Mortgages

Sue Barber takes over the position after leading its Northeast division.

A greater share of the company's future earnings are likely to come from servicing as rates rise, Chief Operating Officer Andy Chang said.

Plans to taper rate stimulus could further dampen industry employment, depending on the extent to which decreased volume is offset by staffing needs driven by the shift to work-intensive purchase loans.

While the company produced $88 billion during the period, it had a major margin squeeze in its TPO Pro channel.

With its agreement to buy KS StateBank’s residential mortgage operation, Kansas-based Armed Forces is going all in on home lending.

The company is repositioning its secondary market sales of loans and servicing and implementing cost-cutting measures as the market normalizes.

Just to keep up with the growing demand for houses, 61,000 people need to be hired per month to cover attrition, the Home Builders Institute claimed.

But the Fed’s taper announcement has the industry planning for increases throughout 2022.

The partnership with Esusu, which the athlete’s venture capital firm invested in earlier this year, could help renters build credit histories, broadening their housing options, improving loan performance and incentivizing originations.

Applications related to Zillow Offers made up 70% of the mortgage lender's purchase business in the third quarter.

Purchases also dropped on a weekly basis, but still show signs of strong demand.

The decision raised major questions about what’s next for a company that was pushing deeper into the U.S. housing market as part of its bid to transform itself from an online listings giant into a buyer and seller of thousands of homes a month.

Valon Technologies Inc., a startup that operates a digital mortgage-servicing platform, raised $43.9 million in equity funding from investors including affiliates of Starwood Capital Group and Freedom Mortgage.

The transaction expands the investment management company’s portfolio of mortgage and real estate companies, which includes Selene, Deephaven and Progress Residential.

The business hit a major snag in recent months as the company’s algorithms caused it to overpay for houses just as the heated U.S. market began to cool slightly, forcing it to list properties at a loss.

After closing its merger with Caliber, the company also hopes to pare down expenses by at least 10%.

But the number of prospects remains at the high end of its pre-pandemic range.

Values are predicted to increase by just a fraction of the rate they had in 2020, CoreLogic said.

A majority of the 49 economists in the survey predicted the U.S. central bank will begin the taper in November and wrap it up by mid-2022, curbing the current $120 billion monthly buying pace by reducing Treasuries by $10 billion a month and mortgage-backed securities by $5 billion.

Last week, the world of mortgage servicing got an unpleasant surprise. Cenlar FSB, the nation’s largest subservicer of residential mortgages, was hit with a consent order by the Office of the Comptroller of the Currency alleging “unsafe and unsound” banking practices.