Mortgage industry reacts to pending shutdown of VA servicing program

Following news earlier this month that the U.S. Department of Veterans Affairs (VA) is moving to end the Veteran Affairs Servicing Purchase (VASP) program, the agency this week published a circular to outline the timeline for its closure.It features additional information about the planned end to VA

These states received top marks on their housing affordability report cards

A new report released Thursday by Realtor.com ranks every state on their performance for housing affordability and homebuilding. It exposes significant regional disparities amid a nationwide shortage of more than 4 million homes.The report evaluates each state using weighted criteria tied to afforda

Economic jitters are stressing out LOs and their clients

Jordan Bernbaum has been feeling anxious these last few weeks.“On the client end, they’re seeing the news and understanding the situation pretty well,” the NEXA Mortgage senior loan officer said. “On my end, it’s a stress-inducing emotional roller coaster of always worrying when I should be locking.

Pennymac’s profits shrink, but its servicing portfolio now stands at a massive $680B

PennyMac Financial Services Inc. (PFSI) on Tuesday reported net income of $76.3 million for the first quarter of 2025 after it posted revenue of $430.9 million.These numbers were down from the previous quarter’s figures of $104.5 million and $470.1 million, respectively.The California-based lender’s

FOA debuts new marketing campaign tying home equity to life’s ‘next chapter’

As it aims to appeal to potential clients who may be taking a closer look at tapping into home equity, reverse mortgage lender Finance of America (FOA) has debuted a new marketing campaign in concert with its new creative agency to illustrate the lifestyle impacts of its products.The campaign, calle

Baby boomers and millennials are playing a housing crisis blame game

When assessing the landscape of housing affordability today, conversations between members of the millennial and baby boomer generations can often devolve into finger pointing over which of them is to “blame” for the high costs of housing.New survey data from Clever Real Estate indicates that while

11 DIY real estate photography tips every agent should know

Let’s be honest – real estate photography may be the most important piece of selling a listing. As buyers scroll through dozens of homes online, your photos will be the reason they stop scrolling and start exploring. That spark of interest is what will lead them to schedule a showing – and ultimatel

Severance on the high seas: First American CEO to receive fat payout following cruise ship assault charge

An illustration of the Virgin Voyages cruise ship in the Caribbean with piles of money surrounding it. (Image created with ChatGPT4o)Ken DeGiorgio, former CEO of First American Financial Corp., will collect a hefty payout following his termination from the title insurance giant, according to a share

CHLA urges congressional restraint on mortgage fees in budget bill

Lawmakers in Congress are about to embark on deliberations that will shape government spending, aiming to balance political priorities with the realities of narrow Republican majorities in the House of Representatives and the Senate. But if any conversation turns to imposing larger fees on homeowner

Texas housing markets are sagging. Data suggests it might get worse

With its low taxes, affordable housing and warm weather, Texas has been a hot destination for households in high-cost markets since the COVID struck in 2020.But the housing markets in the state’s four major metropolitan areas show inventory continues to grow by large percentages year over year, and

Senator to Scott Turner: HUD workplace needs reform

With a political ally now at the head of the department, a Republican senator is aiming to garner more scrutiny of federal work policies and practices at the U.S. Department of Housing and Urban Development (HUD).Sen. Joni Ernst (R-Iowa) submitted a letter this week to HUD Secretary Scott Turner, al

New brokerage disclosure forms aim to comply with NAR’s Clear Cooperation alternative

As MLSs across the country work to implement the National Association of Realtors’ (NAR) Multiple Listing Options for Sellers (MLOS) policy, brokerages and some Realtor associations are busy creating the new disclosures needed for delayed marketing exempt listings. Over the weekend, Compass‘s new “A

Confused by the CCP debate? Here’s what to know

The National Association of Realtors (NAR) Clear Cooperation Policy (CCP), implemented in 2020, is the source of much debate within the real estate industry. The policy was a response to a proliferation of pocket listings and a rapid decline in housing inventory on the MLS, despite a large number of

Randell Gillespie named president of LeaderOne

Veteran mortgage executive Randell Gillespie has been named president of Kansas City-based mortgage shop LeaderOne.Gillespie joins LeaderOne following a long stint at Thrive Mortgage and Lower, which merged in early 2024. He most recently served as chief production officer at the combined company be

Closing costs for the typical home purchase now top $4,600

Homebuyers paid an average of $4,661 in closing costs on purchase mortgages last year, according to a new report from LodeStar Software Solutions.The company released its first-ever purchase mortgage closing cost report. The findings showed that, on average, closing costs represented 1.06% of home s

Inside the Trump administration’s plans to gut the CFPB

An illustration of an ax falling on the CFPB headquarters in Washington, D.C. (Image created with ChatGPT 4o)Under a workforce reduction announced on April 18, the Consumer Financial Protection Bureau (CFPB) may be left with just one employee in the Office of Fair Lending and Equal Opportunity, alon

Mile High Lifestyles joins Your Castle Real Estate, doubles in size

A high-performing Colorado real estate team has joined one of Denver’s largest brokerages.Mile High Lifestyles, led by co-founder Jaden Hanson, has joined Your Castle Real Estate, bringing 25 residential agents to the firm. Since then, the team has doubled in size, according to Hanson.In 2024, RealT

Washington Legislature requests study of home equity investment products

As one of only a few states considering more stringent regulation of the home equity investment (HEI)/home equity contract product category, lawmakers in the state of Washington have requested an academic study to assess the impacts on state residents who may use an HEI to tap into their home equity

Massachusetts aging-in-place program reckons with cuts

An in-home care assistance program funded entirely by the state of Massachusetts is aiming to find a way forward after the news that the governor is capping the number of beneficiaries far below the number of current clients.The state’s Enhanced Community Options Program (ECOP) will cap its total en

6 time management hacks to sell more homes in 2025

A majority of agents believe 2025 is going to be a great year for the housing market, with 85% saying they have an optimistic outlook, and 70% believing the market will be more stable, according to a new survey from Clever Real Estate.   Although agents are split on whether it’s going to be a buyer’