Lending News
Lender Meltdown brings you banking and mortgage lending news from the US and the world! We focus on mortgage lending news and insight from the US and from around the world. Information you need to know before making financing your next home or real estate transaction. We bring you news and information from industry insiders and sources that the mainstream financial media doesn't. Lender Meltdown also has boots on the ground. These "boots on the ground" give us daily and weekly updates of what is going in the field. Our contributors have decades of experience in lending and real estate. That experience gives us the advantage of being able to give information in plain English without all the industry technobabble and industry jargon.
Mr. Cooper Was Forced Into Lockdown By Halloween Cyberattack
Mr. Cooper Was Forced Into Lockdown By Halloween Cyberattack. Hackers May Have Compromised Customer Files A cyber attack has forced Texas-based lender and servicer Mr. Cooper into lockdown last week. The company says the cybersecurity incident happened on Halloween. As a result, the company was forced to lock down certain technology systems. Mr. Cooper also issued…
Homestar Financial Throws In The Towel
And Another One Bites The Dust! Homestar Financial Shuts Down Amidst Mortgage Volatility Georgia based Homestar Financial announced this week that it is shutting down. The company blames rising mortgage rates and massive volume decrease. Additionally, they are also blaming the market compression for the closure. A Homestar Financial LO posted on Facebook: Please pray…
Bank of America Mortgage Production Plummets 6% in Q3
Bank of America Mortgage Production Plummets Faster Than Contestants On A Japanese Game Show More bad news in the world of lending. As Bank of America mortgage production plummeted 6% for the 3rd quarter of 2023. This includes both mortgage and home equity production compared to the previous quarter. BofA is saying more declines are…
Mortgage Applications Plunge To A 28-Year Low
Mortgage Lenders And Brokers Are Feeling The Pain As Mortgage Applications Plunge To A 28-Year Low Mortgage applications plunge to 1995 levels. The Mortgage Bankers Association says that lenders and brokers have witnessed a significant decline of 6.9% from the previous week. This is worst week for originations since 1995. The MBA’s Market Composite Index…
Romspen Just Got Spanked By The Florida 3rd DCA
Romspen Just Got Spanked By The 3rd DCA In Weiss Fraud Case. This Is Going To Hurt The Canadian Lender In More Ways Than One! Yes, you read that right. Romspen just got spanked hard by the Florida 3rd DCA in Miami in the Caroline Weiss fraud case. Now, Romspen and their investors are out…
Fannie Mae To Increase LTV Ratios
Fannie Mae To Increase LTVs In November. Are They Driving The Housing Market Off The Cliff Again? Fannie Mae on Thursday announced that its Desktop Underwriting system. The new GSA guidelines include new changes to the maximum allowable LTV ratios for two- to four-unit and principal residences. The changes also apply to purchase and limited…
The American Housing Market Resembles 2006
The American Housing Market Is Resembling 2006. Is It Deja Vu All Over Again? The American housing market is sound disturbingly familiar to us who survived the housing crash 15 years ago. Skyrocketing home prices have very suddenly leveled off. Recession fears are swirling and the number of home sales has dropped off in the…
Widespread Housing Discrimination Persists In The USA
Widespread Housing Discrimination Persists Against Minorities And The LGBTQ+ Community Despite Ever Expanding Federal Laws Widespread housing discrimination persists among ethnic minorities and the LGBTQ+ community. This is despite the federal government expanding on the Federal Housing Act passed over 50 years ago. Roughly 32% of people of African descent say they felt they faced…
NTRAPS: The New Real Estate Scam Targeting Grandma
Title Advocates Say NTRAPS Or Non-Title Recorded Agreements For Personal Services Target Seniors A charming real estate agent is helping an elderly couple sell their home except they are not selling right now. When they are, they have an exclusive agreement to use only him thanks to an NTRAPS agreement. In return for signing the…