Senators urge CFPB to “reconsider” QM delay

Compliance attorneys and mortgage industry lobbyists aren’t the only ones wishing the Consumer Financial Protection Bureau (CFPB) would proceed with the General Qualified Mortgage Final Rule as it had initially planned. The same day the CFPB announced plans to delay the compliance date, Sens. Mark Warner (D-VA) and Tim Scott (R-SC) fired off a letter…

Guild breaks into Northeast with acquisition of RMS

Publicly traded retail mortgage lender Guild Holdings is on the hunt for acquisitions, and it’s found a juicy target in Maine-headquartered retail lender Residential Mortgage Services Holdings. The acquisition of RMS for $196.7 million (3.25x earnings) gives Guild a substantial foothold in the Northeast and a bevy of purchase business. RMS, founded in 1991, has…

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability increased by 2.2% in April as mortgage lenders fight for borrowers in an increasingly competitive market. The Mortgage Bankers Association said Tuesday that the Mortgage Credit Availability Index (MCAI) — which uses 100 as a benchmark — increased to 128.1 last month. A decline in the MCAI suggests that lending standards are tightening…

Amid expansion, Opendoor lost $270M in Q1

Opendoor wants to give residential real estate brokerages a run for their money, but its first quarter earnings suggest the company is not quite there yet.    The San Francisco-based instant homebuyer announced a net income loss of $270 million on Tuesday, a 421 percent jump compared to the first quarter of 2020’s $62 million…

Lone Wolf acquires LionDesk and Homespotter

Real estate software company Lone Wolf Technologies announced Monday the acquisition of two real estate technology companies, LionDesk and Homespotter. Lone Wolf currently serves more than 1.5 million real estate professionals in Canada and the U.S. “These acquisitions embody our mission to simplify real estate,” said Jimmy Kelly, Lone Wolf CEO. “We’re bringing the best…

Better.com to go public via SPAC at $7.7B valuation

The special purpose acquisition company market isn’t dead yet, apparently. SoftBank Group-backed digital lender Better.com plans to make its public debut in the fourth quarter of 2021 via SPAC, in a deal that would value the company at nearly $8 billion, the firm said Tuesday. Better.com, which offers mortgage, real estate, title and homeowner insurance…

UWM expects big margin decline in Q2

The parent company of United Wholesale Mortgage reported $860 million in net income during the first quarter of 2021, but there are clear signs that the going has already gotten tough. In total, UWM originated $49.1 billion in closed loan volume in the first quarter, down from the $54.7 billion in the fourth quarter (but…