After a dramatic false start in 2015, California-based lender loanDepot says it’s finally going public. The company, founded by billionaire entrepreneur Anthony Hsieh, said Wednesday morning that its newly formed affiliate loanDepot Inc. had confidentially filed paperwork with the Securities
Rocket delivers record volume in Q3, but execs are tight-lipped on purchase v. refi
Back in September, executives at Rocket Companies bragged about delivering a record third quarter, the kind of origination volume no observer or analyst had ever seen before. They weren’t kidding. Thanks to unprecedented market conditions, shifting demographics and historically low
Q3 earnings update: eXp increases revenue by 2x this quarter
eXp World Holdings, the parent company of eXp Realty, announced in Q3 earnings on Tuesday that its revenue in the third quarter increased 100%, to a record $564 million compared to $282.2 million the year prior. That beat expectations, which
FHA proposes allowing private flood insurance option
The Federal Housing Administration proposed a rule on Tuesday that would allow lenders to use a private flood insurance option rather than go through the National Flood Insurance Program. The proposed rule would allow lenders to use a private insurance
Non-QM lenders are back. But will brokers pick up the phone?
Mark Dodson was having a promising start to the year. His corner of the Atlanta mortgage market – high-value home loans that wouldn’t be bought by the GSEs – was booming. But by March there were whispers that the non-QM
Real estate on the ballot: Here’s what passed at the state level
Several state-level real estate initiatives and urban development policies were voted on in the Nov. 3 general election, including issues involving tax-credits for veterans, widows and long-time homeowners. Here’s a state-by-state real estate ballot breakdown from California, Georgia, Nebraska and
The Mortgage Collaborative brings its own fresh take on virtual
The Mortgage Collaborative, the mortgage industry’s independent cooperative network, has begun releasing details on a significant virtual event they will host for their members during the first three weeks of December. Dubbed “The 12 Days of TMC”, the event will
A week out from proxy vote, CoreLogic defends its board
With just a week before the official meeting takes place, the battle for CoreLogic’s board of directors continued on Monday as CoreLogic issued an open letter that urged shareholders to vote against the Cannae Holdings and Senator Investment Group proposals
Boise Real Estate Market Trends & Investment Outlook
The Boise housing market is a scorcher and is being fueled by low mortgage rates and limited supply compared to demand. The result is that buyers have to pay over the asking price. Home prices in Ada County were up
What is your plan when refinance volume is cut in half?
Anyone who read the Mortgage Bankers Association’s recent 2021 forecast knows that refinance volume is soon to slow down. Purchase originations are expected to grow 8.5% to a new record of $1.54 trillion in 2021. Refinance originations are predicted to
Better.com snags $200 million in series D funding for $4 billion valuation
Online mortgage lender Better.com revealed it raised $200 million in a series D financing that put the New York-based startup at a $4 billion valuation, according to an internal memo reviewed by Bloomberg. The Monday news of Better’s new funding
How to prevent wire fraud while increasing production
The low interest rates this year have led to increased revenue and high loan volumes. Unfortunately, the threat of wire and title fraud risk has also increased. As companies and their workforces continue to adjust to a work-from-home system in
Mortgage industry welcomes incoming Biden administration
After winning a majority of the electoral college, Joe Biden and Kamala Harris are presumed to be the current president-elect and vice president-elect of the U.S. The housing industry took the opportunity to welcome the new administration and remind it
Chicago Real Estate Market: Trends & Investment Outlook
The Illinois housing market continued to bounce back in September with a surge in home sales and higher median prices. Both median prices and sales experienced a positive annual change in both Illinois and the Chicago Primary Metropolitan Statistical Area.
8 Covid-Friendly Ways to Honor Our Military this Veterans Day
Veterans Day is right around the corner, and our military deserves all the praise and recognition for serving our country. Regardless of the circumstances, COVID-19 has brought upon us, on November 11th, join us in honoring their service in creative,
Make Your Dream of Homeownership a Reality with Down Payment Assistance
For many potential homeowners, saving enough for a down payment is a major barrier to homeownership. But, it doesn’t have to be. There are thousands of down payment assistance programs available across the country that can help make your dream
Seller’s Market?
It’s November 2020. Is now a good time to put your house on the market – or wait until after the holiday season – or even Spring 2021?Typically, the housing market “cools” when the weather changes, however, with a pent-up buyer demand the real estate market continues to be brisk!Lawrence Yun, chief economist at the […]
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With Biden win, the future of forbearance and student loans
As of this writing, it looks like the Republicans will hold the Senate while the Democrats will have the White House and a majority of the House of Representatives. Assuming these results stick, I offer here some informed speculation regarding
Seattle Real Estate Market: Trends & Investment Outlook
Seattle housing market continues to see low inventory and high competition making things hard for homebuyers. Even before the virus hit the region, it was quite evident that if the inventory crunches further, affordability will become a bigger issue in
Cash is king: UWM raises $800M in debt offering ahead of IPO
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
Why it’s still important to offer non-QM products
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,
Wells Fargo halts proactive COVID-19 forbearance plan following multiple lawsuits
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 slight revenue decrease in Q3, but surpassed projections
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
Economists cautiously optimistic as unemployment rate falls to 6.9%
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