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Articles by Jacob Gaffney
Housing woes drag down IRA outlook on banks
Institutional Risk Analytics downgraded the forward operating results of the U.S. banking industry from neutral to negative, primarily on the exceedingly dark outlook in housing and developments from the Federal Open Market Committee.
WSJ: Fannie and Freddie-backed homeowners are deeper in debt
According to Ben Eisen, writing in the Wall Street Journal, Fannie Mae and Freddie Mac are increasingly backing loans to borrowers who have heavier debt loads, highlighting questions about mortgage risk as policymakers debate ways to change the system. Eisen writes that, according to IMF data, the share of homeowners with high debt-to-income ratios above 43% has nearly doubled since 2015.
Fox reports Fannie, Freddie IPO could come in 2020: FHFA's Mark Calabria
President Trump's new director of the Federal Housing Finance Agency says he’s considering an initial public offering of Fannie Mae and Freddie Mac as early as the first half of next year to raise capital. In this FOX Business exclusive by Jennifer Schoenberger, and his first interview since taking the helm of the FHFA, Mark Calabria, says that allowing Fannie Mae and Freddie Mac to simply rebuild capital by retaining earnings isn’t enough to get the mortgage giants in a strong position quickly.
Fox reports Fannie, Freddie IPO could come in 2020: FHFA Mark Calabria
President Trump's new director of the Federal Housing Finance Agency says he’s considering an initial public offering of Fannie Mae and Freddie Mac as early as the first half of next year to raise capital. In this FOX Business exclusive by Jennifer Schoenberger, and his first interview since taking the helm of the FHFA, Mark Calabria, says that allowing Fannie Mae and Freddie Mac to simply rebuild capital by retaining earnings isn’t enough to get the mortgage giants in a strong position quickly.
New head of FHFA says Fannie Mae and Freddie Mac can be released without Congressional consent
A new report from Bloomberg's Austin Weinstein states that Fannie Mae and Freddie Mac may be freed from government control even if Congress doesn’t pass a housing-finance overhaul. The statement came in an interview with the new head of the Federal Housing Finance Agency, Mark Calabria, who said lawmakers will get "more than sufficient time" to come up with a plan of their own.
Here’s how a dodgy network of commercial mortgage brokers may cost Morgan Management their multifamily empire
The Morgan family is established as one of the largest apartment empires in America. But probably not for long. Recently, prosecutors in New York allege that nearly $500 million in loans, obtained by Morgan executives and their network of brokers, knowingly overstated the income and occupancy of those apartments. According to the Wall Street Journal, Morgan Management is rapidly shrinking in the wake of one of the largest mortgage fraud investigations in the last ten years.
Movement Mortgage acquiring retail operations of Platinum Mortgage
Last month, when Home Point announced it acquired the wholesale lending division of Platinum Mortgage, everyone wondered what would happen to the retail lending side. Well, wonder no more. As of this morning, Movement Mortgage, a top 10 national retail mortgage lender, tells HousingWire it is acquiring the retail lending assets of Platinum Mortgage. The purchase marks Movement’s second acquisition of 2019, following the purchase of the retail mortgage assets of Eagle Home Mortgage.
loanDepot parts ways with top mortgage loan officer
It’s been a rough April for top mortgage loan officer Brian Decker. On April 10, LendingLife reported that Decker voluntarily surrendered his California MLO license in a settlement with the California Department of Business Oversight, which accused Decker of failing to disclose that he'd previously run into trouble for allegedly taking borrowers' loan files with him from one job to another.
MERS owner, Intercontinental Exchange, is buying Simplifile for $335 million
The clearinghouse and global exchange, Intercontinental Exchange, announced an agreement Wednesday to acquire Simplifile for $335 million. ICE is the parent company of the New York Stock Exchange and is also a provider of data and listings services; Simplifile operates one of the largest networks connecting the agents and jurisdictions that underpin residential mortgage records. ICE also bought MERS last year.
Freddie Mac keeps growing, up 5% just this year
Freddie Mac may be in conservatorship, but Wednesday's earnings shows it’s actually in growth mode. The nation’s major mortgage financier reports a “robust 5% total guarantee book growth, year over year — Single-Family grew 4% and Multifamily grew 14%.” Additional the, underlying credit quality remains strong — single-family serious delinquency rate declined to 0.67%, while multifamily delinquency rate continues near zero at 0.03%.
Dying malls resurrected in multifamily markets
As major anchor retailers at malls continue to shut their doors — Macy’s, J.C. Penney, Sears — those properties are finding a common ground to repurpose the space. A popular solution favors converting retail space into multifamily, mixed-use developments. And it’s finding big backers with even bigger pockets, as three deals emerged this week alone! For a recent example, look no further than the Laguna Hills Mall.
First look: Movement Mortgage hires LO rock star from Guaranteed Rate
[Update 1: This article is updated with new data covering the breadth of Stryker's employment at Guaranteed Rate provided by GR.] If you run in retail loan officer circles, you may have heard of Stryker.
Zillow launches free 3D home tours for all real estate listings
[Update: The previous headline of this article referred to "3D home hours." The headline is now corrected to "3D home tours".] Adding 3D tours to real estate listings is nothing new, however Zillow is now bringing the home selling tool to a much wider audience at a much cheaper price than ever before. Free, in fact.
First look: Movement Mortgage nabs LO rock star from Guaranteed Rate
If you run in retail loan officer circles, you may have heard of Stryker. Most recently, Jim Stryker provided some of the rocket fuel behind the Loan Officer recruiting efforts at Guaranteed Rate, where he basically ran the retail mortgage giant's efforts in the Western part of the U.S. And now, Stryker is joining another major mortgage player, Movement Mortgage, to lead sales and business development across the same market.
WTH is an iBuyer?
More and more real estate transactions involve the participation of so-called iBuyers. But who are they, what do they do and are they a threat to real estate agents? Here's what we know so far. An "iBuyer" is the catchall term for online real estate investors who seek to reduce transactional property costs via digital tools.
Zillow launches free 3D home hours for all real estate listings
Adding 3D tours to real estate listings is nothing new, however Zillow is now bringing the home selling tool to a much wider audience at a much cheaper price than ever before. Free, in fact. After a successful trial period with real estate agents, the property promotions giant announced today that it will allow all listings to have 3D tours, if the agents or other seller uses an iPhone.
Zillow technical error questions loan officers’ employment status
Several hours ago, mortgage loan officers took to social media in response to a strange email they received from online real estate search giant, Zillow. The email suggested that the LOs' status on Zillow had changed due to a change in sponsorship.
The end of an era: Ellie Mae’s golden stock stops trading on NYSE
Private equity firm Thoma Bravo completed its all-cash $3.7 billion purchase of Ellie Mae Wednesday morning. The private equity investment firm acquired the loan origination software provider at an aggregate equity value of approximately $3.7 billion. And in doing so, the company took Ellie Mae private, ending the golden era on one of the most impressive stock performances of any company in the mortgage finance space. In April 2011, Ellie Mae’s IPO launched at $6 per share.
loanDepot top 25 originator surrenders California MLO license over allegations of mortgage misconduct
Two years ago, Brian Decker made a big move over to loanDepot. Decker, who is one of the top 25 mortgage originators in the country and serves as a vice president of mortgage lending at loanDepot, even took part in a promotional YouTube video explaining why he was joining loanDepot. “After my very first meeting with [loanDepot CEO] Anthony Hsieh. I called my assistant and I told him, ‘I just spoke to the most intelligent mind I’ve ever met.’” Decker said in the video.
Recent decline in mortgage rates leads to a leap in jumbo refinances
The Mortgage Bankers Association is noting two distinctive trends in mortgage lending in it latest credit availability report. The first is the recent declines in mortgage rates, which only just showed signs of leveling out, led to a leap in refinances for jumbo mortgages. However, interest in Department of Veterans Affairs and Federal Housing Administration loans showed less refi interest.
[WATCH] HUD Secretary Ben Carson calls for Fannie and Freddie to be taken out of conservatorship
Breaking News The Department of Housing and Urban Development announced Thursday that it has charged Facebook with violating the Fair Housing Act by enabling advertisers to choose who could view their ads on the social media site. According to HUD, Facebook enabled real estate companies to unlawfully discriminate against users by choosing who could view their ads based on race, nationality, religion, color, familial status, sex and disability, using machine learning to unfairly classify users.
Supreme Court makes it harder for borrowers to fight foreclosures in non-judicial states
Law firms, mortgage lenders and servicers were just awarded more protection in serving non-judicial foreclosures, according to a recent Supreme Court ruling. The ruling is a victory for the mortgage industry in its fight to retrieve property from delinquent homeowners. One attorney claims the ruling may eliminate thousands of similar homeowner lawsuits. In the case of the Obduskey v.
Will climate change impact the housing market? Realtors slug it out online
The National Association of Realtors recently made an honest attempt to begin a discourse on the potential impact of climate change on the real estate industry in a recent magazine article, posted in the March/April issue of their member magazine. In the piece, titled "Climate Change: We Don’t Have 50 Years to Wait," author Craig Foley introduces himself as the 2019 chair of the National Association of Realtors' Sustainability Advisory Group.
Lenders continue to lower FICO requirements for new homebuyers
The nation’s major banks are continuing to walk away from FHA-backed mortgages, according to the Urban Institute’s Housing Finance Policy Center February Chartbook. And not only are nonbanks stepping in to take over the space, overall, they are continuing to ease access to credit. “Bank and nonbank FICO scores reveal that nonbanks brought the Agency median FICO down four points to 726 between November 2018 and January 2019,” the Urban Institute said in an email.
Fidelity National Financial remotely notarizes Texas property purchase
Fidelity National Financial helped clients complete a real estate closing in Texas, even though the parties were in separate parts of the Lone Star State. Indeed, the property sellers were in Austin, while the escrow officer was just south of Houston. No matter, FNF closed the gap between the two digitally.
Loan officers cast serious doubt on latest loanDepot, Chase mortgage promises
In recent LendingLife news, loanDepot announced its new digital mortgage, which it says can identify significant time and cost-savings for borrowers in seven minutes. The lender claims its digital mortgage, mello smartloan, can now close a loan in just eight days. And, loanDepot is not alone in launching a new lending product promising big results. Chase Home Lending now claims it can close on a borrower’s mortgage in as little as three weeks.
The battle for the broker
At the start of the new year,Black Diamond Mortgage Owner David Boye received an email from an account executive representing one of the nation’s largest lenders asking for a second chance. “We are a completely different company from when you used us back in 2016 and we would love to show you,” the account executive said. “I understand you have a few lenders that you use.
TIAA to LOs: U.S. Bank acquisition will not impact existing mortgage applications
Last Thursday, HousingWire covered the acquisition of TIAA Bank's retail mortgage lending operations by U.S. Bank. As part of that deal, TIAA Bank said it is moving to get out of retail mortgage lending and will shift its focus to digital mortgages. The journey so far has not gone smoothly for Loan Officers. On the day HousingWire covered the announcement, TIAA closed its operations center in Jacksonville, Florida, as well as two branches, laying off nearly 200 staff in the process.
Most business economists now predict a full-blown recession by 2021
The sky will fall, economically speaking, on that most economists agree. Where they do differ, is when exactly they expect America’s economy to suffer two straight quarters of negative economic activity and what factors may lead up to a future recession. In the latest survey from the National Association for Business Economics, 281 members reported their economic predictions.
The rate of homes hitting the housing market is now at a 10-year high
RE/MAX real estate agents say they now have more homes for sale than at any point in the last 10 years, according to the latest housing report. RE/MAX is a major global real estate agent franchise, with 120,000 agents in more than 100 countries and territories. By pulling data from that large pool of agents and the MLSs, they release the National Housing Report every month. The latest report saw the largest year-over-year inventory increase in at least 10 years.
[WATCH] Real estate investor triggers deadly booby trap in abandoned home
Real estate investor Ekrem Uysaler was among five people walking through a vacant home purchased in southwest Philadelphia last month. As the video below shows, during the routine inspection, the group set off a booby trap designed to maim or even kill any unknowing trespasser. The viral video is yet another example of the dangers that real estate agents face on the job. Luckily, the group of men were able to recognize and eventually disable the trap. "You see this wire?" one of the group says.
Provident Financial abandons mortgage banking
[Update: An earlier version of this article contained comments from a closed Facebook community. Those comments were removed as well as accompanying text.] Provident Financial Holdings announced its exit from mortgage banking earlier this week. In a released statement the firm said challenging economic and operating conditions made it difficult to make a profit in home loan originations. The company’s CEO also cited “required investments in expensive technology” as another reason.
Wells Fargo faces class action lawsuit on loan officer compensation rules
United States District Court Judge Beth Labson Freeman granted class action status to a lawsuit where a loan officer is seeking backpay from Wells Fargo. (Ruling found here.) Plaintiff James Kang worked as an home mortgage consultant in Wells Fargo's Palo Alto, California, branch from October 2000 through May 2015, with a short break in employment in 2011.
EXCLUSIVE: CoesterVMS shuts down
The office furniture is sold. The website is down. No one answers the phone. Everyone stateside is now laid off. The chief executive officer is currently focused on a new line of work. For all intents and purposes, CoesterVMS, one of the nation's largest appraisal management companies, is now out of business. Recently, CEO Brian Coester told HousingWire that the company was doing well, despite what he called a mix-up in financing at the company’s bank. Coester's last communication was via text on Dec.
BB&T CEO to client-facing staff: “Don’t worry, you have a job”
For the first time since the financial crisis two major banks are merging. BB&T has purchased SunTrust Banks in a $66 billion deal announced Thursday, and the two banks will be rebranded soon. Further, the two banks have 750 branches that are within two miles of each other. In an interview early today BB&T CEO Kelly King and SunTrust CEO Bill Rogers spoke with CNBC’s David Faber (video below).
Provident Financial abandons mortgage banking and brokers immediately take credit
Provident Financial Holdings announced its exit from mortgage banking earlier this week. In a released statement the firma said difficult economic and operating conditions made it difficult to make a profit in home loan originations. The company’s CEO also cited “required investments in expensive technology,” as another reason.
Murdered in cold blood? Landlord shot three times in the back by his own tenant
The events leading up to the murder of a Salt Lake City-area real estate agent keep coming into focus and sound even more tragic with each passing day. According to charges, Manuel Velasquez (pictured, above) gunned down 40-year-old real estate agent and landlord David Stokoe in cold blood as the agent attempted to collect rent on one of his properties.
Ginnie Mae hits loanDepot with VA mortgage restrictions
Beginning February 1, loanDepot will be restricted from including its Department of Veterans Affairs single-family loans in the Ginnie Mae guarantee pools. Ginnie Mae is also announcing that it has removed the previously announced restriction limiting Freedom Mortgage Corporation, which will begin on March 1. Ginnie Mae offers federally insured mortgage bonds for FHA and VA mortgage lenders. Recently, Ginnie Mae cracked down on what it believes is unnecessary loan churning in its VA pools.
As nonbanks take over FHA, VA mortgages, concerns grow at Ginnie Mae
FHA and VA lending now comes mostly from nonbanks, and that growing market share concerns the federal institution that securitizes those loans on the secondary markets, Ginnie Mae. According to Ben Eisen and Nick Timiraos writing in the Wall Street Journal (available here, paywall), “Ginnie is particularly exposed to nonbank lenders. These firms service 61% of loans in securities issued by Ginnie, up from 34% at the end of 2014.
Real estate agent killed while serving eviction notice, tenants arrested
A Salt Lake City husband and father of four, who worked in real estate his entire life, was killed while trying to serve an eviction notice. It’s a tragic example of the daily dangers real estate professionals face everyday when conducting business. NBC News ran the mugshots of the three tenants who were arrested over the weekend after real estate agent David Stokoe's body was found.
Flagstar annual income triples, even though mortgage business was "softer than we expected”
Flagstar Bancorp recently posted both its fourth quarter and full year earnings and it’s quite the read. First, the good news: Full year 2018 net income was $187 million, as compared to full year 2017 net income of $63 million. Yes, that’s nearly triple the profit after taxes and other deductions are taken out. The bank also reported fourth-quarter net income of $54 million, after reporting a loss in the same period a year earlier. But how? Aren't most lenders shrinking or being acquired?
When will it be mandatory to use the new Uniform Residential Loan Application?
Compliance provider MQMR sent out its most recent frequently asked questions paper Thursday morning, this time addressing new loan applications commencing February 1, 2020. This week's paper asks: Will it be mandatory to use the new Uniform Residential Loan Application (URLA) and what are some of the changes? ANSWER: Originations commencing July 1, 2019 may use the redesigned URLA and all new loan applications commencing February 1, 2020 must use the new URLA.
Exclusive: AmeriSave to acquire retail mortgage lending operations from TMS
AmeriSave will take over the retail mortgage lending operations from TMS, sources close to the deal tell HousingWire. The strategic decision revolves primarily around TMS publicly stating that mortgage servicing is in dire need of improved customer service. In other words, TMS wants to focus more of its efforts on providing a better mortgage servicing experience to borrowers.
Watch: Movement Mortgage CEO explains why buying Eagle Home retail is win-win for everyone
Breaking News Movement Mortgage has been through a couple rounds of layoffs this year, but when the nonbank lender laid off 180 employees back in October, CEO Casey Crawford said the company had no plans to step back. And that’s just what the company has done. Movement Mortgage announced Wednesday that it is acquiring a big piece of Lennar’s mortgage arm, Eagle Home Mortgage. Click the headline to read more.
Ross Mortgage continues Florida expansion, still searching for more mortgage professionals
Judging by the 2017 HMDA numbers, Ross Mortgage Corporation is a relatively small lender. According to data provided by iEmergent, Ross closed around $328 billion in home loans last year, mainly in purchase. Ross' average loan size is around $152,000 to give you an idea of its market. But while the lender may be small in numbers, it is clearly thinking big. Many lenders are retracting their numbers, or merging or getting acquired, but Ross is hiring.
Exclusive: AmeriSave to acquire mortgage lending operations from TMS
AmeriSave will take over the mortgage lending operations from TMS, sources close to the deal tell HousingWire. The strategic decision revolves primarily around TMS publicly stating that mortgage servicing is in dire need of improved customer service. In other words, TMS wants to focus more of its efforts on providing a better mortgage servicing experience to borrowers.
Happy New Year! Here are your early mortgage lending predictions for 2019
Did everyone have a great New Year’s Eve celebration? Yes, no, kinda? Well, this article won’t help cure your mortgage lending hangover. Early on into 2019, the government remains partially shutdown, and request-for-information emails to some federal housing authorities are getting bounced back to HousingWire newsroom staffers, so it’s an inauspicious start. So let’s start with some good news: interest rates are not going through the roof in 2019.
FHA Commissioner Brian Montgomery to serve as HUD Acting Deputy Secretary
Recently resigned Deputy Secretary of the Department of Housing and Urban Development Pam Patenaude will transition out of her role in January. According to a HUD spokesperson, FHA Commissioner Brian Montgomery will serve as the agency's acting deputy secretary. Secretary Ben Carson accepted Patenaude's resignation earlier today. Carson often vocally praised Patenaude for her service as the deputy secretary.
HUD Deputy Secretary Pam Patenaude resigns
This morning the Deputy Secretary of the Department of Housing and Urban Development, Pam Patenaude announced to Secretary Ben Carson her plans to step down in the New Year. “It has been my honor to serve President Trump and Secretary Carson and I am deeply grateful to both for this opportunity,” her resignation letter states. “Thank you to my HUD family and fellow “housers” for helping Americans access decent, safe and affordable housing.” Patenaude’s future is unclear.
Is HUD quietly denying mortgage insurance to DACA recipients?
Nidhi Prakash of Buzzfeed News just posted a comprehensive follow-up to a story first covered by HousingWire’s own Ask the Underwriter, Dani Hernandez. Is the Department of Housing and Urban Development quietly denying mortgage insurance to Deferred Action for Childhood Arrivals recipients? Officially? No. Unofficially? Yes. And Prakash interviews several mortgage lenders who agree with this statement.
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