Fed Hikes Federal Funds Rate by 75 Basis Points

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Amid remarkably strong U.S. economic performance and continued inflation, the Fed on Wednesday raised the federal funds rate by 75 basis points to 3.75 to 4 percent, the highest level since December 2007. The decision, widely anticipated by Fed expertsContinue Reading

$8M in Series A funding Raised By Haven

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Mortgage technology platform Haven has raised $8 million in Series A funding to expand its mortgage servicing infrastructure while taking advantage of the high-interest rate environment. Fifth Wall announced on Tuesday that it led its funding with participation from investorsContinue Reading

Solitaire Homes To Be Acquired By Competitor Cavco Industries

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Manufactured home Company Cavco Industries announced Friday that it has signed a binding offer to buy rival Solitaire Homes for $93 million. The acquisition includes four manufacturing facilities, 22 retail outlets, and shipping operations.  Cavco will finance the acquisition entirelyContinue Reading

Pending Home Sales Continued Their Downward Spiral in September by 31% From 2021

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The National Association of Realtors reported Friday that provisional home sales for September fell 10.2 percent from the previous month to 79.5. This is the fourth consecutive month of decline. Pending home sales have fallen in 10 of the pastContinue Reading

FirstFunding Files A Major Lawsuit Against Sprout Mortgage For Breach Of Contract

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Sprout Mortgage, a non-QM closed lender, is being sued for breaching a $175 million contract with depository lender FirstFunding. First Funding, a subsidiary of First American Financial Corporation, filed a lawsuit against Sprout last week in the Central District CourtContinue Reading

Clear Capital To Plan Lay Off Due To Slow housing market

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Real estate valuation technology company Clear Capital is cutting its workforce by 27 percent in its U.S. offices due to a slowing housing market, the firm said. Founded in 2001, the Nevada-based company offers solutions to streamline the appraisal process,Continue Reading

JPMorgan Chase and Wells Fargo Reported A Significant Decline In Home Lending Revenues

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JPMorgan Chase and Wells Fargo, the nation’s largest mortgage lender, reported third-quarter results on Friday. Both banks reported a significant decline in home loan income due to high-interest rates. Wells Fargo’s home loans in Q3 2022 totaled $21.5 billion, downContinue Reading

Fannie Mae Forecasts 1.5 Percent Dip in Property Prices In 2023

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The housing market outlook for 2023 is deteriorating monthly, and the latest report predicts that existing home sales will decline by more than 1 million units. Fannie Mae’s Economic and Strategic Research (ESR) team expects current single-family home sales toContinue Reading

Renters Face A Triple Blow

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Tenants were hit with a triple whammy: rising rents, rising inflation, and the end of the state ban on evictions. Rent increases are expected to continue in the coming year, especially as rising interest rates and home values drive manyContinue Reading

OHIO-BASED “LOWER” GOES UNDER ANOTHER ROUND OF LAYOFFS AMIDST RISING MORTGAGE RATES

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Ohio-based mortgage lender Lower last week made a series of layoffs affecting 6 percent of its workforce due to market conditions, a company spokeswoman said. Lindsay LeBert, the company’s director of communications, said in an email to HousingWire that “thereContinue Reading