HousingWire Daily

Today’s Daily Download episode features an interview with Dan Hanson, the executive director of distributive retail at loanDepot. In this episode, Hanson discusses his history as a longtime leader in the mortgage industry.During the interview, Hanson explains how his interests in lending pivoted his career towards the industry, where he has spent numerous decades across several different mortgage cycles.“As you look back over the different decades, there always seems to be a couple of pivotal events that happen decade by decade that change the complexion of the mortgage space,” Hanson said.According to him, the COVID-19 pandemic is one of those events as he claims the housing market’s success in 2021 will depend on many variables that have been impacted by the virus’ spread, including housing inventory and interest rates.“I think we're in for a change in the pattern in which people choose where to live, and how they manage their real estate investment, which is their home in most cases,” Hanson said. “I think rates will stay low, so we'll have a positive environment there and I think equity and property will remain high, because inventories are low.”Hanson wraps the interview by discussing the IPO transformation currently happening in the mortgage space, even touching on loanDepot’s plans to go public at some point in 2020.Though it’s still nebulous when the company will officially move forward on their poised plans to take the company public, Hanson says its chairman Anthony [Hsieh] is talking about it and weighing options.“I think every company has different reasons for it, and I think when things are good, and it looks like there's going to be a positive low-interest rate environment for a period of time, I think people perceive that as a positive valuation for their company,” Hanson said. “And if it's an opportunity to go public, they're taking advantage of it.”The Daily Download examines the most compelling articles reported by the HousingWire newsroom team. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: Will loanDepot finally file for IPO? Geoff Zimpfer and Sarah Wheeler on the IPO craze and the nation's forbearance rate loanDepot promotes Dan Hanson to chief retail production officer

In today’s Daily Download episode, HousingWire covers  Guild Mortgage’s announcement that the company will be going public.For some background on the story, here’s a summary of the article:Add lender-servicer Guild Mortgage to the ranks of the nonbank mortgage lenders going public. According to an amended S-1 submitted to the Securities and Exchanges Commission on Thursday, Guild, through parent firm Guild Holdings, is expected to price its initial public offering between $17 and $19 per share as early as next week.The retail and correspondent lender plans to issue 8.5 million Class A shares (plus an option for the underwriters, Wells Fargo, BofA Securities, and JPMorgan Chase, to purchase 1.275 million additional shares). At the $18 midpoint, Guild Holdings would raise about $153 million. Because of the strength of Class B shares, owner McCarthy Partners Management will control 95% of voting rights despite owning just 21% of common stock. San Diego-headquartered Guild, led by Mary Ann McGarry, has made six acquisitions since 2007, which has helped increase its production dramatically. Between December 2007 and the year that ended June 30, origination volume grew annually from $1.4 billion to $27.8 billion, and servicing grew from $2.5 billion to $52.8 billion as of June 30, the lender said in its prospectus.Following the main story, HousingWire also covers a report from Redfin that claims homes in high-risk wildfire areas are more affordable than homes in low-risk areas and a new partnership between the Fair Housing Alliance and the LGBTQ+ Real Estate Alliance.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Guild Mortgage is going public – Let’s look at the numbers Homes in high-risk wildfire areas are more affordable National Fair Housing Alliance partners with LGBTQ+ Real Estate Alliance

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire Editor in Chief Sarah Wheeler discuss the growing number of mortgage companies entering the public arena and the nation’s latest forbearance numbers.For some background on the interview, here’s a brief summary of HousingWire’s latest article on Blackstone-owned lender and servicer Finance of America becoming the latest company to to join the IPO craze:End-to-end lending and services platform Finance of America Capital is the latest mortgage company to get in on the mushrooming IPO craze.The lender and servicer, owned by the Blackstone Group’s Tactical Opportunities business, is slated to go public in the first half of 2021 through a special purpose acquisition company at a $1.9 billion valuation. After it merges with Replay Acquisition Company, Finance of America will receive a $250 million investment from institutional investors, according to the Wall Street Journal, which first reported the merger. Blackstone will own 70% of the company, which is expected to go public in the first half of 2021.Finance of America says its collection of companies has originated over $65 billion in loans since 2017. Its products include traditional mortgages, commercial real estate loans, reverse mortgages, fixed-income investing and title services. Blackstone has expanded its Finance of America corporation through a number of acquisitions in recent years, including pickups of Gateway Funding, Pinnacle Capital Mortgage and Skyline Home Loans.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: Blackstone-owned lender and servicer Finance of America to go public Caliber Home Loans plans $2B-plus IPO After record fall of 18%, forbearances rose slightly last week United Wholesale Mortgage plans $16B public debut via acquisition

In today’s Daily Download episode, HousingWire covers a report from United Wholesale Mortgage that shows record loan volume for the third quarter of 2020.For some background on the story, here’s a summary of the article:Just one quarter away from its expected public debut, United Wholesale Mortgage reported record loan volume in the third quarter.The Detroit-based company, the largest wholesale lender in the U.S., originated $54.2 billion in closed loans during the third quarter, an 81% increase from the $29.9 billion it originated in Q3 2019 (loan volume was up 31.8% from Q2 2020). To date, UWM has closed nearly $128 billion in production this year, eclipsing the $108 billion it originated throughout all of 2019, the firm said."This is our best quarter in the company’s 34 years, showing that borrowers are recognizing that independent mortgage brokers offer better rates, greater speed and deeper experience,” UWM CEO Mat Ishbia said in a statement.According to company statements, net income totaled $1.45 billion in the third quarter, up from $198 million during the same period in 2019. The gain-on-sale margin also inched up to a record 3.18%; a year ago it was 1.29%.Following the main story, HousingWire discusses the average U.S. mortgage rate for a 30-year fixed loan falling to 2.81% this week and a report from Redfin that indicates luxury home sales rose 41.5% in the third quarter, the largest increase since 2013.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: Ahead of its big IPO, UWM reports record volume and margins Average 30-year mortgage rate falls to another all-time low Luxury home sales rise 41.5%, making biggest jump since 2013

In today’s Daily Download episode, HousingWire covers how Wells Fargo and Bank of America performed in the third quarter of 2020. For some background on the story, here’s a summary of the article: Though its earnings were disappointing overall, residential lending at Wells Fargo rebounded in the third quarter, both in terms of income and origination volume. The bank originated $62 billion in home loans during the third quarter, up 5% from $59 billion in the prior quarter. In the third quarter of 2019, Wells Fargo originated $58 billion in mortgages.In all, Wells Fargo collected $1.6 billion in income from its residential lending operation, up from $317 million in the prior quarter. Even net servicing income checked in at $341 million, up from a loss of $689 million in Q2. Its rival Bank of America posted a $2.1 billion profit in the third quarter in its consumer banking division, up massively from the paltry $71 million profit in the second quarter, mortgage origination volume was down dramatically.Mortgage originations from the bank totaled $13.4 billion in the third quarter, a drop from $23.1 billion in the second quarter and far below the roughly $20 billion benchmark hit in the fourth quarter of 2019.Following the main story, HousingWire covers JP Morgan Chase as the company recently revealed its mortgage business is getting back to normal following disruptions caused by COVID-19 and the Mortgage Bankers Association’s weekly mortgage applications survey which shows a slight drop in applications despite declines in rates.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: How did Wells Fargo and Bank of America’s mortgage businesses perform in the third quarter? Mortgage applications see slight decline despite 3% mortgage rate JPMorgan Chase’s mortgage business getting back to normal

In today’s Daily Download episode, HousingWire discusses what several industry veterans believe the mortgage industry will look like in 2021.For some background on the story, here’s a summary of the article:As the election creeps ever closer, there are plenty of forecasts about how it could impact housing. HousingWire has reported on both the fate of the GSEs and the nation’s economic outlook as a red vs blue battle stirs in Washington. But what about the regulatory bodies that will decide the priorities for enforcement over the next four years?At the HousingWire Annual panel, industry veterans Ed DeMarco, president of the Housing Policy Council, Kris Kully, partner at Mayer Brown, and Richard Andreano, Jr., partner at Ballard Spahr, discussed the future of regulation and enforcement as the industry gears up to run headlong into 2021. Julian Hebron, founder of The Basis Point, moderated the panel.The most notable topic of discussion was the Consumer Financial Protection Bureau’s recent rescinding of a 2015 compliance bulletin related to marketing services agreements (MSAs), which the bureau said “does not provide the regulatory clarity needed on how to comply with RESPA and Regulation X.” Alongside the rescinding, the CFPB released an FAQ for guidance on the Real Estate Settlement Procedure Act (RESPA), which many companies have been accused of violating over the years – though several of those cases were thrown out.Following the main story, HousingWire an announcement that lender and servicer Finance of America Capital is slated to go public in the first half of 2021 and discusses Offerpad’s partnership with Aires to streamline the relocation process.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: What will mortgage regulation and enforcement look like in 2021? Blackstone-owned lender and servicer Finance of America to go public

In today’s Daily Download episode, HousingWire covers Fannie Mae’s Doug Duncan’s economic predictions for 2021.  For some background on the story, here’s a summary of the article: Doug Duncan doesn’t claim to be an oracle, but the Fannie Mae Senior Vice President and Chief Economist on Thursday offered some forecasts for 2021, even amid a pandemic that has thrown markets into disarray.The country is mired in a recession, and while the CARES Act provided a short-term jolt to the economy, much remains uncertain about COVID-19 and its ultimate impact on the U.S. economy and the housing market, he said.“At the end of 2019, we were at 3.5% unemployment,” Duncan told attendees at HousingWire Annual on Thursday. “We think at the end of 2021, it will be roughly double that, around 6%.”There are promising signs of a partial recovery, according to Duncan. During the second quarter of 2020, approximately $1.7 trillion in national income was lost. By the time the full data is made available for the third quarter, Duncan estimates that about $1.2 trillion will have been recaptured.Following the main story, HousingWire covers a new scoring model from FormFree that aims to pave the way to more finical inclusion and a report from Redfin that indicates home prices rose by record numbers on the week ending on Oct. 4.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.HousingWire articles covered in this episode: Fannie Mae’s Doug Duncan offers his predictions for 2021 ATP scoring paves new path to financial inclusion Home prices rose by record numbers last week

Today’s Daily Download episode features an exclusive interview with HousingWire founder and CEO Clayton Collins and Lead Analyst Logan Mohtashami. In the interview, which was conducted at HousingWire’s Annual Conference, Mohtashami delves into the chaos theory applied to housing in 2020.For some background on the interview, here’s a summary of Mohtashami’s recent article:Today, purchase application data confirmed what I needed to see to justify that we should get a positive total existing-home sales year in 2020. Yes, as crazy as it sounds, we can do this for the existing home sales market in 2020.I wanted to see at least 20 straight weeks of double-digit year-over-year growth on average to make up for the nine negative weeks we saw due to COVID-19. Those nine negative weeks came at a crucial time for the MBA purchase application data as it was right in the data line’s heat months. So, we had a lot of work to do to get back to the point where we can go positive, but it happened.The MBA report shows the year-over-year growth for the last eight weeks has been +21%, +22%,+25%,+6%, +40%,+28% +33% and +27%. As you can see in the chart, these last eight weeks have created enough demand to move the total volumes higher than we would see during the heat months, which is during the second week of January to the first week of May. Since this data looks out 30-90 days, it’s enough demand to help the existing home sales market, which is still a negative year to date, to be positive for the year. The only thing that can stop this is some non-economic events at this stage since we are in October.In the interview, the pair also discuss how the housing market has rebounded during the COVID-19 pandemic. As well as the nation’s lack of housing inventory, a concept Mohtashami has been vocally against.“If there was this record-breaking demand and no homes to buy, real home prices on a year-over-year basis would be skyrocketing,” Mohtashami said. “There is homes to buy when people are ready to buy.”The Daily Download examines the most compelling articles reported from the HousingWire newsroom every day. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. This podcast is hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: Don't call it a comeback Pending home sales at an all-time high! Now what? Context is key with 2020 housing market data

In today’s Daily Download episode, HousingWire covers a report that claims not only has Opendoor officially filed to go public, but the company is also under investigation by the Federal Trade Commission over its advertising practices.For some background on the story, here’s a summary of the article:Opendoor has officially filed its announcement to go public after announcing its merger with Social Capital Hedosophia Holdings Corp. II in September. But the filing also revealed that Opendoor is under investigation by the Federal Trade Commission over its advertising practices.According to the filing, Opendoor in 2019 received a civil investigative demand.“In August 2019, the FTC sent a civil investigative demand (CID) to Opendoor seeking documents and information relating primarily to statements in the company’s advertising and website comparing Opendoor’s offers to purchase homes to selling in a traditional manner using an agent and statements pertaining to Opendoor’s offers reflecting or being based on market prices,” the filing said.Inman first reported on the investigation, which was disclosed in the company’s S-4 statement. As of Oct. 1, the investigation is ongoing, the filing says.Following the main story, HousingWire covers a report from the Mortgage Bankers Association that shows mortgage applications almost completely rebounded last week by climbing 4.6%, and a breakdown of what former Vice President Joe Biden’s first-time homebuyer tax credit looks like in the era of COVID-19.The Daily Download examines the most compelling articles reported from the HousingWire newsroom every day. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. This podcast is hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode: Opendoor discloses that it's under federal investigation Mortgage applications rise 4.6% Biden's first-time homebuyer tax credit in the age of COVID-19

In today’s Daily Download episode, Trina Scott, the chief diversity officer at Rock Ventures and 2020 HousingWire Woman of Influence, joins HousingWire to discuss what she’ll be speaking on during her panel at HousingWire Annual on Oct. 8.For some background on the interview, here’s a brief snippet of what Scott will discuss on her panel entitled: Business Strategy During Social Upheaval:HW: What’s one piece of advice you would give to mortgage executives about starting the conversation on how to create a business strategy during social upheaval?Trina Scott: It starts with the culture of your organization. We’re very proud of our culture, which is built off of our philosophies called “ISMs.” We are also very conscious that, even though we have a rich culture, we need to be able to make sure that our culture has continued to evolve and that we’re continuing to challenge the status quo of where we are as an organization. I’d say the first place to start is to ask: who are you as an organization? Do you know that? If you don’t, you need to establish that.The second thing is to understand the business imperative around diversity, equity, belonging and inclusion. If it’s looked at as a programmatic, separate thing you will never incorporate it to systemic overall changes that need to be made to processes that exist. It’s important to understand the “why” behind this effort, not just for this moment but where it’s really driving the bottom-line impact.I challenge all of us to think about who we are as an organization, establish who we are and use that as our bedrock. Most importantly, understanding our opportunity to be able to influence the outcome by incorporating equity, inclusion, belonging and diversity in every decision we make and, therefore, those two things build on a solid foundation of creating a program that’s sustainable.The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.HousingWire articles covered in this episode:·      Rock Venture’s Trina Scott on adjusting business strategy during social upheaval·      The Great Acceleration- HousingWire Annual 2020·      Business Strategy During Social Upheaval