First-time homebuyers retreat from the market as mortgage applications decline

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In: Mortgage News

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As the banking crisis stabilized last week, mortgage rates rose and borrower demand for home loans fell.  However, with fewer homes for sale, these high prices are difficult for potential buyers. According to the weekly survey of mortgage applications (MBA),Continue Reading

Single Family Housing Sector Saw Increase In March 2023

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In: New Home Mortgage News

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The US single-family housing sector showed improvement in March, with an increase in homebuilding and permits for future construction. The Commerce Department reported that single-family housing starts, which make up the majority of homebuilding, rose by 2.7% to a seasonally adjustedContinue Reading

Crain Mortgage Group Acquired By Legacy Bank and Trust Co

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In: Mortgage News

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Legacy Bank and Trust Co. and its holding company Ozark Heritage Financial Group Inc. (OHFG), recently announced the acquisition of Crain Mortgage Group LLC, a Dallas secondary market FHA/HUD multifamily loan originator. Crain Mortgage Group has changed its name toContinue Reading

Black Knight Launches Developer Portal Across The Mortgage Cycle

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In: Mortgage News

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Black Knight recently launched a portal that allows customers, third-party service providers, and their developers to access the company’s application programming interface (API) throughout the mortgage loan lifecycle. Called the Developer Portal, customers can use the Black Knight API toContinue Reading

Stewart Title Acquires Elite Family of Companies

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In: Mortgage News

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Stewart Title is resuming its acquisition strategy. The Elite Family of Companies was acquired, according to a Tuesday announcement from the smallest of the Big Four title insurers. The acquisition’s financial information was kept under wraps. Elite Land Title, LLC,Continue Reading

Silvergate Cuts Workforce by 20% in the Fourth Quarter of 2022

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In: Mortgage News

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Silvergate Capital Corporation, the parent company of Silvergate Bank, which serviced Sam Bankman-Fried’s now-defunct cryptocurrency empire, is shutting down its mortgage business and cutting 20 % of the workforce as customers invested $8.1 billion in cryptocurrency-related deposits. Silvergate’s preliminary fourth-quarterContinue Reading

Mortgage Rates Move With the Bond Market

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In: Mortgage News

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Fed officials said this week that despite some signs of improvement, it was too early to declare victory in the battle to return inflation to the 2% target.  This may dampen optimism about the rapid recovery of the mortgage sector. Continue Reading

PrimeLending Sues First Community Mortgage For Poaching

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In: Mortgage News

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Texas-based PrimeLending is suing its direct competitor, First Community Mortgage, Inc. (FCM) claiming to have looted its talent pool.  According to a lawsuit filed on Dec. 20 in a Tennessee district court, First Community Mortgage, Inc. (FCM) PrimeLending’s Central AmericanContinue Reading

Rocket Mortgage Launches Purchase Plus Program

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In: Mortgage News

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Rocket Mortgage, a Rocket Companies (NYSE: RKT) company, today launched Purchase Plus, a special purpose loan program designed to increase homeownership in underserved communities.  The new program offers first-time home buyers a loan of up to $7,500 to cover homeContinue Reading

Mortgage Pros-3 Keys to Surviving Tough Times

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In: Mortgage News

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It’s no surprise that the mortgage industry can be one of the toughest industries to work in. With ever-changing trends, rising rates, and an affordability crisis that many homeowners are currently facing, it’s understandable that we wonder, “When will thingsContinue Reading