Originations

The NRMLA/Riskspan Reverse Mortgage Market Index set a new high of 502.42, with the dollar amount of home equity for those 62 or over reaching $14.4 trillion.

Stenger joins the Chicago-based lender after more than a decade at Movement Mortgage and will oversee its retail platform, including new tech enhancements.

The lender, which reported over $200 million in home equity line of credit volume in the recent quarter, suggests the business can deliver massive scale.

In dollar terms, the amounts consumers had to come up with increased by $500 on a consecutive quarter basis, in contrast to a $100 drop the year before.

The rollout comes as the company looks to build out offerings for originators, launching after PHH returned to the proprietary reverse-mortgage arena this year.

The reduction in force affects under 1% of Rocket's team, with the decision to streamline operations made following identifying overlapping roles post-merger.

Other studies have found fewer credit pulls could be viable, but this shows millions more would be adversely impacted than in a bi-merge.

Mortgage Bankers Association economist Marina Walsh said lenders could be failing to close more loans as more consumers apply with multiple originators.

Transunion will offer the credit scoring model for $4 in 2026, following previous moves made by VantageScore partners Experian and Equifax.

Approximately three years after the one-time non-depository bought Roscoe (Texas) State Bank, Cornerstone Capital Bancorp agreed to purchase Peoples Bancorp.

Regulators also accused Southern California-based E Mortgage of failing to properly supervise remote employees and cooperate with their examinations.

While borrowing activity increased from a year ago, seasonal patterns and economic concerns suggest near-term slowing, the Mortgage Bankers Association said.

LendingTree found that during 2024, May's median price for a 1,500 square foot home was $194.20 versus January's $178.60, a difference of $23,400.

Fathom Holdings acquired START Real Estate to expand its first-time homebuyer program, the company announced Thursday.

Observers believe the government shutdown and lack of data is keeping mortgage rates in the same narrow range, as investors have issues reading the tea leaves.

The Detroit-based mortgage bank's announcement trailed competitors' by over two weeks, but is taking a more aggressive risk-reward stance on the limit.

Components of the index all rose, including the highest reading for sales expectations in the next six months since the start of the year.

Despite the decrease, average profit margins approached 50%, as the lock-in effect continues to stymie inventory growth and keep home values elevated.

The new platform already counts two businesses as embedded partners, with the rollout coming as mortgage leaders see rising demand coming for DSCR loans.

If Experian eventually charges for VantageScore 4.0, it will be offered for at least a 50% discount compared to what Fair Isaac Corp. charges for its FICO score.