic and Industry, noted that applications rose despite an interest rate explosion last week. The 30-year fixed-rate hit 5.65% last week, up 25 basis points and the highest level…