HousingWire Daily

Today’s Daily Download episode features an interview with HousingWire Mortgage Editor James Kleimann. In this episode, Kleimann discusses the recent uptick of mortgage companies like Rocket Companies and United Wholesale Mortgage entering the public arena and filing for IPO. Kleimann also delves into the significance of special purpose acquisition companies and discusses the role they play in public debuts. For some background on the interview, here’s a brief summary of Kleimann’s recent article on the latest mortgage lender to file for a public offering. AmeriHome on Thursday became the latest mortgage lender to file for a public offering, the latest to do so amid a coronavirus pandemic that has helped spur record origination volume this year.The lender told the SEC in a filing that it plans to raise at least $100 million as a placeholder for an upcoming public offering, though it did not disclose the ultimate size of the offering. Renaissance Capital speculated that it could ultimately raise up to $300 million in an IPO.Like other mortgage firms, California-based AmeriHome has captured a glut of business over the last year due to low interest rates and paltry inventory. Year-to-date, AmeriHome has booked $642 million in revenue for the 12 months that ended June 30, according to the S-1 filing.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.Here are the latest IPO articles from HousingWire that are covered in this episode: AmeriHome plans to go public – Let's look at the numbers Caliber Home Loans plans $2B-plus IPO As UWM attempts to build an empire, brokers and rivals weigh in on Mat Ishbia's $16B plan United Wholesale Mortgage plans $16B public debut via acquisition LoanDepot could make public debut this year at up to $15B

In today’s Daily Download episode, HousingWire covers a report that claims Texas-based mortgage lender Caliber Home Loans will potentially go public this year at a valuation over $2B.For some background on the story, here’s a summary of the article:Texas-based mortgage lender Caliber Home Loans is the latest mortgage firm to ride the IPO wave, filing paperwork to potentially go public this year at a valuation north of $2 billion, according to a new report.The company, owned by private equity firm Lone Star Funds, filed confidential IPO paperwork with the Securities and Exchange Commission and could make its public debut as soon as next week, the Wall Street Journal reported Thursday.Caliber, headed by CEO Sanjiv Das, has retail, wholesale and correspondent lending channels, and has developed a large book of business in the purchase space. It originated about $36 billion in mortgages during the first half of the year, according to Inside Mortgage Finance.Though it sells many of its loans – $22 billion in MSRs year-to-date – Caliber is also one of the largest servicers in the country, according to data and analytics firm Recursion. As of Sept. 1, Caliber was the nation’s 13th-largest agency mortgage servicer, with about 2% market share, for a total of $136 billion. That placed Caliber just behind United Wholesale Mortgage.Following the main story, HousingWire covers a report that shows the number of mortgages in active forbearance rose by 21,000 after six weeks of steady declines, as well as a report from the Labor Department that indicates the U.S. unemployment rate in September hit a six-month low of 7.9%.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: Caliber Home Loans plans $2B-plus IPO Loans in forbearance gain after 6 weeks of decline US unemployment drops to six-month low of 7.9%

In today’s Daily Download episode, Shant Banosian, the nation’s No. 1 loan originator joins the Housing News Podcast to discuss how he became Guaranteed Rate’s first billion-dollar originator, the future of the U.S mortgage market and how he’s generated more than $4 billion in loans over the course of his decade-long career.For some background on the interview, here’s a brief summary HousingWire’s latest article on Banosian’s achievement:Over the last five years, Shant has been Guaranteed Rate’s No. 1 loan officer nationwide, as well as the top producer in Massachusetts since 2013.Banosian told HousingWire that the key to his success is his team, and focusing on what consumers need and want.“It’s one of those cliches: you don’t want to just work in the business, you need to work on the business,” Banosian said. “We’re constantly working on our business and taking feedback from our clients trying to understand what it is that our clients and our partners want, how to constantly be forward-thinking in terms of staying ahead of the competition and figuring out ways to be more efficient.”Not only are Banosian and his team having a record-setting year, so is Guaranteed Rate, as it funded double the total loan volume compared to the same time last year. Just in August, the company locked down $12 billion in loan volume, breaking its record for one month.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: Guaranteed Rate's Shant Banosian on becoming the nation's top loan originator Housing News Podcast: Guaranteed Rate's Shant Banosian on how the mortgage industry can survive in today's low rate environment Shant Banosian becomes Guaranteed Rate's first LO to originate $1 billion

In today’s Daily Download episode, HousingWire covers a survey from the National Association of Hispanic Real Estate Professionals that found despite high unemployment, high COVID-19 infection rates and greater loss or reduction of income, 40% of Latinos still plan to become homeowners. For some background on the story, here’s a summary of the article:The American dream of owning a home remains resilient in Latino communities despite high unemployment, high COVID-19 infection rates, and greater loss or reduction of income compared to non-Hispanic Whites, according to a new survey.The August survey from the National Association of Hispanic Real Estate Professionals found that 40% of Latinos who do not currently own a home have plans to buy within the next five years, the highest among any demographic.According to the survey, Latino households were twice as likely (18%) as non-Hispanic White households (9%) to report having had at least one household member laid off due to the pandemic. That number reached its peak in April when Latino unemployment sat at 18.9% – the highest recorded since the great depression, according to the Bureau of Labor Statistics.Undeterred by the economic uncertainty, 47% of Latino renters who were able to continue saving during the pandemic reported the possibility of home ownership as their main motivation, higher than any other demographic of renters. The survey also noted evidence that predominantly Hispanic neighborhoods, or neighborhoods with a Hispanic population of 50% or more, saw more than double the amount of first-time home buyer activity than that of the rest of the country between the second quarter of 2019 and the second quarter of 2020.Following the main story, HousingWire discusses why Altisource Portfolio Solutions has expanded its Texas operations center and an announcement from United Wholesale Mortgage that it will offer a 50 bps discount on all VA interest rate reduction refinance loans through Veterans Day.HousingWire articles covered in this episode: Despite hardships from pandemic, 40% of Latinos still plan to become homeowners: survey Altisource expands servicing to handle forbearance overflow UWM to knock 50 bps off VA IRRRL loans

In today’s Daily Download episode, HousingWire covers Treasury Secretary Steven Mnuchin’s oversight panel endorses Federal Housing Finance Agency Director Mark Calabria’s plan to re-privatize Fannie Mae and Freddie Mac.For some background on the story, here’s a summary of the article:A year ago, Treasury Secretary Steven Mnuchin and Federal Housing Finance Agency Director Mark Calabria released the Trump administration’s so-called blueprint to re-privatize mortgage giants Fannie Mae and Freddie Mac with the biggest stock offering in history.Calabria has stuck to the plan, even as a deadly pandemic swept across the nation, killing more than 200,000 Americans and sparking a recession that forced millions of borrowers to seek forbearance plans because they couldn’t pay their bills. Last month, the FHFA endorsed an adverse-market fee that will aid in the “recap and release” of the government-sponsored enterprises at a cost of about $1,400 per refinanced loan, with the fee paid by borrowers.All of this was done without input from Congress, which chartered both companies decades ago in a bid to expand homeownership and has oversight of their activities.On Friday, the Financial Stability Oversight Council, which is chaired by Mnuchin, voted unanimously to endorse Calabria’s plan to recapitalize and release the GSEs by executive action – with the caveat that even more capital may be required than the FHFA has called for – and after the vote Calabria made a statement commending FSOC members for their endorsement.Following the main story, HousingWire covers a report from the Mortgage Bankers Association that shows mortgage applications fell 4.8% last week, and discusses the finalization of two appraisal and capital liquidity rules initiated by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.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: Mnuchin's oversight panel endorses Calabria's GSE plan Mortgage applications decline 4.8%

Today’s Daily Download episode features an interview with Mike Fratantoni, Mortgage Bankers Association's Chief Economist and Senior Vice President of Research and Industry Technology. In this episode, Fratantoni discusses his recent HousingWire article and expands upon why mortgage origination volume is on track to be the highest in more than 15 years, as well as the MBA’s forecast on what’s ahead in the refinance and purchase market for 2021.For some background on the interview, here’s a summary of the article: The housing and mortgage markets have been the rare bright spots in an otherwise fragile economy brought forth by the ongoing COVID-19 pandemic. Mortgage origination volume this year is on track to be the highest in more than 15 years, led by a strong wave of refinances.Just how busy have lenders been? 2003 was the last time refinance activity was as high as the $1.75 trillion MBA is forecasting for 2020.Mortgage rates have reached record lows, driven by the unprecedented economic weakness, as well as the Federal Reserve’s substantial efforts to keep the economy afloat by cutting short-term rates to zero and purchasing more than $1 trillion dollars of mortgage-backed securities. Homeowners are benefitting from lower monthly payments, while lenders are struggling to manage high volumes – all during a time when their employees continue to work remotely, and many temporary origination flexibilities remain in place.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: The 2020 refi wave: Where activity is strongest, where it's not and what's ahead MBA: Refi index still 30% higher than last year even as mortgage applications slow 5 reasons mortgage rates will rise in 2021, according to Dave Stevens

In today’s Daily Download episode, HousingWire covers an announcement that Home Point Financial has launched a new community foundation with a $1 million grant.For some background on the story, here’s a summary of the article: Home Point Financial announced on Friday the launch of its charitable community foundation with an initial pledge of $1 million dedicated to funding 50 new minority and female-owned brokerages.In the midst of the Association of Independent Mortgage Experts National Fuse Conference, Home Point announced the initial $1 million in grant money will be distributed in coordination with AIME’s latest diversity initiative, the Spark program.According to Home Point, the foundation’s goal is to empower individuals to achieve their dreams through “investment, education and support.”“One of the core beliefs of Home Point Financial is giving back,” said Lisa Patterson, Home Point chief origination officer. “But as a business we’re committed to the independent mortgage broker. So, we wanted to take that a step further and create additional opportunities for those individuals who have aspirations of opening their own mortgage broker company, specifically in underrepresented groups.”In total, the Home Point foundation will allocate grants to 25 minority and 25 female-owned mortgage brokerages. Awards include one $50,000 grant, four $25,000 grants and 20 $17,500 grants per group.Following the main story, HousingWire covers a newly launched referral network from OJO Labs, the OJO Select Network, which is an agent referral program that matches top performing agents with ready homebuyers or sellers based on an understanding of the agent’s skill set and the consumer’s need, and a digital expansion from Fidelity National Financial that is intended to help prevent the rapid spread of wire fraud.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: Home Point Financial launches community foundation with initial $1 million grant OJO Labs rolls out agent referral network Fidelity National Financial expands its digital options to help prevent wire fraud

In today’s Daily Download episode, Mortgage Marketing Radio’s Geoff Zimpfer and HousingWire Editor in Chief Sarah Wheeler discuss the significance of mortgage companies like Rocket and United Wholesale Mortgage going public.For some background on the interview, here’s a brief summary of HousingWire’s latest article on United Wholesale Mortgage’s $16B acquisition from Gores Holdings IV Inc. :United Wholesale Mortgage, the largest wholesale lending firm in the country, is joining the blank-check company craze and will make its public debut via an acquisition.The Detroit-headquartered UWM will merge with businessman Alec Gores’ special purpose acquisition company (SPAC) Gores Holdings IV Inc in a deal that will value the new UWM at $16.1 billion, the company said in a statement Wednesday morning. That’s roughly 9.5X the company’s estimated 2021 adjusted net income of $1.7 billion.The acquisition will enable UWM to retain roughly 94% of the combined company. As part of the deal, UWM will receive about $425 million in cash held in Gores’s trust account, plus $500 million from a private placement. The combined company will be listed on the Nasdaq under the ticket symbol “UWMC.” The Wall Street Journal first reported the news.UWM’s CEO Mat Ishbia, who took over the family business from his father in 2003 and transformed it into the largest wholesale lender in the nation, will be head of the combined company.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: United Wholesale Mortgage plans $16B public debut via acquisition Shant Banosian becomes Guaranteed Rate's first LO to originate $1 billion LoanDepot could make public debut this year at up to $15B Quicken Loans prepares for IPO

Today’s Daily Download episode features an interview with Mark Fleming, the chief economist at First American. In this episode, Fleming speaks with HousingWire about First American’s Potential Home Sales Model, which indicates the housing market potential reached a 13-year high during the month of August. During the interview, Fleming explains how the housing market was able to retain its strength despite COVID-19’s impact on both the mortgage and real estate industries. “When the housing industry went into the coronavirus pandemic back in March, the market sort of took a pause and home sales declined,” Fleming said. “During this time, I think we all thought we were going to have to deal with a significant fallout, but we quickly realized in late April and early May that the housing market found a way around it so pleasantly.”“While this was not expected, it’s clear that the housing industry was the only ‘V-shaped’ recovery amongst all of the sectors in the economy today,” he said. “Home sales are going better than they have before, we're hitting high points for sales in August and that strength is expected to continue into the rest of the year.”Fleming also discusses whether or not growth in potential home sales is sustainable for the foreseeable future. “I think it's sustainable and may not grow as quickly as it has in recent months, which have sort of been a recovery phase from the Spring, Fleming said. “But there are some long-run fundamental dynamics that are very positive for the growth of the housing market.”“The largest one namely being Millennial first-time homebuyer demand, there are just millions upon millions of households that are just getting to the point of their early 30s and wanting to buy homes,” he said. “So, we will benefit for a number of years to come from that demographic demand, and as Jerome Powell has strongly indicated, mortgage rates will probably remain at historically low levels. Those two dynamics alone should help to push forward the housing market for the next couple of years.”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.

In today’s Daily Download episode, HousingWire covers an announcement that United Wholesale Mortgage will merge with special purpose acquisition company Gores Holdings IV Inc, in a deal that will value the new UWM at $16.1 billion.For some background on the story, here’s a summary of the article:United Wholesale Mortgage, the largest wholesale lending firm in the country, is joining the blank-check company craze and will make its public debut via an acquisition.The Detroit-headquartered UWM will merge with businessman Alec Gores’ special purpose acquisition company (SPAC) Gores Holdings IV Inc in a deal that will value the new UWM at $16.1 billion, the company said in a statement Wednesday morning. That’s roughly 9.5X the company’s estimated 2021 adjusted net income of $1.7 billion.The acquisition will enable UWM to retain roughly 94% of the combined company. As part of the deal, UWM will receive about $425 million in cash held in Gores’s trust account, plus $500 million from a private placement. The combined company will be listed on the Nasdaq under the ticket symbol “UWM Corp.” The Wall Street Journal first reported the news.Following the main story, HousingWire discusses a report from the Mortgage Bankers Association that indicates mortgage applications gained 6.8% last week, and what the FHFA’s request for industry input on its strategic plan for 2021 to 2024 could mean for the future of Fannie Mae and Freddie Mac.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: United Wholesale Mortgage plans $16B public debut via acquisition Housing market stays hot into fall with mortgage applications up 6.8% FHFA requests input on goals for Fannie Mae, Freddie Mac