Pennymac profit drops in Q2 as rates bite, layoffs follow
PennyMac Financial Services on Wednesday reported second-quarter 2026 net income of $22 million, down 84% from a year earlier and sharply lower than its first-quarter net income of $82.3 million, as higher interest rates reduced mortgage production volume and weighed on profitability. The company’s weaker quarter came in tandem with layoffs by the Westlake Village, […]
Proprietary loans continue to drive reverse mortgage growth
Proprietary reverse mortgages, rather than government-insured Home Equity Conversion Mortgages (HECMs), are driving the reverse mortgage industry’s recent growth, according to an analysis of Home Mortgage Disclosure Act (HMDA) data published Wednesday by New View Advisors. Total reverse mortgage volume rose from $6.25 billion in 2023 to $7.51 billion in 2024 and $9.65 billion in […]
Hawks Lorie Logan and Beth Hammack run the Fed for now
Today the Federal Reserve decided not to hike rates, but the hawks have moved their chess pieces: three Fed members wanted to hike rates at this meeting, which means September is in play for the first rate hike after the cut cycle ended. However, the long end of the bond market has already done the […]
West Capital Lending hit with $75K Washington DFI penalty
Regulators in Washington state have fined West Capital Lending Inc. (WCL) $75,000 after alleging the mortgage lender committed multiple violations of the state’s Consumer Loan Act, including allowing unlicensed individuals to conduct mortgage-related activities and failing to meet certain disclosure and reporting requirements. Per Nationwide Multistate Licensing System (NMLS) records, the Washington State Department of […]
CoStar Q2 revenue surge driven by AI, residential rebound
CoStar Group reported an 18% year-over-year revenue increase for the second quarter ended June 30 — reaching $925 million compared to $781 million in the same period last year. Leaders said growth was driven by major technological expansions, increased platform engagement and significant operational efficiency across residential and commercial and real estate marketplaces. The real […]
Fed holds rates at 3.5% to 3.75% for fifth straight meeting
The Federal Reserve on Wednesday left its benchmark interest rate unchanged, maintaining a target range of 3.5% to 3.75% for a fifth consecutive meeting. Heading into the meeting, most monetary policy watchers had expected the Fed to stand pat after inflation cooled in June. Still, a minority (about 30%) had penciled in a hike, a […]
Cloze unveils app to capture, organize open house leads
Cloze has introduced an Open House app for its Enterprise customers that automatically captures visitor information at property showings and feeds it into the company’s customer relationship management system, aiming to simplify follow-up with prospective buyers. The app replaces traditional paper sign-in sheets with digital check-ins that create contact records, log attendance and collect visitor […]
ONE Sotheby's adds $10B luxury broker Julian Johnston
ONE Sotheby’s International Realty has added luxury real estate advisor Julian Johnston, bringing more than $10 billion in career sales and more than $400 million in active listing inventory to the brokerage. Johnston, who specializes in Miami Beach waterfront and ultra-luxury estate properties, joins the firm’s Miami Beach office and will continue serving clients from […]
LPT Aperture Holdings acquires Speculo AI platform
LPT Aperture Holdings, parent company of LPT Realty and Aperture Global Real Estate, acquired Speculo, an AI-powered database engagement and intent-detection platform built for real estate professionals, the company announced. Speculo, founded in 2024 by Riley VanderKaay and Bobby Moats, will keep its own brand and remain brokerage agnostic while expanding its reach across the […]
Clayton replaces Pulte as DNI amid concerns over dual roles
The Senate confirmed U.S. District Attorney Jay Clayton on Tuesday to lead the Office of the Director of National Intelligence (DNI), formally ending Federal Housing Finance Agency (FHFA) Director Bill Pulte’s brief stint as acting intelligence chief. The 51-47 vote along party lines makes Clayton the director of national intelligence in President Donald Trump’s second […]