Author: Michael Gersitz

Just weeks away from its anticipated $16.1 billion IPO, United Wholesale Mortgage (UWM) closed on the sale of $800 million in senior notes. The bond sale, which closed this week, gave the Detroit-based mortgage giant $791 million in proceeds. The

Non-QM lending took a brief pause earlier this year due to the pandemic causing a flight to cash in the bond market, but the non-QM borrowers and investors haven’t disappeared. While 2020 has seen record volumes, low rates and profits,

Homeowners who were placed into proactive forbearance plans by Wells Fargo received positive news this week. Law360 reports that on Nov. 2, in response to a class action lawsuit filed in Virginia, Wells Fargo agreed not to place homeowners into

Redfin saw a revenue decrease of 1% year over year, to $237 million in the third quarter, above the company’s projected revenue of between $214 million and $225 million. In addition, its gross profit was $93 million, an increase of

The U.S. unemployment rate in October hit a new pandemic low of 6.9%, down a full percentage point from September’s 7.9%, the Labor Department said on Friday. With 1.5 million people making up that one percentage drop, the department estimates that now 11.1

RE/MAX reported total revenue in the third quarter of $71.1 million, a decrease of $0.5 million, or 0.7%, compared to $71.5 million in Q3 2019. In Q2, total revenue was $52.2 million. The company said that total revenue decreased “primarily

The pandemic-fueled exodus continues as apartment dwellers in big cities flee to the suburbs and beyond. The suburbs and rural areas of the Northeast are attracting more homebuyers, as Redfin reports that three out of the 10 metro areas with

The outcome of the presidential election is still uncertain, but there’s at least an even chance that former Vice President Joe Biden will be named the winner at some point. If that happens, what should the mortgage industry expect as

Fannie Mae announced Wednesday that Sheila Bair, board member and former chair of the Federal Deposit Insurance Corp. during the financial crisis, will succeed Jonathan Plutzik as chair of Fannie Mae’s board of directors. Bair joined the Fannie Mae board

Squirrels are always a little skittish, but as winter approaches, they really ramp it up. Why? Squirrels’ food sources — seeds, nuts, fruits, fungi — become extremely scarce in the winter, and so they have to act fast to make

This year, remote online notarizations have taken a major step forward as more borrowers than ever are using eClosing platforms. And the consensus is in: borrowers like RON. A new study conducted by ClosingCorp shows borrowers who completed purchase and

The National Association of Mortgage Brokers inaugurated Kimber White as its new president during the virtual NAMB National 2020 conference. White is a partner at RE Financial Service and has been an active member of the mortgage industry for more

Keller Williams released its numbers for home searches, agents and transactions for the third quarter on Thursday, revealing that as of Sept. 30, Keller Williams agents in the U.S. and Canada closed 374,824 transactions, up 16% over Q3 2019. Agents

The Federal Housing Finance Agency will continue its mission to release the GSEs Fannie Mae and Freddie Mac from conservatorship, even under a Biden presidency, a spokesperson from the FHFA told HousingWire Thursday. With four states still counting ballots, the

As results trickle in following a historic 2020 general election, results seem to be leaning toward a Joe Biden victory, but potentially also a Republican-led Senate. What would the impact of a Biden presidency be on housing? “For the mortgage

The average U.S. mortgage rate for a 30-year fixed loan fell 3 basis points this week to 2.78%, Freddie Mac said in a report on Thursday, the lowest rate in the survey’s near 50-year history. This week’s rate broke the previous record low on

In its annual Mortgage Fraud Report, CoreLogic found that the risk of mortgage fraud for the 12 months ending June 2020 decreased 26.3% year-over-year nationally. Applications for investment properties showed the highest risk, while VA-based programs showed the lowest. The

A new annual report from CoreLogic shows multi-closing fraud risk held steady in 2020 after having decreased the past several years. “Multi-lien fraud is an extremely profitable scam that takes advantage of the lag between closing and records to solicit