At least of one Ocwen’s lawsuits is getting put to rest. A federal judge dismissed a class action lawsuit accusing Ocwen Financial of fraudulently billing hundreds of thousands of homeowners for needless property.
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Quicken Loans secured the first victory in its gutsy battle against the U.S. Department of Justice and the Department of Housing and Urban Development. A federal judge ruled that Quicken’s lawsuit against the government will be heard, before the government’s case against Quicken is heard in a separate court, which favors the massive mortgage lender. Click the headline for HousingWire’s extensive coverage.
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As vice president of account management and support, Guard will work with clients as well as internal teams such as operations, information technology and sales. Guard’s team will help with enterprise technical implementations and provide technical support.
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In this role, Briggs will lead the business development team and is tasked with supporting clients and ensuring that Aspen Grove delivers timely and cost-effective solutions to customers, the company said in a release.
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It may be a relatively new market, but single single-family rental securitizations are doing pretty well despite the asset class’ infancy. The delinquency rate across nearly every single single-family rental securitization is below 1%, according to a Morningstar Credit Ratings report on performance in the sector.
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Prior to his promotion, Blauvelt served as the company’s vice president, national agency underwriting counsel. In his new role, Blauvelt will be responsible for maintaining the company’s relationship with its largest national title agents as well as spearheading new growth, the company said in a release.
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While America should be growing faster, the wrong mix of fiscal and monetary policies is smothering any room for potential growth, especially when it comes to Dodd-Frank bank reforms.
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The Consumer Financial Protection Bureau and the State of Florida announced Friday that a federal judge granted final judgment against a Florida law firm and its associated companies, requiring the companies to pay $27.7 million for their part in a massive foreclosure relief scam that defrauded approximately 2,000 consumers.
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The latest chart in the Mortgage Bankers Association’s series echoes what most of the industry already knows: Millennials are not buying.
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Friday’s second estimate revealed further truth behind how tough the start of the year was, with the economy contracting 0.7% in the first quarter of 2015. Could this be the start of a recession?
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For far too long, housing problems have been largely ignored by the mainstream media and neglected by Washington. A housing focus has also been noticeably absent from our nation’s political discourse. That needs to end, right now.
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CoreLogic, a property information, analytics and data-enabled services provider, announced Thursday that its building permit database now features 35 different permit types, covering 65% of the U.S. residential and commercial market.
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JPMorgan Chase is set to lay off approximately 5,000 of its employees as part of cost-cutting measures. The job cuts reportedly already began earlier this year and would represent at least 2% of the bank’s staff.
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In the latest investigation by the Consumer Financial Protection Bureau and the Department of Justice, they filed a complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. The lender could potentially pay $9 million in damages if the court accepts the order.
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Democrats and Republicans in Congress came together to encourage the Consumer Financial Protection Bureau to enact a grace period for enforcement of the TILA-RESPA Integrated Disclosure rule, for which much of the industry is not prepared. Will they get it?
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Good news — Americans are still positive on housing. A new survey from the Federal Reserve Bank of New York shows that Americans still view homeownership as a good financial investment.
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A real estate investor was sentenced to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.
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The California manse that was once the home of the late, great Michael Jackson is now available for sale. The price tag for the property once known as “Neverland Ranch”? $100 million.
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First American Financial, a provider of title insurance, settlement services and risk solutions for real estate transactions, announced the launch of a new property research website, which the company said is “built to be the fastest, most comprehensive and easiest to use property research solution on the market.”
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Simplifile added two new services, Collaboration and Post Closing, to its online platform to ease the communication process between lenders and settlement agents.
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People want the suburbs a little closer, renters tell what they really want, the New York Fed spots a real trend, Wall Street is starting to sweat the FIFA scandal, and so much more in this week’s Trending Thursday. You don’t want to miss a word. Read on.
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With interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today’s market have become very steep, according to the inaugural Opportunity Cost Report released today by realtor.com.
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Pending home sales rose in April for the fourth straight month and reached their highest level in nine years. Is it springtime for home sales?
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Average fixed mortgage rates moving higher amid positive housing data and pushing fixed mortgage rates to their highest level of the year, according to Freddie Mac. Here’s what happened.
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The housing market is all over the place this year and successful navigation depends heavily on the local environment. As a result, RealtyTrac decided to identify the nation’s 10 hottest seller’s markets and the best buyer’s markets.
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Ocwen Financial announced Wednesday that after conducting a “strategic review” of its operations, the company is shutting down its residential mortgage servicing operations at its facility in Houston. The decision to shutter the call center will affect 140 residential servicing employees, whose positions will be eliminated.
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Freddie Mac is choosing to make a giant investment in its customers, and starting on June 1, the GSE will no longer charge lenders $20 to use its automated underwriting service, Loan Prospector.
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In this role, Cutright will oversee business development within the financial services area, with particular focus on national and regional mortgage lenders, the company said in a release.
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HousingWire met up with Redfin’s chief economist, Nela Richardson, and discussed a host of critical housing and mortgage finance issues. Punchy, short and sweet — here are five quick answers to some hard questions.
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The National Review is looking into leading progressive Democrat Elizabeth Warren’s background, and what they found is surprising – the leading progressive voice on industry regulation made a killing doing what she condemns – flipping houses.
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The Royal Bank of Scotland Group could pay as much as $4.5 billion to resolve claims of misconduct in its handling of U.S. mortgage securities, marking the first out of 18 lawsuits from the Federal Housing Finance Agency to reach trial.
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A real estate agent in Ottawa, who lured his wife into his garage promising a present and hit her twice in the head with a baseball bat, was found guilty of attempted murder this week.
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According to HUD’s statement, the original complaint against Associated Bank was one of the largest “redlining” complaints brought by the federal government against a mortgage lender, and the $200 million settlement with Associated Bank is the largest of its kind that HUD has ever reached.
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Carrington Mortgage Services is once again widening the door for underserved borrowers. This time the lender is making its Carrington Loan available through its national wholesale lending division.
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In this role, Leath will be part of Altisource’s sales and business development team, and be responsible for sourcing and managing enterprise clients.
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While still struggling, the housing market is improving. Freddie Mac’s latest housing report highlights 5 metros that are outpacing the rest of the market.
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The $500 million price tag of this new home in Los Angeles makes it one of the most outrageous speculative homes built to date, featuring 360-degree views of the Pacific Ocean, Beverly Hills, downtown Los Angeles and the San Fernando Valley. Are spec homes the next big thing?
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Mortgage applications dropped 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 22, 2015.
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The chain continues as Freddie Mac announced it officially sold 1,052 deeply delinquent Ocwen serviced non-performing loans from its mortgage investment portfolio as part of its Standard Pool Offerings.
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Former Ginnie Mae president Joseph Murin knows first-hand how important the government backstop to the mortgage industry is…and it’s not just for lenders. Without the government guarantee for mortgages, it will be the consumer who suffers most, Murin says.
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Since Ditech Mortgage Corp launched back into the industry in March 2014, it has made several key changes to once again be a major player in the mortgage space. This time around the lender announced it is expanding its consumer direct channel into the Jacksonville, Florida, area.
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The Combined FBMSI, which measures the share of first-time buyers for both government-guaranteed and private-sector mortgages, stood at an estimated 52.2%, up from 51.2% and 51.8% respectively in April 2014 and 2013.
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Wisconsin-based Associated Bank will provide approximately $200 million in mortgage loans for borrowers in minority neighborhoods as part of a settlement with the U.S. Department of Housing and Urban Development over charges of discriminatory lending.
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The new regulation requirements for all states is going into effect soon. The good news is that a majority of states are already meeting these minimum requirements, which translates into fewer challenges for AMCs. Currently, 37 of the 54 states and territories impacted by this regulation are in compliance.
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Nicole Richie may be a top reality TV star, along with her singer husband Joel Madden, but she is also branching out into real estate. And it’s in California, too.
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Freddie Mac is back in the market with its fourth risk-sharing deal of the year, as the government-sponsored enterprise continues in its push to alleviate the risk to the American taxpayers. Meet Freddie’s latest STACR deal.
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Recent housing reports point to the right conditions for house price growth to pick up even more. What’s more, the continued steady growth in home sales this year will only add to the upward pressure.
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From the mid-‘60s into the new millennium, these three cities in particular experienced phenomenal growth, but only contributed a small fraction to the growth of the nation. It’s this finding last month that underpins the need for a cohesive federal housing policy that can supersede some of the directions taken by local municipalities.
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With the TRID implementation date only a few months away, Motivity Solutions released a new tool to help mortgage lenders comply with the deadline. What makes Movation unique is that it’s tied directly to clients’ business processes to reveal data from a firm’s inner workings.
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Indications on home prices were rising solidly going into the spring selling season though there were some signs of stalling. S&P Case Shiller’s adjusted 20-city house price index rose a very solid and slightly higher-than-expected 1.0%. Here’s why it’s up while the FHFA home price index is down.
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Sales of new single-family houses in April 2015 were at a seasonally adjusted annual rate of 517,000, a gain driven by home sales in the Midwest even as the Northeast and West regions continue to drag. Here are the details.
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The FHFA house price index rose a lower-than-expected 0.3% in March, not confirming a much stronger 1.0% gain for the S&P Case-Shiller index also released Tuesday.
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MERS once again wins in the appeal of a trial court ruling that held MERS did not have authority from the original lender to assign the mortgage. Want to know more?
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The month of March saw the largest monthly gain in home prices in nearly two years, according to a new report from Black Knight Financial Services. Click through to see which states are performing the best and the worst. But note that the worst ones aren’t even that bad right now.
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TILA-RESPA and TRID are closing in – are you ready? Plus how weak is the recovery, will housing pull it through, and you say you want to ditch the MLS? Read on for all this and more.
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A former Dallas Cowboys player is out of federal prison after serving three years for taking part in a $20 million mortgage fraud scheme, which involved at least 10 other people who were also convicted. The scheme saw the group recruit straw buyers who falsified their income documents to obtain loans for inflated prices.
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A former real estate title agent was sentenced to 66 months in prison for carrying out a mortgage fraud scheme in which she obtained seven loans, totaling more than $3.7 million.
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Lehman Brothers Holdings filed suit against Syncora Holdings, U.S. Bancorp and GreenPoint Mortgage Funding in an effort to try to get “duplicate” claims filed by those three companies against Lehman Brothers thrown out because Lehman Brothers is ready to settle and move on.
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A Detroit-area title company is offering what its president says is the area’s first mobile closing vehicle, which brings the closing process to the client instead of the other way around. While mobile mortgage closings are nothing new, this is pretty inventive.
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As predicted by many economists, the Federal Reserve is indeed considering raising the Federal Funds Rate later this year, Fed Chair Janet Yellen said Friday. And if the economy improves as expected, she believes it will be “appropriate” for the Fed to raise the Federal Funds Rate this year, which in turn, would affect mortgage interest rates.
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Barclays Capital fired one of its mortgage bond traders after he allegedly lied to clients about residential mortgage-backed securities trades.
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Presidential candidates are stepping into the national limelight as the race for the White House in 2016 edges closer, and now, finally, the topic of housing is creeping into the conversation.
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Was April’s housing starts report a one-time high watermark, or part of a longer-term trend for spring? MBA thinks it knows.
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The National Association of Federal Credit Unions is lauding a bipartisan bill that would grant credit unions parity with banks under Federal Home Loan Bank membership criteria. Here’s what’s cooking.
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Housing in America is getting healthier, according to a new report from Black Knight Financial Services. Black Knight released its “first look” at the housing data from April, and the report shows that many indicators are trending in a positive direction for housing.
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The Director of Investigations for the State of Connecticut’s Department of Social Services was arrested on a federal criminal complaint charging him with wire fraud in connection with his submission of a fraudulent application for a personal mortgage modification. This is exactly the story you were looking for.
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As interest rates slowly tick up, purchase originations are now again outpacing refinance originations, according to a new report from Ellie Mae. Here’s a look at Ellie Mae’s data.
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The post office is now one big step closer to becoming a financial institution. A new white paper from the United State Postal Service’s Office of the Inspector General lays out a series paths for the post office to enter the banking and financial services sector.
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Charles Hughes Smith at oftwominds.com warns that the industry may be just two years from an implosion of the bubble we’re in. Also, if you didn’t know, he argues we’re already in an echo bubble from the last bubble. Read on.
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Rents for residential housing in the United States grew at their fastest pace in two years in April, surpassing home values. There’s good news and bad news in this, and a growing gap to come. Want to know more?
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The Senate Committee on Banking, Housing and Urban Affairs passed “The Financial Regulatory Improvement Act of 2015” on Thursday, which will, if it makes it through the bill-making grinder and gets passed into law, bring big changes to the red tape the mortgage finance industry is tied up in.
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Housing and the general economy got off to a slow start in 2015, but MBA is confident that the drag won’t last. They predict that 2015 and 2016 will be dominated by purchase applications rather than refinancings. Here’s what they’re thinking.
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After a surge in March, existing home sales have petered out like a wet firecracker. Existing home sales dropped 3.3% in April. What went wrong?
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In this role, Smith will join the Home Loans leadership team and will be responsible for building a mortgage sales team throughout the company’s branch footprint, Capital One said in a release.
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A lot of changes could be on the horizon for housing, mortgage finance, Fannie, Freddie and the whole housing shebang. Here’s the latest from Washington and beyond.
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The economy may not grow at the previously expected rate, but that shouldn’t stop housing from improving in 2015, according to Fannie Mae’s May 2015 Economic Outlook. “Housing is one sector that appears to be building momentum, with leading indicators suggesting the market will experience a strong spring season,” Fannie said.
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Average fixed mortgage rates moved just slightly lower following three consecutive weeks of increases, according to Freddie Mac.
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Foreclosure filings were up 3% in April and up 9% from a year ago, pushing to an 18-month high. Here’s where it went off track.
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In her new role, Rausch will oversee the entire product development and training departments at PRMG. Rausch is tasked with imparting her product knowledge to the company’s training staff, PRMG said.
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For the second week in a row, a high-level executive Nationstar Mortgage Holdings is resigning. Nationstar announced Wednesday that David Hisey, who served as executive vice president, chief strategy and external affairs officer, informed the company that he is resigning, effective at the close of business on June 19, 2015.
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The gap between stagnant incomes and rising rents in many parts of the country is growing out of control. Right now, there is no state in the country where someone earning either the state or federal minimum wage can afford a market-rate one-bedroom apartment.
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Before the FOMC will change the federal funds rate, it needs to see improvement in the labor market. And looking at the latest meeting minutes, this isn’t happening anytime soon.
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The GSEs announced Wednesday that they are issuing new operational and financial requirement for all current and potential sellers and servicers that do business with the government sponsored enterprises, making official the proposed rules issued in January.
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Realtor.com has launched the next step in its all-out marketing strategy the website kicked off last week, this time a multi-media ad campaign designed to underscore the importance of “real estate in real time” amid the hustle and bustle that is New York City.
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Rumors that Lawsky would be stepping down have been circulating since November, but today’s announcement made it official. The man lauded as an exceptional financial regulator in some quarters, and a thorn in the side of the mortgage industry in others, is now moving on.
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Progress Residential’s third single-family rental securitization is getting ready to hit the market, collateralized by a $438.7 million loan secured by first priority mortgages on 3,317 income-producing single-family homes.
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The new CFPB disclosure rules, along with the potential for increased costs in the event of non-compliance, raise the risk of losses for RMBS trusts. Here’s why.
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The top real estate portal in China and the U.S. online real estate marketplace Auction.com are joining forces to bring Chinese buyers to American commercial and residential real estate listings. Here’s the deal.
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California single-family home and condominium sales were up 9% in April mostly due to the 9.2% gain in non-distressed property sales. But before you get too excited, it is still too early in the year to say the California real estate market is off to the races.
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Black Knight Financial Services is officially on its way to being a publicly traded company. The data and technology firm priced its IPO gamble at $24.50 per share, and just a few hours in, it has already moved far and above that.
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In the last six months the FHFA-OIG has focused on policies driving the nation’s housing finance system, plus the present and future of the GSEs. Here’s a look at the report.
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The recent run up in mortgage rates may be what’s dragging down purchase apps, but government refinancings gained over the week.
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Fannie Mae announced that it priced its latest credit risk-sharing transaction under its Connecticut Avenue Securities series. This one carried an unpaid principal balance of approximately $45 billion and is different than the previous six. Here’s how.
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Approximately 444,000 homeowners received non-foreclosure solutions from mortgage servicers in the first quarter of 2015. And as a positive result, the combination of total loan modifications, short sales, deeds in lieu and workout plans greatly outpaced foreclosure sales.
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Despite being asked pointedly during the “Update on the GSE Single Security and Common Securitization Platform” panel at the Mortgage Bankers Association’s National Secondary Market Conference, representatives from the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and Common Securitization Solutions all said that the development of single security is still years way from implementation, without specifying just how many years that might be.
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The housing market is faring better than expected this year thanks to strong refinance activity through the first four months of the year. However, this still leaves eight unaccounted months to change the housing market, including imminent interest rate news.
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Good news for North Texas. CoreLogic could create an additional 500 jobs and attract more workers in the area as part of a larger consolidation in the region.
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Seven major U.S. housing markets are overvalued. In October it was just four. Then, as is the case now, at least half of the overvalued markets are in Texas.
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The state of New York is still facing a massive glut of foreclosures that are choking an over-stressed system and threatening the state’s homeowners, New York Department of Financial Services Superintendent Benjamin Lawsky told the crowd at the Mortgage Bankers Association’s National Secondary Market Conference on Tuesday morning. “The state’s foreclosure process is broken and badly in need of change,” Lawsky said.
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Fannie Mae’s seventh risk transfer transaction, Connecticut Avenue Securities, Series 2015-C02, is similar to its prior risk transfer transactions and is about to be rated by Fitch Ratings. There is one feature, however, that offers investors a different kind of competitive benefit.
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U.S. Bank and Bank of America are in the clear after a Manhattan U.S. district judge threw out three suits alleging breaches over mortgage-backed securities.
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The largest home improvement retailer, Home Depot, reported big gains in sales and net income — so much in fact they’ve raised their sales guidance for the rest of 2015.
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A U.S. Senator introduced a bill Tuesday that would greatly rein in the power and budget of the CFPB, an agency he says is more interested in protecting itself than protecting consumers. It pairs with a House bill that would bring the same accountability. Here’s what’s happening in Congress right now.
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The spring housing surge appears to be happening, at least in terms of permits and starts. Here’s how it beat analyst expectations on all fronts.
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During his remarks at Monday’s first general session at the Mortgage Bankers Association’s National Secondary Market Conference, David Stevens, the president and chief executive officer of the MBA, announced three new partnerships that he said are designed to provide new benefits for the members of the MBA.
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Are rising rents driving residents to homeownership? You might think that or at least hear it a lot, but there’s some new evidence that it may not be the case. At all. Want to know more? Read on.
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Mortgage document preparation vendor International Document Services and tech provider Pavaso entered into a partnership to create a completely digital process from document issuance through closing.
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It’s the perfect advertisement for true Poltergeist fans. The Poltergeist house is now listed on Trulia as a witty ad tie-in for the new remake of the movie coming out. Be sure to check out the house’s crime report.
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Ocwen Financial Corporation is no longer on the NYSE naughty list. The nonbank financial servicer is now in full compliance with the New York Stock Exchange, finally putting the company in good graces after months of negative news.
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The mortgage delinquency rate dropped below 3% in the first quarter of 2015, the first time the variable has beached that watermark since just before the recession started in late 2007. Want to know what it means? Read on.
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This graduation season, many an overachiever is excitedly entering the labor market with big expectations. First a job, then a rental household, most likely with a friend or two, and eventually, a homeowner? So,will the housing market also an overachiever this spring? It’s not likely.
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Despite tons of regulation, bond investors are far from satisfied with the mortgage servicing industry. And so, here are 5 steps from Fitch Ratings, which they say bond investors want mortgage servicers to take, in order to make things better.
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Builder confidence in the market for newly built, single-family homes in May dropped in May after several months of gains. What’s rattling builders? Here’s the answer.
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Addressing the packed Broadway Ballroom at the Marriott Marquis in New York City, David Stevens, the president and chief executive officer of the Mortgage Bankers Association, spoke with passion as he told the attendees of the MBA’s National Secondary Market Conference that today’s housing policies are “failing the American homeowner.”
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Wells Fargo, Bank of America, Citigroup, and other companies representing nearly 70% of the New York market say they are going to adopt zombie property best practices coordinated by the New York Department of Financial Services.
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Veros Real Estate Solutions, which already serves as the vendor for the Federal Housing Administration’s electronic portal for appraisal reports and data submissions, announced Monday that it is implementing a direct connection to the portal, which will allow for electronic appraisal submissions through Veros’ proprietary product, Pathway.
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The Mortgage Collaborative, an independent lending cooperative serving small and mid-sized mortgage lenders and community-based lending institutions, announced a partnership with Fannie Mae that will bring enhanced benefits to the group’s members.
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Hubzu has created more financing options for consumers bidding for homes online. Could this change the world of online real estate?
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Lots of changes in markets foreign and domestic are aligning that could press the Fed into admitting weak US data, with a resulting impact on interest rates. Plus, Ginnie Mae has a glitch, and much more. Read on.
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Nationwide Biweekly Administration, which stands accused by the Consumer Financial Protection Bureau of misrepresenting the savings that customers will achieve by using the company’s biweekly mortgage payment program, has responded to the CFPB’s charges, saying that the CFPB’s lawsuit is full of errors.
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Thousands of mortgage and secondary market professionals are set to descend on New York City this weekend as the industry gathers for the Mortgage Bankers Association’s National Secondary Market Conference 2015. Here’s the full rundown.
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Both single-family and multifamily portfolios securing housing finance agency bonds showed significant improvement in delinquency rates. Here’s why.
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There will be a time when Realtors can legally fly an unmanned aerial system, or drone, around property listings to capture images for marketing purposes, but that time has not yet arrived, at least not completely. Read on and prepare for takeoff.
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Existing home sales are expected to finish the year at their highest level since 2006, according to the National Association of Realtors’ economic forecast. However, there are still several variables hanging in the balance that could change this.
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A new poll of NBA fans shows that more than three-quarters think Michael Jordan is the best player in NBA history, and despite his being 52, more than one in three think Jordan could beat Cleveland’s Lebron James one-on-one today. But off the court, James has the numbers.
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Real estate investors interested in making money on a home are becoming less likely to flip the home and more likely to hold the property and rent it out, according to a new report from Auction.com. The likely cause? Oil prices.
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The Federal Housing Finance Agency on Friday reported work continues apace on the proposed single mortgage-backed security for the GSEs. Here’s where it stands and what’s next.
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It’s Fannie Mae’s turn. The GSE announced the winners of its first-ever sale of non-performing loans, as its joins Freddie Mac in beginning to sell off NPL pools. Fannie Mae’s first sale includes two pools of NPLs with approximately 3,000 loans totaling $762 million in unpaid principal balance.
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Mortgage applications for new home purchases increased by 0.3% relative to the previous month, the Mortgage Bankers Association Builder Application Survey data for April 2015 shows.
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The leader of Nationstar Mortgage Holdings’ servicing operations is stepping down. Nationstar’s president and chief operating officer, Harold Lewis, informed the company Wednesday that he intends to retire and will resign from his positions, effective May 31.
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Castle & Cooke Mortgage announced the promotion of Ernie Martinez to the position of branch manager for its El Paso, Texas location. Martinez joined Castle & Cooke Mortgage in May 2012 as a senior mortgage loan originator.
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Flagstar Bancorp is joining the Lenders One Mortgage Cooperative. Under the terms of the agreement, Flagstar will now offer its full range of mortgages, including jumbo, renovation and rural mortgage products, to the more than 280 members of Lenders One.
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Key figures in the housing industry testified before the House Subcommittee on Housing and Insurance Thursday, urging members to support a good-faith grace period for compliance with the massive TILA-RESPA Integrated Disclosure requirements. Will they get it and will it be enough?
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Bank of America is in talks to sell its appraisal company LandSafe, and the market is hungry to buy it. If you want to add your company to the priority list, you better act fast. The deal is expected to close in the next four to six weeks. And you’ll have plenty of competition.
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While the rest of us were going about our business this week, appraisals in the state of Illinois came to a dead stop after the Illinois Department of Financial and Professional Regulation revoked the licenses of 70 of the state’s appraisal management companies due to non-compliance with the state’s bonding requirements.
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Consumers are changing who they borrow from to finance the big purchases in their lives, like buying a home or car. And one area is showing significant growth.
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Since mortgage originators are being forced to reevaluate their disclosure processes, many are viewing this as an opportunity to not only meet the new requirements, but improve process efficiency, improve the consumer experience, and reduce costs.
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In a scene like something out of the Sopranos, an Alabama man was sentenced to 17 years in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million, multi-state mortgage fraud scam from New Jersey to Florida that ended with the attempted murder of a witness against him.
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Cover letters are one example of how to put buyer offers above the competition, and looking at how tight inventory is in today’s market, buyers could use any extra help they can get. Need help writing one? This example should solve that.
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A new working paper from the Federal Housing Finance Agency published today proposes a new way to measure how far home prices could fall in a worst-case scenario like the 2008 housing crash, and early tests show it’s pretty accurate.
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With solid employment gains in February, average fixed mortgage rates followed 10-year Treasury yields higher and rose for the third consecutive week, according to Freddie Mac.
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In some of the hottest housing markets, sales prices are rising and homes are spending less than a week on the market, Redfin finds. Here’s what’s happening now.
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Placester launched Single Property Sites that features website designs built specifically for promoting individual listings. This allows real estate agents to message and market directly to the consumers online, promoting individual listing.
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Ocwen Financial’s exodus from agency servicing continues. The previously announced sale of $45 billion in mortgage servicing rights from Ocwen Loan Servicing to Chase is now official. And considering recent events for Ocwen, this deal went rather smoothly.
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Thanks in large part to the continually low interest rate, mortgage originations rose 17% year-over-year in the first quarter, according to a new report from RealtyTrac. Unsurprisingly, refinances led the way. Here’s how it all broke down.
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The company has already come a long way from opening its new co-headquarters in Plano, Texas, just two years ago. At that time, the lender said it was eager to fill its unattended desks with new employees. It’s done that, and more.
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While California still has its fair share of hurdles to overcome, the state is making progress. In fact, a new report from the California Association of Realtors shows that this is the second consecutive quarter of improvements for the state.
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Despite the level of student loan debt rising to well above $1 trillion, young buyers are not being inhibited from obtaining a mortgage due to their debt, according to a new report from TransUnion. In fact, not only are younger consumers with student debt able to get a mortgage, they are also quite adept at making their payments as well.
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Detroit-based Quicken Loans, the nation’s second-largest retail mortgage lender, uses its internally generated Home Price Perception Index to gauge how homeowners currently view the housing market. And they’ve spotted a worrying trend.
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Despite the election being 18 months away, the campaign is already in full swing. Recently, one candidate for the White House actually said something that gives us at HousingWire a little hope for the next 18 months, however right or wrong his statement may be.
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Cash sales made up 37.9% of total home sales nationally in February 2015, down from 40.6% in February 2014, continuing its more-than-two-year trend.
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After a recent article generated a lot of buzz on how buyers are winning bidding wars, the biggest takeaway from the comments: everyone and everywhere is different. So here are three different tactics a real estate agent uses that go beyond the standard letter.
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Despite how it may look to a consumer, the Zillow Group family of websites, which include Zillow, Trulia, HotPads and StreetEasy, all help to sell houses but that’s not really their primary goal. For those who may think otherwise, “We sell ads, not houses,” Zillow Group CEO Spencer Rascoff said Tuesday in a call with investors.
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Mortgage applications continued to move lower and dropped 3.5% from one week earlier. Meanwhile, the refinance share of mortgage activity hit a record low.
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While inventory is tight and homebuilders are rushing to keep pace with demand, there are still a handful of factors that need to come together in order to be successful. Which way with homebuilder stocks go?
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After first announcing the plans of a IPO in December, Black Knight Financial Services will look to raise up to $430 million in an initial public offering expected to price next week. Its parent company, Fidelity National, will remain a majority stakeholder.
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The National Fair Housing Alliance and 19 local fair housing organizations are accusing Fannie Mae of widespread racial discrimination, claiming that the GSE maintains and markets its foreclosures in White neighborhoods “consistently better” than in middle- and working-class African American and Latino neighborhoods. Fannie Mae says the charges are without merit.
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After recently announcing a set of new “anti-inducement” regulations designed to reign in kickbacks and “other improper expenditures” in the title insurance industry, the New York state government approved new title insurance rates for mortgage refinancing transactions, which are expected to provide up to 65% savings for consumers.
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Zillow Group reported revenue of $127.3 million in the first quarter of 2015, with the costs of the executed acquisition of Trulia dragging down its net financial results.
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Lawsuits and pulling listings were just border skirmishes. Move and the Realtor website — with the backing of News Corp — are pledging a whole new level of listings and ad warfare in the battle with Zillow Group. It’s a bold and expensive move. Will it pay off or is it a bridge too far?
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In an uncharacteristic bit of Democratic Party in-fighting, Sen. Elizabeth Warren is loudly fighting back against a massive trade deal being pushed by President Obama because she is worried that one of the trade deal’s provisions could lead to future attacks against the Dodd-Frank Act.
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DocMagic officially processed more than 100 million mortgage-related eSignature transactions. This is positive news for the mortgage industry, since in previous years eSign adoption was much lower among lenders.
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“The sharp rise in home purchase mortgage applications, to a two-year high in April, was an encouraging sign that the market may finally be turning a corner after years of stagnation,” said economists Andrew Hunter and Ed Stansfield.
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Speaking recently at an Urban Institute seminar on mortgage servicing, Housing Finance Policy Center Director Laurie Goodman said that the current “broken” state of mortgage servicing regulations is partly to blame for the current tight lending environment.
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Thanks in large part to loosening government standards, it keeps getting easier to get a mortgage, the Mortgage Bankers Association said in a new report. Here’s how it all broke down.
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The foreclosure inventory continued to tumble across America, this time falling by 25.7%. However, the percent of homeowners struggling to keep up is still well above the pre-recession average of 1.5%.
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The Aug. 1, 2015 implementation date for the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure Rule still stands, as of now. In a speech Tuesday, the director of the CFPB cleared some of the air on TRID misunderstandings, but looking at the fine print, talk of delaying TRID is not off the table. Still, some in Congress disagree, and are trying to do something about it.
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The just-released Federal Reserve Bank of New York Household Debt and Credit Report states aggregate household debt balances were largely flat in the first quarter of 2015. Here’s a quick wrap of all the findings.
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After months spent on shaky ground, Ocwen Financial appears to be righting the ship. The company announced late Monday that it filed its much-delayed 2014 10-K yearly report with the Securities and Exchange Commission without a qualification about its ability to operate as a going concern.
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This year started off with higher sales activity as steady hiring and low interest rates encouraged more buyers to enter the market. Here’s a list of the top five most expensive metros, along with the nation’s least expensive metros.
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In this position, Helt will play a “key role in the customer account planning cycle and in ensuring customers’ needs and expectations are met by Altisource,” the company said in a release.
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Xu brings more than 20 years of experience to Auction.com. He previously served as vice president of engineering for Acxiom Corporation, where he oversaw platform engineering, and Angie’s List, where he managed member-facing products and experience development, quality assurance, and related technical operations.
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It’s the middle of college graduation season, which brings a new crop of eager millennials looking for a job. This list should help narrow down exactly where you should job hunt.
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Yes, there really is inequality in America. It goes well beyond what you are being told by the media, however, and QE and its associated zero interest rate policy are a major reason economic inequality is growing instead of shrinking.
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A federal judge ruled Monday that Nomura Holdings misled Fannie Mae and Freddie Mac when it made false representations about the quality of mortgages that were used to back $2 billion in securities it sold to the GSEs. The judge said the “magnitude of falsity, conservatively measured, is enormous.“
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Nationwide Biweekly processes mortgage payments from homeowners to servicers. Now, the CFPB alleges most consumers who enroll in its “Interest Minimizer” program send halved mortgage payments every two weeks, instead of twice per month. That equals two extra, unnecessary mortgage payments a year. And, looking at the CFPB charges, it only gets worse.
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At least three hearings on Capitol Hill this week should grab the attention of the housing industry, spanning the gamut from Dodd-Frank to TILA-RESPA and more. Here’s where the action will be.
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The Consumer Financial Protection Bureau is giving guidance to mortgage lenders because there are potential mistakes they can make in lending to applicants whose income includes vouchers from the Section 8 program.
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The rising burden of student debt doesn’t explain the weakness in home sales to first-time buyers, so the question arises what is holding this segment back?
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The Aug. 1 deadline set by the Consumer Financial Protection Bureau has been challenging for many in the industry. A recent survey by the Capsilon Corp. found that 41% of mortgage lenders are not ready to comply with the new rules by the deadline, and only 12% of those surveyed said their companies were “very prepared” for the new regulation.
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Home prices continued their steady increase and pushed higher in many metros areas in the first quarter of 2015 due to stronger demand and tight inventory levels.
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After surveying key economic and housing data versus long term historical averages, a new report from Bank of America Merrill Lynch sees subpar performance on almost every front. How will this impact housing? Meanwhile, the arrests of two of the three most powerful men in New York’s state government may finally open the door for housing reform.
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In the wake of posting a loss in the first quarter, several analysts are downgrading Nationstar Mortgage Holdings and questioning what the future holds for the nonbank. Here’s what FBR Capital, Oppenheimer and Barclays think about Nationstar.
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The director of the Federal Deposit Insurance Corporation, Jeremiah Norton, resigned his position on the FDIC’s board of governors on Friday. In a letter to President Obama, Norton said he believes that it is “an appropriate time to conclude my service as I am now approaching nearly two years since the expiration of my term.”
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Rental rates are rising all across the country, and the trend is not forecasted to change anytime soon. But this survey says that might not be a problem for millennials, at least not according to their heart.
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After industry rumors of an extension over the past year, the Federal Housing Finance Agency finally announced it is extending the Home Affordable Refinance Program until the end of 2016. Will this be the last extension for HARP and HAMP?
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Zillow Group appears to have strengthened its already dominant position as they move ahead in a critical growth year. The question is, can keep their crown?
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Silver Bay Realty Trust rode its increasing portfolio of single-family rental homes to a 23% jump in first-quarter revenue, the company reported earlier this week. And that’s just the tip of the iceberg for the real estate investment trust.
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A licensed securities dealer and investment adviser from California pleaded guilty to federal wire fraud charges stemming from a real estate investment scam that resulted in about five dozen investors losing nearly $4 million.
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Riding a hefty increase in net operating income generate by leased properties, American Homes 4 Rent reported a revenue increase of 70.5% in the first quarter. With an increasing portfolio, things are only looking up for the company.
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Wellington Denahan, CEO of mortgage REIT Annaly Capital, came out swinging in the investor conference call after reporting earnings yesterday. Lucky for us, the Federal Reserve didn’t go further with the economic bailout.
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Fannie Mae is set to lower the benchmark interest rate for its Standard Modification program. Here’s what mortgage servicers need to know about the change.
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Employers added 223,000 jobs in April, below consensus expectations of 228,000, even as March’s weak payroll number was downwardly revised to an abysmal 85,000. Here’s what happened.
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MGIC Investment Corporation continues to improve its primary delinquent inventory and ended the month with almost 3,000 less on file.
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The chairman of the Senate Banking Committee is drafting sweeping regulatory relief legislation that could be the biggest overhaul to the Dodd-Frank Wall Street Reform Act since it was passed. It could affect mortgage lending, capital requirements and GSE reform efforts. Here’s how.
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Lending for commercial and multifamily projects really took off in the first quarter – with half again as many loans originated this past quarter compared to the same period last year. Here’s what happened.
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Detroit continues to stand out as a blip on the radar when it comes to America’s housing recovery, which should come as no surprise. And while the city does display some improvement, according to experts at Zillow, Detroit’s housing situation is not only stuck, it is deeply troubling.
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FixFlip.com has released its new platform, which lists residential rehab properties nationwide, making it easier for fix/flip investors to pinpoint their next project.
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The New York Court of Appeals revived a bond insurer’s $120 million lawsuit claiming Goldman Sachs Group lied about a pool of securities backed by subprime mortgages during the period leading up to the financial crisis.
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The Federal Housing Finance Agency has announced that Freddie Mac and Fannie Mae can increase their financing of multifamily mortgages, avoiding even more credit tightening.
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Hey mortgage professionals, want to flex your mortgage knowledge in front of a massive audience for free? Reddit now commands some consideration.
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Much like the economy as a whole, this week’s housing news is a mixed bag. With job creation in doubt but luxury homes selling fast and a push to get housing back in the presidential conversation – here’s what to watch out for what’s left of this week.
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After the stock-crushing news that Ocwen Financial’s internal review group failed to properly do its job, the office of the National Mortgage Settlement said the nonbank mortgage service is making a turnaround.
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Americans are taking a greater fancy to homes overseas thanks to the rise of the U.S. dollar and relatively cheaper home prices. Check out the article to see exactly where they are buying.
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Consumers are feeling a little better about housing and the economy, but likely not good enough to trigger any breakout improvements in housing market activity this year.
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Serent Capital just acquired Mercury Network, a leading San Francisco-based private equity firm that invests in high growth, profitable businesses. Serent already owns Texas-based Optimal Blue. Here’s what HousingWire’s sources confirm right now.
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Net income in the first quarter of 2015 increased compared with the fourth quarter of 2014, due primarily to lower fair value losses in the first quarter of 2015. Further, the GSE expects declining profit going forward. Here’s how it broke out.
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Average fixed mortgage rates following 10-year Treasury yields moved slightly higher in the week ending May 7, according to Freddie Mac.
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Walter Investment Management Corp. reported GAAP net loss for the first quarter of 2015 of ($31.0) million, or ($0.82) per diluted share, compared to net income of $17.4 million, or $0.45 per share for the first quarter of 2014. Adjusted earnings for the quarter were $38.3 million. Here’s where things went sideways.
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PennyMac Financial Services posted net income of $47.1 million for the first quarter of 2015, on revenue of $140.3 million. Looking ahead, the lender’s CEO sees substantial opportunity in mortgage production, driven by continued low mortgage rates, the FHA’s reduction of its mortgage insurance premium and limited origination capacity in the market.
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Flippers were busy in the first quarter, gaining bigger profits and taking a bigger share of single-family home sales. Here’s what’s driving it and where the action is.
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After a year of transition that saw PHH Corp. sell off its fleet management business and take a net loss from continuing operations of $191 million in 2014, PHH returned to profitability in the first quarter. How did PHH turn it around?
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In a release, BSI Financial said that the Ginnie Mae approval provides “further evidence of BSI Financial’s sound servicing practices and its track record of regulatory compliance.” The company also said that the accreditation “opens the door” for further expansion of the company’s loan subservicing solutions.
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Lincoln Mortgage Company, formerly only a division of Gateway Mortgage Group, is now officially operating under the Gateway Mortgage Group name, changing the name of its four branches.
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Pavaso announced a new solution that promises to help business implement digital closing and ensure compliance for the coming TILA-RESPA regulations, saying in a release that its “Fast Track” program provides a “quick, low-impact implementation” of its Digital Close solution in two weeks.
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Stonegate’s first quarter revenues increased 16% to $44.3 million in the first quarter of 2015, largely thanks to a giant mortgage-servicing rights sale to a third party.
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The Zillow Group, Realtor.com, Redfin and every other site battling for the online real estate title are about to have a new competitor to worry about, and the new kid on the block is expecting to “revolutionize the way real estate transacts.” But this new kid isn’t a start-up, it is backed by one of the industry’s largest players – Nationstar Mortgage Holdings.
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ADP correctly signaled a weak employment report for March and it’s signaling another weak report for April. Friday’s report could be ugly.
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It will be about three years until the mortgage lending environment returns to a healthy level and reaches a strong equilibrium. Until then, here’s what’s impacting current lending conditions.
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More American workers have reported that their employers were hiring over the past year than in the six years prior, with the latest data from April representing a new high mark. Here’s what Gallup says.
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Accurate Group launched its latest technology solution iValueNet, hoping to give mortgage lenders a choice on interior property inspections to help save time and money.
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Walker & Dunlop posted a 198% increase in net income from first quarter 2014, and the lender sees even more opportunity in the future as it prepares for a commercial mortgage refinancing boom.
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Planet Home Lending announced it is acquiring the employees and assets related to HomeBridge Funding, the correspondent division of HomeBridge Financial Services, helping establish the lender as a fully-integrated mortgage banker.
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A precipitous drop in refinancing activity led the drag on mortgage applications last week, and despite purchase activity rising, it wasn’t nearly enough. Here’s what happened.
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The judge’s decision in the battle between Zillow Group Move over allegations of theft of trade secrets and unfair competitive actions are a legal setback for Move.
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The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 5.54% of all loans outstanding at the end of the first quarter of 2015. Analysts say it’s a good sign for a market that’s faced a lot of headwinds. Here’s why.
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The CEOs of Fannie Mae and Freddie Mac are in line for a potential pay raise, but the new opportunity has been met with sharp opposition from both the industry and those with political influence.
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Over half of potential buyers will end up in a bidding war to land their future home. To help secure a house, Redfin pinpointed four features of winning offers that help them stand out.
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All the major nonbank mortgage servicers were bleeding in trading through early afternoon, after Nationstar Mortgage Holdings reported its first-quarter surprise loss. Here’s where the red ink is spilling.
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The House of Representatives’ Appropriations Subcommittee approved a bill last week for the fiscal year that would keep municipalities from using eminent domain to seize underwater mortgages. Here’s why Moody’s Investors Service says it’s a good thing for investors.
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The Consumer Financial Protection Bureau found that 26 million Americans are “credit invisible,” meaning they do not have any credit history with a nationwide consumer reporting agency. Here’s why they say this is a problem.
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One city in California remains an anomaly in the housing market. As the majority of buyer and seller markets in the nation appear to be returning to healthier competition levels, San Francisco is nowhere near normalized.
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Freddie Mac reported net income of $524 million for the first quarter of 2015, compared to $227 million for the fourth quarter of 2014. The solid quarter is the 14th in the black for the government sponsored enterprise. Here’s how it broke down.
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While much is made of Corker-Warner, Johnson-Crapo and other attempts to finally return the GSEs to the private market, less attention is given to the disruption such lawmaking may have on the internal, day-to-day operations at the housing behemoths.
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