Origination

It’s getting easier to close bigger loans for higher-priced properties, but credit is expanding slower for first-time buyers.

Despite a 1Q decline in origination volume, Chairman Mat Ishbia is optimistic for the second quarter, saying the company received 17,000 more submissions in April's higher interest rate environment than it had in February.

What may be a victory in UWM founder Mat Ishbia's eyes is a loss for borrowers, brokers and the free market in the long term, writes the co-founder of CASE, Consumer Action for a Strong Economy.

The total number of loans in this category dropped 11 basis points from week to week according to the Mortgage Bankers Association. Meanwhile, the amount of unpaid balance in forbearance dropped almost 23% since the start of the year, a separate report from Black Knight found.

While the first quarter is typically the weakest period for the title business, the sector benefited from strong refinance volumes that were driven by low interest rates.

The company is formally launching a new “non-mortgage” unit that will provide small loans for home improvement projects.

While the product was hard to find after the start of the pandemic, the Consumer Financial Protection Bureau’s recent changes to Appendix Q are giving a pair of large wholesalers the chance to offer it as a qualified mortgage.

In spite of an improving economy, acute competition and supply scarcity soured homeshoppers on the purchase market in April, according to Fannie Mae.

The company is shifting some of its conforming-focused call center resources not just into the growing non-QM channel but to Veterans Affairs products as well.

Less than two years after shutting down its biggest business amid fraud allegations, the Michigan company has sold branches, settled a shareholder lawsuit and returned to profitability under turnaround specialist Thomas O’Brien.