Ditech says its reverse mortgage business is unprofitable
Aware that sweeping regulatory changes would likely send the reverse mortgage business into a tailspin, Ditech – then named Walter Investment Management – shut down the HECM origination channel of its subsidiary, Reverse Mortgage Solutions, in 2017. But the company has continued to service reverse mortgages, and it’s not going well. According to a report filed Tuesday with SEC, Ditech’s reverse mortgage business is operating at a sizable loss – and this trend isn’t likely to turn around anytime soon.
This is how America's housing affordability is impacting credit quality
It’s official: The era of unusually affordable housing has ended. Well, according to a recent Moody’s Investors Services analysis. The organization claims that America’s housing affordability has returned to average historical levels, therefore impacting credit quality across numerous housing-related sectors.
CBRE names Leah Stearns CFO
Commercial real estate giant CBRE announced that Leah Stearns will be joining the company as its next chief financial officer. Stearns is stepping into the role as the company’s current CFO, James Groch, transitions his focus on responsibilities as the company’s global group president and chief investment officer.
WTF is a reverse mortgage?
Reverse mortgages may be the most misunderstood – and the most maligned – financial product out there. But for those who are certain they are simply a scam, shrug off your perceptions for a moment and consider this: Would the U.S. government really endorse a scam for the last 30 years? Not likely. While unforeseen problems with the loan have largely been resolved, the sour scent of foul play lingers. To clear the air, here is a list of facts curated specifically to address the questions of what, exactly, is a reverse mortgage.
Colony Bank buying PFB Mortgage
Colony Bank, which operates 27 branches throughout Georgia, is set to grow its mortgage business, as the bank announced this week that it plans to acquire PFB Mortgage, the secondary market mortgage business of Planters First Bank. According to Colony Bank, PFB Mortgage originated more than $100 million in mortgages last year, and the bank expects the addition to help double its mortgage business in the future.
No-income, no-asset mortgages are back (at one lender, at least)
Back in the Wild, Wild West era of mortgage lending before the housing crisis, NINJA loans (loans given to borrowers with no income, no job, and no assets required) became quite the rage. NINJA loans have disappeared from the market, likely never to be seen again, but one lender is about to bring back a similar ghost of the mortgage market’s past: the NINA loan.
Tim Gillis joins ServiceLink as VP of capital market sales
ServiceLink announced it has brought on Tim Gillis to serve as the company’s new vice president of capital market sales. “We’re thrilled to have Tim on our team. His extensive contacts and knowledge within the Capital Markets and Single-Family Rental space add additional depth to our Default Sales team,” said Miriam Moore, ServiceLink’s division president, default services.
Zillow begins buying and selling homes in Dallas
Homeowners in the Dallas/Fort Worth area can now bypass the traditional real estate process and sell their house directly to Zillow, as the online real estate giant announced Monday that it is expanding its direct buying program to DFW.
Bloomberg: This is how the West Coast is benefiting from the housing market slowdown
This year’s spring homebuying season has shifted towards the favor of homebuyers, heating up the nation’s tightest housing markets. In fact, according to a recent article from Bloomberg, inventory in previously hot areas like California is piling up, giving potential buyers an extra edge.
Churchill Mortgage names Tim Broadhurst SVP of loan officer development
Churchill Mortgage has hired Tim Broadhurst as SVP of loan officer development. Broadhurst, who is also a senior home loan specialist with the company, has more than 25 years of experience in loan officer training and development and is a well-known speaker and mortgage coach.