Blend makes a deal with Mr. Cooper, the latest Detroit lender fighting and more of the week's top news
March 19, 2021 5:36 PM
Rising costs, low availability push new-home apps down in February
Low inventory caused new-home sales volume to decline in February despite gradual improvements in the economy and employment.
“Builders continue to be confronted with rising input costs and a lack of available lots, causing them to slow production,” MBA’s Joel Kan said.
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“Builders continue to be confronted with rising input costs and a lack of available lots, causing them to slow production,” MBA’s Joel Kan said.
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Home prices have hit a record high, but it’s not a bubble
The median sale price rose 17% year-over-year to $330,250 — the highest point since at least 2016. The equivalent asking price was $350,972, which was up 10% from the same period last year.
That prompted renewed reassurance that the current rise in housing values won’t end with a crash like the one seen after 2006, becauseunderwriting is tight and household formation is driving steady buying interest.
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That prompted renewed reassurance that the current rise in housing values won’t end with a crash like the one seen after 2006, because
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Inflation jitters drive mortgage rates up
Average mortgage rates drifted higher this week due to concerns about an inflationary impact from the government’s latest stimulus measures.
The increase comes despite the Federal Open Market Committee’s assurance that it will not raise financing costsanytime soon .
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The increase comes despite the Federal Open Market Committee’s assurance that it will not raise financing costs
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Ex-Freddie Mac CEO warns relief shortcomings could bedevil multifamily
David Brickman, the former CEO of government-sponsored enterprise Freddie Mac, gave forbearance available to homeowners high marks on Wednesday, but less so the options available to support renters.
Measures like the rental eviction moratorium and the temporary loan payment suspensions for landlords who provided tenant relief were necessary but imperfect solutions since they failed to get relief to renters in an expedient way, said Brickman, who is now the head of anew agency lending platform backed by Barings and Meridian Capital .
Read the full storyhere.
Measures like the rental eviction moratorium and the temporary loan payment suspensions for landlords who provided tenant relief were necessary but imperfect solutions since they failed to get relief to renters in an expedient way, said Brickman, who is now the head of a
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Black Knight turns to mortgage broker market with LOS purchase
Black Knight has staked its space in the growing mortgage wholesale channel with its purchase of a loan origination system for mortgage brokers from NexSpring Financial.
The acquired LOS will be rebranded in the near future, the company said. It will be a standalone platform, although there will be integrations for wholesale mortgage lenders that use Black Knight’s existing product Empower LOS. Terms of the deal were not disclosed.
Read the full storyhere.
The acquired LOS will be rebranded in the near future, the company said. It will be a standalone platform, although there will be integrations for wholesale mortgage lenders that use Black Knight’s existing product Empower LOS. Terms of the deal were not disclosed.
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GSEs’ exit from conservatorship estimated to take 15 years
It could be at least 15 years before Fannie Mae and Freddie Mac are released from conservatorship, and even then, the U.S. Treasury could keep its hooks in them, Keefe, Bruyette & Woods said.
January'samendment to the Preferred Stock Purchase Agreement with Treasury and the Federal Housing Finance Agency allowed the government-sponsored enterprises to build capital through retained earnings.
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January's
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Freddie Mac appoints Mark Grier as interim CEO
Former Prudential vice chairman Mark Grier has been named Freddie Mac's interim CEO, temporarily filling the rolevacated by David Brickman in January .
In the short term after Brickman's departure, Freddie Mac was headed up by Michael Hutchins, who was promoted to president on Dec. 28. Hutchins will remain as president under Grier.
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In the short term after Brickman's departure, Freddie Mac was headed up by Michael Hutchins, who was promoted to president on Dec. 28. Hutchins will remain as president under Grier.
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Flagstar’s data breach and what lenders can learn from it
Flagstar Bancorp fell victim to a recent data breach in which personal information of employees and customers, including Social Security numbers and mailing addresses, was leaked and the thieves sought to extort some employees.
The hackers exploited a flaw in Accellion’s File Transfer Appliance software, which the bank was using to secure sensitive content. Dozens of other Accellion clients were affected by the incident, including the law firm Jones Day, Harvard Business School and the Reserve Bank of New Zealand.
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The hackers exploited a flaw in Accellion’s File Transfer Appliance software, which the bank was using to secure sensitive content. Dozens of other Accellion clients were affected by the incident, including the law firm Jones Day, Harvard Business School and the Reserve Bank of New Zealand.
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Anti-competitive practices threaten innovation in the mortgage industry
Innovation. Disruption. Value. CEO concerns about product development or process improvement, and the timeless “thinking-out-of-the-box” are bullet points in every C-suite Powerpoint. And rightly so.
As Peter Drucker said, business has only two basic functions: marketing and innovation. The competitive spirit that innovation inspires is how brands remain on top and how start-up, disintermediating companies dethrone leaders.
Read the full storyhere.
As Peter Drucker said, business has only two basic functions: marketing and innovation. The competitive spirit that innovation inspires is how brands remain on top and how start-up, disintermediating companies dethrone leaders.
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UWM's ban has provoked increased interest in Fairway, CEO says
Fairway Independent Mortgage did not directly addresscomments made by United Wholesale Mortgage CEO Mat Ishbia in its first public statement on the matter, but said it welcomed the interest the controversy generated.
"We appreciate the extra attention the last two weeks have provided and are thankful for the extra opportunities we’ve been given," Fairway's CEO Steve Jacobson said.
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"We appreciate the extra attention the last two weeks have provided and are thankful for the extra opportunities we’ve been given," Fairway's CEO Steve Jacobson said.
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Alex Flynn/Bloomberg
Blend’s move to buy Title365 from Mr. Cooper targets key fintech niche
Mr. Cooper, the lender and servicer formerly known as Nationstar, is selling its title agent and technology division to digital mortgage platform Blend, in a transaction valued at $500 million.
Mr. Cooper plans to close on the sale of Title365 to Blend in the second quarter if the acquisition receives all required approvals. It will retain a 9.9% stake in the company.
Read the full storyhere.
Mr. Cooper plans to close on the sale of Title365 to Blend in the second quarter if the acquisition receives all required approvals. It will retain a 9.9% stake in the company.
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