The gap between Black and white renter families that could afford a mortgage narrowed significantly during the COVID-19 pandemic, according to a Zillow report released Friday.About 7.8% of Black renter families earned enough income in 2022 to afford a mortgage with a 3% down payment, compared to 12.

Rocket Companies, the parent of Rocket Mortgage, lost money in 2023, but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability. Despite reporting a GAAP net loss of $390 million in 2023, investors s

Roughly 24 hours after filing an objection to the U.S. government’s motion to stop the gathering of evidence in a case against Ginnie Mae, Texas Capital Bank (TCB) responded to the government’s attempt to dismiss the entirety of the bank’s complaint.The case stems from Ginnie Mae’s extinguishment of

In December 2023, a startling rumor started to spread on social media — that large institutional buyers had purchased 44% of the available homes on the market in 2023, leaving policymakers concerned with the potentially predatory grip of these entities.HousingWire lead analyst Logan Mohtashami immed

Middle-income Americans who are 75 and older are at serious risk of a retirement crisis, according to a new research brief from the National Opinion Research Center (NORC) at the University of Chicago.“Our cumulative research has projected an impending crisis without a clear policy solution: a major

Mortgage servicers, regulators and economists are closely watching the delinquency rates for Federal Housing Administration (FHA) loans following a spike in the fourth quarter of 2023.Industry experts say that although there’s a correlation between unemployment and delinquency rates, some homeowners

The year 2024 has started with cautious optimism that mortgage rates will drop, sparking much-needed activity in the sluggish U.S. housing market.Mortgage rates, however, have been on a rising trend of late. Recent data shows that the economy is booming, while the Federal Reserve is signaling that i

Less than 24 hours after announcing Nick Bailey’s departure from the firm, RE/MAX executives found themselves on a call with investors and analysts to discuss the company’s fourth-quarter and full year 2023 earnings.In his opening remarks, Erik Carlson, who was named CEO of RE/MAX Holdings in Novemb

Despite slower housing market conditions, Big Four title firms Stewart, First American and Fidelity National Financial all managed to earn profits in 2023.Stewart, which reported its earnings earlier in February, posted a revenue of $2.26 billion in 2023 and a net income of $30.4 million. Both figur

Nick Bailey is leaving RE/MAX. The firm announced the departure of its CEO and president on Thursday, along with its Q4 2023 and full year earnings. No reason was given for the departure.To fill Bailey’s vacant position, RE/MAX has promoted Amy Lessinger to president. Abby Lee and Susie Winders also

Government-sponsored enterprise (GSE) Fannie Mae announced on Thursday the appointment of Peter Akwaboah as executive vice president and chief operating officer, effective May 20, 2024.Akwaboah, who is currently serving as COO for technology and global head of innovation at Morgan Stanley, has nearl

Recent cyberattacks at mortgage companies have put the industry in alert mode, executives at top lenders, servicers, tech vendors and investors told HousingWire. Mr. Cooper Group, loanDepot, First American and Fidelity National Financial Inc., parent of servicer LoanCare, have temporarily shut down

Rocket Companies, the parent of Rocket Mortgage, wasn’t immune to the headwinds the industry is facing as it reported a GAAP net loss of $390 million in 2023 and an adjusted net loss of $143 million. Yet the company still captured market share, a testament to how poor the mortgage business has been

Late last year, the U.S. Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG) announced the launch of an inquiry into Ginnie Mae’s monitoring of now-bankrupt lender Reverse Mortgage Funding (RMF), and its extinguishment from the Home Equity Conversion Mortgage (HEC

Delinquencies improved in January, highlighting the resiliency of U.S. mortgage holders.The national delinquency rate fell to 3.38% in January, down from 3.57% in December, according to the Intercontinental Exchange (ICE) First Look Mortgage Performance report. The rate remained flat on a year-over-

As demand for homes continues to outpace new listings, CrossCountry Mortgage (CCM) is introducing a new cash-offer product, the company announced Thursday.The Cleveland-based retail mortgage lender unveiled CCM CashPlus to help buyers gain an edge in the bidding process by turning preapprovals into

A suspected fraudster nearly brought financial ruin to an elderly resident of London, Ontario in Canada, but an area reverse mortgage professional’s quick thinking is credited with leading to the suspect’s arrest, according to a news release from the London Police Service.Stemming from suspected fra

When the Department of Justice (DOJ) revealed last week the changes it would like to see in how real estate agents and brokers are compensated through its statement of interest filed in the MLS Property Information Network commission lawsuit, few in the real estate industry were surprised by the age

Many analysts who cover the mortgage industry believe that the worst of the current cycle may be in the rearview mirror. In 2022 and 2023, quickly rising mortgage rates and shrinking volumes sent shockwaves through the industry and prompted massive job cutbacks. But analysts anticipate growth in bot