FHA

Optimal Blue Originations Market Monitor: Locks Decline in September Due to Seasonal Purchase Declines, Rates Hit Multi-Decade Highs

Retrieved on: 
Thursday, October 12, 2023

PLANO, Texas, Oct. 12, 2023 /PRNewswire-PRWeb/ -- Today, Optimal Blue announced the release of its Originations Market Monitor report, looking at mortgage origination data through September month-end. Leveraging daily rate lock data from the Optimal Blue PPE – the industry's most widely used product, pricing, and eligibility engine – the Originations Market Monitor provides a comprehensive and timely view into origination activity.

Key Points: 
  • SUMMARY: Optimal Blue released its September Originations Market Monitor, with data showing a 20% decline in rate lock volumes in September, attributed to a seasonal decline in purchase activity and further rising interest rates.
  • Rates climbed to multi-decade highs in September, sitting at roughly a quarter point higher than they were in fall of 2022.
  • Access the full report: OMM-Report_September2023
    PLANO, Texas, Oct. 12, 2023 /PRNewswire-PRWeb/ -- Today, Optimal Blue announced the release of its Originations Market Monitor report, looking at mortgage origination data through September month-end.
  • View the Optimal Blue Originations Market Monitor report for more detail on September's activity: OMM-Report_September2023 .

Newrez Launches New Joint Venture Lender, Onward Home Mortgage

Retrieved on: 
Tuesday, October 3, 2023

Newrez, a national mortgage lending and servicing organization, has launched a new joint venture mortgage company, Onward Home Mortgage, through their Newrez Ventures platform and in partnership with Keller Williams Georgia Legacy Group (GLG).

Key Points: 
  • Newrez, a national mortgage lending and servicing organization, has launched a new joint venture mortgage company, Onward Home Mortgage, through their Newrez Ventures platform and in partnership with Keller Williams Georgia Legacy Group (GLG).
  • Onward Home Mortgage is headquartered in Roswell, Georgia and specializes in residential purchase mortgage lending.
  • “Onward Home Mortgage’s unwavering commitment to continued growth and exceeding customer expectations aligns seamlessly with the Newrez way,” said Randy Vanden Houten, Senior Vice President Joint Venture & Retail Lending at Newrez.
  • “We look forward to working with such a strong and experienced partner.”
    For more information on the Newrez Ventures joint venture platform, please visit www.newrez.com/joint-venture-retail .

Bailey Glasser Wins Summary Judgment for Texas Borrowers over Illegal "Pay-to-Pay" Junk Fees

Retrieved on: 
Thursday, September 28, 2023

WASHINGTON, Sept. 28, 2023 /PRNewswire/ -- Bailey & Glasser, LLP, on behalf of a class of consumers who were charged illegal fees just for paying their mortgages over the phone, won a significant summary judgment victory in a class action before a federal district court in Houston, Texas.

Key Points: 
  • WASHINGTON, Sept. 28, 2023 /PRNewswire/ -- Bailey & Glasser, LLP, on behalf of a class of consumers who were charged illegal fees just for paying their mortgages over the phone, won a significant summary judgment victory in a class action before a federal district court in Houston, Texas.
  • The lawsuit against Lakeview Loan Servicing and LoanCare, LLC alleges that they charged FHA mortgage borrowers illegal "Pay-to-Pay" fees, extra charges of up to $12 for processing monthly payments by phone.
  • The Bailey Glasser team, led by partners James Kauffman and Elizabeth Ryan, originally brought this case in May 2020, asserting that the collection of Pay-to-Pay junk fees violated the Texas Debt Collection Act (TDCA).
  • "This case is a big win for American consumers who struggle enough without being nickel-and-dimed by illegal junk fees," said lead counsel James Kauffman.

HOME FLIPPING ACTIVITY DROPS AS PROFITS RISE ACROSS U.S. IN SECOND QUARTER OF 2023

Retrieved on: 
Thursday, September 21, 2023

IRVINE, Calif., Sept. 21, 2023 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 U.S. Home Flipping Report showing that 84,350 single-family homes and condominiums in the United States were flipped in the second quarter. Those transactions represented 8 percent, or one of every 13 home sales, during the months running from April through June of 2023.

Key Points: 
  • The typical gross flipping profit translated into a 27.5 percent return on investment compared to the original acquisition price in the second quarter of 2023.
  • Specifically, the typical resale price on flipped homes increased to $308,500 in the second quarter, a 2.1 percent over the first quarter of 2023.
  • Despite the quarterly gains, typical flipping profits remained less than 30 percent in 79 of the 190 metros with enough data to analyze in the second quarter of 2023.
  • Nationwide, 62.6 percent of homes flipped in the second quarter of 2023 had been purchased by investors with cash.

Alterra Home Loans Names Fernando Ospina as President

Retrieved on: 
Tuesday, September 19, 2023

LAS VEGAS, Sept. 19, 2023 /PRNewswire/ -- Alterra Home Loans, an independent mortgage bank and a Panorama Mortgage Group company, headquartered in Nevada, announced today it has promoted Fernando Ospina to President.

Key Points: 
  • LAS VEGAS, Sept. 19, 2023 /PRNewswire/ -- Alterra Home Loans, an independent mortgage bank and a Panorama Mortgage Group company, headquartered in Nevada, announced today it has promoted Fernando Ospina to President.
  • Ospina, who has worked for the firm since 2018, formerly served as Alterra's SVP of National Production for the last year.
  • As President, Ospina oversees the firm's strategic direction, operational activities, and growth initiatives, while ensuring Alterra continues to lead the industry in providing accessible and tailored mortgage solutions to the Hispanic and underserved communities.
  • An emerging star in the mortgage sphere, Ospina held other management positions at Alterra before his promotion to President.

Silverton Mortgage Opens First Office in Savannah, Expands Statewide Presence

Retrieved on: 
Tuesday, September 19, 2023

ATLANTA, Sept. 19, 2023 /PRNewswire-PRWeb/ -- Silverton Mortgage, a leading direct residential mortgage lender, announces the opening of its first office in Savannah, Ga., as it continues to expand its footprint in new markets.

Key Points: 
  • Silverton Mortgage, a leading direct residential mortgage lender, announces the opening of its first office in Savannah, Ga., as it continues to expand its footprint in new markets.
  • ATLANTA, Sept. 19, 2023 /PRNewswire-PRWeb/ -- Silverton Mortgage, a leading direct residential mortgage lender, announces the opening of its first office in Savannah, Ga., as it continues to expand its footprint in new markets.
  • We're excited to open another office and provide personalized services to home buyers along the Georgia coast.
  • Silverton Mortgage also supports many community organizations with team time and resources including The Silverton Foundation, which provides mortgage and rent assistance to help reduce financial and emotional burdens for families with children who have been hospitalized or receive ongoing chronic or critical care treatments.

Roam Winds Back the Clock on Rates, Offering Access to Mortgages as Low as 2%

Retrieved on: 
Wednesday, September 13, 2023

Eric Wu and Keith Rabois joined the board, bringing more than 40 years of real estate experience to the team.

Key Points: 
  • Eric Wu and Keith Rabois joined the board, bringing more than 40 years of real estate experience to the team.
  • With mortgage rates soaring past 7%, their highest level in decades, Roam offers a much-needed solution to the home affordability crisis.
  • Roam helps homebuyers secure home loans as low as 2% through the mortgage assumption process.
  • Roam provides these benefits for sellers, buyers, and agents:
    Discovery: Roam enables homebuyers to easily search for homes with mortgages eligible for assumption.

The National Association of Mortgage Brokers Names wemlo® a Service Partner of the Year in 2023 NAMB Recognition Awards

Retrieved on: 
Thursday, August 31, 2023

BOCA RATON, Fla., Aug. 31, 2023 /PRNewswire/ -- wemlo®, the first third-party mortgage processing solution with an all-in-one digital platform, today announces it has once again been named a Service Partner of the Year for processing by the National Association of Mortgage Brokers (NAMB) in its 2023 Recognition Awards program.

Key Points: 
  • BOCA RATON, Fla., Aug. 31, 2023 /PRNewswire/ -- wemlo ®, the first third-party mortgage processing solution with an all-in-one digital platform, today announces it has once again been named a Service Partner of the Year for processing by the National Association of Mortgage Brokers (NAMB) in its 2023 Recognition Awards program.
  • Loan processing powerhouse wemlo is changing the game for mortgage brokers by combining highly qualified, customer-centric processing talent with easy-to-use technology.
  • "Our mission at wemlo is to combine unparalleled service with industry-leading offerings to help our customers get effective results, fast.
  • To learn more about how wemlo can help mortgage brokerages and loan originators work more efficiently, book a 15-minute demo with a wemlo representative today.

HOME-MORTGAGE LENDING REVIVES ACROSS U.S. IN THE SECOND QUARTER OF 2023

Retrieved on: 
Thursday, August 31, 2023

IRVINE, Calif., Aug. 31, 2023 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 U.S. Residential Property Mortgage Origination Report, which shows that the total number of mortgages secured by residential property (1 to 4 units) in the United States increased to 1.56 million during the second quarter of 2023. While that remained down 38 percent from a year earlier, it was up 21 percent from the first quarter of 2023 - the first such increase in two years.

Key Points: 
  • However, it increased from the first quarter to the second quarter of 2023 in 192, or 97 percent, of those metro areas.
  • HELOC mortgage originations increased from the first quarter of 2023 to the second quarter of 2023 in 79 percent of the metro areas analyzed.
  • The second quarter of 2023 saw increases nationwide in both the median single-family home loan and the typical down payment percentage for home purchases in the second quarter of 2023.
  • The median down payment of $31,500 on single-family homes and condos purchased with financing in the second quarter of 2023 was up 19.1 percent from $26,450 in the first quarter of 2023.

Integro Bank Launches Their Mortgage Division

Retrieved on: 
Tuesday, August 29, 2023

PHOENIX, Aug. 29, 2023 /PRNewswire/ -- With the launch of the Mortgage Division team, led by Steven Zielsdorf, the VP, Director of Residential Mortgage Lending, Integro Bank continues to position themselves as one of the few community banks in Arizona that is small business-focused and offers mortgage solutions that meets the needs and challenges small business owners face when purchasing a home.

Key Points: 
  • PHOENIX, Aug. 29, 2023 /PRNewswire/ -- With the launch of the Mortgage Division team, led by Steven Zielsdorf, the VP, Director of Residential Mortgage Lending, Integro Bank continues to position themselves as one of the few community banks in Arizona that is small business-focused and offers mortgage solutions that meets the needs and challenges small business owners face when purchasing a home.
  • Mr. Zielsdorf states that "Integro Bank is here to make the home buying process easier and less stressful.
  • The launch of Integro Bank's mortgage division team acts as a further enhancement to the overall lending services the bank offers, which includes SBA lending, Commercial lending, and now Mortgage lending solutions.
  • Additionally, Integro Bank offers robust mortgage lending options for traditional residential home buyers from first-time home buyers, to FHA Loans, Portfolio Fixed-Rate, ARM Loans, Jumbo Loans, USDA Loans, and VA loans.