Home renovation declines in wake of COVID-19

As COVID-19 cases continued to climb in April, the housing market felt the strain of the pandemic. Prior to the outbreak, Buildfax, a property condition data service provider, reported demand for new homes was so high that a major housing shortage was imminent.   However, April saw a 7.37% month-to-month decrease in single-family authorizations as COVID-19…

Powell cites Fed’s mortgage intervention as a success

Federal Reserve Chairman Jerome Powell gave a bleak assessment of the U.S. economy as he testified remotely to the Senate Banking Committee on Tuesday. The only bright spot he mentioned was the mortgage market. Powell reiterated the central bank’s plan to slow its purchases of agency mortgage-backed securities because of an easing of credit conditions.…

Refi boom fuels hiring by mortgage firms during the downturn

At a time when unemployment levels are rising to heights not seen since the Great Depression, the mortgage industry is among the relatively few sectors outside of the frontline workforce that is actively seeking out new employees. “We’re hiring and we’re expanding,” said Paul Buege, president of Pewaukee, Wisconsin-based Inlanta Mortgage. “And that’s happening on…

Has the mortgage forbearance curve flattened?

It’s been nearly two months since the number of borrowers who need forbearance on their mortgage began spiking due to coronavirus shutdowns, but it looks like the forbearance curve may be flattening. New data from the Mortgage Bankers Association shows that the overall rate of forbearance is still on the rise, but the rate at…

How to navigate this changing landscape

The lending world is undoubtedly one of the most complex and ever-changing environments within the financial hub. As loan originators, we are required to not only stay abreast of market changes but to also understand them enough to convey this information to our clients and referral partners alike. For many companies, the uncertainty of the…

People movers: First Community Mortgage and Sagent Lending Technologies

First Community Mortgage has named Dan Smith as its president. Prior to joining First Community Mortgage, Smith was the president of mortgage for National Bank of Commerce and has grown multiple companies with annual origination volumes ranging from $500 million to $6 billion. Smith is chairman and was principal investor of Insite Managed Solutions, which…