Originations See Largest YOY Decline In Two Decades

Mortgage originations saw their largest annual decline in 21 years, further evidence that the housing boom is coming to an end. Originations fell 47% YOY in Q3, according to ATTOM Data’s Q3 2022 U.S. Residential Property Mortgage Origination Report. Quarter-over-quarter they were down 19%, the sixth consecutive drop. Lenders issued a total of $636.5 billion worth of mortgages in Q3. By dollar count, that’s down 22% from Q2 and 46% YOY. It’s the largest dip in loan dollar volume since at least 2001. HELOC lending increased for the fifth time in six quarters, but the boost was overwhelmed by the slump in purchase and refinance origination. “There are no surprises in this quarter’s loan origination numbers, as the unprecedented jump…

Movement And Homepoint Both Launch New HELOCs

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%…

Lyra Waggoner Joins Movement As CIO

Lyra Waggoner has joined Movement Mortgage as its chief information officer, the company announced in a press release. “Movement Mortgage has an incredible vision and focus. I’m excited to translate this vision into transformational action across our technology platform by putting the best tools in the hands of our loan officers,” Waggoner said.  “Movement and I share the belief that technology, culture and product focus should drive empowerment of our sales team. I am so grateful to join this talented group!” Waggoner brings nearly two decades of mortgage industry experience to Movement. Prior to her new position, she was EVP and head of technology for Level Capital. There, she was instrumental in creating and releasing a loan origination and servicing…

Job Cuts Hit The Mortgage Industry

By CHUCK GREEN An apparently not so uncommon sight these days in the mortgage industry: empty desks. Not that their occupants are taking five for a foam latte. Instead, they might well have either been steeped in the pink slip blues or were compelled to submit their resignation. Over the past three months in the industry, there have been more than 3,500 job cuts, according to globalsg.com. In February, Bloomberg reported U.S. home mortgage lenders might have no other choice during the coming months that to initiate layoffs. Similarly, earlier this month, wolfstreet.com reported that not only are layoffs among mortgage lenders taking place, but they will also continue. “Layoffs and forced resignations are certainly imminent in the mortgage banking…