JSSmith Mortgage, a six-month-old mortgage company in Scottsdale, Ariz., is forming a joint venture with West USA real estate offices in the greater Phoenix area.Smith Mortgage and West USA will be partners in the new venture, to be called TLC Mortgage, which will originate loans on behalf of the realty firm's clients. With more than 2,000 agents in Arizona -- and five branches in the Phoenix metro area -- West USA is considered the state's largest brokerage firm and ranked sixth in size nationally. "We chose to team up with JSSmith Mortgage because of that company's deep expertise in creating mortgage joint ventures," said Caly Fouts, president and founder of West USA. Jeffrey Smith, who founded the company bearing his name in January, has helped create more than 100 mortgage joint ventures around the country and is considered a national expert on the matter. "Having a mortgage solution on site will only enhance [the realty firm's] customer service," Smith said.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18