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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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 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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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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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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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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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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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’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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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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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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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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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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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, 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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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 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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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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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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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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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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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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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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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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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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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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“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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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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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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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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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 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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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 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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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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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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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 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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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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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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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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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 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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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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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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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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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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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 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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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 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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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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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.
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 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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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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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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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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Home-price appreciation slowed in August, to plus 0.3%, which is just below the low end of analyst expectations.
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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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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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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 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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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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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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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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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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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 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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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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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 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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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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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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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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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, 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 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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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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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, 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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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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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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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, 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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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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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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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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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 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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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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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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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 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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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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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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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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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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“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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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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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 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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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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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, 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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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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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, 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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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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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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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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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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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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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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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 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 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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What distinguishes the current generation of renters who want to become homeowners? Find out more with this infographic from MGIC.
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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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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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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, 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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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 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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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, 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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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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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 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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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 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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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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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 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 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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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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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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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’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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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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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 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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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 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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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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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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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 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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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 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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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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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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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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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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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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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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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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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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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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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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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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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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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 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 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.
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, 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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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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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 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’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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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 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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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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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, 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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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, 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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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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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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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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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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Home sales in western Washington state are predicted to slow down the rest of the year and into early 2016 due to these three things. And then there’s TRID.
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Fifth Third Bancorp will pay $85 million as a part of settlement with the federal government over allegations that the bank failed to self-report mortgages it knew to be defective, causing millions of dollars in losses to the Department of Housing and Urban Development.
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Congressional sources tell HousingWire that the House will consider H.R. 3192, the Homebuyers Assistance Act, sponsored by Rep. French Hill, R-Ark., Wednesday afternoon. The industry says it’s badly needed. Will it pass and will it be enough?
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While a government shutdown isn’t seen as highly likely this fall, it’s not out of the realm of possibility. A few circumstances could align to make it happen right when the Federal Reserve is looking at raising interest rates.
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Najia Jalan received a sentence of 70 months in federal prison for her role in a scheme that involved Jalan falsely presenting herself as a member of the Department of the Treasury. And it doesn’t end there. Jalan also pretended she was an attorney and defied a restraining order placed on her business by the CFPB.
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