Better's losses shrink as AI boosts 2024 loan volume, revenue
CEO Vishal Garg is optimistic about the future after cutting mortgage lender's annual net loss by 61%, to $206M, growing loan production by 19%, to $3.6B, and revenue by 50%, to $108M
by Matt Carter Mar 19
Mr. Cooper's tech investments paying off as portfolio hits $1.5T
Dallas-based loan servicer is using AI to collect monthly mortgage payments from 6.7M homeowners, a business that generated $393M in pretax income during Q4
by Matt Carter Feb 12
Wells Fargo is about to emerge from the regulatory woods
Once the nation's largest home lender, Wells Fargo could be poised for a comeback in mortgage this year as it continues to make progress addressing regulators' concerns about past practices
by Matt Carter Jan 28
Homebuyers entering the market even as mortgage rates stabilize
Purchase loan applications are up 9% from a year ago, as inventories of new and existing homes increase and lower mortgage rates help with affordability, MBA lender survey suggests
by Matt Carter Oct 2
Data points to another mortgage boom if rates continue to tumble
If mortgage rates fall by another percentage point, ICE Mortgage sees homebuyers' monthly payment dropping by $236 and nearly 7.2 million homeowners 'in the money' for a refinance
by Matt Carter Sep 4
Investors now certain Fed will cut in September. But by how much?
Falling mortgage rates have more homeowners interested in refinancing, but homebuyers are largely staying on the sidelines. Rates may now be poised for a bigger drop
by Matt Carter Aug 21
Mortgage rates bounce back before homebuyers can pounce
The big drop in mortgage rates did more to spur refinancing than homebuying, according to a weekly survey of lenders by the Mortgage Bankers Association, and now rates are rising again
by Matt Carter Aug 7
Eyeing next refi boom, lenders plan to maintain or grow payrolls
Lending industry leaders surveyed by Fannie Mae see the lack of housing supply as the biggest risk factor in 2024, but most expect refinancing to pick up next year if rates continue to fall
by Matt Carter Jul 22
Fewer homeowners constrained by mortgage lock-in effect
2 years ago, 9 out of 10 mortgages had rates below 5%. Today, ICE Mortgage Monitor data shows there are 5.8M fewer sub-5% mortgages, and 1 in 4 borrowers has a higher rate
by Matt Carter Jul 2
UWM hiring 'hundreds' as mortgage originations surge 24%
United Wholesale Mortgage's $180.5M in net earnings were boosted by the sale of $70B in mortgage servicing rights (MSRs) and a $141M markup in the value of the $230B in MSRs retained
by Matt Carter May 9
On the verge of going private, Doma Holdings is still in the red
San Francisco-based title tech provider, set to be acquired by Title Resources Group, posted a $20.6M Q1 2024 net loss Tuesday, down 46% from a year ago but little improved from Q4 2023
by Matt Carter May 8
Title technology provider Doma posts $124M 2023 net loss
After a 'transformational year,' CEO Max Simkoff says Doma is well positioned to help lenders take advantage of the Biden administration's push to reduce closing costs for mortgage borrowers
by Matt Carter Mar 13
Falling mortgage rates should boost home sales: Fannie Mae
Fannie Mae economists no longer expect a recession in 2024 and are considerably more optimistic that mortgage rates have additional room to come down below 6%
by Matt Carter Jan 18
How low can they go? Mortgage rates back under 7% this week
Mortgage rates keep falling after Powell tries to deflate expectations for the spring rate, as 3 new reports released this week suggest the economy is, in fact, losing steam
by Matt Carter Dec 6
After downsizing, Better says it has cash to weather $340M Q3 net loss
A $565M influx of cash from an August SPAC merger and a $1B reduction in annual expenses puts Better on a footing to navigate a challenging market, executives say on first earnings call
by Matt Carter Nov 14