Regina M. Lowrie, former chairman of the Mortgage Bankers Association and founder of Gateway Funding, has announced the launch of Vision Mortgage Capital, which she said is "dedicated to meeting America's emerging housing and changing demographic needs."Vision, based in Blue Bell, Pa., will be an operating subsidiary of Lancaster, Pa.-based American Home Bank. Ms. Lowrie has nearly 30 years of experience in the financial services industry, including many years as a senior executive at Commonwealth Federal. Ms. Lowrie founded Gateway Funding in 1994 with seven employees, and by 2005 the company had over 750 employees and revenues of over $100 million, she said. Ms. Lowrie became the first woman to serve as MBA chairman in 2005, and she sold her interest in Gateway in July 2006. "With changing demographics and housing markets, there is a unique opportunity to create a home financing resource that utilizes industry best practices and proven leadership to provide competitive products to underserved markets, as well as provide a solid platform for mortgage banking professionals to build and nurture successful origination practices," Ms. Lowrie said.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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