Uncategorized

In what is becoming a bifurcated housing market, the median time to sell a home remains relatively quick, but the share of sellers that decided to reduce the price was the highest in over a decade, Zillow said.In the U.S. during March, it took on average 13 days for a home to sell, but certain markets are laggards. For example, homes sold in Kansas City, Missouri and Columbus, Ohio were at a rapid 4 days from listing.On the other hand, in Miami, the median time for a property to go from listing to pending sale was 35 days, followed by San Antonio at 34 days and Jacksonville, Florida at 32 days."Shoppers in the market today should expect competition, especially for attractive listings on the lower end of the price range — a rare opportunity these days," said Skylar Olsen, Zillow's chief economist in a press release. "That's kept prices ticking upward in most areas, despite affordability challenges."Other market data also supports this dueling thesis of more acceptance of higher rates — the Mortgage Bankers Association reporting a loosening of credit — versus a more pessimistic consumer as seen in the downturn of the Fannie Mae Home Purchase Sentiment Index.In some markets, new construction has provided some relief for both rising prices and competitive pressures, but not in the most expensive areas."In costly areas, homeowners hold extensive mortgage debt at previously low rates, and the pressure is dialed up even further," said Olsen.The median age of listings on the Zillow website is 43 days, which the company attributed to some homes being difficult to sell. However, that was 10 days shorter than in February.The median days from listing to pending is likely to continue to decline in April and stay low in May, the Zillow report said.Meanwhile, during March, 20.6% of sellers decided to reduce the listing price, the highest percentage in more than a decade. This was about five percentage points higher than pre-pandemic norms. In February 20.1% of sellers had a price cut.Separately, a growing number of sellers are being more realistic about the state of the housing market, a Realtor.com survey said.The typical person who said they were looking to sell in 2024 had been thinking about listing at some point within at least the past two years, with nearly 59% of survey respondents stating they had been considering this within that time and another 33% for between two and three years."Plenty of homeowners have been eagerly waiting for mortgage rates to come down so that they can sell their current home and more affordably upgrade to a new one," said Realtor.com Chief Economist Danielle Hale in a press release. "With mortgage rates expected to ease slowly throughout the year, some potential sellers are planning to get off the sidelines in 2024 and make a move, with the majority expecting to buy a new home at the same time that they sell their current one."Among those then-homeowners that completed a transaction last year, nearly eight in 10 wished they had listed earlier to take advantage of that red-hot environment.This survey of 1,003 respondents planning to sell their home in the next year, and 1,000 respondents that did so in the last year, took place between Feb. 22 and March 4.For the first few weeks of this year, mortgage rates were around 6.6%, according to Freddie Mac. Right around the time of the survey, they zoomed back up to near 7%. Some sites, including National Mortgage News, which gets data from LenderPrice, have the 30-year fixed well above 7% as of April 15.Rates are playing a role in the decision making, with just under half of potential sellers planning to wait until they decline before acting. Another 29% want to wait, but said they need to sell soon for personal reasons. But 21% don't feel they are locked in to their current home because of where mortgage rates are.In the Realtor.com survey, just 12% expected a bidding war on their listing, compared to 27% in 2023. Meanwhile, only 15% thought the property would sell above their asking price, down from 31% last year.The latest sales price data from the Zillow report was from February and found that 26.6% of homes sold above their list price, compared with 24.2% a year ago, and 20.6% in February prior to the pandemic.Meanwhile, among Realtor.com survey participants, 15% expected to have an offer within a week after listing, down from 37% in 2023, and 15% expect buyers to be willing to forgo contingencies like inspections and appraisals to make the deal, down from 35% in 2023.

Fannie Mae on Friday confirmed it will be putting forth a formal solicitation for vendor participation in a Biden administration project that's aimed at making housing more affordable.The request for proposals is in response to interest from providers of title insurance alternatives, according to Fannie, which will be testing whether it'd be safe to waive coverage or possibly even an alternative called the attorney opinion letter, on certain mortgages.The concept has gotten some pushback from the title insurance industry, which has contended that going without title insurance could expose the mortgage business and consumers to undue risk. The American Land Title Association on Monday renewed its challenge to the pilot, reiterating concerns about the risk, asserting that it goes beyond both Fannie's and competitor Freddie Mac's congressional charters. ALTA called for a more deliberate and formal approach."It should receive the scrutiny of public comment, review and robust analysis as authorized under the FHFA's Prior Approval for Enterprise Products rule, which was finalized last Spring" the group said in an emailed response to an inquiry from this publication.ALTA also called for a broader range of public stakeholders beyond federal officials to be involved as part of that process."Making homeownership more affordable for Americans is a top priority for the title insurance industry. We believe there should be transparent discussions about how that can be done, particularly without undermining state insurance laws," the association said.Fannie has promised that the investigation into the efficacy of waiving coverage in limited circumstances would involve a small number of loans."The request for proposal, which will be issued by the end of the second quarter, will provide Fannie Mae the opportunity to evaluate interested industry participants for potential inclusion in the pilot," the government-sponsored enterprise said in a statement.Fannie said it would be looking for responses to its RFP from companies "that have viable technology solutions for managing title-related risk and reducing closing costs for borrowers."Companies like Voxtur and iTitle Transfer offer such services.The concept Fannie Mae is trying out in regard to title insurance is somewhat similar to its limited waivers for appraisals, which have been most frequently used in conjunction with loans made to existing borrowers. In January, 11% of Fannie's loans had appraisal waivers and a larger percentage used hybrid options, according to AEI Housing Center's analysis.Refinances will be the only type of mortgage involved in the title pilot and they currently represent a relatively smaller share of loans in the market.It's unclear whether the title waiver pilot's reach would be similar to what's been seen in appraisal alternatives if more broadly adopted as the former involves different risks related to whether the lien or right to ownership of the property is contested as opposed to its value.The RFP announcement comes just days after news that the Consumer Financial Protection Bureau is considering making lenders pay for their portion of the title insurance policy on a newly originated loan.While the CFPB's interest is less specific than Fannie's, it has said that it is "looking carefully at closing costs and fees consumers may encounter throughout the mortgage process."We are working with agencies across the government to foster greater competition in the mortgage market and help Americans save money when purchasing or refinancing a home," the bureau added.The CFPB also has made mention of title insurance in the context of a broader push against what it's characterized in a blog as "junk" fees, suggesting that some forms of it could be unnecessary.The intersection of the bureau's view of title insurance and that of Fannie Mae's regulator, the Federal Housing Finance Agency's, has been a conundrum, said Peter Idziak, a mortgage attorney at Polunsky Beitel Green, in a statement issued late last week."It's schizophrenic for the CFPB to be … decrying lender's title insurance premiums as 'junk fees' while at the same time, FHFA still requires a lender's title policy or attorney title opinion on almost all loans purchased by Fannie Mae and Freddie Mac," he said.

U.S. homebuilder sentiment leveled off this month after a recent surge as would-be home buyers look for signs borrowing costs will fall.RELATED: Mixed fortunes for builders, with supply costs and permits both upThe National Association of Home Builders/Wells Fargo index of housing market conditions held at 51 in April, still the highest since July but breaking a string of four straight monthly gains, according to data released Monday. The reading matched the median estimate of economists surveyed by Bloomberg."April's flat reading suggests potential for demand growth is there, but buyers are hesitating until they can better gauge where interest rates are headed," NAHB Chief Economist Robert Dietz said in a statement. The latest figure represents a pause in what is otherwise a resurgent housing market. Some of the nation's biggest homebuilders have recently reported robust order books and said consumers are growing accustomed to still-high mortgage rates. Sentiment remains below the highs reached in late 2020 when borrowing costs were less than half the current level that's near 7%. In a sign of the market's fragility, an index of homebuilder stocks slipped 5.1% on April 10 after a higher-than-expected inflation report weakened hopes the Federal Reserve will cut interest rates soon. The homebuilder group's measure of expected sales in the next six months slipped to 60 this month from 62, the first drop since November. Measures of current sales and prospective buyer traffic increased slightly.Builders have been backing away from price cuts as mortgage rates stabilized below the nearly 8% levels they hit last fall. In April, 22% of builders reported cutting prices, compared with the 24% who cut prices in March and the 36% who cut prices in December. The share of builders offering customers some form of sales incentive fell by 3 percentage points to 57% April , the NAHB said.Among US regions, builders in the Northeast and West had the biggest gains in confidence in April, with sentiment rising by 4 points in each region to 65 and 49, respectively. Sentiment rose slightly in the Midwest and slipped slightly in the South.The government will offer a look at residential construction Tuesday when it releases data on March housing starts and building permits. The National Association of Realtors will release data on existing-home sales on Thursday.  

In what could be seen as a sign of optimism for the mortgage business going forward, participation in the annual National Mortgage News survey increased year-over-year.This happened despite 2023 being the worst year for mortgage originations in a generation, at $1.64 trillion, down from $2.25 trillion in 2022.What 2023 proved, yet again, is that top originators provide a level of service to their clients that sets them apart from the competition and they often occupy a niche that others shy away from or are not aware of yet.For Ellen Schuler, a branch sales manager at Cornerstone Home Lending, success in 2023 was a matter of going back to basics. She originated $162.1 million, with 328 units.It was contacting her referral sources in person and via email that was most effective, the 25-year industry veteran said."You'd be surprised how just getting out more and being in front of people makes a big difference. I know a lot of loan officers do that, but I'm more hands-on than most," she added.Being in the referral source's office gives them a chance to talk and ask questions, and that interaction helped boost Schuler's numbers too, she said.It was also a matter of having the right niche programs and being able to handle applications that other lenders turned down, Schuler said, adding "no deals are easy these days."While 2024 started out slow for Schuler, the big dip in rates in early March helped to bring consumers back in, and some of the business is even coming from existing homeowners."Realtors are saying to me 'call my seller, tell him what you can do,'" Schuler said. "It's interesting, we're kind of working both sides of it now and it's more of a team effort."For Brian Minkow, a divisional vice president at CMG Home Loans in Westlake Village, California, 2023 was a year of transition. In May, the 180-branch strong retail channel at Homebridge Financial Services, where Minkow had been for six years, was acquired by CMG.Even with the ups and downs involved in such a move, as well as the general environment for the industry — Minkow referred to it as his worst year for production in almost 20 years — he still had a relatively strong year, with production of $227.6 million and 265 units.The relationships developed with his various referral sources, including Realtors, accountants and business managers, played a huge role in his success."The market was very tough, so the Realtors and the referral partners wanted to make sure that their clients got to somebody like myself, who would make it happen, because obviously, it's a lot harder industry right now," Minkow said. "When you don't have a loan officer that knows what they're doing and knows how to get it done — they were very worried about that."He also noted the niche programs that CMG has to offer, such as its All in One loan, that combines banking and mortgage features, helped.As for 2024, between the start of February and the middle of March, his business has picked up as rates trended lower during much of the period."I tell my clients this all the time: you're buying the home and you're renting the rate," Minkow said. "They're only going to rent that rate for whatever, four months, eight months, 12 months, and then we'll refinance out of it."A loan originator's outlook about the business when they come into the office is also important, added Neil Kantor, an area sales manager in the Rockville, Maryland office of Bay Equity Home Loans.That positive attitude every single day, no matter how bad the previous day or month was, that's important because a lot of opportunities remain, he said. Loan officers just have to work harder for every deal. He produced $140.3 million and 303 loans."It's not going to come easy, like the COVID years," Kantor said. "You just have to put more effort into it."That includes educating the consumer about mortgage rates and the opportunity to buy a home.But sometimes that education leads to the conclusion to hang back on a home purchase. Last year, Kantor counted the highest number of voided contracts he has seen in his career. Consumers shopped for homes and put in bids, but didn't realize the impact of what the payments would be. However, there's an opportunity there for further enlightenment: borrowers also needed to be informed about the refinance opportunity that would arise when rates fell, Kantor said"We're definitely doing a lot less business obviously, than when rates were much lower," Kantor said. "But I think for the most part anyone that had any success last year was probably still working just as much if not more, for a third of the volume."A lot of consumers, especially first-time home buyers, "don't understand the market. It's our job to put them at ease, and explain everything to them," Kantor said.In this year's Top Producers survey, 64% of the respondents were male. Experience ranged from a year or less through 51 years. More than 30 respondents stated they had 20 years in the business with the next largest grouping coming at 25 years with over 20 people.This compared with a 66% male to 34% female split of respondents in the Top Producers 2023 survey. The mean number of years in the industry was slightly over 18 years, with the mean for women respondents at nearly 19 years.About three-quarters of participants agreed that their company is taking the right steps to promote diversity, which has been a sore spot for the industry. However, this is lower than in the 2023 survey, where 84% responded to that question in the affirmative.Only slightly more than half, 54% think the housing market is headed in the right direction and just 32% said the same is true for the economy. That compared with 45% and 25% respectively a year ago.About 47% said now is a good time to work in the mortgage business, but most of the respondents aren't planning to exit, with a whopping 84% completely disagreeing (similar to the 2023 survey) when asked about that. Similarly, 73% completely disagreed when asked if they would be looking to move to another mortgage company in 2024, but that was down from 89% one year prior.In the 2023 survey, 55% agreed it was a good time to work in the mortgage industry.Meanwhile 55% of respondents were not concerned about job security at their company, with 23% stating they were neutral about that prospect. This compared with 58% and 19% one year prior. Add in responses between neutral and not concerned, the total for both years was around 69%.The Top Producers survey has been in existence for 26 years and is the successor to those conducted by Broker magazine and Origination News (former National Mortgage News sister publications) as well as Mortgage Originator Magazine, which Arizent owns the content rights to.Submissions were made by the participants or their representatives. The information was verified to the best of our ability but National Mortgage News cannot claim the absolute veracity of the data. Some entries might have been removed due to submission errors or following the check on the data. Rank Name Company Dollar volume Number of loans 1 Michael Rodriguez Platinum Capital Mortgage $702,380,355 1123 2 Brian Minkow CMG Home Loans $227,591,280 265 3 Michael Fuller Constructive Capital $201,000,000 535 4 Tammy Saul Federal Hill Mortgage $185,563,501 519 5 Lance Johnson Regions Mortgage $170,110,476 241 6 Ellen Schuler Cornerstone Home Lending $162,056,771 328 7 Jeremy Engle Vero Mortgage/Golden Empire Mortgage $159,595,313 470 8 Phil Nguyen Bay Equity Home Loans $157,866,890 340 9 Anand Ilangovan Ensure Home Loans $140,497,430 320 10 Neil Kantor Bay Equity Home Loans $140,283,147 303 11 Matt Adler Lake Michigan Credit Union $139,809,736 366 12 Paul Volpe Nova Home Loans $131,760,045 427 13 Niket Patankar Predian Financial Services $128,345,005 302 14 Karen Chiu CrossCountry Mortgage $125,193,152 305 15 Stephanie Dombrowski Ent Credit Union $122,707,692 212 16 Michael Borodinsky Caliber Home Loans/Newrez $120,220,000 326 17 Ray Shanahan TowneBank Mortgage $113,682,707 274 18 Philip Crescenzo Nation One Mortgage $112,905,722 347 19 Austin Lampson Homeowners Financial Group $108,476,978 129 20 Ashley McKenzie-Sharpe Highland's Residential Mortgage $108,000,000 492 21 Chris Murphy M2 Lending Solutions $102,692,578 208 22 Mark Fisher UNMB Home Loans $101,088,061 219 23 Joe Dunn George Mason Mortgage $93,930,572 236 24 Mona Edick Bay Equity Home Loans $91,677,574 263 25 Shelby Weston MLD Mortgage - The Money Store $90,274,519 348 26 Scott Stinson FBC Mortgage $87,718,312 264 27 April Janas Bay Equity Home Loans $83,672,455 181 28 Jimmy Alexander SWBC Mortgage $82,291,378 261 29 Mike Rafii Bay Equity Home Loans $78,860,966 127 30 Billy Winfree Steadfast Mortgage $77,874,616 157 31 Indu Kapoor Guaranteed Rate $77,731,945 170 32 Ivan Pastor Interlinc $77,546,045 241 33 Josh Moody Synergy One Lending $76,603,914 267 34 Ryan Pierce Bay Equity Home Loans $73,397,216 206 35 Rachelle Coffey Homeowners Financial Group $73,338,751 200 36 Russell Nash George Mason Mortgage $70,910,919 217 37 Ali Ghaziani Bay Equity Home Loans $69,358,973 114 38 John Sperling Visio FInancial Services $69,084,168 239 39 Samuel Stowers Jet Home Loans $67,740,131 113 40 Ralph G Tancredi Sr. Manasquan Bank $66,823,035 92 41 Jason Pike Waterstone Mortgage $65,631,858 177 42 Drew Boland Proper Rate $65,558,498 147 43 Carlo Colantonio CMG Home Loans $65,321,504 219 44 Jordan Beall Jet Home Loans $65,199,008 156 45 Joseph Bigelman John Adams Mortgage $61,440,696 201 46 Rose Pinto CMG Home Loans $61,012,877 202 47 Kyle Gillespie Proper Rate $60,896,187 147 48 Michael David Waterstone Mortgage $60,162,731 232 49 Lauren Stamper Highlands Residential Mortgage $59,828,213 139 50 Greg Mullan George Mason Mortgage $59,775,354 123 51 Mark Veech NJ Lenders $59,169,355 170 52 Jori Stern Loanpeople $58,448,331 127 53 Mark Johnson CMG Home Loans $57,733,375 94 54 Michelle Jacinto Direct Mortgage Loans $57,454,203 253 55 Rory Lithgow Interlinc Mortgage Services $56,630,478 193 56 David Hosterman Citywide Home Loans $56,356,566 181 57 Mike Richardson Bay Equity Home Loans $56,294,445 128 58 John Gabaldon Waterstone Mortgage $56,000,000 227 59 Alexander Jaffe First Home Mortgage  $54,973,820 125 60 Adam Cornacchio WSFS Mortgage $54,559,928 150 61 Anwer Mangrio UIF Corp. $54,221,795 106 62 Ashley Davidson CMG Home Loans $53,806,826 125 63 Timothy Gentry Loan Velocity $53,258,455 164 64 Travis Evans Bay Equity $53,000,000 155 65 Robert "Skip" Templeton RW Towne Mortgage $52,880,693 112 66 Blake Hyatt Direct Mortgage Loans $52,265,881 146 67 Mark Robertson Neo Home Loans $52,156,777 76 68 Jindra Faulkner Bay Equity Home $51,877,296 173 69 Robert Melone Radius Financial Group $51,834,720 116 70 Anthony Marone NJ Lenders $51,685,642 128 71 Donald Maita NJ Lenders $51,588,659 92 72 Michael Smalley Waterstone Mortgage $50,903,638 162 73 Vicky Brietzke SWBC Mortgage $50,499,303 56 74 Tyler Slesk Bay Equity Home Loans $50,435,229 114 75 Annie Lemon Bay Equity Home Loans $50,202,437 105 76 Adam West UMortgage $50,050,826 104 77 Amanda Sessa SWBC Mortgage $49,583,786 89 78 Shirley Stange Ent Credit Union $48,291,888 127 79 Vick Bedi American Preffered Mortgage $47,850,000 87 80 Chad Loube George Mason Mortgage - United Bank $47,736,984 73 81 Amie Edmondson Bay Equity Home Loans $47,373,704 92 82 Eric Bibel Neo Home Loans $46,941,322 60 83 Kurt McClearen Nova Home Loans $46,908,832 138 84 Gwen Swain Waterstone Mortgage $46,572,265 140 85 John Aragon Highlands Residential Mortgage $46,427,763 89 86 Ravi Patel UMortgage $46,293,880 164 87 Melanie Boyajian Academy Mortgage $45,980,558 91 88 Katherine McClintic Jet Home Loans $45,328,460 155 89 Katie Andy Akpan InterLinc Mortgage $45,053,734 103 90 Richard Holsman Bay Equity Home Loans $44,635,018 103 91 Shashank Shekhar InstaMortgage $44,609,142 101 92 Jason Solowsky CMG Home Loans $44,295,446 114 93 Jacky Meacham CMG Home Loans $44,133,369 116 94 Michael Regan Axia Home Loans $44,132,784 144 95 Trevor Roberge Capstone Home Loans $44,077,035 102 96 Sean Wohland Waterstone Mortgage $44,027,186 105 97 Jaclyn Litton Origin Bank $43,943,321 178 98 Chris Bufis RW Towne Mortgage $43,588,545 100 99 Justin Padron Neo Home Loans $43,375,332 91 100 Kevin Serrano Rojas Ent Credit Union $42,090,079 84 101 Jill Thompson Interlinc $42,003,556 132 102 Samuel Fulton UMortgage $41,880,000 55 103 Gina Allman Ent Credit Union $41,601,669 104 104 Marc Demetriou Guaranteed Rate $41,230,830 89 105 Dean Riddell SWBC Mortgage $41,012,189 161 106 Ian Twaddle Umortgage $40,404,911 145 107 Adam Boles Bay Equity Home Loans - Boles Group $40,216,859 106 108 Amy Wolff Direct Mortgage Loans $40,204,156 136 109 Leonard Wright Atlantic Union Bank $40,124,385 237 110 Robert Bowker Interlinc Mortgage Services $40,118,010 110 111 Paul Addison Bay Equity Home Loans $39,889,544 104 112 Will Patterson Academy Mortgage $39,615,215 131 113 Carol O'Connell CMG Home Loans $39,419,792 71 114 Shari Rothman Bay Equity Home Loans $38,933,964 100 115 Alyssa Caliendo Bay Equity Home Loans $38,644,244 102 116 Katrinka Condie Luminate Home Loans/Neo Home Loans $38,522,105 84 117 Michael Trejo Bridgepoint Funding $38,497,083 59 118 Kit Bate Academy Mortgage $38,383,762 119 119 Roy Hartwell FBC Mortgage $38,383,114 93 120 Tarek Shalaby Coastal Loans $38,239,642 129 121 Victoria Avila Coastal Loans $37,738,710 115 122 Brian Gross Bay Equity Home Loans $37,716,215 97 123 Jeff Nicola Bay Equity Home Loans $37,710,169 68 124 Todd Gydesen Vantage Mortgage Brokers $37,565,975 75 125 Laura Tetrault Bay Equity Home Loans $37,351,126 135 126 Lea Frye George Mason Mortgage $37,002,393 82 127 Lisa Shaull Umortgage $36,543,006 67 128 Angela Kakos Guaranteed Rate $36,063,113 133 129 Richard Alashaian NJ Lenders $35,978,030 70 130 Scott Grau Bay Equity Home Loans $35,963,314 85 131 Jeffery Brooks Highlands Residential Mortgage $35,799,381 67 132 Frank Brandt Planet Home Lending $35,783,580 106 133 Amanda Stewart Loanpeople $35,577,908 89 134 Maura Crowley NJ Lenders $35,350,428 62 135 Kelly Zitlow Cornerstone Home Lending $35,179,329 96 136 Rob Novak Bay Equity Home Loans $34,973,627 49 137 Erica Paradise NJ Lenders/SilverBay Lending $34,775,566 134 138 Brie Fisher Bay Equity Home Loans $34,647,137 77 139 Jeffrey Novotny George Mason Mortgage $34,541,894 80 140 Patrick Stoy UMortgage Carolinas $34,354,843 115 141 Dan Lourenco UMortgage $34,174,803 70 142 Travis Howard Waterstone Mortgage  $34,090,592 69 143 Kimberly Pedersen Bay Equity $33,836,043 51 144 Crista Lowrie First Citizens Community Bank $33,679,868 126 145 Andy Harris Vantage Mortgage Brokers $33,575,492 75 146 Matt Gouge UMortgage $33,515,828 67 147 Michael Belfor American Pacific Mortgage $33,267,400 60 148 Jordan Kingsbury Vellum Mortgage $32,767,284 83 149 Sandy Davis NJ Lenders $32,535,882 N/A 150 Jill Thacker CMG Financial $32,519,426 92 151 Candy Buzan Loanpeople $32,469,130 97 152 Rene Zamora-Melgoza Gem Mortgage $32,373,106 127 153 JJ Mack American Pacific Mortgage $31,840,172 75 154 Marty Padilla Waterstone Mortgage $31,755,803 111 155 Kevin Phillips Bay Equity Home Loans $31,708,296 62 156 Shawn Hunt CMG Home Loans $31,696,007 120 157 Jill Sheldon CMG Mortgage $31,421,691 74 158 Krista Ellis George Mason Mortgage $31,372,151 57 159 Ben Bell UMortgage $31,290,000 105 160 Jennifer Gordon CMG Home Loans $31,273,204 121 161 Joe Massey Castle & Cooke Mortgage $31,239,614 80 162 Rodney Jones Castle & Cooke Mortgage $31,207,518 92 163 Justin Allen UMortgage $31,194,077 125 164 Pamela Vroman Stanley Direct Mortgage Loans $31,150,262 103 165 Richard Sciarrone NJ Lenders $31,008,484 64 166 Daniel Schneider Certainty Home Lending/Guaranteed Rate $31,005,584 83 167 Julie Radloff Certainty Home Lending/Guaranteed Rate $30,847,427 91 168 Dwayne Smith George Mason Mortgage $30,164,868 96 169 Mike Molina Highlands Residential Mortgage $30,145,768 128 170 Gerald Boudreaux Texas Capital Lending $30,000,000 89 171 Matt Dorsey CMG Home Loans $29,846,386 78 172 Ed Quinby Bay Equity $29,675,843 35 173 Tanner Oman CMG Mortgage $29,465,078 102 174 Michael McDermott Bay Equity Home Loans $29,436,263 81 175 Jason Knobbe Waterstone Mortgage $29,380,579 85 176 Robert Camras SWBC Mortgage $29,249,441 129 177 Tyler Hodgson UMortgage $29,223,054 84 178 Jeremiah Good CMG Home Loans $28,964,787 133 179 Ann Fisher Towne Bank/Fitzgerald Financial $28,835,211 65 180 Chris Wolf Waterstone Mortgage $28,751,720 109 181 Suzi Gradisar Ent Credit Union $28,722,682 101 182 Kristin Hawkins FBC Mortgage $28,672,951 106 183 Eric Putt Waterstone Mortgage  $28,625,776 19 184 Vladimir Duque George Mason Mortgage $28,606,848 82 185 Ryan Parker Bay Equity Home Loans $28,469,315 68 186 Amber Page Evergreen Home Loans Silverdale $28,425,435 71 187 Trish Luchini Bay Equity Home Loans $28,309,881 67 188 Greg Cross Gem Mortgage/NW Lending Group $28,211,232 74 189 Abby Allen Towne First Mortgage $28,103,415 67 190 Matthew Mieras Direct Mortgage Loans $28,063,767 81 191 Sarah Pichardo CMG Home Loans $28,010,347 74 192 Amanda McShane Bay Equity Home Loans $27,967,181 74 193 Jo Ann Theriault-Fazio Proper Rate/Guaranteed Rate  $27,936,658 89 194 Scott Haney FitzGerald Financial $27,913,617 81 195 Rick Scherer OnTo Mortgage $27,886,740 65 196 Molly Meeker Bay Equity Home Loans $27,866,024 76 197 Jake Schoemann Bank of England Mortgage $27,827,321 97 198 Michael Picore Bay Equity Home Loans $27,771,913 65 199 Janine Iuliano Bay Equity Home Loans $27,626,636 105 200 Clarissa Hernandez Waterstone Mortgage $27,528,322 113 201 David Brown WSFS Mortgage $27,436,126 95 202 Kimberly Peterson KPT Mortgage Advisors $27,130,579 88 203 Jessie Van Wagoner Castle & Cooke Mortgage $27,006,545 73 204 Nora Smith Bay Equity Home Loans $26,911,011 54 205 Layla Kelley Bay Equity Home Loans $26,869,225 99 206 David Goldhirsh LeaderOne Financial $26,790,963 56 207 Tyler Carlston UMortgage $26,722,941 80 208 Neal Tipton Waterstone Mortgage  $26,529,033 85 209 Jarad Brown Certainty Home Lending/Guaranteed Rate $26,044,758 90 210 Sue Botelho Waterstone Mortgage $26,028,721 78 211 Kasey Martin Fitzgerald Financial $25,970,367 46 212 Nathan Burch Vellum Mortgage $25,912,339 54 213 Darren Soodak BancStar Mortgage $25,792,854 67 214 Michael Izzi CMG Home Loans $25,730,652 77 215 Misty Spears Loanpeople $25,675,028 69 216 Graham Parham Highlands Residential Mortgage $25,436,661 168 217 Wesley Friedman FBC Mortgage $25,282,851 65 218 Lissa Solinsky Bay Equity Home Loans $25,066,099 54 219 Erik Johansson Bay Equity Home Loans $25,000,000 75 220 Matthew Garnes Nova Home Loans $24,976,159 78 221 Brian Nevins Bay Equity Home Loans $24,932,197 91 222 Katie Porter Bay Equity Home Loans $24,871,997 64 223 Peter Conto George Mason Mortgage $24,852,471 53 224 Abbey Laudenbach Homeowners Financial Group $24,667,692 104 225 Michael Novotny George Mason Mortgage $24,527,886 59 226 Tom McMurray Karbon Financial $24,483,317 40 227 Alejandro Juarez Loanpeople $24,237,204 63 228 Marcia Murphy Bay Equity Home Loans $24,139,947 41 229 Ethan Daubert CrossCountry Mortgage $24,126,579 37 230 Jonathan Conrad Bay Equity Home Loans $23,961,992 67 231 Derrick Strauss Planet Home Lending $23,900,000 57 232 Shelly Hood Bay Equity Home Loans $23,833,542 60 233 Zachary Mitkoff Bay Equity Home Loans $23,500,226 59 234 Scott Saypol NJ Lenders $23,430,495 53 235 Autumn McLean Bay Equity Home Loans $23,415,076 75 236 Eric Witmer Bay Equity Home Loans $23,278,457 60 237 Bryce Magill Castle & Cooke Mortgage $23,260,495 112 238 Heather McQuatters Coffey Ent Credit Union $23,096,084 49 239 Kristin Bailey Loanpeople $23,041,046 55 240 Nick Pakulla Goerge Mason Mortgage $23,033,185 50 241 Mike Alberico UMortgage Carolinas $22,533,906 64 242 Rhonda Faulk Certainty Home Lending/Guaranteed Rate $22,456,306 70 243 Nash Paradise UMortgage LLC $22,197,501 61 244 Tyler Evans Bay Equity Home Loans $22,182,446 60 245 Heidi Schmidt Bay Equity Home Loans $22,080,674 50 246 Stanton Greene Bay Equity Home Loans $22,022,828 44 247 Salvador Rodriguez Bay Equity Home Loans $22,000,000 89 248 Brian Bloete NJ Lenders $21,993,894 59 249 Tariq D. Bailey MortgageDepot $21,781,423 40 250 Andrew Dort Pride Lending $21,763,157 56 251 Nick Fratini CMG Home Loans $21,749,792 59 252 Wendy Mariani Absolute Mortgage/American Pacific Mortgage $21,740,610 40 253 Chris Rocco Bay Equity Home Loans $21,676,739 33 254 Terry Gruner George Mason Mortgage $21,225,336 84 255 Gino Giandurco Bay Equity Home Loans $21,187,715 58 256 Ray Ferguson Bay Equity Home Loans $20,885,040 42 257 Corey Glowacki Direct Mortgage Loans $20,844,571 61 258 Kristine Amorello Radius Financial Group $20,512,537 55 259 Dennis Vo CMG Home Loans $20,493,709 N/A 260 Taylor Madsen Castle & Cooke Mortgage $20,485,847 72 261 Dean Hayes Bay Equity Home Loans $20,341,986 49 262 Heidi Fitzgerald-Bailey Highlands Residential Mortgage $20,274,225 75 263 Jannie Gong EON Mortgage Group $20,177,545 60 264 Anne Cato TowneBank Mortgage $20,136,814 92 265 Anders Comer Certainty Home Lending/Guaranteed Rate $20,053,179 45 266 Jeneane Stomm Bay Equity Home Loans $19,935,579 55 267 Jennifer Van Valzah Bank of England Mortgage $19,910,169 54 268 Katie Gaumer Q Home Loans/American Pacific Mortgage $19,721,068 58 269 Tammy Armour Loanpeople $19,692,302 43 270 Todd Simon Bank of England Mortgage $19,654,607 73 271 Blakely Peterson Certainty Home Lending/Guaranteed Rate $19,626,484 56 272 Angelina Oleary Bay Equity Home Loans $19,601,376 49 273 Mike Turk Certainty Home Lending/Guaranteed Rate $19,524,325 48 274 Kimberly Bryant Bay Equity Home Loans $19,171,909 40 275 Alec Conrad Umortgage $19,045,782 51 276 Alex Knaus American Pacific Mortgage $18,840,038 53 277 Tripp Johnson Bay Equity Home Loans $18,728,260 52 278 Shawn Morrow Bay Equity Home Loans $18,471,683 60 279 Gilbert Almaraz Direct Mortgage Loans $18,255,323 59 280 Jamie Hughes Bay Equity Home Loans $18,246,974 45 281 Mike Harms Bay Equity Home Loans $18,217,598 48 282 Joseph Salem Direct Mortgage Loans $18,173,099 50 283 Ami Desai Direct Mortgage Loans $17,743,169 58 284 Lynn Marion Chenaur-Bridges Bay Equity Home Loans $17,596,250 21 285 Cristian Beltran Loandepot $17,530,633 N/A 286 Christopher Graham Bay Equity Home Loans $17,434,334 74 287 John Schindel Bay Equity Home Loans $17,395,596 41 288 Jeremy Radcliffe SWBC Mortgage $17,381,350 46 289 Laura Ponce Nova Home Loans $17,367,868 75 290 Jessica Eddy UMortgage $17,231,577 79 291 Scott Roiger Bay Equity Home Loans $17,164,558 57 292 Quintin Jacobson Bay Equity Home Loans $16,978,851 64 293 Kolleen Organek Direct Mortgage Loans $16,967,368 54 294 Toby Tollack Bay Equity Home Loans $16,927,145 34 295 Kimberly Stone Bay Equity Home Loans $16,842,446 42 296 Rory Butler Bay Equity Home Loans $16,545,160 42 297 Gabriela Villafranco American Pacific Mortgage $16,290,565 59 298 Danny Palmer Loanpeople $16,266,775 49 299 John Tatum SWBC Mortgage $16,171,498 51 300 Corina Fiedler Bay Equity $16,154,190 41

Sonu Mittal recently finished his first year heading single-family acquisitions for Freddie Mac, and it's gotten him to think about the path that brought him in addition to what his next set of priorities will be. His story offers both insights into Freddie's latest initiatives, and a window into what it's like to move from a position in the primary market to the secondary.In the edited excerpts of the wide-ranging conversation that follows, Mittal shares his thoughts on the professional journey that brought him to where he is today, his accomplishments from the past year and what will follow.

Large financial institutions kicked off the earnings season with some early-year weakness in terms of the volume of housing finance activity, but there were some bright spots in their mortgage results.Some of the margins on loans were higher in the first quarter, and that contributed to stabilized home lending income even at Wells Fargo, which announced an exit from the correspondent channel last year and saw a particularly steep drop in volume.Gain-on-sale margins for mortgages improved for both Wells Fargo and JPMorgan Chase on a quarter-to-quarter basis and outpaced expectations, a report from Keefe, Bruyette & Woods stated.Wells recorded a 287 basis-point consecutive-quarter GOS gain. While that may not be indicative of broader trends due to a particularly low number in the previous fiscal period and some other idiosyncrasies, JPMorgan Chase also noted an uptick, albeit by a more modest 83 basis points."The solid Q/Q margin increases were a bit of a surprise," Bose George, Alexander Bond and Thomas McJoynt-Griffith, analysts at KBW, said in an analysis of Wells Fargo, JPMorgan Chase and Citibank's earnings focused on their mortgage implications.This trend may help to explain why even though Wells' originations dropped 22% from the previous quarter, home lending earnings were up, rising to $864 million from $839 million. The first-quarter number nearly matched the $863 million reported a year earlier.The financial metrics suggest that while Wells' correspondent exit has cost it some volume, it is paying off in terms of refocusing the company on retail originations that have higher margins.Loans originated by third parties like brokers or correspondents can help with volume in an interest-rate environment that's not conducive to refinancing like the current one, but those channels also tend to be susceptible to margin pressure in such a market.JPMorgan Chase first-quarter numbers suggest it also may be adjusting its loan mix to move away from correspondent and put a little more emphasis on retail, although by no means has it been as aggressive as Wells. The former's retail share inched up to 67% from 65% on a consecutive quarter basis.During that same period, JPMorgan Chase saw overall volumes slip by 8%. Correspondent volume dropped by 12% and retail fell by 6%. Net revenue from home lending rose to $1.19 billion from a little over $1.16 billion the previous quarter and $720 million a year earlier.Citi's volumes rose by 11% on a consecutive-quarter basis that likely came from market share it gained from Wells Fargo's retreat, analysts said. The former company did not break out numbers for its smaller home lending business to the extent that Wells and Chase do, but noted there were "improved mortgage margins" in its retail banking segment.Another bright spot for mortgages in the bank earnings was an improvement in valuations for mortgage servicing rights, presenting a contrast to write-downs seen at some companies in the fourth quarter.JPMorgan Chase's MSR valuations rose by 1.8% and Wells' rose by 3% on a consecutive-quarter basis, with analysts at KBW noting that this was in line with expectations given interest rate changes during the period.Citi's involvement in the MSR market has been relatively small since it sold off tens of billions of dollars in servicing back in 2017.

Building material costs increased for a fifth straight month, but single-family construction activity shows signs of growing this year based on early 2024 data, government reports showed.Prices for residential construction goods increased a nonseasonally adjusted 0.21% in March, slowing from the previous month's 0.54% upturn, according to analysis of the Producer Price Index by the National Association of Home Builders. The current pace of monthly growth is still accelerating faster than the 0.15% average for all of 2023. On a year-over-year basis, material prices came in 2.22% higher in March. The first rise in softwood lumber costs since last summer helped lead to the overall increase, with prices climbing a seasonally adjusted 1.9% between February and March. But lumber prices are still 6.76% lower on an annual basis. "This yearly decline was the 17th straight, as lumber prices in 2023 were much more stable than the prices between 2020 and 2022," wrote NAHB economist Jesse Wade.  COVID-related disruption led to volatility throughout the builder supply chain between 2020 and 2023, most noticeably in lumber costs. While prices were down year over year, the PPI for lumber was almost 6% higher when compared to March 2020.Similarly, gypsum materials also jumped 2.24% on a monthly basis to finish at a new high, with costs now 1.33% above year-ago levels. Prices moved up for the second consecutive month after almost a year of decreases. Gypsum data is not seasonally adjusted.Seasonally adjusted ready-mix concrete prices also registered a monthly uptick of 0.05% in March and now sit 7% higher annually.Among the material costs tracked by NAHB, steel-mill products recorded the only monthly drop, with a nonseasonally adjusted decline of 7.77% in March. The fall was the largest in over two years. Compared to 12 months earlier, prices for steel-mill goods finished 3.59% lower. While material costs continue to rise, the outlook for single-family homebuilding in 2024 shows greater opportunities ahead should early-year permit trends continue. Through February, the volume of single-family building permits issued across the country totaled 155,236, according to U.S. Census Bureau data. The number represents a 38.4% increase from 112,131 in the first two months of 2023. According to NAHB, construction begins on approximately half of single-family homes in the same month a permit is issued, with more than 90% started within two months. Single-family permit growth appeared across all regions, with the largest increase of 54.2% in the West. The Midwest registered a jump of 42.7%, with the South seeing a 34.6% rise. The Northeast lagged the rest of the U.S., but permits in this region still rose 22.2% on an annual basis.The ten leading states accounted for two-thirds of all permits issued in January and February, with Texas leading the way at 26,454. Houston and Dallas saw the greatest number among the top markets, with 8,679 and 7,578, respectively.A total of 48 states posted year-over-year increases in issuances, ranging from 106.4% growth in Montana to 3.3% in neighboring North Dakota. Only Alaska, Rhode Island and the District of Columbia reported decreases. On the multifamily side, though, permit numbers fell 22.2% to 78,259 from a year ago, with only 21 states reporting growth. Two regions, the Northeast and Midwest, saw issuances go up by 95.7% and 15.2%, while the South and West recorded 39% and 37.7% declines from the same time a year ago.

Late 2023 mortgage origination data shows changes in borrower characteristics that could point to a shift in the way banks are underwriting these loans, according to a new Federal Reserve report.  Over a two-year span between the fourth quarters of 2021 and 2023, the median front-end debt-to-income ratio for new originations at the largest banks increased by five percentage points and now sits at the highest mark in over a decade at 27%, researchers at the Federal Reserve Bank of Philadelphia said. Similarly, loan-to-value ratios rose to 77% from 68% over the same period. Meanwhile, back-end DTI, which factors in all other debts owed by the borrower, inched up to 38% from 35%. But at the same time, credit scores have remained near their same level, with the median of 770 at the end of 2023, a drop from 779 three years earlier. "Originated mortgages hint at a possible change in the risk approach of firms," the researchers wrote. In the most challenging lending environment in recent history that has been marked by inventory shortages and fewer opportunities for aspiring buyers, total origination volume fell to $45.2 billion, the lowest level since the Philadelphia Fed began tracking the data in 2012. The bank analyzes numbers from institutions with $100 million or more in consolidated assets and loan portfolios of greater than $5 billion.In combination, the increases in DTI and LTV ratios shine the spotlight on affordability issues as homeownership debt consumes a larger share of borrowers' budgets, the report said."Year-end data highlighted shifts in large bank underwriting practices, largely related to rising housing costs," the Fed researchers noted. Reflective of the affordability challenges, the median loan size surged 8.5% from $279,431 in late 2021 to $305,550 at the end of last year. The relatively swift rise in mortgage amounts mirrors national housing trends reported universally over the past few years as annual price growth hit record highs.  The Federal Reserve Bank of Atlanta also reported affordability earlier this year approaching previous all-time lows, with 40.5% of the median national income required to make regular monthly payments. Still, even as housing costs continue to head upward alongside interest rates, lenders see an existing pipeline of potential borrowers focused on achieving homeownership, despite the challenges presented by current economic trends.In spite of concerns about potential elevated risk from higher DTI ratios and mortgage payments, overall borrower distress has shown no significant recent spike. But performance varied across different types of loan products, with delinquencies of Federal Housing Administration-sponsored mortgages climbing up to a two-year high rate of almost 11% in the fourth quarter, the Mortgage Bankers Association recently found. Across the board, though, delinquencies remain well below pre-pandemic levels, with both the MBA and Philadelphia Fed reporting the number of past-due loans rising only slightly on a quarterly basis at the end of 2023. 

Nathan Howard/Bloomberg Citigroup's profit topped analysts' estimates as corporations tapped markets for financing and consumers leaned on credit cards — signs that a prolonged period of elevated interest rates will benefit big banks.Net income in the first quarter totaled $3.4 billion, or $1.58 a share, the New York-based bank said Friday in a statement. That topped the $1.23 per share predicted by analysts in a Bloomberg survey.Mounting expectations that the Federal Reserve will take time to cut interest rates bolstered earnings in key business lines, with more companies enlisting Citigroup's bankers to sell bonds rather than wait. Consumers, meanwhile, spent more on credit cards and carried larger balances.Investors have been keenly watching Citigroup's earnings as Chief Executive Jane Fraser is carrying out a companywide restructuring that includes cutting 20,000 positions. About 7,000 jobs had been eliminated by the end of the first quarter, Citi said in a separate presentation."There are still stranded costs we're working to eliminate," Chief Financial Officer Mark Mason said in a conference call with journalists. "There's still improved productivity that we expect over the next couple of years."The bank generated $21.1 billion of net revenue in the quarter, beating the average Wall Street estimate of $20.4 billion. The figure was up 3% from a year earlier, excluding a gain the bank had booked on the sale of a unit in India.Citigroup's business overhaul resulted in "a cleaner, simpler management structure that fully aligns to and facilitates our strategy," Fraser said in the statement. "We've made good progress as we retire multiple legacy platforms, streamline end-to-end processes and strengthen our risk and control environment." The bank's full-year guidance for revenue and expenses remained unchanged.Shares of Citigroup rose 2.7% to $62.33 at 9:32 a.m. in New York, extending their gain this year to 21%. Corporations that eschewed markets when the Fed was rapidly hiking rates returned this year once they had a clearer sense of what was to come, raising capital and shoring up their financing. That business may benefit further as investors temper expectations for the central bank to lower rates this year.Net interest income rose 1.2% to $13.5 billion, beating Wall Street estimates. Earlier Friday, JPMorgan Chase reported that first-quarter NII rose 11% from a year earlier, slightly short of what analysts predicted, while Wells Fargo & Co. posted an 8% drop.Citigroup's capital markets desks earned more than expected from underwriting debt, raking in $576 million of fees, as well as from equities. That was offset by a slump in advising on mergers and acquisitions as deal activity remained muted.The bank's traders posted a 7% decline in revenue — milder than the 8% to 12% drop Fraser had warned investors to expect at a conference last month, which analysts had baked into estimates. Fixed income, currencies and commodities generated $4.2 billion, about 10% less than a year earlier, while revenue from equities rose 5% to $1.2 billion.The wealth business, where Citigroup has struggled to compete against more established competitors such as JPMorgan and Morgan Stanley, also notched a 4% decline. Last year, Fraser enlisted Andy Sieg from Bank of America to lead the unit.Credit cards drove growth in U.S. personal banking, boosted by more spending, as well as larger interest-generating balances on cards from partnerships, such as with Home Depot.Fraser's restructuring effort is Citigroup's largest in years. With it, the company is focusing on five key businesses: markets, banking, wealth, U.S. personal banking and services.That last segment, which includes handling cash for corporations, boosted revenue 8% to $4.8 billion, roughly in line with analysts' estimates.

CrossCountry leader Ronald Leonhardt could testify under oath in his firm's long-running poaching battle with Loandepot. A federal judge Tuesday granted Loandepot's request to depose the competitor's founder and CEO in an attempt to determine his role in a recruiting trip for employees. The 2022 lawsuit stems from CrossCountry's alleged raiding of over two dozen Loandepot employees responsible for much of the California firm's New York-area production.Already at least a dozen witnesses have been deposed, and defendants have produced nearly 9,000 documents of text messages and emails. Given Leonhardt's alleged role in the poaching, a federal court "Apex Doctrine" giving senior corporate executives an extra layer of protection from depositions didn't apply, U.S. Magistrate Judge Sarah L. Cave wrote. "Questions remain regarding the extent of his role, he is in the best position to answer those questions, and CC has not identified an alternative source from which LD can obtain the information," wrote Cave, referring to the lenders by their acronyms. The judge limited any deposition of Leonhardt to two hours, and limited the scope to questions about the recruitment of individuals and the purported trip. A deposition date was not specified. Both lenders and an attorney for Loandepot declined to comment Thursday. Employees who jumped from Loandepot to CrossCountry testified that they flew to Ohio, CCM's home base, on Leonhardt's plane for a recruiting trip on an unspecified date, according to court records. Witnesses offered conflicting testimony on the CEO's involvement in the recruiting pitch, whether he only attended a dinner or spoke with the group. Tuesday's filing also references sealed documents in which witnesses dispute whether Leonhardt approved signing bonuses, or simply "rubber-stamped" them. Cave meanwhile granted Loandepot's request for CrossCountry to search the personal email accounts and text messages of other employees in its bid to uncover the details of the poaching scheme.CrossCountry is also countersuing Loandepot, alleging the rival sent marketing emails to customers from the email addresses of employees who had since moved to CrossCountry. The sides must meet and file a joint letter to discuss any remaining depositions in the case, Cave wrote. The lawsuit is one of two poaching battles between the competitors: employees in an Illinois case are scheduled for an arbitration hearing with Loandepot in June. While raiding accusations between mortgage lenders have subsided in recent months, a few stinging lawsuits persist. A federal judge in North Carolina in January ruled Summit Funding violated the terms of an injunction by continuing to recruit Movement Mortgage workers in a case that remains ongoing.