California Utility Bills Are 20% Higher Due to Wildfires
A new California Earthquake Authority report reveals that Pacific Gas & Electric’s wildfire surcharge adds $41 to the average residential bill—about 19% of a typical PG&E invoice. Similar wildfire‑related fees make up 17% of Southern California Edison and 14% of San Diego Gas & Electric charges. The study recommends a $25 billion state‑chartered insurer to replace the FAIR Plan and suggests ending utility liability for fires unless negligence is proven. Without reform, wildfire‑driven “climateflation” could keep pushing electricity and insurance costs higher.
Jumbo Lending Playbook: Automation, Overlays and ROI
Lenders are increasingly using automated underwriting systems (AUS) to originate jumbo mortgages, aiming to cut complexity while meeting tighter investor overlays. Borrowers face stricter debt‑to‑income ratios and higher rates, though some jumbo pricing can dip below conforming levels when secondary‑market...
LoanDepot Taps Figure to Launch 5-Minute Loan Product
LoanDepot announced a partnership with Figure Technology Solutions to launch the 5x5 HomeLoan, a digital mortgage product that can approve borrowers in as little as five minutes and fund loans within five to seven days. The offering integrates Figure’s credit‑underwriting...
UMBS a Key Risk in Any GSE Ownership Change: Report
The Treasury Market Practices Group report flags the Uniform Mortgage‑Backed Securities (UMBS) framework as a major risk if ownership of Fannie Mae and Freddie Mac changes. While the single‑security model has boosted liquidity and narrowed pricing gaps, unwinding it could re‑introduce...
Should Conforming Loan Limit Math Change?
A draft bill by Rep. Scott Fitzgerald would replace the FHFA’s home‑price index with an income‑based formula to set conforming loan limits. Proponents say the change could expand the jumbo mortgage market and attract private‑label capital. Critics argue it would...
Property Tax Bills Jump Despite Declining Home Values
U.S. homeowners paid $396.8 billion in property taxes in 2025, a 3.7% rise despite a 1.7% dip in average home values. The effective tax rate climbed to 0.9%, the highest level since 2020, driven by higher rates in the Northeast and...
New American Funding Announces Addition of One Goal Mortgage
New American Funding announced the launch of One Goal Mortgage, its first physical branch in Nebraska, extending its Midwest presence into Omaha and Southwest Iowa. The branch is led by Producing Area Sales Manager Rachel Pierce, whose team brings roughly...
Better Home & Finance Selling UK Bank to Shore up Capital
Better Home & Finance (Better.com) announced a multi‑pronged effort to strengthen its balance sheet, including the sale of its UK subsidiary Birmingham Bank, a $60 million public stock offering, and $25 million of expense reductions in Q2. The company reported loan originations...
Rate Lock-In: 1 in 3 Owners Won't Budge at Any Price
A new industry survey of 1,000 mortgage holders reveals that roughly one‑third of owners with rates below 6% would not refinance at any price, and 47% say they cannot afford current rates. Homeowners with sub‑3% rates are even more entrenched,...
Iran Ceasefire, Treasury Gaps Shift Rate Outlook
A ceasefire in Iran was announced, prompting immediate market reactions. Treasury yields opened higher, preserving bullish gaps and compressing the Federal Reserve’s rate‑cut outlook from an 18‑month to a 15‑month horizon. Technical analysis identifies narrow 3‑5‑basis‑point target ranges for the...
Freddie, Fannie Updates Lead Wave of Secondary Market News
Freddie Mac introduced two low‑balance 30‑year mortgages with cash pay‑ups, expanding its secondary‑market product suite. Vice Capital Markets added these pay‑ups to its execution platform and is preparing new 30‑year commitment grids for Fannie Mae, including manufactured‑housing loans. Better Mortgage renewed and...
TCPA Lawsuits Hit Nine More Mortgage Lenders
Consumers have filed new Telephone Consumer Protection Act (TCPA) lawsuits against nine mortgage lenders, including Rocket Mortgage and United Wholesale Mortgage, alleging unwanted calls and texts despite Do‑Not‑Call registrations. Plaintiffs claim some lenders made dozens of robocalls, while lenders such...
Rate Looks to Scale Consumer Lending Business with New Hire
Rate, the Chicago‑based retail mortgage lender, appointed Adam Boyd as president of consumer lending to accelerate its expansion beyond mortgages. Boyd brings more than 25 years of experience, most recently leading consumer and home‑equity lending at Citizens Bank. The hire...
Newrez Faces $4.2M Penalty for Servicing Violations
Washington State regulators have proposed a $4.2 million civil penalty against mortgage servicer Newrez for a series of servicing violations spanning 2021‑2026. The charges allege inaccurate loan onboarding, erroneous escrow handling, false credit‑reporting information, and improper foreclosure practices that harmed dozens...
How NEXA Created a Servicing-Based Incentive for LOs
NEXA Lending has unveiled a compliant incentive program that ties loan officers' compensation to the long‑term value of mortgage servicing rights (MSRs). The model grants eligible originators a share of recurring servicing revenue and full access to loan performance data...
GSEs Ease Prefunding Rules, Extend Manufactured Housing Terms
Fannie Mae eliminated the mandatory 10% minimum sampling rule for prefunding checks and now permits lenders to craft their own risk‑based sampling methods, with oversight to ensure adequacy. Freddie Mac extended the maximum term for cash‑out refinances on manufactured‑housing loans...
FOA Launches New Reverse Mortgage Line of Credit Product
Finance of America introduced HomeSafe Second Line of Credit, a second‑lien reverse‑mortgage line for homeowners 55 and older, debuting in California. Borrowers receive an initial 25% draw and can access up to $1 million over a 10‑year draw period, with a...
Spring's Hot Housing Market Just Ran Into a Problem
Spring 2024 home‑buying kicked off strong as mortgage rates fell near 5.95%, boosting affordability and sparking the sharpest monthly price gains in over a year. By late March, 30‑year rates climbed to about 6.35%, raising the average monthly principal‑and‑interest payment...
Increasing Non-Qualified Mortgage Delinquencies Remain Within Bounds
Fitch Ratings’ February remittance data shows non‑qualified mortgage (NQM) delinquencies climbing year‑over‑year, driven largely by the 2023 vintage. The broader NQM sector’s 30‑plus delinquency rate rose to 7.26% (up 118 basis points) and 90‑plus to 3.61% (up 81 basis points),...
RESPA Cases Are Rising as States Fill CFPB Void
State attorneys general and private litigants are intensifying enforcement of the Real Estate Settlement Procedures Act (RESPA) as the Consumer Financial Protection Bureau scales back its oversight. Recent actions include a Maryland title company’s $1 million settlement and at least five...
Rocket Leads UWM in 2025 HMDA Loan Count, Trails in Volume
Rocket Mortgage edged United Wholesale Mortgage in loan count for 2025, originating 429,332 loans (6.33% market share) versus UWM’s 422,120 (6.25%). However, UWM kept a clear lead in dollar volume, with $164.32 billion compared with Rocket’s $116.16 billion. The split reflects differing...
Finance of America Faces Early Data Breach Class Action
A Texas federal court received a class‑action lawsuit alleging Finance of America suffered a data breach two weeks ago. Consumer Melanie Place claims the ransomware group Word Leaks accessed customers’ personal data, including Social Security numbers. The suit is notable for...
March HECM Bump Masks a Deeper Slowdown
Home Equity Conversion Mortgage (HECM) endorsements rose 16.3% in March, reaching 2,117 loans, but the overall volume remains the weakest since the summer of 2024. Year‑over‑year figures slipped 0.5%, indicating a modest decline from the same month last year. Growth...
Father-Son Lender Duo Owes Ex-LOs $1M in Back Wages
Illinois‑based Smart Mortgage Centers and its father‑son executives were ordered to pay $1,108,482 in wage damages after a jury found federal Fair Labor Standards Act violations and willful misconduct. A federal judge upheld the verdict, rejected the Birks’ motion for...
Banks Get Operational Risk Relief in Basel Proposal
Regulators have issued a revised Basel operational‑risk capital framework that replaces the 2023 model‑based approach with a standardized formula for U.S. Category I and II banks. The new method subtracts certain expenses from non‑interest income, applies a 70% reduction to fee‑based businesses,...
Double-Pledging Risk: What Mortgage Lenders Should Know
Double‑pledging, where the same loan serves as collateral for multiple financiers, is re‑emerging in sub‑prime auto lending and the UK home‑loan market, prompting concern for U.S. mortgage lenders. While monoline non‑bank lenders face limited direct exposure, banks with broader consumer‑finance...
Dark Matter, Calyx Path Upgrade Originations Tools with AI
Dark Matter Technologies introduced Ask Aiva, an embedded AI assistant in its Empower loan‑origination system that uses retrieval‑augmented generation to answer loan officers' queries with source‑cited, conversational responses. The tool lets users click through to the underlying data, aiming to build...
2.6M Homeowners Pay $500-Plus in Monthly HOA Fees
Nearly 18 million homeowners in the 100 largest U.S. metros paid HOA or condo fees in 2024, with 2.6 million shelling out $500 or more each month, equivalent to over $6,000 annually. New York recorded the highest median fee at $558, while...
U.S. Bank Adds Built to Manage Construction Loan Activity
U.S. Bank has partnered with Built Technologies to automate its construction‑loan workflow using Built’s AI‑driven Draw Agent platform. The integration promises faster funding, with draw times potentially improving up to 70%, and offers borrowers real‑time visibility into draws, inspections, and...
Benchmark Mortgage Sues Ex-Employees for Stealing P&L Data
Benchmark Mortgage filed a Texas Business Court lawsuit against former business development director Marty Preston and former branch manager Denise Donoghue, alleging they stole confidential profit‑and‑loss data and shared it with competitors. The complaint seeks a temporary injunction and more...
Iran War Threatens Trump Dream of Lower Interest Rates
The Iran‑Russia war has reignited a supply‑side shock, pushing 10‑year Treasury yields up about 35 basis points to roughly 4.30%, the steepest monthly decline since President Trump returned to the White House. The closure of the Hormuz Strait, which carries...
Some Markets Thawing in Time for Spring Homebuying Season
First American’s February data show U.S. home‑buying power rose 10% versus last‑year list prices, even as 30‑year mortgage rates hovered near 6% and jumped another 40 basis points in March. Price appreciation is moderating, with the national index up only...
Lenders Settle Suit Spurred by Family of Originators
Premier Mortgage Resources and Canopy Mortgage have agreed to settle a year‑long lawsuit alleging a poaching scheme involving the Lillibridge family. The family, former Premier employees, were accused of recruiting colleagues and transferring in‑progress loans to Canopy, prompting Premier to...
LoanDepot Partners with Texas Builder for New Lender Launch
LoanDepot has launched Olive Branch Home Loans, a mortgage affiliate for West Texas builder Betenbough Cos., which sells over 2,000 homes annually across eight sales centers. The partnership gives Betenbough access to LoanDepot’s wholesale infrastructure, technology and customer‑service expertise while...
Ginnie Mae Gives Issuers a Break, Adds New Prepayment Data
Ginnie Mae announced immediate relief for issuers filing annual audited financial statements by eliminating the 15‑day advance notice for extension requests, allowing submissions through Ginnie Mae Central on the due date. The change comes as issuers manage a new audit...
States Score Win as Flagstar Denied Escrow Rehearing
The Ninth Circuit Court of Appeals denied Flagstar Bank’s request for a full‑panel rehearing, leaving in place its earlier ruling that upheld California’s interest‑on‑escrow law. The decision was celebrated by the Conference of State Bank Supervisors (CSBS), which used the...
Treasury Curve Steepens After Weeks of Flattening
The U.S. Treasury yield curve, which has been flattening throughout 2026, showed a modest steepening on Friday as the 5‑year note held at 4.07% and the 30‑year bond nudged up to 4.98% by market close. The move came after bullish...
Foyer, Nayya Bring Homeownership to Employee Benefits
Foyer and Nayya announced a partnership that embeds Foyer's 401(k)-style homeownership savings account into Nayya's AI‑driven employee benefits platform. The new benefit lets workers set down‑payment goals, access credit‑building tools and receive advisor support alongside health and retirement options. It...
Freddie Mac's Former Chief Charts Path to GSE Capital Reform
Former Freddie Mac CEO Donald Layton argues that the government‑sponsored enterprises (GSEs) can achieve capital reform faster by lowering minimum capital standards and using the 2018 Enterprise Regulatory Capital Framework (ECRF) as a template. He cites the Trump administration's executive order...
Lenders: Chase Affordability Gains Before Rates Climb Further
In February, 30‑year fixed mortgage rates slipped below 6%, pulling the industry average to 5.98% and nudging the Mortgage Bankers Association's Purchase Applications Payment Index (PAPI) down to $2,061. The modest decline reflected lower borrower payments despite slightly larger loan...
Mortgage Order Adds More Rules to Diminished CFPB's Load
President Trump issued a March 13 executive order urging the Consumer Financial Protection Bureau to revisit the Ability‑to‑Repay and Qualified Mortgage rules so smaller banks—those under $100 billion and community banks under $30 billion—can more easily compete in the mortgage market. The CFPB...
Apollo's Insurance Arm Vaults to Second-Biggest FHLB Borrower
Apollo Global Management's insurance subsidiary Athene Holding became the second‑largest borrower in the Federal Home Loan Bank (FHLB) system, holding $23.3 billion in principal advances at the end of 2025. This marks a sharp rise from $15.6 billion in 2024 and places...
How to Simplify and Improve the Lending Reports Process
Effective lending reports turn massive loan data into actionable insight, strengthening investor confidence and strategic decision‑making. By concentrating on core performance metrics—origination volume, default rates, loan‑to‑value ratios, and interest‑rate spreads—organizations avoid information overload. Structured formats that begin with an executive...
Seriously Delinquent Loans Hit Highest Level Since 2022
The national mortgage delinquency rate ticked up to 3.72% in February, driven by a 3% rise in seriously delinquent loans—the highest level since June 2022. Pre‑payment speeds accelerated as rates fell, yet cure activity for loans 90 days or more...
Supreme Court Won't Hear Mortgage Firm's Appeal in CFPB Case
The U.S. Supreme Court declined to hear Nationwide Biweekly Administration’s appeal, leaving a $7.93 million civil penalty and permanent injunction imposed by the Ninth Circuit. The CFPB had accused the former biweekly mortgage‑payment firm of deceptive marketing, claiming it collected about...
US Mortgage Sued over Ransomware Attack
Former US Mortgage employee Richard Bernich filed a federal negligence lawsuit after the lender suffered a ransomware attack in May 2025 that compromised Social Security numbers, financial details and limited medical data of consumers and staff. US Mortgage, which originated...
CrossCountry, UWM Vie for Two Harbors in Bidding War
Two Harbors said CrossCountry’s unsolicited $10.70‑per‑share cash offer is superior, but a higher $10.75 cash bid from an unnamed party is also on the table. The REIT would receive a $25.4 million fee if the pending $1.3 billion all‑stock merger with United...
Swalwell Drops Pulte Suit While FHFA Fraud Probes Stall
Rep. Eric Swalwell has voluntarily dismissed his lawsuit against the Federal Housing Finance Agency and its director Bill Pulte. The suit alleged violations of the Privacy Act and the First Amendment after a DOJ mortgage‑fraud probe accused Swalwell of designating...
Poached LOs Sue Former Lender for Email Surveillance
Loan officer couple Ashley and Christopher Hoehn have filed a federal lawsuit against former employer Stockton Mortgage, alleging the company used forensic tools to scrape their private Gmail messages from company laptops. The suit adds a computer‑fraud claim to an...
Borrower Hesitation in High-Cost Regions
Borrower hesitation in high‑cost metros is increasingly driven by soaring insurance premiums, rising property‑tax and HOA costs, and the complexity of covering high‑value personal assets. Lenders report longer decision cycles, higher pre‑qualification fallout, and more renegotiations as total cost‑of‑ownership calculations...
