Basel III Relief Could Turn Mortgage Bankers Into Bank Owners
The Basel III endgame proposal could dramatically lower the risk‑weighting of mortgage servicing rights (MSRs), potentially bringing it down from the current 250% to as low as 100%. Independent mortgage banks (IMBs) see this relief as a catalyst to restructure their capital stacks, turning the “inverted pyramid” of MSR‑heavy assets into a solid foundation. Industry leaders, including MBA’s Bob Broeksmit, are urging regulators to adopt the lower weightings and to reconsider warehouse‑lending capital treatment. If approved, the change may prompt many IMBs to pursue bank charters, reshaping the mortgage‑banking landscape.
Mortgage Rates Rose Last Week to an Almost Two-Month High
Mortgage rates rose to 6.56% last week, the highest in almost two months, according to Mortgage Bankers Association data. The increase follows a half‑point climb since the Iran war began in February. Home‑purchase applications dropped 4.1%, the steepest decline since...
Rocket, Redfin Roll Out Buyer Incentives and New Products
Rocket Companies and Redfin announced a joint incentive that can save eligible homebuyers and sellers up to $20,000 when they use a Redfin agent and finance through Rocket Mortgage. New buyers receive a 0.75% loan credit (up to $12,000) while...
Lenders Look at Operational Changes in Credit Score Update
Lenders Guild Mortgage and NewRez are testing the new FICO 10T and VantageScore 4.0 models alongside the legacy FICO Classic to gauge risk and servicing value. Both firms report significant technology work, such as adding new data fields and updating loan‑origination systems,...
Ginnie Mae Foresees a Day when FHA Waterfall Impacts End
Ginnie Mae President Joseph Gormley warned that delinquencies are rising as the FHA’s new “waterfall” rule eliminates pandemic‑era leniency, but the agency will keep a temporary reporting‑threshold exception to ease issuer pressure. Average delinquency on FHA‑insured loans sits near 12%,...
Judge OKs Wells Fargo's $100 Million Mortgage Borrower Fund
A U.S. district judge gave final approval to Wells Fargo’s $100 million mortgage borrower assistance fund, part of a settlement over alleged discriminatory hiring and lending practices. The program will aid low‑ and moderate‑income borrowers in designated census tracts for at least...
How Cap Markets Teams Make a Difference in Product Rollouts
Capital‑markets teams are increasingly pivotal in launching innovative loan products, acting as the bridge between lenders, investors, and regulators. They guide pilots such as Guild Mortgage’s lease‑to‑own and shared‑appreciation loans, navigating GSE guidelines and private‑investor appetite. Onboarding new investor products...
Fannie Mae Raises Mortgage Rate Forecast Through 2027
Fannie Mae has lifted its 30‑year fixed‑rate mortgage outlook, projecting an average of 6.3% for the remainder of 2024 and through 2026, with rates staying near 6.2% until the second quarter of 2027 before flattening. The upward revision reflects a stickier...
Rocket Sues UWM for $100 Million in Mr. Cooper MSR Fight
Rocket Mortgage has filed a New York state lawsuit against United Wholesale Mortgage, seeking $100 million in damages for allegedly refinancing loans it sold to Mr. Cooper. The suit claims UWM’s targeted refinance promotions violated a non‑solicitation clause, driving prepayment rates on...
AI Disruption, UAD 3.6 Rules Bring Upgrades to Appraisal Tech
Artificial intelligence and the upcoming Uniform Appraisal Dataset (UAD) 3.6 rule are reshaping the U.S. appraisal market in 2026. Clear Capital’s acquisition of Restb.ai adds computer‑vision capabilities to its valuation suite, while ProxyPics becomes the first verified provider of the...
Mortgage Credit Availability Drops for First Time This Year
The Mortgage Bankers Association reported that its Mortgage Credit Availability Index slipped 0.4% to 107.9 in April, ending a three‑month streak of gains and falling short of the March peak of 108.3. Lenders tightened standards on conventional loans with high...
Figure Drops Hints of Future Mortgage Product
Figure Technology Solutions posted a $45 million net income in Q1 2026, nearly tripling its profit from the previous quarter and surpassing analyst forecasts. Revenue climbed to $167 million, driven by a surge in blockchain‑backed loan and capital marketplace activity. The fintech...
Mortgage Rate Locks Sink After Previous Month's Surge
Mortgage rate‑lock activity slipped 9% in April, driven by a sharp 38% drop in rate‑and‑term refinances and a 12% decline in cash‑out deals. Despite the month‑over‑month dip, total lock volume remained 11% higher than a year ago, with the Optimal Blue...
Mortgage Insurers End 1Q26 Below Expectations for Volume
Private mortgage insurers posted a 13% quarter‑over‑quarter drop in new business, writing $76.7 billion of insurance in Q1 2026 versus $87.7 billion at the end of 2025, though the figure remains well above the $57.9 billion recorded a year earlier. Lower mortgage rates...
Hotter-than-Expected CPI Sends Yields Climbing
U.S. consumer price data came in hotter than expected, with headline inflation rising 3.8% year‑over‑year and core CPI climbing 0.4% month‑over‑month, outpacing forecasts. The surprise pushed Treasury yields higher, bringing the 5‑year note within a basis point of its recent...
US Home Resales Barely Rise as Key Selling Season Begins
US home resales in April barely rose, with contract closings up 0.2% to an annualized 4.02 million, still below economists' median forecast. The median selling price hit a record $417,700, up 0.9% year‑over‑year. Inventory of previously owned homes increased to 1.47 million,...
Blackstone to Offer Loans to Help Build 50,000 US Homes a Year
Blackstone announced a new lending platform, backed by its Brio Homebuilder Solutions affiliate, to finance the construction of more than 50,000 single‑family homes each year in the United States. The initiative seeks to partner with builders and other stakeholders to...
FTC Warns Mortgage Connect over Noncompete Agreements
The Federal Trade Commission’s chair sent a warning letter to Mortgage Connect, a national mortgage‑services firm, demanding it review and potentially end non‑compete clauses in employee contracts. The letter follows a lawsuit where Mortgage Connect tried to enforce a non‑compete...
GSEs Clarify New Appraisal Format Adoption Timeline
The secondary‑market agencies clarified that the Uniform Appraisal Dataset (UAD) 3.6 format becomes mandatory for new appraisals entered into the Uniform Data Collection Portal (UDCP) on November 2, 2024. The wording change removes references to loan‑submission timing, confirming that only the...
NMLS Address Policy Change and Pain Points with Changes
The Nationwide Multistate Licensing System (NMLS) rolled out a major refresh on April 18, updating disclosure questions and automating employment‑history reporting for its 600,000 users. The overhaul introduces auto‑populated employment data, standardized employer lists, and expanded contact fields for company users,...
Title Agent Accused of Rebranding to Evade Fraud Penalty
First American Title Insurance has filed a lawsuit in New York federal court to recover more than $600,000 owed by former agent Patricia Stein‑Oliva. The suit alleges Stein‑Oliva renamed her original firm, Liberty National Title, as Consumer Direct Title Agency...
Loandepot Files $250 Million Shelf Registration
Loandepot filed a $250 million shelf registration with the SEC, giving it the option to raise capital through equity, debt or hybrid securities. The move follows a larger‑than‑expected first‑quarter loss and a 17.7% drop in cash to $277.4 million. The company carries...
EXp Expands Platform with Acquisition of NextHome
eXp World Holdings announced the acquisition of NextHome, a franchise network with over 500 locations, and will begin trading on Nasdaq under the new ticker AGNT. The deal, whose financial terms were not disclosed, integrates NextHome’s proven franchise model into...
New Cantero Escrow Ruling Backs Preemption in Split Decision
The U.S. Court of Appeals for the Second Circuit issued a split 2‑1 decision in *Cantero v. Bank of America*, holding that New York’s escrow‑interest requirements are preempted because they interfere with national‑bank powers. The majority leaned on prior cases...
CrossCountry Raises Its Two Harbors Bid to $12 per Share
CrossCountry Mortgage has increased its bid for Two Harbors Investment to $12 per share, matching United Wholesale Mortgage’s latest offer. The move follows a surge in Two Harbors’ stock price, which traded above $12 in early May. UWM’s original share‑swap...
Carrington to Acquire Valon Mortgage, Use Fintech's Software
Carrington Mortgage Services announced it will acquire Valon Mortgage and integrate the fintech’s ValonOS platform to service roughly 800,000 Ginnie Mae loans, adding about $197 billion in unpaid principal balance. The deal, backed by an unnamed private‑equity partner, marks Carrington’s push to...
Trump Signs Bill to Expedite Tribal Mortgage Lending
President Trump signed the Tribal Trust Land Homeownership Act, a bipartisan bill aimed at speeding mortgage approvals for properties on tribal trust land. The legislation forces the Bureau of Indian Affairs to complete a preliminary review within 10 days, notify...
ReAlpha Lays Off 25% of Employees, Cites AI
ReAlpha Tech Corp., a real‑estate technology firm, announced a 25% reduction in its workforce, targeting full‑time staff, consultants and contractors. The cuts, combined with vendor consolidation, are projected to save roughly $2 million over the next year. CEO Mike Logozzo cited...
Better Is Deep in the Red Despite Origination, Revenue Gains
Better Home & Finance posted a $70 million net loss for Q1, including a $20.9 million loss from its UK bank exit, despite a 52% revenue jump to $48 million. Loan volume surged to $1.64 billion, up 12% quarter‑over‑quarter and 89% year‑over‑year, driven by...
Bank Fights Fed to Offer Cash Guarantee Mortgages
Canandaigua National Corp., a New York bank, is challenging a Federal Reserve Board denial of its cash‑guarantee mortgage program in the 2nd U.S. Circuit Court of Appeals. The proposed scheme would have the bank purchase a seller’s home when a...
The Highest Paid Mortgage Executives in 2025
In 2025 Rocket Cos. CEO Varun Krishna topped the mortgage‑industry pay chart with $52.9 million in total compensation, largely driven by stock awards and a $5.2 million cash component. Other public mortgage leaders saw mixed results: United Wholesale Mortgage’s Mat Ishbia redirected $6 million in...
How FHA's New Loss-Mit Rules Are Squeezing Servicers
In October the Federal Housing Administration overhauled its loss‑mitigation waterfall, mandating trial modifications as the first step for distressed borrowers and barring repeat assistance requests for 24 months. The change has sparked a wave of trial mods, with over half...
Former Newrez CIO Takes Same Position at Union Home Mortgage
Union Home Mortgage announced the appointment of Dino Lack as its new chief information officer. Lack brings 21 years of mortgage‑technology experience, previously serving as CIO at Newrez and senior product roles at Caliber Home Loans and LoanDepot. He will...
UWM Posts Strong Q1 in the Midst of Two Harbors Battle
UWM Holdings reported a strong first‑quarter, posting GAAP net earnings of $170.4 million, a turnaround from a $247 million loss a year earlier. Adjusted EBITDA slipped to $160.9 million, reflecting lower quarterly earnings despite solid loan‑originations of roughly $45 billion. The company is accelerating...
Top Female Mortgage Originators of 2025
Women comprised roughly one‑third of entries in National Mortgage News' Top Producers survey, with three female originators exceeding $100 million in loan volume for 2025. Tammy Saul led the group at $235.7 million, a figure that would have placed her eighth overall...
Finance of America Returns Back to Profit in First Quarter
Finance of America (FOA) reported a $35 million net profit for Q1 2026, reversing a $21 million loss in Q4 and falling short of last year’s $80 million gain. Adjusted earnings per share rose to $1.10, well above the $0.84 consensus, driven by...
PennyMac 1Q Profit Falls as Servicing Drags on Results
PennyMac reported first‑quarter net income of $82.3 million, down from $106.8 million in the prior quarter and missing its $1.58 per‑share earnings target. Originations pretax income rose to $133.6 million, but servicing pretax income slumped to $12.7 million, dragging overall profitability. The company generated...
Figure Partners with Credibly to Expand SMB Lending
Figure Technology Solutions announced its second fintech partnership of the month, teaming up with AI‑driven working‑capital lender Credibly to broaden its SMB lending footprint. Credibly, which has funded more than 61,000 small businesses with over $3 billion, will bring its loan...
Chase Home Lending Offers Temporary Mortgage Rate Discount
Chase Home Lending announced a two‑week mortgage rate discount running May 4‑17, cutting rates by up to 25 basis points on new‑home purchases, rate‑and‑term, and cash‑out refinance loans. The offer, available to both new and existing customers, can be combined with...
HECMs Lose Ground to Proprietary Reverse Products
Home Equity Conversion Mortgage (HECM) endorsements slipped 1.4% from February to March, falling to 2,088 loans and remaining below the 2,320 recorded in April 2025. At the same time, proprietary reverse‑mortgage products are gaining traction, now representing 52% of first‑quarter...
Highlands Residential Buys The Equitable Mortgage Corp.
Highlands Residential Mortgage announced the acquisition of The Equitable Mortgage Corp., an Ohio‑based lender founded in 1995, though financial terms were not disclosed. Equitable’s originations rose to $217.2 million in 2025, up from $184.2 million the prior year, and it serves both...
Lenders Are Taking More Repurchase Demands to Court
Mortgage lenders and servicers are increasingly suing brokers over repurchase demands, with major players such as Rocket Mortgage, United Wholesale Mortgage, Seneca and Citizens Bank filing federal complaints that total about $2.9 million in damages. Although overall repurchase demand on performing...
Manufactured Homes Market Set to Hit $42.7 Billion by 2031
Mordor Intelligence projects the global manufactured‑homes market to expand from $30.5 billion in 2024 to $42.7 billion by 2031, a 6.97% compound annual growth rate. Factory‑built homes cost 60‑65% less than site‑built homes, with an average price of $123,000 versus over $300,000...
Invesco REIT Takes Loss as Iran Volatility Hits Agency MBS
Invesco Mortgage Capital reported a Q1 GAAP loss of $23.1 million, missing analysts’ expectation of a modest $1.26 million profit. Despite the loss, the REIT generated $44.71 million in earnings available for distribution, outpacing the $40.46 million consensus. CEO Kevin Collins attributed the underperformance...
Mortgage Brokers Embrace AI but Seek Better Tools, Training
Mortgage brokers are rapidly incorporating artificial intelligence into their daily workflows, with 55% using AI regularly and 35% describing themselves as daily users. General‑purpose generative models such as ChatGPT, Claude and Gemini dominate adoption, while mortgage‑specific AI tools for underwriting...
Castlelake, Redwood Form $8B Jumbo Mortgage Venture
Castlelake and Redwood Trust have launched a joint venture to purchase up to $8 billion of prime jumbo mortgage loans, bolstering Redwood’s Sequoia platform. The deal gives Castlelake programmatic buying power for fully documented loans, complementing its recent majority stake in...
Judge Blasts Colony Ridge Settlement, Declines Oversight
U.S. District Judge Alfred H. Bennett dismissed a civil suit against Texas land developer Colony Ridge after the Justice Department approved a $68 million settlement that provides no direct compensation to alleged Hispanic borrowers. The agreement earmarks $48 million for infrastructure improvements...
Purchase Mortgage Closing Costs Dipped in 2025
LodeStar Software Solutions reports that average closing costs for purchase mortgages in 2025 fell to 1.04% of the sales price, or $4,528 on a typical $433,632 home. The median closing cost was $2,993, and the percentage rate remained virtually unchanged...
HUD, USDA Kill Energy Rule Builders Called a Barrier
HUD and USDA announced they are rescinding a 2024 Biden‑era rule that tied FHA and USDA loan eligibility to the 2021 International Energy Conservation Code. The rule was projected to add $20,000‑$31,000 to the price of a new home, potentially...
Better Partners with Stripe to Launch Home Equity Card
Better Home & Finance unveiled the Better Home Equity Card, a prepaid Mastercard built on Stripe Issuing and Treasury. The card lets homeowners draw instantly from a home‑equity line of credit, earning 1% cashback on eligible renovation purchases. With U.S....