Friday, October 30, 2015

LenderLive names Pete Pannes chief revenue officer

LenderLive Network, a domestic-based, end-to-end mortgage services provider, announced the addition of Pete Pannes as the company’s first chief revenue officer. As LenderLive’s chief revenue officer, Pannes will be responsible for corporate sales, marketing and positioning strategies, as well as product development.

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If a mortgage lender requires a homebuyer’s divorce agreement, is that gender bias?

One Reddit user posed this question, claiming she has been asked. So why could there be bias? “temp4mortgages” claims her ex-husband refinanced five times and was never asked by his lender for his divorce paperwork.

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FormFree announces integration with Easy Mortgage Apps

FormFree Holdings, a provider of automated asset verifications for the mortgage industry, announced that it successfully launched the integration of its AccountChek product with Easy Mortgage Apps, an app that allows loan officers, borrowers and real estate agents to track application status, communicate with all relevant parties and share time-sensitive data from a mobile device.

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Fed proposes new bailout rules for biggest banks

Eight of the country’s largest banks would be required to raise $120 billion to comply with a new rule proposed Friday by the Federal Reserve Board, with the money designated to recapitalize the bank should it fail, lessening the likelihood of a a government bailout.

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16 eerie photos of haunted houses

Away from the joys of pillows full of candy and excited little kids dressed up as ghosts, Halloween also reminds everyone of the abandoned houses left to haunt the people who pass by. Check out these photos from photographer Seph Lawless, who focuses on capturing some authentically spooky houses.

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Inside the battle for the soul of New York's top financial regulator

Pushes from Wall Street and Capitol Hill’s most ardent Wall Street opponent have launched a battle over the direction, reach, and power of New York’s top financial regulator, leaving the New York Department of Financial Services without a leader or a direction. Will the NYDFS continue to be a fiercely zealous regulator with long reach and serious clout, or will the NYDFS become more of a friend than a foe to Wall Street?

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Did the sound and fury of TRID actually amount to nothing?

For all the sound and fury surrounding the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule earlier this month, early indications are that TRID isn’t actually going to have any impact on the lifeblood of the mortgage business – originations.

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Stegman doubles down: White House will not recapitalize Fannie, Freddie

For the second time in less than a fortnight, a senior official from the Obama administration has said, unequivocally, that the White House will not support ending the conservatorship of Fannie Mae and Freddie Mac by recapitalizing the government-sponsored enterprises.

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Revised 2015 origination totals equal good news for mortgage lenders

While it may be small, the mortgage market is still showing subtle signs of strength, beating original expectations for the year. For starters, the Mortgage Bankers Association recently forecasted a 7% increase in mortgage originations in 2015. Are you capturing any of it?

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Here's the truth behind 6 Millennial stereotypes in lending

Millennials often get a bad name, but we are nonetheless the future of our economy. Here are six Millennial stereotypes that explain how changes in consumer behavior impact the survival of your business and changes you should make to capture the opportunity.

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[Survey] Most banks highly concerned about TRID, HMDA compliance

With each new rule that’s released by regulators, banks face an additional set of compliance challenges that must be met or else, and a new survey from Wolters Kluwer Financial Services shows just how concerned banks are by those new compliance challenges.

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29 of the hottest housing markets share this one problem

In its latest industry report, Pro Teck found one common problem in all 29 of the nation’s hottest housing markets. And while all of them show healthy numbers and trends for a hot market, this one issue could slow down the whole list.

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Goldman Sachs fined $50 million for Federal Reserve leak

The so-called revolving door between financial regulators and the private sector has finally swung around and bitten one of those private companies right where it hurts – their bottom line. Goldman Sachs will pay $50 million in fines after an investigation found that a former employee improperly shared confidential information obtained from the Federal Reserve Bank of New York.

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Major civil rights groups join push to recapitalize Fannie Mae, Freddie Mac

Several of the largest civil rights groups in the country are joining together to call on the federal government to end the conservatorship of Fannie Mae and Freddie Mac and recapitalize the agencies, stating that an independent and fully capitalized Fannie and Freddie can better serve the country’s housing needs.

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Here's how to reach the Millennial first-time homebuyer

Millennials are changing. The news is no longer “Millennials don’t want to buy homes.” They do. So how are you going to get them there? Check out this HousingWire webinar for more.

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Third quarter GDP rises 1.5%

While third quarter GDP came in slightly weaker-than-expected, the good news is that consumers were still out spending July to September, and businesses were still investing.

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Thursday, October 29, 2015

Freddie Mac: Mortgage rates barely waver, move lower

Mortgage rates remained stagnant after the Federal Open Markets Committee said that it would not raise the federal funds rate this month. As a result, rates barely moved for the week and dropped slightly lower.

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Worries about the housing market are overblown

There is no question that the government remains a larger force in the housing market and is focused on protecting consumers. However recent actions by FHA, the Department of Justice and the Consumer Financial Protection Bureau are more likely to constrain rather than expand the availability of credit.

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Pending home sales continue to cool off in September

Pending home sales continued to cool off in September, dropping for the second-straight month. According to the National Association of Realtors’ chief economist, a combination of factors likely led to September’s dip in contract signings.

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Wednesday, October 28, 2015

Ocwen posts big loss, erasing profits for 2015

As the company itself predicted just last month, Ocwen Financial is now in a position to record a loss in 2015, after the nonbank reported Wednesday that it generated a net loss of $66.8 million in the third quarter. Ocwen actually posted profits – albeit small ones – in the first and second quarters of this year, but those profits have been undone by Ocwen’s rough third quarter.

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Hillary Clinton says she’d let big banks fail

Over the last few months, Democratic presidential frontrunner Hillary Clinton has gone out of her way to position herself as a non-supporter of the country’s biggest banks, perhaps as part of a plan to woo those on the left who would rather see Senator Elizabeth Warren running in Clinton’s place. Clinton took it to another level in an appearance on “The Late Show with Stephen Colbert.”

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RealtyTrac: Is home flipping making a comeback?

The number of single-family homes and condos flipped in the third quarter of 2015 is up 18% from the third quarter of 2014. According to Daren Blomquist, vice president at RealtyTrac, “Real estate investors have started to jump back on the flipping bandwagon in 2015.”

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Fed again delays interest rate hike

The Federal Reserve said Wednesday that it is not going to raise the federal funds rate this month, citing the fact that the country’s economy still has not met the targets laid out by the Federal Open Markets Committee. But, the FOMC said that it is open to a rate hike at the next meeting, which is coming in December.

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Community lenders call on FHA to cut mortgage insurance premiums, again

Citing the strength of the Mutual Mortgage Insurance Fund, the Federal Housing Administration in January cut its annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%, but one trade group is now calling on the FHA to reduce its insurance premiums even further – to pre-crisis levels.

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Ellie Mae posts another strong quarter, beats expectations

Ellie Mae’s latest quarterly results follow its recent trend, with the previous quarter also posting a strong surge in revenue. This time, the company posted third quarter 2015 revenue of $68.9 million.

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New housing regulations push Genworth to sell Europe mortgage unit

Genworth Financial agreed to sell a European mortgage insurance operation to AmTrust Financial Services as CEO Tom McInerney divests assets to boost capital amid tighter regulation on mortgage insurers in the U.S.

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Here’s the CFPB’s updated rural counties list

The Consumer Financial Protection Bureau released the latest update to its list of rural counties on Wednesday. Here’s a link to the latest 2016 rural counties list, along with a link to the 2016 rural or underserved counties list.

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St. Joe Company, former execs settle with SEC over alleged real estate overvaluing

The St. Joe Company, one of Florida’s largest landowners and real estate developers, and several of the company’s former executives settled charges brought by the Securities and Exchange Commission, which accused the company of overvaluing its real estate holdings during the financial crisis.

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MBA: Mortgage applications drop 3.5%

The number of mortgage applications dropped for the week ended Oct. 23 compared to one week earlier, even though the average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances is still below 4%.

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[Chart] This is the most important data mortgage lenders need today

Americans are addicted to their smartphones, so that means they aren’t going to easily change behavior. And if a mortgage lender isn’t getting on that screen right in front of them, they will have no hope of survival much longer into the future. This chart proves that.

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PHH Home Loans promotes Kevin McGarrity to Northeastern regional executive

PHH Home Loans, a joint venture between PHH Mortgage and Realogy Holdings Corp, announced that the company promoted Kevin McGarrity into the role of regional executive for the Northeastern region. McGarrity most recently served as regional vice president of PHH Home Loans for New Jersey, Pennsylvania, Delaware and New York.

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Black Knight earnings move from loss to profit

Commenting on the results, Bill Foley, executive chairman of Black Knight, said, “Our third quarter results reflect continued strength in the fundamental drivers of long-term growth, as we continue to execute on our strategic initiatives.”

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Fidelity National third-quarter revenue holds steady at $2 billion

Fidelity National Financial reported Tuesday that it posted total revenue of $2 billion in the third quarter, which equaled its revenue total from the second quarter of this year. The company’s third-quarter revenue total topped industry estimates, but its earnings per share fell slightly below expectations.

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[Infographic] Is your renter secretly a vampire or witch?

It’s not abnormal for your renter to have a specific list of details that they want in their future home. But what if some of their requests are making you second guess whether or not you are housing a vampire or witch.

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HouseCanary adds Tom Ciulla as president of enterprise sales

In this role, Ciulla will be responsible for developing strategic client relationships, alliances and partnerships across a wide array of industries, including mortgage, appraisal, financial services and real estate brokerages.

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Homeownership rate rises for first time in 2 years

After dropping to the lowest level in 48 years in the last quarter, the homeownership rate in the United States increased during the third quarter. The increase during the third quarter was the first time the homeownership rate increased in two years.

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What’s the exact cost of compliance on mortgage originations?

It’s not as simple as saying the new compliance rules cost the industry “x” amount of dollars in expenses. However, executives at the Mortgage Bankers Association did give some insight on what factors lenders can use to figure out just how much these compliance rules will dent their profits.

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NYDFS superintendent to step down amid rumors of tension with Cuomo’s office

The acting superintendent of the New York Department of Financial Services will step down later this year, amidst rumors of tension between the NYDFS and the office of New York Governor Andrew Cuomo.

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[Infographic] Here’s what you need to know about renting your first apartment

If despite all the data out there on the benefits of homeownership, you’re still opting to rent an apartment, then here are some tips on what you can expect.

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Radian earns $70 million in third quarter

Mortgage insurance at the company remains steady. New mortgage insurance written was $11.2 billion for the quarter, compared to $11.8 billion in the second quarter of 2015 and $11.2 billion in the prior-year quarter.

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Case-Shiller: Home prices up nearly 5%

Home price growth was strong in August, underscoring that the market has momentum going into the final months of the year, according to The Wall Street Journal.

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Tuesday, October 27, 2015

The same culprits are re-inflating the housing bubble

Although there is plenty of blame spread across Wall Street for the housing crisis, to many involved in the mortgage and real estate industries, as well as to consumers themselves, the true enabler was our government. Now, evidence abounds that the bubble is being re-inflated by these very same culprits.

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Monday, October 26, 2015

What's the best day to list a house for sale?

“Currently, more agents are listing homes on Friday than any other day of the week, but homes listed on Thursday sell faster and for higher prices,” said Mike Minihan, managing broker of Terrace 24.

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CoesterVMS disclosure calculator now available on Ellie Mae’s Encompass

As of Monday, users will be able to request, manage, and place orders directly from Encompass, which CoesterVMS said will streamline the disclosure process.

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Calling it: There won’t be a rate hike this week

I’m not exactly going out on a limb here with a wild bet, but I’m going to go ahead and call it that the Fed won’t be raising interest rates this week. They just don’t have the will, even though they have to get it done sometime.

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DBRS settles with SEC over misrepresenting mortgage bond rating capabilities

Credit rating agency DBRS misrepresented its mortgage bond rating capabilities over a three-year period and will pay nearly $6 million to settle charges brought against it by the Securities and Exchange Commission, the SEC announced on Monday.

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Here’s how TRID is reshaping title companies

It’s now almost a month since the TILA-RESPA Integrated Disclosure rule went live, and the effects are being felt up and down the pipeline across a variety of services and specialties in the mortgage finance industry. This week we look at the title space. Read on.

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Freddie Mac offloads $500 million in credit risk to insurers

Freddie Mac announced Monday that it obtained its largest insurance policy to date designed to cover much of the remaining credit risk associated with one of its Structured Agency Credit Risk transactions from earlier this year.

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[Webinar] Dear mortgage lenders, prepare yourself for Millennial homebuyers

The largest generation is growing up, and quick. And contrary to popular belief, they do want to buy homes; but not in the same way as their predecessors. Millennials demand social media, online banking — and yes, online mortgages. So what are you doing to prepare your company? These expert panelists will fill in the gaps you still need.

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Join HUD Secretary Castro and economist Smoke online tonight for housing chat

Join it virtually or in person, but tonight Housing and Urban Development Secretary Julián Castro joins realtor’s Chief Economist Jonathan Smoke and The Wall Street Journal’s Nick Timiraos for a virtual town hall at George Washington University.

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House will vote this week on measure to limit CEO pay at Fannie, Freddie

A congressional push to limit the salaries for the CEOs of Fannie Mae and Freddie Mac moves closer this week when the House version of a bill that already passed the Senate unanimously goes to the House floor for a vote. There’s little reason to expect it won’t have an easy landing, but then it goes to the White House.

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New home sales collapse 11.5% in September

Sales of new single-family houses in September 2015 cratered to a seasonally adjusted annual rate of 468,000. The northeast was the hardest hit with a giant decline, but all four housing market regions saw declines from August. Here’s more.

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Monday Morning Cup of Coffee: Is the Great Slowdown coming?

Not to sound too bleak as the leaves start turning and dying, but it’s not a pretty economic picture out there. The only thing that doesn’t look like it’s going to be slowing or dropping are FHA premiums.

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Home prices rise 0.3% in August, up 5.6% since January

Home prices were up 0.3% for the month, according to the August house price index from Black Knight Financial Services. This puts national home prices up 5.6% since the beginning of the year and 27% since the bottom of the market at the start of 2012.

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Saturday, October 24, 2015

Realtor.com Chief Economist Jonathan Smoke announces run for President

For all their posturing and preaching, until very recently, many (if not all) of the candidates in the 2016 presidential campaign had not even broached the subject of housing in their campaign speeches. Well, it turns out there’s a new candidate who will talk about housing, and talk about it extensively. In fact, he’s making housing his sole campaign platform. And given his day job, it makes sense.

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Are we seeing the end of California's housing juggernaut?

Home sale volume in the state of California continues to remain relatively low due to lack of available housing inventory and a decline in affordability, a report from PropertyRadar shows. And when it comes to home-price appreciation on a county-by-county basis, the news isn’t quite so rosy.

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Here’s proof why Millennials should buy not rent

It’s a question most people eventually come to face: Should I rent or buy a home? However, the data that was previously used to answer the question didn’t consider the specifics of the situation facing Millennials. This new study from Trulia takes into account the real variables for young homebuyers, and as it turns out, buying a home is still the better option.

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Here’s how much CoreLogic paid Bank of America for LandSafe

When HousingWire originally broke the news that Bank of America sold LandSafe to CoreLogic, sources said the AMC was purchased for $70 million. Turns out it’s nearly 75% more than that.

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Castle & Cooke expands, adds Michael Frazier as regional manager

Castle & Cooke Mortgage, an independent mortgage lender, announced an expansion in the state of Washington with the opening of a branch location in Olympia. The branch will be lead by Michael Frazier, who the company named regional manager for the Washington region.

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Friday, October 23, 2015

TRID mortgage application surge amounted to empty calories

It looks like the big surge of mortgage applications before the enactment of the TILA-RESPA Integrated Disclosure act was all sound and fury, amounting to nothing. Here’s what happened.

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Stability improves for RMBS servicers but challenges remain

Mortgage bond servicers are showing improvements in managing challenged portfolios within a framework of tighter compliance and regulatory scrutiny, according to Fitch Ratings, but challenges remain. Here’s what investors should know.

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CoreLogic: Cash sales share drops to 9-year low

Cash sales made up 30.8% of total home sales in July 2015, down from 34.2% in July 2014, according to CoreLogic. At this pace they could hit just 25% by mid-2017. Here’s the breakdown and where there are still investor opportunities.

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Black Knight: Delinquency rate rises for 2nd month to 4.9%

Here’s a “first look” at September 2015 month-end mortgage performance statistics derived from Black Knight Financial Services’ loan-level database representing the majority of the national mortgage market. According to the results, the national delinquency rate is the highest it has been since May of this year.

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Thursday, October 22, 2015

ComplianceEase now offering warranty for compliance defects

ComplianceEase announced this week that it is now offering a warranty program for loans that are found to have compliance defects. The program, called AssureCert, is a comprehensive insurance-backed warranty program for loans that have been audited by ComplianceEase’s ComplianceAnalyzer solution.

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Radian mortgage insurance now fully integrated with Black Knight

Radian Guaranty, the mortgage insurance subsidiary of Radian Group, announced this week that its mortgage insurance is now available for non-delegated loans through a direct integration with Black Knight Financial Services’ Empower loan origination system.

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HOPE NOW reports 118K mortgage solutions in August

Foreclosure sale activity is at its lowest level as of August 2015 since HOPE NOW began collecting data (2007) – approximately 27,000 for the month. Here’s what’s going on.

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Freddie Mac announces fourth actual loss risk-sharing deal

Freddie Mac announced Thursday that it plans to offer its fourth Structured Agency Credit Risk series offering featuring actual-loss positions. The deal, STACR Series 2015-DNA3, will be Freddie Mac’s seventh STACR deal of 2015 that features more than $1 billion worth of debt notes.

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First TRID-based loans underway

A little more than two weeks in, and the first handful of loans under the Consumer Financial Protection Bureau’s TRID rule are underway. Welcome to the new world of TRID.

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U.S. settles with deceased man’s estate, recovers fraudulently obtained TARP funds

The estate of Layton Stuart, the late president and owner of One Financial Corporation, will pay the U.S. government $4 million to settle a lawsuit that accused Stuart of defrauding the federal government out of $17.3 million from the Troubled Asset Relief Program. Before Stuart’s death in 2013, he allegedly used federal money to fund an extravagant lifestyle for himself and his family.



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[Infographic] More than one in three appraisals contain inconsistent property ratings

39% of appraisals contained property quality or condition ratings that conflicted with previous ratings on the same property in the third quarter of 2015. Phil Huff, president and CEO of Platinum Data Solutions, explains why this could be happening and what the industry needs to do about it.

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Old Republic International beats 3Q expectations

Old Republic International reported total revenue of $1.5 billion for the third quarter of 2015, up from the same period a year ago and beating analyst expectations.

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Executive Conversation: Garrett Clayton on Millennial homeownership

In order to attract the younger, tech-savvy borrower, we provide self-service tools to allow the borrower to handle a large portion of the loan process, if they desire, as well as real-time notifications of the progress/status of their file. We use a number of methods including our mobile responsive website, secure self-service web portals, and a custom AmCap mobile app.

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Freddie Mac: Mortgage rates continue to drop

The housing market continues to benefit from low mortgage rates as the 30-year, fixed-rate mortgage maintained its downward trend and averaged 3.79% for the week ending Oct. 22.

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Home sales beat expectations in September

Existing-home sales bounced back very strongly in September, up 4.7% to nearly reverse the prior month’s revised decline of 5%, a drop that now looks like an outlier on a steadily rising slope.

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FHFA: House price appreciation slowing down

Home-price appreciation slowed in August, to plus 0.3%, which is just below the low end of analyst expectations.

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RealtyTrac: Number of seriously underwater foreclosures falls to new low

The number of properties classified as “seriously underwater,” where the homeowner owes at least 25% more than the estimated value of the home, fell significantly during the third quarter thanks to a surge in home sales volume and prices, according to RealtyTrac’s Q3 2015 Underwater and Home Equity Report.

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Could a valuable housing policy help elect the next President?

The troubling conditions in housing should be a top-tier issue in the 2016 presidential campaign. Yet, so far this primary season, the word “housing” has barely passed the lips of the presidential candidates of either party. That needs to change and here’s why.

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Trending Thursday: Perpetual housing crisis, forevermore?

Things look good right now, but will it last? Plus, is it time to reconsider the whole approach to affordable housing? One thing that has prospered, after all, is HUD’s budget. This plus more.

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Ocwen failed four metrics in the second half of 2014

Ocwen Financial isn’t out of the crosshairs just yet. The servicer failed four metrics in the second half of 2014, according to a new report filed by Joseph Smith, monitor of the National Mortgage Settlement, with the United States District Court for the District of Columbia. Here’s where it fell short.

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Wednesday, October 21, 2015

CoreLogic sees revenue climb 5% in third quarter

CoreLogic, a global property information, analytics and data-enabled services provider, reported a growth in revenue in the third quarter. According to the company, the growth was driven primarily by property, insurance, international and underwriting solutions, which more than offset foreign currency translation impacts and lower project-related volumes.

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Is the mortgage industry entering a new era of partnership?

We are seeing title companies begin to pool their resources with former competitors, forming alliances to leverage their resources and assets and thereby cutting costs (e.g. with “back office” functions). This is less likely a trend than it is a new “normal.” As an industry, we all need to seek ways to become even more efficient.

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MBA graduates 34 from residential Future Leaders Program

The Mortgage Bankers Association has trained more than 400 real estate finance professionals through its Future Leaders Program since 1996. This week at the MBA’s Annual Convention and Expo, 34 residential mortgage finance professionals joined that number in a graduation ceremony that highlighted their accomplishments.

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NAR lends support to bill that would overhaul FHA condo restrictions

The Federal Housing Administration’s current restrictions on condominium financing present a significant hurdle for one of America’s most affordable options, according to testimony given on Capitol Hill by Chris Polychron, the president of the National Association of Realtors.c

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Are vendors the CFPB’s next target?

Speaking this week at the Mortgage Bankers Associations’ 102nd Annual Convention and Expo, Richard Cordray, the director of the Consumer Financial Protection Bureau, issued a warning that should have one segment of the mortgage finance industry quaking in its proverbial boots. Vendors, you have a problem.

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Fannie Mae: Actual loss risk-sharing deals will be the standard moving forward

Fannie Mae announced the pricing of that first actual loss credit risk-sharing deal, and said that offering the actual-loss position will be the standard for its Connecticut Avenue Securities risk-sharing series moving forward.

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Executive Conversation: Michele McGovern on the benefits of real-time analysis

Real-time, dynamic analysis is crucial for lenders who want to keep their organization in a proactive state, rather than just reacting to market changes. They don’t have to sit back and wait for things to change in the industry — they can make contingency plans by running different scenarios and compare them side-by-side.

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HUD proposes new rule to further protect victims of harassment

Victims of harassment in housing may soon have more protection thanks to a new rule proposed Wednesday by the Department of Housing and Urban Development. The proposed rule would formalize the standards for victims of harassment in housing to bring claims under the Fair Housing Act.

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First American introduces new tools to fight fraud

First American Financial, a provider of title insurance, settlement services and risk solutions for real estate transactions, announced the integration of its DataTree property research solution with its FraudGuard loan-level fraud detection and data integrity tool.

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OCC: Credit risk now at the forefront of concern

As the economy recovers and banks once again take on the risk of less-creditworthy borrowers, the Office of the Comptroller of the Currency has signaled that its focus is shifting, too — away from the operational and compliance risk it has emphasized since the financial crisis and back to credit risk.

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Ellie Mae hires Piper Neal Beveridge as VP of government and strategic relations

Before joining Ellie Mae, Beveridge spent 13 years at Fannie Mae, where she led multiple strategic initiatives, including spearheading the Uniform Collateral Data Portal/Uniform Appraisal Dataset initiative, which standardized electronic appraisal data for all loans sold to Fannie Mae and Freddie Mac.

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Is the credit box finally showing signs of opening up?

Over the last 18 months, the federal government and the enterprises that it sponsors have taken several significant steps in an effort to open up the credit box and ensure more lending is done to more people. Now, a new report from Ellie Mae suggests that those efforts may finally be taking hold.

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Government applications drive big increase in mortgage apps

Mortgage applications increased 11.8% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 16.

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ClosingCorp launches real-time closing cost estimates

ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced the launch of a new tool that enables lenders to provide borrowers with realistic closing cost estimates in real-time.

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Freddie Mac announces partnership with The Mortgage Collaborative

Freddie Mac announced a partnership with The Mortgage Collaborative, an independent mortgage lending network of small, mid-sized and community-based lenders, that will help the group’s members build better businesses and compete more effectively in today’s dynamic mortgage market.

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S&P/Experian: Mortgage default rates fall in September

After rising in August, the rate of first and second lien mortgage defaults fell in September, according to the latest S&P/Experian Consumer Credit Default Indices. Click through to learn more.

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[Video] MBA's Stevens details False Claims risk

David Stevens, CEO of the Mortgage Bankers Association, sat down with HousingWire to outline the issues banks are having with the new regulations from the Department of Housing and Urban Development under the False Claims Act. Watch this video to see what Stevens says the government needs to do.

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B2R Holdings is now Lending.com

B2R Holdings, the parent company of B2R Finance and Dwell Finance, announced that it is rebranding and will now be known as Lending.com. According to a release from B2R, Lending.com is a “transformative technology platform designed to address industry fragmentation and offer a faster, lower-friction process for consumers, entrepreneurs and established businesses alike.”

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Cordray, Watt: Mortgage industry matures to meet new regulatory framework

A meeting between the heads of the Consumer Financial Protection Bureau and the Federal Housing Finance Agency turned into a preview for the 2016 FHFA Scorecard — with a look at the status of the Common Securitization Platform and Single Security and the move towards increasing credit risk transfers.

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CFPB: We’re working to make new HMDA implementation easier

Changes are coming that will make the current Home Mortgage Data Act more complex and complicated. Now that the 800-plus pages of the rule are out, lenders are showing both praise and concern.

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Executive Conversation: Sal Miosi on developing targeted solutions for customers

The benefit of having a high-level, cross-functional team lead our innovation efforts is that it shortens cycle times. We can move from idea to launch with speed because key parties are engaged at all points in the product design and implementation process simultaneously as opposed to serially.

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Reynolds and Reynolds acquires IDS

Reynolds and Reynolds, a provider of automotive dealership software, documents and compliance services, and digital marketing, announced the acquisition of International Document Services, a provider of mortgage documents and compliance services. The acquisition of IDS will bring Reynolds and Reynolds’ docuPAD to the mortgage industry.

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Housing starts jump to 3-month high but permit decline could signal looming slowdown

After falling to a three-month low in August, housing starts rose in September to a three-month high and the second highest level in more than seven years, but one analyst says that there is some potentially troubling news hidden behind those positive numbers.

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It’s a wrap: MBA annual ends on high note

After last night’s news that the Mortgage Bankers Association expects mortgage originations to shrink, the trade group closed its conference with a bright explanation.

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Tuesday, October 20, 2015

MBA Annual Q&A: 3 hot topics at MBA and 1 that should be

With the Mortgage Bankers Association conference fully underway, Terry Moore, senior managing director with Accenture, answered a few questions on what he thinks are the hottest topics for discussion, along with one thing that should be talked about.

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Monday, October 19, 2015

MBA predicts mortgage lending will shrink next year

Before their presentation on Tuesday, Mike Fratantoni, MBA’s chief economist and senior vice president of Research and Industry Technology, and Marina Walsh, MBA’s Vice President of Industry Analysis, gave a sneak preview to the press on what the industry can expect in originations next year.

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Black Knight’s latest innovation: LoanSphere supports entire loan lifecycle

Black Knight Financial Services introduced a new integrated technology and data platform designed to support the entire lifecycle of a loan. The new platform, which is called LoanSphere, brings together technology, data and analytics that support the mortgage and home equity loan lifecycle.

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GSE leadership no longer expecting reform

The government-sponsored enterprises are getting back to the core mission, shaking the idea that a resolution to conservatorship is just around the corner, and reshaping their business models to reduce risk to taxpayers while expanding access to credit. Here’s what it means for the industry.

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FHA becomes latest to extend TRID enforcement grace period

Following the lead set forth by the Consumer Financial Protection Bureau, Fannie Mae and Freddie Mac, the Federal Housing Administration announced that it will also be establishing a grace period for the enforcement of the CFPB’s new TILA-RESPA Integrated Disclosure rules, which went into effect on Oct. 3.

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FHA abandons plan to institute deadline for insurance claims

Citing concern from the mortgage industry, the Federal Housing Administration is abandoning a plan that would have established a deadline for lenders and servicers to file FHA insurance claims.

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Barclays, Wachovia to pay $378 million to NCUA to settle RMBS losses

Barclays and Wachovia, now a part of Wells Fargo, will pay a total of $378 million to the National Credit Union Administration as part of two separate settlements stemming from losses related to purchases of residential mortgage-backed securities.

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Stegman: White House will not consider recap and release of GSEs

The White House’s senior policy advisor for housing says that there’s no way the administration will support any form of recapitalization and release from conservatorship for Fannie Mae and Freddie Mac, and that only comprehensive housing policy reform is acceptable.

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Executive Conversation: David Gansberg on competitive MI premium rates

There’s the obvious, immediate benefit of a hassle-free user experience when requesting MI rate quotes. Time is more critical than ever in this business, so RateStar is an efficient way to shorten turnaround times.

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Homebuilder confidence hits 10-year high, again

The nation’s homebuilders’ confidence in the market for newly constructed single-family homes continued rising in October, to a level not seen since before the housing crisis began. Here’s why they’re so confident right now.

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Freddie Mac announces new program designed to make it easier for lenders to lend

As part of an effort to provide lenders with certainty, support and solutions, Freddie Mac announced a new program that should enable lenders to lend more confidently, armed with more knowledge about how Freddie Mac views the loans it purchases. Meet Freddie Mac’s Loan Advisor Suite.

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MBA Annual: Lenders want to lend, but is it safe?

“The enforcement risk today exceeds any lender’s ability to make sound common-sense business decisions in the interest of consumers. It’s as if we have one foot on the accelerator and one foot on the brake at all times,” said David Stevens, CEO of the Mortgage Bankers Association, at the MBA’s Annual Convention.

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Executive Conversation: Dan Sogorka on TRID solutions

By leveraging this system-agnostic utility, lenders can be assured that settlement agents are prepared to comply with the TRID rule requirements and that borrowers have a positive closing experience.

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Freddie Mac, Quicken Loans partner to offer low-down payment mortgages

The partnership offers a variety of modifications and expansions to Freddie Mac’s current Home Possible mortgage products and enables eligible borrowers to finance a house with a down payment of as little as 3%. Click headline to read more.

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Fannie Mae lowers mortgage risk with new credit scoring system

Fannie Mae is rolling out new initiatives that will make it easier for some borrowers to get a mortgage. The GSE is now requiring lenders to use trended data when underwriting single-family borrowers through Desktop Underwriter, a move that TransUnion said could increase the number of people in the Super Prime risk tier from 12% of the population to nearly 21%. Click the headline to read more.

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Judge in Zillow-Move lawsuit orders forensic analysis of computers

Zillow has to submit to an independent forensic analysis of employee computers in its ongoing dispute with Move Inc and the National Association of Realtors, a judge ordered Friday. Here are the latest developments in the heated legal battle over the alleged theft of trade secrets.

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LERETA: CA property tax delinquency rate rises 24%

San Bernardino led all California counties with over a 9.1% delinquency rate, nearly three times the state average. The study noted that nine counties in the state had delinquency rates 300% higher than the other 37 counties.

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Matt Martin Real Estate Management rebrands as Chronos Solutions

Matt Martin Real Estate Management, a real estate finance services provider, announced it has rebranded as Chronos Solutions. The company made the decision in order to better encompass its plans to offer a wider array of real estate finance services.

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Monday Morning Cup of Coffee: When does Goldman Sachs think interest rates will rise?

In the latest development in the Zillow/Move dispute, a judge has ordered an independent forensic review of Zillow computers, including the personal computers of two executives. Also, MBA Annual kicks off and Orange County housing goes white hot.

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Saturday, October 17, 2015

Resitrader launches whole loan mortgage trading platform

Resitrader, a provider of whole loan mortgage trade management software, announced the launch of an online marketplace that will allow originators, banks, servicers, brokers and financial advisors to exchange loan data, documents and pricing information in order to buy and sell whole loans.

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Clayton Holdings names Andrew Pollock head of consulting services

Clayton Holdings, a provider of loan due diligence, surveillance, REO management, and consulting services to the mortgage industry, announced the addition of Andrew Pollock as senior managing director of Clayton Consulting Services.

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What’s really going on in default servicing? An insider’s perspective

Interested in what’s really going on in default servicing? An industry insider provides the answers and a look at the future of the flailing industry.

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Here’s your insider’s guide to the best food and fun at MBA’s Annual Expo

While there’s an agenda chock full of critical and provocative seminars, sessions and discussion panels, there’s also plenty of time in the off hours to explore San Diego. The concierge at Hotel Solamar provided HousingWire this list of the best off-hours activities and restaurants.

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Gov. Christie: TRID is “another example of government creating more problems than it solves”

New Jersey Gov. Chris Christie is not pleased with the Consumer Financial Protection Bureau, for starters. So much so, that if elected the next president, he vows to deregulate the entity and roll back some recent initiatives.

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Mortgage industry raises concerns about new HMDA rules

The Consumer Financial Protection Bureau finalized a rule to improve information reported about the residential mortgage market, and a lot of people in the mortgage finance and housing industry are raising concerns. Here’s why.

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Friday, October 16, 2015

Former HUD Secretary Cisneros: Housing policy needs health-care component

The former HUD Secretary says that a new challenge is looming for housing — the growing population of aging Boomers who will have to deal with both housing and health-care issues. Here’s what we’re facing.

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Big shot digital director: There’s no FOMO for Millennial mortgages

During a panel at the J. Ronald Terwilliger Foundation conference for Housing America’s Families, Johnson talked at length about connecting via social networking to the Millennial hive-mind. “This is the window to our soul,” he told the mostly Baby Boomers gathered in the audience as he held up his Apple iPhone6.

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RE/MAX: September home sales broke post-crisis records

Following a summer that was hot in both temperature and in real estate, home sales expectedly cooled off a little in September, but still set a post-crisis record for completed transactions, according to the October 2015 RE/MAX National Housing Report.

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Easing lending standards bring back first-time buyers

Easing mortgage standards are allowing first-time homebuyers to finally jump into the housing market after a rough start to the year held a lot of them back. A new Capital Economics report attributed some of the reason that lenders are now more willing to relax lending conditions to these two things.

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Zillow launches new Premier Agent App for mobile devices

Zillow is stepping up its mobile assistance game with new tools for agents using Trulia or Zillow, available for both Android and iPhones, and which they think could be a game changer for home sales.

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[Infographic] 7 facts about potential homeowners waiting on the sidelines

What distinguishes the current generation of renters who want to become homeowners? Find out more with this infographic from MGIC.

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Sen. Graham: "Millions" of senior citizens face homelessness

Graham added that housing is the least talked about issue and the next president needs to be challenged about how affordable housing will be funded during his/her tenure. “This is the first housing conference I’ve been to,” he added, to underline the total lack of discussion in Congress on the topic.

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CoreLogic: Mortgage fraud risk falls 8.9% in 2Q

Mortgage fraud risk declined nationally in the second quarter, but there are pockets of troubling growth in key states. Here’s how it breaks down.

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Fitch: 2015 prime jumbo RMBS issuance already trumped last year

Despite a slight slowdown in the issuance of prime jumbo residential mortgage-backed securitizations in the third quarter, 2015’s total prime jumbo RMBS issuance has already topped 2014’s total.

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RES.NET launching loss mitigation portal

RES.NET, a technology platform that allows mortgage banking companies, vendors, consumers and other parties to communicate around a transaction, will officially announce a loss-mitigation portal at next week’s Mortgage Bankers Association Annual Convention in San Diego, but the company provided HousingWire with an advanced look at what’s to come.

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Thursday, October 15, 2015

HUD Secretary Castro touted as possible Hillary Clinton VP

Today the head of the Department of Housing and Urban Development gave Hillary Clinton his endorsement for the Democrat nomination for president, and in turn she’s said to be giving him a good long look as her possible vice presidential candidate. Want to know more?

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Blackstone 3Q earnings miss analyst expectations

Blackstone posted a third-quarter economic net income of negative $416 million, or $0.35/unit. This missed analyst estimates by $0.05. The drop was driven by declines in the unrealized value of public holdings, despite strong underlying portfolio fundamentals across the funds.

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Mortgage Bankers Association adds 24 new members in September

The Mortgage Bankers Association announced that it welcomed 24 new members in the month of September, as it continues to push its membership beyond 2,200 organizations. Here are the MBA’s new members.

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Fay Servicing promotes Patrick Norton to president of loan originations

Fay Servicing, a residential mortgage special servicer and originator, announced the promotion of Patrick Norton to president of loan originations of its origination division, Fay Mortgage Services. Norton’s previous role will be filled by Greg Reed, who Fay Servicing promoted from his role as a first vice president in account management.

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Freddie Mac: Mortgage rates stay below 4%

Although average fixed mortgage rates moved slightly higher at the beginning of the week, Freddie Mac predicts that rates will remain lower than reported a while longer due to new industry news.

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Trending Thursday: CFPB finalizes new HMDA while Congress mulls ending CFPB structure

The CFPB put out 800 pages of new rules for HMDA, designed to “simplify” things. As you might imagine, not everyone is thrilled. And now there’s a growing bipartisan move afoot to reform the CFPB under a bipartisan board. You know you want to read more.

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Citigroup beats expectations with $4.3B 3Q net income

Citigroup today reported net income for the third quarter 2015 of $4.3 billion, or $1.35 per diluted share, on revenues of $18.7 billion. The firm continues to reduce its mortgage portfolio.

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Bank repossessions up 66% in third quarter from 3Q14

There was a total of 327,258 properties with foreclosure filings in the third quarter of 2015, down 5% from the previous quarter but up 3% from the third quarter of 2014. According to RealtyTrac, the rise from a year ago is the result of two starkly different trends taking place.

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Goldman Sachs misses on expectations with $6.86B in 3Q

Goldman Sachs Group reported net revenues of $6.86 billion and net earnings of $1.43 billion for the third quarter ended Sept. 30, 2015, missing expectations.

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Executive Conversation: Jason Roth on the industry's TRID readiness

So, for the moment, our industry has some more breathing room. Make no mistake about it, however, now that consumers (read the plaintiff’s bar) can sue over Real Estate Settlement Procedures Act (RESPA) / Truth in Lending Act (TILA) defects, from now on, every closing is a potential lawsuit for the lender.

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Wednesday, October 14, 2015

CFPB, regulatory concerns drive Bank of America out of MSAs

Citing “recent regulatory developments,” Bank of America will become the latest lender to discontinue its use of marketing services agreements. The move comes just days after the CFPB issued guidance on MSAs, which some in the industry viewed as a “strong warning” against using the marketing agreements.

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Ditech releases new home equity product

Ditech Financial released its new Closed End Home Equity product for the correspondent banking community. Features of the loan include loan amounts as low as $20,000, a FICO as low as 680 and debt ratio up to 43%.

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Ellie Mae to acquire Mortgage Returns

Ellie Mae has signed a definitive agreement to acquire Mortgage Returns, a provider of on-demand customer relationship management and marketing automation solutions for the mortgage industry. The transaction is expected to close in the fourth quarter of 2015.

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Confirmed: HUD Secretary Castro will endorse Hillary Clinton on Thursday

Secretary of the Department of Housing and Urban Development Julián Castro will endorse Democrat presidential frontrunner Hillary Clinton tomorrow at the launch of “Latinos for Hillary” in San Antonio, sources confirm to HousingWire. Here’s what it could mean for the race and for Castro.

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Federal Court of Appeals hands MERS another victory

MERS had its authority upheld this time by the United States Court of Appeals for the Fifth Circuit, which upheld a lower court’s dismissal of a lawsuit brought against MERS and Bank of New York Mellon.

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MBA issues warning: CFPB is coming for marketing services agreements

In a note sent to its members this week, the Mortgage Bankers Association said that it views the CFPB’s latest guidance on marketing services agreements to be a “strong warning” that the industry needs to reconsider its usage of MSAs or be subject to the wrath of the CFPB.

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Wells Fargo beats expectations with 3Q revenue of $21.88B

Wells Fargo’s shares were trading up in premarket activity on news that third-quarter revenue rose to $21.88 billion. However, mortgage banking was down.

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[Pictures] 50 Cent’s home slashed to half its original price

Curtis Jackson, also known as the rapper 50 Cent, is trying yet again to sell his 1980s Connecticut mansion that he has listed off and on for about a decade. The only difference is this time he’s asking $8.5 million, which is less than half his original list price.

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Bank of America beats expectations despite declining 3Q revenue

A big drop in the cost of legacy asset sales costs and a healthy rise in mortgage lending and HELOC income helped offset lower yields and lower consumer loan growth for the banking giant in the third quarter.

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Mortgage applications tumble more than 25% due to TRID

Mortgage applications tumbled 27.6 % from last week, obliterating the prior week’s drastic jump in applications due to the implementation of the new TILA-RESPA integrated disclosure rule. Interestingly enough, there was little change in mortgage rates. Click headline to read more.

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Is the rental market about to bust?

The status of the rental market is buried beneath two seemingly different market indictor reports. However, after a little digging, a new Capital Economics report discovered the likely reason behind the two opposing indicators, noting things are not as bad as they appear.

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JPMorgan Chase & Co misses expectations on 3Q revenue, income

JPMorgan Chase is the first mega bank to post its earnings. Looking at the results, the bank missed analyst expectations, posting revenue of $23.54 billion in the third quarter, down 6.4% from third quarter 2014. Here’s how the giant fared.

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Tuesday, October 13, 2015

Bank servicers’ subprime loans see higher losses than nonbank servicers

In the top states for home foreclosures, loans serviced by banks experience higher losses than those serviced by nonbank entities, Moody’s Investors Service says in a new report. Here’s what that means for you.

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[Chart] Millennials worry about the affordability of life itself

The cost of living is a main concern for the majority of Millennials, regardless of where they live. And the worries don’t end there. The ability to save, find a new job and even lose a job causes them to not sleep at night, according to some calculations from Bank of America and USA Today.

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Homeowners overvalue homes for eighth month running

Appraiser opinions of home values in September were 2% lower than homeowners’ views, according to the Quicken Loans’ national Home Price Perception Index. What does that mean for buyers and sellers?

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Pavaso releases end-to-end digital real estate process

Pavaso completed its end-to-end digital process for the mortgage and real estate industry with the addition of its sales contract negotiation tool for real estate agents. The CEO of the company said it is now providing the industry with a clear path to evolving and catching up with consumer technology.

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Federal judge tosses class action suit against Butler & Hosch

A federal judge in Florida dismissed the class action accusing law firm Butler & Hosch PA and its founder, Robert Hosch, of violating federal law by failing to give proper notice to employees before enacting layoffs. It’s not the only lawsuit, but it’s one of the biggest ones with the most damning allegations so far.

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Altisource acquires RentRange and Investability

Altisource Portfolio Solutions, a provider of mortgage, financial and technology services for the real estate industry, is expanding with a pair of acquisitions. The company announced Tuesday that it is set to acquire RentRange and Investability.

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CoreLogic: Foreclosures down more than 25% since August 2014

The national foreclosure inventory declined by 25.2% and completed foreclosures declined by 20.1% compared with August 2014. However, the legacy stock is still elevated and opportunities remain for investors.

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Monday, October 12, 2015

Coming soon: Down payment insurance for borrowers

A new program launching early next year will give borrowers the opportunity to protect their upfront investment in their home, just as lenders are able to do with mortgage insurance. Meet down payment insurance — for borrowers.

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Denver’s marijuana boom pushing city into housing crisis

The legalization of marijuana in the state of Colorado has had a positive impact on the state’s economy, but the state’s largest city is facing a housing crisis, as steeply rising home prices are pricing out much of the city’s population.

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7 common myths about the homebuying process

While homebuying is a very intensive process, what you may be inaccurately assuming could be what’s keeping you from your dream home.

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Housing advocates celebrate anniversary of Community Reinvestment Act

Affordable housing advocates have an additional anniversary to celebrate on Columbus Day, the 38th anniversary of the Community Reinvestment Act. Want to know more about its impact?

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Questions arise on how the TRID transitional period works

The legal analysts at Ballard Spahr dig into the issues still being raised about how the transition period for the TILA-RESPA Integrated Disclosure rule works, and the issue of civil lawsuit liability. Find out what you need to know.

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Trulia: Americans just not worried about mortgage rates rising

Low rates in part helped push mortgage applications to a surge last week, and rates have held steadily below 4% for 11 weeks. Now Selma Hepp, chief economist at Trulia, argues that it would take a big increase for homebuyers to care that much. A big, big increase.

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Here are the 3Q bank earnings to watch for this week

It’s time for banks to post their earnings again, shedding light on the health of the mortgage industry. These are the first reporting mega banks to watch for.

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[Study] Americans shop around for everything but mortgages

Americans are far more likely to go out of their way just to save 10 cents on a gallon of gas than they are to shop around for the best rate on a home loan. A new study found that 79% of Americans consider themselves to be “bargain hunters.“ But that bargain hunting ends for major financial loans, like cars and houses.

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Here’s how TRID is changing the mortgage industry

Today is the start of the second full week of the TILA-RESPA Integrated Disclosure rule, and it’s impacting real estate and mortgage finance at almost every point along the pipeline.

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Monday Morning Cup of Coffee: Is Fed, housing policy at a crossroads?

Today is Columbus Day and it seems like both housing policy and the Fed’s monetary policy are, like Christopher Columbus early on, not sure where they want to go or how to get there. Will they get lucky?

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Friday, October 9, 2015

FGMC names Nicholas Imbimbo director, TPO operations

First Guaranty Mortgage Corporation, which provides correspondent, wholesale and retail mortgage origination channels, announced the addition of Nicholas Imbimbo as director, third-party origination operations.

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Georgia real estate investor pleads guilty to bid rigging in foreclosure auctions

A Georgia real estate investor pleaded guilty for conspiring to rig bids at real estate foreclosure auctions in Fulton and DeKalb counties in Georgia. According to an announcement from the Department of Justice, Morris Podber admitted that he conspired with other real estate investors to not bid against each other in public foreclosure auctions on certain properties.

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Freddie Mac sells off $305 million in seriously delinquent mortgages

Freddie Mac announced late Friday that it sold $305 million in seriously delinquent loans from its mortgage investment portfolio. The sale, which was initially announced last month, was completed via auction, with two pools containing 1,611 total loans being sold to a pair of buyers.

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CoesterVMS releases new appraisal fee calculator

CoesterVMS is getting ready to release a disclosure calculator for TRID that produces fee quotes based on property complexity and product selection. After using the calculator, users have the option to place an order or save the quote for later use.



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Luxury home listed for $14M last year has starting bid of $1

The rich are not like you and me, a famous American novel observes, and neither are their houses. An Alabama luxury home definitely designed for music lovers is on the block. Starting bid is $1.

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Brock & Scott adds Ronald Wolfe & Associates to default services practice

Brock & Scott, a real estate law firm with offices in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Georgia and Florida, announced the expansion of its default services practice with the addition of Ron Wolfe and his team from the office of Ronald R. Wolfe & Associates.

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$4 billion Ginnie Mae bulk MSR portfolio available for sale

Buyers looking to score some Ginnie Mae servicing are in luck. Interactive Mortgage Advisors announced the sale of a $4 billion Ginnie Mae bulk portfolio of residential mortgage servicing rights. And according to Thomas Piercy, managing member of Interactive Mortgage Advisors, the portfolio is “most likely the best Ginnie Mae deal offered this year.”

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[Chart] FHA mortgage insurance boom in the works?

The Federal Housing Administration’s share of purchase mortgage originations steadily declined from 2010 until 2015. So why did the course reverse in 2015 and does this mean a federally backed mortgage insurance boom is in the works?

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Presidential hopefuls, housing experts attack housing crisis

Presidential candidates from both parties will join New Hampshire officials and national experts for a major housing summit next week to put housing policy at the forefront of the national dialog. Want to know who, how and why?

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Fannie Mae selling $1.2B in non-performing loans

Fannie Mae’s latest sale of non-performing loans includes three pools of approximately seven thousand loans totaling $1.2 billion in unpaid principal balance. The loans are now available for purchase by qualified bidders.

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Thursday, October 8, 2015

LERETA CEO Jim Thornton retiring

LERETA, a provider of access to property tax data and flood hazard status information for the mortgage and insurance industries, announced the retirement of Jim Thornton as the company’s chief executive officer, ending a 25-year run with the company.

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loanDepot officially files for IPO

loanDepot announced on Thursday that it filed for an initial public offering, confirming industry rumors that started at the beginning of September. So far, the number of shares to be offered and the price range for the proposed offering have not yet been determined.

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CFPB doubles down against marketing services agreements

The Consumer Financial Protection Bureau issued a bulletin that basically doubles down on a warning they put out in July about marketing services agreements. It’s the stick-and-stick approach going forward, it seems. Will it work? Is it fair?

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Real estate startup to Zillow CEO: We’ll sell your house for you

Back a few months ago, Zillow Group CEO Spencer Rascoff put his money where his mouth is by listing a house he owned for sale – on Zillow. The listing apparently hasn’t generated quite as much interest as Rascoff hoped, despite two price cuts. Rascoff now has an unlikely ally in the sale of his house – a real estate startup that’s guaranteeing the sale of Rascoff’s house and putting its money where its mouth is.

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Distressed sales down to just 9% of homes sold

Distressed sales, which include real estate-owned properties and short sales, accounted for 9.4% of total home sales nationally in July 2015, down 2.1 percentage points from July 2014 and down 0.4 percentage points from June 2015.

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What’s California real estate going to do in 2016?

While California’s housing market is expected to improve in 2016, a shortage of available inventory and continuing high costs are expected to limit it, according to a report released by the California Association of Realtors.

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PHH Home Loans adds Steve Majerus as western regional executive

In this role, Majerus will be responsible for the production, profitability and overall performance for the western region, which covers more than 250 employees in California and Utah across five brands: Princeton Capital, First Capital, Mortgage California, Axiom Financial and Rocky Mountain Mortgage.

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Trending Thursday: UnCorkering trouble in GSE reform land

It was a busy week for TRID, MISMO, the GSEs and other acronyms, with a senator taunting and flaunting SEC rules and a presidential candidate defending the CFPB. Want to know more? Of course you do. Read on.

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MGIC: Primary new mortgage insurance continues to drop

Primary new mortgage insurance continued its recent downward trend and fell to $3.9 billion in September. This is marginally down from $4 billion last month.

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Did Sen. Corker violate SEC rules, Senate ethics by telling investors to short GSEs?

Is it acceptable conduct for a Senator, one who sits on the Senate committee regulating housing and directly affecting the GSEs, to recommend shorting Fannie Mae and Freddie Mac?

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Do you safely, securely send emails with the new TRID rule?

With the new TRID rule increasing time pressures on the exchange of settlement documents, it’s a good time - maybe high time - all real estate professionals assess how they exchange documents with lenders, agents and borrowers. But here’s the key: Do you know how to do it securely?

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Freddie Mac: Mortgage rates plumment further below 4%

Fixed-mortgage rates drastically decreased following a more than disappointing September jobs report. This officially marks the eleventh straight week that rates are below 4%, including the 15-year fixed, which fell below 3% once again for the first time since April of this year.

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Clayton Holdings acquires title agency and AMC ValuAmerica

In its latest venture in the industry, Clayton Holdings, a provider of loan due diligence and services to the mortgage and real estate industries, announced it acquired ValuAmerica, national title agency, appraisal management company and technology provider. Click the headline to read more.

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Wednesday, October 7, 2015

Zombie foreclosures down 43% in third quarter from last year

Precisely 20,050 residential properties in the foreclosure process were vacant “zombie” homes as of the end of the third quarter of 2015, down 27% from the previous quarter and down 43% from a year ago.

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House passes bipartisan TRID grace period bill 303-121

Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121. Here’s what happens next.

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Fannie Mae, Freddie Mac announce new mortgage buyback rules

Aiming to provide lenders with “more clarity and transparency” and encourage increased access to credit to worth borrowers, Fannie Mae and Freddie Mac announced a set of new policies pertaining to mortgage buybacks. The new rules, which take effect on Jan. 1, 2016, establish a list of potential alternatives to repurchase that either of the GSEs could offer to lenders in the event of underwriting defects.

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5 common down-payment misconceptions

Before you let the cost of a down payment get in the way of your homeownership dream, make sure you fully understand the options available to you. One of these five common misconceptions could be holding you back from buying a home.

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This is the JPMorgan strategy to offset falling mortgage revenues

JPMorgan Chase is attempting to grow its mortgage market share to offset recent revenue declines in its mortgage business as fewer Americans refinance, a move viewed as risky by most big banks. But according to JPMorgan, they have their bases covered.

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10 amazing markets housing investors really need to consider

Atlanta, Charlotte, Fort Lauderdale, Riverside and San Diego are included among the 2015 “Best Markets Top 10 List” compiled quarterly by HomeVestors and Local Market Monitor, which looks for investment opportunities in a housing market where broad foreclosure opportunities are shrinking.

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Fannie Mae, Freddie Mac just joined CFPB in extending TRID grace period

While the House of Representatives is due to vote any day now on formalizing a hold harmless grace period for the enforcement of the CFPB’s new TILA-RESPA Integrated Disclosure rules, Fannie Mae and Freddie Mac are extending an olive branch to the industry, by establishing their own grace period for TRID enforcement – albeit without a designated end date.

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KBRA: Fed actions inflate financial risks in bank portfolios

A new industry report blames the Federal Open Market Committee for the rising risk in bank loan portfolios. Plainly stated, this economic environment is too good to be believed – or sustained.

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Daniel Consuegra joins LOGS Network firm Shapiro Fishman & Gache

Daniel Consuegra, the managing partner of the Law Offices of Daniel C. Consuegra, joins the Florida law firm of Shapiro Fishman & Gache, a member of the LOGS Network. The new firm will be renamed Shapiro Fishman Consuegra & Gache.

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White House absolutely wrong to threaten veto of TRID bill

The White House is threatening to veto a wholly bipartisan House measure that would simply create a formal “hold-harmless” grace period for lenders and others in the industry operating under the new and incredibly complex TILA-RESPA Integrated Disclosure rule. Because reasons or something.

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CFPB sets its crosshairs on lending arbitration clauses

The Consumer Financial Protection Bureau is going after standard arbitration clauses, an avenue with a nine-decade pedigree designed to allow consumers and businesses a far less expensive option. This could affect most consumer lending, including expanding the existing limits in mortgage lending.

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White House threatens to veto TRID grace period bill

The House of Representatives is scheduled to vote on a bill that would extend and formalize the grace period for the TILA-RESPA Integrated Disclosure rule until Feb. 1, 2016, and the White House is threatening to veto the measure if it passes Congress. Congress isn’t blinking.

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Mortgage applications skyrocket more than 25%

After a summer of subdued or declining activity, mortgage applications increased 25.5% from one week earlier. The gains were in both purchase and refi applications.

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