Monday, November 30, 2015

HUD watchdog issues warning on fraudulent, inflated reverse mortgage appraisals

In the run-up to the financial crisis, fraudulent appraisal schemes ran rampant in the housing industry, eventually leading to the complete overhaul of the property appraisal system and the rise of appraisal management companies. As it turns out, schemes like that have not been completely forced out of the industry.

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Here's how Chinese homebuyers are reshaping U.S. housing

Chinese money is becoming a major force in real estate around the world and in America. A new luxury development 35 miles northwest of Dallas is only the latest frontier for Chinese buyers.

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Fed adopts new rule limiting 'too big to fail' bailouts

Amid pressure from Congress to rein in its power to prop up a troubled financial institution, the Federal Reserve did just that Monday, adopting a new rule that will limit its ability to bail out failing financial institutions.

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Inventory shortages restrict growth in pending home sales

Pending home sales barely moved in October as the housing market starts to flatline in the fall. A main cause and concern behind the drop: inventory shortages.

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To acquire or not to acquire?

Stories of firms beating their own 2015 projections are widespread, which means the gaze for 2016 is shifting to future growth. It’s possible you are considering the on-boarding of new branches as a way to keep filling your origination coffers. It only takes one branch manager or regional manager changing employers to influence the migration of entire origination teams and change a firm’s future outlook.

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Sunday, November 29, 2015

Monday Morning Cup of Coffee: 10 commandments for mortgage loan officers

As the Thanksgiving holiday wraps up and the housing industry gears up for the end of the year, these two loan officers from Solano Mortgage published a hysterical piece on the Ten Commandments of applying for a home mortgage. Meanwhile, are you looking at the big picture when you choose to renovate your home? If not, it could cost you.

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[Charts] Here are the home price breakdowns in the 10 largest states

As a whole, home prices barely increased, growing 0.1% in September. However, going a little deeper, these charts show what is going on in the 10 largest states.

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Citigroup sued over billions in mortgage debt losses

Top banks are still dealing with the aftermath of the financial crisis. In the most recent court battle, Pacific Investment Management Co and other investors have sued Citigroup over the bank’s alleged failure to properly monitor toxic securities backed by more than $13.8 billion in mortgage loans.

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Saturday, November 28, 2015

The missing question in Yellen’s Congress discussion

Federal Reserve Chair Janet Yellen achieved the primary goal of any new Fed chief and avoided any obvious land mines. But what was lacking in the dialogue, both from Yellen and the media, was a serious discussion of what’s next for national economic policy.

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Wednesday, November 25, 2015

It's official: Obama signs bill limiting Fannie, Freddie CEO pay

In what has become a complete and total rebuke of an effort put forth by Federal Housing Finance Agency Director Mel Watt to award $3 million raises to the CEOs of Fannie Mae and Freddie Mac, President Obama signed into a law a bill that caps the salaries of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton. Click headline to read more.

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Feds announce 2016 threshold for smaller, 'higher-priced’ loan appraisal exemption

The Federal Reserve Board, the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency announced the annual adjustment of the dollar amount used to determine whether a small loan is exempt from the special appraisal requirements that apply to higher-priced mortgage loans.

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FHFA announces 2016 conforming loan limits

The Federal Housing Finance Agency announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2016. Despite some predictions that the loan limits would rise for 2016, the FHFA said the conforming loan limits will remain unchanged for much of the country, but not everywhere.

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New home sales beat expectations

While sales of new single-family houses in October beat expectations, it still remains volatile month-to-month. As one economist puts it, going forward, housing is likely to continue to be a positive contribution to headline activity although limited.

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[Infographic] What do Millennials look for in real estate agents, housing?

There are a plethora of reports and studies out there all defining what the Millennial generation looks like. This latest infographic from UpNest puts a lot of that information into one creative graphic.

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Consumers make saving a main priority

The latest report from the Commerce Department said that consumer spending is barely increasing since households are taking advantage of rising incomes to boost savings to their highest level in nearly three years.

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Freddie Mac: Mortgage rates drift lower

Mortgage rates reported little change for the week, with the average 30-year fixed mortgage rate staying just barely below 4%. Freddie Mac Chief Economist Sean Becketti noted that it’s a quiet week leading up to the Thanksgiving holiday.

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MBA: Mortgage applications drop 3.2%

After the jump in mortgage applications last week, the Mortgage Bankers Association’s latest survey found that applications changed direction and dropped 3.2%.

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Tuesday, November 24, 2015

Fannie Mae joins e-document revolution

Fannie Mae joins the electronic document revolution. The government-sponsored enterprise announced that it is partnering with DocuSign to provide an “easy, fast, and secure way” to execute agreements with Fannie Mae by allowing electronic signatures on several of its documents.

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Fitch upgrades Fay Servicing’s servicer ratings

Citing improvements in the company’s internal controls and other factors, Fitch Ratings upgraded two of Fay Servicing’s residential mortgage servicer ratings.

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MBA adds 27 new members in October

The Mortgage Bankers Association announced that it welcomed 27 new members in the month of October, as it continues to push its membership beyond 2,200 organizations. Here are the MBA’s new members.

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Placester continues to boom with substantial capital raise

Boston-based Placester, a real estate marketing platform, that has experienced significant growth in 2015, continued its strong year with the announcement that it raised $27 million in a Series C round of funding. Placester’s latest round of funding more than doubles the previous investments in the company, which totaled $23 million.

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[Chart] Is there a housing bubble brewing on the West Coast?

The West Coast has dominated the top ten real estate market list for many months now, causing some people to be concerned that these market are overheated. In Pro Teck Valuation Services latest Home Value Forecast, it decided to put this concern to test.

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Appraisal volume rises after three weeks of decreases

In a turn of events, appraisal volume reversed course and increased for the week of Nov. 15, marking the first uptick in three weeks.

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CFPB: Complaints against Ocwen are falling

Perhaps constantly being under the microscope of regulators is having a positive impact on Ocwen Financial and its standing with its customers. According to a new report from the Consumer Financial Protection Bureau, complaints about Ocwen dropped by a significant margin in the last year.

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Case-Shiller: Home prices maintain steady pace, grow 4.9%

Home prices across the country continued to rise in September, maintaining a health pace toward normalization. Zillow Chief Economist commented on the report saying that the index continued to grow at a consistent pace as the summer came to a close, and in line with more recent data that continues to show stabilization in the U.S. housing market.

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Game changer? Quicken Loans takes mortgage lending fully digital

Quicken Loans now officially offers a fully online mortgage through its new end-to-end online product Rocket Mortgage. The move comes as the industry increases its push for companies to go digital due to regulatory pressure combined with consumer expectations for convenient and efficient service. Is this the latest sign that digital is the new normal?

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Monday, November 23, 2015

Move, Realtor.com name Suhail Ansari chief technology officer

Move, Inc., which operates Realtor.com for the National Association of Realtors, announced the appointment of Suhail Ansari as the company’s new chief technology officer. At Move, Ansari will be responsible for overseeing the company’s technology strategy.

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Recruiters in multi-million dollar mortgage fraud sent to prison

A Virginia man and woman will each spend two years in prison for leading a scheme that recruited straw buyers into a multi-year, multi-property mortgage fraud scheme that defrauded 10 different lenders of millions of dollars.

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Freddie Mac offering second actual loss high-LTV risk-sharing deal

After offering its first risk-sharing deal that featured the actual loss position on loans with loan-to-value ratios ranging from 80% to 95% earlier this year, Freddie Mac is bringing another high LTV risk-sharing deal to market.

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TRID hasn't caused any major lending delays…so far

Unlike some predictions, the mortgage industry did not implode once TRID went into effect. And according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, the impacts so far are minor.

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Google launches mortgage comparison tool with Zillow

Well, it’s official. Google has come to mortgages. After first being reported earlier this year, Google is launching its own mortgage comparison tool via its Compare service. Click the headline to learn more about Google’s big mortgage move with Zillow and LendingTree.

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These 6 steps can help build your credit for your first home

It’s never too early to start preparing for buying your first-home, especially if you’re trying to build your credit score. This list from Freddie Mac gives six easy steps to build credit in time for your first home.

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How much will Thanksgiving impact your real estate business?

While it is not a shocker that the holidays, Thanksgiving included, cause a slow down in real estate, realtor.com decided to find out just how severe the impact is on business.

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Is your company leading the technology revolution? Prove it

The technological revolution is happening, right now. Here at HousingWire, we see that innovation happening and feel it deserves some serious kudos. The shouting it from the rooftops kind, to be exact. It’s in that spirit that HousingWire honors the most innovative innovators who’ve innovated in the most innovative ways in the last year.

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Despite decrease, existing-home sales maintain healthy pace

Although total existing-home sales decreased 3.4% to a seasonally adjusted annual rate of 5.36 million in October, Lawrence Yun, NAR chief economist, said a sales cooldown in October was likely given the pullback in contract signings the last couple of months.

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Here are 4 reasons to stay invested in US housing

While the stock market has been volatile the past few months, the housing market hasn’t. In a sponsored content piece in Quartz, PIMCO outlined four reasons why there are still plenty of opportunities left in housing.

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Sunday, November 22, 2015

Monday Morning Cup of Coffee: Rate-hike implications and a warning from Yellen

Visions of turkey and stuffing are dancing in our heads, but there will still be plenty of housing news this week, including October existing and new home sales data. And what’s with this Orange County house with 19 bathrooms?

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Black Knight: Delinquency rate reverses course after recent increases

The “first look” October 2015 report from Black Knight Financial Services finally posted different results after two months of consecutive increases in the delinquency rate. This month the total delinquency rate declined by nearly 2% from September and nearly 12% from last year.

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It’s far past time to end Fannie, Freddie conservatorship. Here’s how to do it

It is now seven years since Fannie Mae and Freddie Mac went into conservatorship. The Community Home Lenders Association says that it believes a government guarantee is needed to maintain an affordable 30-year mortgage and sustain housing markets. But consensus is elusive on what should come next. Here is their plan.

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Saturday, November 21, 2015

International manhunt ends in arrest of field servicer on child prostitution charges

[Editor’s note: The following story contains graphic details.] Mickey Snow, the owner and operator of a multi-state field services provider that until recently provided services to one of the government-sponsored enterprises, was arrested in Thailand after leading authorities on a worldwide chase to avoid prosecution on child prostitution charges.

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Friday, November 20, 2015

Freddie Mac breaks record with largest credit risk deal with insurers

Freddie Mac announced late Friday 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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Agent Ace acquires fypio; rebrands as OpenHouse

Agent Ace, a data-driven real estate agent recommendation service, announced this week that it acquired fypio, a real estate company that provides homebuyers with a personalized, lifestyle-driven search experience. The two companies will rebrand and relaunch as OpenHouse.

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Crapo fights against using Fannie, Freddie fees for Federal infrastructure costs

Despite being overwhelmingly defeated in the House of Representatives, the Senate is still considering a controversial spending mechanism that would see the fees charged by Fannie Mae and Freddie Mac to guarantee loans go to pay for new roads. But one Senator is urging his colleagues to consider the implications of using g-fees to offset the cost of a Federal highway bill.

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[Infographic] 6 reasons behind the booming Dallas housing market

The Dallas housing market is no stranger to the top of housing market lists, commonly placing as one of the best, most affordable paces to call home. This chart shows six areas that are helping to drive that sustainability.

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[Chart] MBA: NJ, NY, Florida contain highest percent of foreclosures

The most recent Mortgage Bankers Association’s chart of the week shows that since the fourth quarter of 2012, New Jersey, New York, and Florida have had the highest percentage of loans in foreclosure in the nation.

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Fannie Mae continues shifting credit risk to insurers

As part of its effort to reduce the taxpayers’ burden, Fannie Mae announced Friday that it completed its fifth and sixth credit risk-sharing transactions as part of its Credit Insurance Risk Transfer program. Through these latest deals, Fannie Mae said that it has acquired more than $800 million of insurance coverage on over $32 billion of loans this year.

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No news is good news in California’s housing market

While seasonal conditions are putting downward pressure on the sales of California single-family homes and condominiums, this isn’t bad news for the state, which has had a turbulent housing history.

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The value of digital closings

Ultimately, a digital closing platform has the potential save lenders up to $1,500 per loan in compliance, reconciliation and transaction completion costs.

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Thursday, November 19, 2015

CoreLogic: Cash sales on track to return to pre-crisis level in 2017

Cash sales rose slightly in the month of August, but they are still on track to return to pre-crisis levels sometime in 2017, according to a new report from CoreLogic.

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loanDepot CEO explains IPO cancelation

loanDepot Chairman and CEO Anthony Hsieh published a company blog to explain his thoughts on pulling its IPO, saying, “Unlike other IPO candidates, we’re already moving forward with our plans because of our capital reserves and the investor confidence we’ve earned beyond the IPO market. And while an IPO continues to be an option, perhaps one day in the future, it’s not a necessity.”

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Freddie Mac launches second risk-sharing cash securitization

Freddie Mac announced Thursday that it is bringing another credit risk-sharing cash securitization to market. Freddie Mac’s second Whole Loan Security is more than twice the size of the first such offering.

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Feds set deadline to claim Independent Foreclosure Review relief funds

The clock is now ticking for borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements who have not yet cashed or deposited their check. If they don’t act soon, their money is going to borrowers who already cashed their checks.

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What FHA loans mean as large banks step away

With federal agencies taking action against several large lenders, many banks are pricing FHA loans to absorb the costs associated with the hundreds of layers of federal, state and local regulatory requirements. As a result, larger lenders are choosing to leave the FHA arena, presenting a great opportunity for smaller independent mortgage lenders.

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Prospect reaches settlement with MMC over affiliate C2C Appraisal Services

Prospect Mortgage reached an agreement with the Multi-State Mortgage Committee after an examination revealed a pattern of charging improperly disclosed and unsupported fees paid to the company’s affiliate. “This settlement allows the company the ability to continue operating while sending a strong message to the industry that this kind of behavior must be stopped,” said Karyn Tierney, chair of the MMC.

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NewDay Financial banned from all lending in New York

NewDay Financial, already punished this year by the Consumer Financial Protection Bureau for its business practices and by the Multi-State Mortgage Committee for widespread cheating on licensing exams, is now completely banned from lending in the state of New York due to that same cheating on licensing exams. Click the headline to read more.

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Freddie Mac: Mortgage rates barely move

Mortgage rates barely wavered after a recent upward trend. Freddie Mac’s chief economist explained that this week the market shrugged off economic data and world events and turned its attention to the minutes of the October FOMC meeting.

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Goldman Sachs: Residential investment on pace for solid growth [Chart]

Goldman Sachs sent an email to clients advising that growth in residential investments through 2016 will be solid, though not as strong as they originally hoped. Plus, this growth will likely curtail in the years immediately following, as the included chart notes.

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[Infographic] New York and California led nation in highest down payments

Planning on buying a home in New York or California? The two states surpass the nation in average down payment percentages for conventional 30-year fixed rate purchase mortgage. While it’s a steep down payment, the move could be the deciding factor in securing a home in today’s competitive market.

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Wednesday, November 18, 2015

CoesterVMS names Kevin Klosterman director of valuations

In this role, Klosterman will be responsible for training CoesterVMS’ national network of appraisers regarding the company’s existing and new valuation products. He also will be instrumental in the development of future applications, the company said in a release.

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The industry is in dire need of appraisers

Sixty-two percent of appraisers are 51 and older, and as more retire over the next few years, it could mean longer waits, higher fees and even lower-quality appraisals. Will there be enough appraisers in the industry five years from now?

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Cenlar expands operations in Arizona

Loan servicing provider Cenlar FSB announced it expanded its operations outside of New Jersey and moved into new office space in Tempe, Arizona. The new western location will be the site of Cenlar’s West Operations Center.

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Fed continues to signal possible interest rate hike in December

The latest round of meeting minutes from the Federal Open Markets Committee continued to lay the groundwork for a potential increase to the federal funds rate in December.

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House votes to revamp Qualified Mortgage rules

The House of Representatives voted Wednesday to change the definition of “Qualified Mortgage,” opening the door to a potentially seismic change in the mortgage lending landscape. But will the President play along?

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Here are the 10 highest and lowest average credit score cities

The national credit score improved by three points over the last year, with the 10 cities with the highest credit scores in the nation increasing their scores by an average of 1.8 points. Sorry folks, living in the city does not guarantee that your credit score will improve.

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Police transcripts reveal shocking details surrounding Beverly Carter's death

Interview transcripts, from the man accused of abducting and killing Realtor Beverly Carter, show just what level of depravity these professionals may face on any given day. [Editor’s note: This article contains disturbing language.]

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Despite slow down, California housing still on target for 2015 forecast

Although California’s housing market softened in October as both statewide sales and median price contracted from the previous month, it is still on target to meet forecast projections. If all goes according to plan, statewide sales are on track to finish the year with a mid-single-digit increase from last year.

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Housing starts post largest monthly decline since February

Housing starts fell dropped a lot further than forecasted, declining to a seasonally adjusted annual rate of 1,060,000 in October, the largest monthly decline since February. And according to a chief economist, housing demand is only expected to decrease in the future.

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Major New York real estate firm fined for civil rights violations

A major New York real estate developer repeatedly built massive rental apartment buildings that were inaccessible to people with disabilities, Preet Bharara, the United States Attorney for the Southern District of New York, said Tuesday.

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Ellie Mae CEO: Still too early to see full impact of TRID

Since only a little over month has passed since TRID took effect, its impact on the market is still hard to measure, Jonathan Corr, president and CEO of Ellie Mae, noted in the latest Origination Insight Report. But come next month, this could start to change.

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MBA: Mortgage applications reverse course, increase 6.2%

Mortgage applications reversed course after a 1.3% drop last week, and instead, applications increased 6.2% from one week earlier. The results include an adjustment for the Veterans Day holiday.

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Tuesday, November 17, 2015

HUD settles with Mortgage One for requiring borrower to provide proof of disability

The Department of Housing and Urban Development announced Tuesday that it reached a settlement with a Michigan-based lender over discriminating against a borrower with disabilities. The man alleged that before closing on the loan, Mortgage One requested that he provide verification from his doctor that his disability was permanent.

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[VIDEO] Freddie Mac CEO: Job is public service, pay cap is symbolic

After having his $3 million raise emphatically swatted out to half court by the House of Representatives on Monday evening, one might think that Freddie Mac CEO Donald Layton would be a little upset. But, in an interview with the Wall Street Journal, Layton said that he views the job as a “public service matter” and said the compensation wasn’t the “big attraction” to the job for him.

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Surefield launches free home price tool

Surefield, a residential real estate brokerage, launched a free online tool for consumers to help them accurately price homes. The new tool makes it easier for consumers to find outliers that skew results, giving them control of analyzing and assessing the comparable homes.

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Appraisal volume slows down into the holidays

Appraisal volume once again moved slightly lower for the second week of November, according to the latest data from a la mode. With November historically the start of the holiday slowing and interest rates rising over the past week, the relatively slight decline is a good sign for the industry.

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DOJ reportedly pursuing criminal charges against JPMorgan Chase, RBS executives

Following through on policy changes announced earlier this year that opened the door to individuals being held criminally responsible for corporate misconduct that helped cause the financial crisis, the Department of Justice is reportedly pursuing criminal charges against executives at the Royal Bank of Scotland and JPMorgan Chase.

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Should real estate agents "fire" know-it-all homebuyers?

Real estate agents are vital in the role of helping people find the perfect home. But what should you do if it’s those same people who prove problematic?

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Home Depot 3Q earnings beat expectations

Home Depot’s third-quarter profit topped analysts’ estimates, proving that while consumers are hesitant to spend money in some areas of the retail industry, home improvement has continued to shine.

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Barclays: FHA mortgage insurance premiums likely cut, again

While some industry observers are saying that now is not the time for the Federal Housing Administration to cut its mortgage insurance premiums again despite the FHA saying Monday that it reached its mandated capital reserve threshold, a new report from Barclays suggests that the FHA’s latest actuarial report actually increases the likelihood of a further cut to the FHA’s premiums.

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First American economist: Freddie, Fannie loan limits will rise

Mark Fleming, housing expert and chief economist at First American, is going on the record and saying that the housing market has recovered. His reason: Having to adjust the Federal Housing Finance Agency loan limit for inflation is one very strong sign that we’re in a recovery.

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MBA: Mortgage foreclosures and delinquencies at lowest level since 2007

The recent downward trend continues as the overall delinquency rates and the percentage of loans in foreclosure continued to fall in the third quarter and are at their lowest levels since the first quarter of 2007.

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Monday, November 16, 2015

MBA’s Stevens: There’s no urgency to lower FHA insurance premiums

There is no urgency to lower mortgage insurance premiums right now, David Stevens, Mortgage Bankers Association president and CEO, said following the Federal Housing Administration’s 2015 Actuarial Report released on Monday. A look behind the numbers shows that it will take time to know the stability of the MMI Fund’s capital ratio of 2.07%.

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House passes bill to cap Fannie, Freddie CEO pay

The U.S. House of Representatives officially passed legislation to cap the salaries of the Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton on Monday night after being delayed two weeks by a busy Congressional calendar.

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Blackstone now rules America’s real estate

Blackstone is now nearly four times the size of when it originally filed its IPO in 2007. Most notably, an article in Business Insider said that the company has expanded its real estate division from a $17.7 billion business when the company went public to one that today manages nearly $100 billion worth of property.

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FHA reaches capital mandate and here's what's next

The Federal Housing Administration surprised some observers Monday when it announced that its Mutual Mortgage Insurance Fund grew significantly in fiscal 2015, reaching its Congressionally mandated threshold of 2% well ahead of the FHA’s own projections. But what’s next for the FHA? Another premium cut? Changes to its programs? The industry weighs in.

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House to vote Monday on limiting GSE CEO pay

After being delayed two weeks by a busy Congressional calendar, the House of Representatives is scheduled to vote Monday evening on a bill that would limit the compensation packages of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton.

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Coester VMS getting hate mail for American Girl feature

The CEO of Appraisal Management Company, Coester VMS, admits he wasn’t expecting such a backlash against his charity when American Girl featured this young lady. But backlash he got. And here’s why.

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Executive Conversation: Collin Harbour on the changing role of service providers

Service providers are, now more than ever, extensions of mortgage servicers. Regulatory entities are reviewing servicing functions and, as these functions continue to be outsourced, the regulators are turning their attention to service providers.

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Recap and Release: Not the right path to affordable mortgages

The fundamental problem with the recap and release approach is that starting any discussion about a future mortgage finance system with Fannie and Freddie is like looking through the wrong end of a telescope: the field of vision is very restricted and the details are hard to make out. Here’s what the industry really needs to be asking about the GSEs.

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FHA business explodes: Reaches capital mandate for first time since 2008

Flying directly in the face of speculation that the 50 basis point-cut of the Federal Housing Administration’s annual mortgage insurance premiums would negatively effect the health of the FHA’s Mutual Mortgage Insurance Fund, the FHA announced Monday that the MMI Fund actually grew significantly in fiscal 2015, reaching its Congressionally mandated threshold of 2% well ahead of schedule.

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Recap and Release: Not the right path to affordable mortgages

The fundamental problem with the recap and release approach is that starting any discussion about a future mortgage finance system with Fannie and Freddie is like looking through the wrong end of a telescope: the field of vision is very restricted and the details are hard to make out. Here’s what the industry really needs to be asking about the GSEs.

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Carol Galante: While FHA Actuarial Report brings good news, 3 challenges still remain

While today’s news makes clear that FHA and its dedicated personnel have remained vigilant in safeguarding the FHA for future generations, the job of mopping up from this terrible housing crisis and recession is not done. The FHA has an obligation to the American people to do more. FHA, with the help of Congress, must urgently address three key challenges.

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Carol Galante: While FHA Actuarial Report brings good news, 3 challenges still remain

While today’s news makes clear that FHA and its dedicated personnel have remained vigilant in safeguarding the FHA for future generations, the job of mopping up from this terrible housing crisis and recession is not done. The FHA has an obligation to the American people to do more. FHA, with the help of Congress, must urgently address three key challenges.

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[Survey] Here’s proof digital mortgages are the future of lending

New survey results from J.D. Power prove that mortgage customer satisfaction is better thanks to heightened focus from lenders on developing functional digital channels and improving operation efficiency. Falling in line with where the industry is headed, the results confirmed that as the number of Millennial homebuyers continues to rise, lenders must be ready to meet their expectations.

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Sunday, November 15, 2015

Monday Morning Cup of Coffee: Real estate crowdfunding and FHA update

Need help getting a mortgage for a million-dollar property? Why not ask the parents? Sounds crazy (probably because this really is) but some lenders are willing to lend jumbo mortgages, as long as parents co-sign. Read more to get updated!

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Friday, November 13, 2015

[Chart] MBA: Demand for VA loans continues to trend higher

In honor of Veteran’s Day, the Mortgage Bankers Association’s chart of the week shows the Veterans Administration’s share of all purchase loan applications during 2015.

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Mortgage lenders need to act now or miss the Millennial market

The opportunity to reach the Millennial surge of buyers is not years away, and it won’t happen automatically. They are not happy with the way most providers in today’s environment are reaching them, which means there is an opportunity today to capture the current 1 in 3 purchasers and the countless other Millennials considering their next steps as financially stable households. Are you prepared for them?

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Sources: loanDepot withdraws Initial Public Offering

The delay comes as unfavorable market conditions have caused several IPOs to discount or delay their offerings amid the volatility that has plagued the market since August.

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MBA: New home purchases drop in October

Turns out the impact of TRID runs deeper than just a volatile month for mortgage applications. A new report from the Mortgage Bankers Association shows that mortgage applications for new home purchases fell by 8% relative to the previous month, partially due to TRID going into effect during the month.

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Someone is stealing For Sale signs in Phoenix and no one knows why

Luckily, the market hasn’t given itself to full panic mode, yet. These signs are expensive, real estate agents pony up the money for them. So, someone needs to pay.

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Xome releases new app for real estate agents

Xome, formerly known as Solutionstar, unveiled on Thursday its new Xome Pro app, a mobile platform enabling real estate brokers and agents to streamline 14 routine real estate processes, including scheduling inspections and ordering title and settlement services

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New York Fed chief declares housing economy solid

Dudley sits on the Federal Open Market Committee, which regularly meets to discuss moving away from ZIRP and the economic conditions necessary to do so without major upheavals in the financial markets. His vote, therefore, either ‘yea’ or 'nay’ carries much weight.

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HomeBridge sees huge growth opportunity in Detroit’s comeback

HomeBridge Financial Service’s new office in the Detroit suburb of Troy is only the start of a huge push by the lender to grow in the area. In fact, they see a huge growth opportunity for HomeBridge in this area with individual homebuyers, the builder community and with other mortgage professionals as well.

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Zillow sweetens paid leave for new parents

Zillow Group said it will offer eight weeks of paid leave for all parents and eight additional weeks of fully paid leave for new birth moms, who previously received partially paid 12 weeks, according to this article in the Seattle Times.

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Fannie Mae economist questions affordable housing data

Nuno Mota answers a few, pressing questions: Are these numbers providing the most accurate view of the overall affordability picture, or are we only getting a partial view? Importantly, is there a way to better use the metrics available to accurately assess housing affordability problems?

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Here is the latest Realtor.com attack aimed at Zillow

Realtor.com’s latest attack at Zillow Group took it to the streets, removing a house from the residential block by wrapping it and creating a real-life analogy of homes that Zillow users are missing out on. This is only the latest in a recent string of maneuvers from each company to dominate the market. The question still remains: Who rules the online real estate market?

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Taking ID verification to the MAXX

With its latest tool, IDMAXX, Pavaso has enabled lenders to achieve two aims with one solution. By leveraging a borrower’s network for both identity verification and character references, lenders can be assured that 1) the borrower is who they claim to be and 2) the total picture they have of that borrower, and the risk that borrower may pose, is accurate and complete.

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HUD is about to ban smoking in housing

If successful, 3,100 public housing agencies will need to ban smoking within the following 18 months. This will be the result of efforts dating back to 2009. At this point, who would oppose such a measure?

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Thursday, November 12, 2015

NMI takes out big loan to comply with stricter regulations

The mortgage insurer said it needs the money not just to support the continued growth of its insurance-in-force but also to ensure compliance both at state and national levels.

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Freddie Mac: Mortgage rates move higher amid potential interest rate hike

Average fixed mortgage rates continued to trend higher amid market expectations of a possible rate increase by the Federal Reserve and following a stronger than expected jobs report. Freddie Mac’s chief economist noted that there is only one more employment report before the December FOMC meeting, which will have major implications on whether there is a rate hike in 2015.

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RealtyTrac: Foreclosure starts post highest jump in more than four years

Foreclosure filings in October were up 6%, primarily due to a 12% monthly jump in foreclosure starts. While the increase in foreclosure starts isn’t a giant surprise, it did exceed expectations. Add in even more dramatic monthly increases in certain states, and it’s certainly a concern.

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This is why the Low-Income Housing Tax Credit should be priority #1

Unless remedial action is taken, rising rents will continue to act as a barrier to homeownership for many families who will be unable to accumulate the funds necessary for a mortgage down payment. Here’s why we can’t sit around and do nothing about it.

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Wednesday, November 11, 2015

Texas notaries need to replace current seals

The Real Estate, Probate and Trust Law section of the State Bar of Texas is warning all notaries that they should replace their current seals with new ones issued by the Secretary of State to avoid possible complications with third parties.Previously, only new or renewing notaries were required to get new seals.

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MCS names two new leaders

Mortgage Contracting Services, a provider of property preservation, inspections, REO property maintenance and valuations, announced two new leaders in the company. MCS named Tracy Hager as senior industry relations officer and Dave Sunlin as senior vice president.

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Amy Schumer lists her Upper West Side home for $2 million

Outside of the box office, it turns out comedian/actress Amy Schumer is definitely not a train wreck. The comedian just listed her Manhattan co-op for $2.075 million.

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GOP debate: The problem with that Dodd Frank guy

That’s the thing about regulation. Too much and you feel like the government is treading all over your right to life, liberty and the pursuit of happiness. Too little and the bad guys end up running the place.

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Zillow: Yes, owning a home beats renting but there are still challenges

It shouldn’t come as a surprise that one of the biggest barriers to homeownership is a down payment. While there are plenty of misconceptions behind what goes into a down payment, it doesn’t change the fact that there are some real challenges in the process. New research from Zillow puts numbers behind the issue.

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90-year-old WWII vet returns to home after eviction

Hodges had been evicted this summer after falling behind on mortgage payments and owed more than $70,000. The GoFundMe account was started by someone who read about Hodges’ plight in the Buffalo News and went viral after Yahoo! Real Estate shared the story.

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MBA: Mortgage applications fall again, decrease 1.3%

Mortgage applications dropped 1.3% from one week earlier, according to the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Also, all mortgage rates reached new highs for the week.

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Do Millennials want to live in dorms? Really?

Is “coliving” a thing? According to an article in The Atlantic, the latest solution to Millennial housing needs goes back to college: dorm living. Though of course, it’s being called something else.

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Tuesday, November 10, 2015

Gap between what homeowners and appraisers think is improving

For the second consecutive month, the spread has tightened between average home appraisals and what homeowners think their house will appraise for. Quicken Loans added that while it’s too early to call it a trend, it is encouraging to see the gap between the estimates homeowners provide and the appraised values starting to narrow.

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Appraisal volume continues to slip amid economic uncertainty

Appraisal volume marginally declined the first week of November, falling 0.5% due to two contributing factors.

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LeBron James buys Hollywood home for $21 million

LeBron James, a forward for the Cleveland Cavaliers, just bought a $21 million home in the Brentwood neighborhood of Los Angeles, according to Variety. The NBA star got rave reviews for his part in Trainwreck this summer and buying a home near Hollywood certainly suggests more acting is in his future.

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Fannie Mae completes third non-performing loan sale

Fannie Mae announced the winning bidders for its third non-performing loan sale of approximately 7,000 loans totaling $1.24 billion in unpaid principal balance. Fannie said it offered the non-performing loan sales to investors and their servicers so they could help borrowers avoid foreclosure wherever possible by applying a wider range of loss-mitigation options than Fannie has available.

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Four reasons why 2016 is a good time to buy a home

Given the recent history of the housing market and Americans’ increasing need to stay mobile, it is understandable that it can be nerve-wracking to invest your hard-earned money in a home. However, unlike years past, all key economic indicators are ripe and there are two major changes to the mortgage process that help make 2016 a good year to buy a home.

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2014 JPMorgan bank hack part of biggest in history

The defendants ran their scheme from 2012 to mid-2015 and laundered their money through at least 75 shell companies, according to the indictment. The JP Morgan hack occurred in June 2014 but was not discovered until several months later and is estimated to include 83 million households and 7 million small businesses.

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Here are the top 10 investment markets for single-family rentals

HomeUnion released its latest ranking of the top 10 markets in the U.S where investors can now affordably and prudently buy rental properties. The list focuses on the best markets for investors looking for a strong long-term investment.

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Freddie Mac to sell off $1.2 billion in non-performing loans

Freddie Mac announced Monday that it intends to sell off $1.2 billion in non-performing loans, marking its eighth sale of non-performing loans since the Federal Housing Finance Agency announced the new requirements for sales of NPLs by Freddie Mac and Fannie Mae to make sure the loans go to capable mortgage servicers.

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This is the plan from Freddie Mac to help with HAMP interest rate resets

Borrowers are starting to get hit with increasing interest rates due to the Federal Housing Finance Agency’s Home Affordable Modification Program. To help protect borrowers from the shock, Freddie is taking extra measures to make sure people are educated on their options.

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MERS authority upheld in Wyoming District Court

MERSCORP Holdings announced Monday that a Federal court again ruled in MERS favor in a lawsuit brought by a homeowner who challenged MERS authority to assign a mortgage.

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Here’s the latest status of the top three housing markets

Credit Suisse’s latest monthly survey of real estate agents shows that there are two main factors impacting the growth of the housing market. However, there is one market in the top three that appears to be bucking the trend, as for the other two, not so much.

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Altisource Residential plans to grow single-family rental portfolio by 900%

Altisource Residential grew its portfolio of single-family rental homes by 156% in the third quarter, the company announced Monday, but that’s just the beginning of the company’s plans for growth.

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Cyber attacks increase for financial services industry

In the third quarter of 2015, the Distributed Denial of Service trends report numbers were at the highest quarterly levels in the last two years. And looking at the results, the financial services industry remains a heavily-targeted industry.

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Mortgage Partnership Finance, Ginnie Mae announce expanded loan program

Together with Ginnie Mae, the Mortgage Partnership Finance Program, a group of Federal Home Loan Banks formed to sell fixed-rate mortgage loans into the secondary market, announced an expanded loan offering that will allow the program’s participants to execute a servicing-released mortgage sale to Ginnie Mae.

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HousingWire names Ben Lane to senior financial reporter role

In a little less than two years, Lane won two prestigious awards from both the National Association of Real Estate Editors and the American Society of Business Press Editors for the quality of his work.

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Fannie Mae: Consumer confidence in housing market fell in October

Consumers’ feelings towards the housing market were weaker in the month of October than they were in September, as some consumers displayed hesitancy to commit to the long-term financial obligation of buying a home, a new survey from Fannie Mae showed.

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MGIC: Primary new mortgage insurance falls to $3.5B

Once again, primary new mortgage insurance dropped for the month and declined to $3.5 billion. This is compared to last month, which posted $3.9 billion in primary new mortgage insurance, and August, which posted $4 billion in primary new mortgage insurance.

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Monday, November 9, 2015

Monday Morning Cup of Coffee: What’s the best low-down-payment mortgage?

It’s an interesting comparison; do you know how the programs differ? And even so, can you name the one section of the economic population that is being underserved by these very products?

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Friday, November 6, 2015

Bank of America nearing halfway mark in $7 billion consumer relief effort

Bank of America is approaching the halfway point in delivering on its $7 billion promise of consumer relief required as part of its $16.65 billion settlement with the U.S. Department of Justice and others to resolve claims over toxic residential mortgage-backed securities, collateralized debt obligations and an origination release on residential mortgage loans sold to Fannie Mae and Freddie Mac.

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Fannie Mae, Freddie Mac drop mortgage modification interest rate to lowest level ever

For the first time since Fannie Mae and Freddie Mac first established a benchmark interest rate for the standard mortgage modification programs in Jan. 2012, the rate is about to be lower than 4%.

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Massachusetts real estate attorney convicted for mortgage fraud conspiracy

A Massachusetts real estate attorney pleaded guilty last week to charges stemming from a wide-ranging scheme to defraud banks and mortgage companies as part of a conspiracy involving numerous sham short sales. In some cases, the purported third-party buyers were actually the spouses, parents or children of the purported sellers.

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Sonny Abassi named general counsel for Lender Service Provider

Lender Service Provider, a provider of secondary marketing, post-closing, compliance, quality control, business systems management, IT, and accounting for mortgage-related companies, named Sonny Abassi as the company’s new general counsel. Abassi also serves the Lender Service Provider’s chief compliance officer.

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Northwest real estate market bucks trend, heats up for sellers

In an unusual trend, the Northwest real estate market is heating up heading into the holidays, taking some of the fear away from last month’s threat of a slow down into the rest of the year. According to industry leaders, this year is different.

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New Chronos Solutions, RealtyBid product lowers risk for servicers

Chronos Solutions, which recently rebranded from Matt Martin Real Estate Management, along with its affiliate company, RealtyBid, introduced a new service to help sellers in the disposition of HUD, VA and non-performing loan sales.

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OCC to lenders: TRID compliance exams coming

In addition to having the Consumer Financial Protection Bureau monitoring lenders’ compliance with its new TILA-RESPA Integrated Disclosures rule, the Office of the Comptroller of the Currency told lenders Friday that it will soon be starting its initial examinations of compliance with the TRID rules.

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Fidelity National Financial names Mike Nolan president

Fidelity National Financial announced the appointment of Mike Nolan to the position of president. Nolan is a 30-year veteran of Fidelity National Title Group and its predecessor companies.

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Freddie Mac issues credit-scam warning to potential homeowners

In an effort to protect as many potential homeowners as possible, Freddie Mac is issuing a warning to buyers and lenders about scams that offer the promise of a raised credit score in exchange for money.

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October jobs surge past expectations

While last month’s job numbers were disappointing, October more than makes up for it, crushing expectations of 190,000 and even top-end forecasts for 240,000.

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Thursday, November 5, 2015

Ex-Goldman banker barred from banking for leaking confidential Fed info

A former Goldman Sachs employee will never work in banking again, after pleading guilty to charges of stealing confidential information from the Federal Reserve Bank of New York.

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Community lenders push White House to recapitalize Fannie, Freddie

In the wake of a weak third quarter that saw Fannie Mae’s net income cut in half and Freddie Mac take a loss for the first time in four years, two groups of community lenders are pushing the Obama administration to rebuild the capital reserves of the government-sponsored enterprises and develop a plan to end conservatorship of the GSEs.

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Compass Point: Fannie Mae, Freddie Mac will need another bailout

The disappointing third quarter results for Fannie Mae and Freddie Mac have many already questioning whether the current financial status of the government-sponsored enterprises is stable. New analysis from Compass Point Research & Trading suggests that it’s no longer a question of if the GSEs will need another bailout. Now, it’s simply of a question of when.

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Here are the top 10 affordable cities for Millennials to buy a home now

While it’s currently a great time to buy a home, there are certain cities that bode better than others when it comes to affordability. To help in your decision making process, here’s a chart of the 10 most affordable cities for Millennials looking to buy homes below.

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MBA: Mortgage credit continues to loosen

Once again, mortgage credit availability trended higher, increasing in October thanks to new conforming loan programs, many of which were affordable housing programs that have lower down payment requirements.

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Fannie, Freddie fees likely won’t fund new roads

The fees charged by Fannie Mae and Freddie Mac to guarantee loans will likely not go to pay for new roads, after the House of Representatives voted overwhelmingly to remove a controversial portion of a massive transportation bill that would have used g-fees to offset the cost of the bill.

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Fannie Mae CEO pushes for more credit-risk sharing in bond market

Since October 2013, these risk-sharing transactions have transferred to the private market a significant portion of the credit risk on single-family mortgage loans with an unpaid principal balance of approximately $464 billion. The Fannie Mae CEO says there is plenty of room for more. Here’s why.

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Freddie Mac: Mortgage rates start to move higher

Mortgage rates started to rise amid market expectations of a possible rate increase by the Federal Reserve. Last week rates fell slightly lower amid expectations of no rate increase by the Fed, but thanks to a recent comment from Fed Chair Janet Yellen, this low-rate environment could start to end.

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[Infographic] Here’s what the typical homebuyer and seller look like

This is the third year in a row that the share of first-time buyers declined, staying at the lowest point in nearly three decades. “Unfortunately, there are just as many high hurdles slowing first-time buyers down,” Lawrence Yun, NAR chief economist, said.

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Wells Fargo fined $81.6 million for violating federal bankruptcy rules

Wells Fargo will return $81.6 million to homeowners after reaching a settlement with the Department of Justice’s U.S. Trustee Program over the bank’s “repeated failures” to provide bankrupt homeowners with legally required notices of mortgage payment increases.

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RealtyTrac: 3Q most profitable time to sell home in eight years

Homeowners realized an average price gain of $40,658 (17%) from the purchase price of their property, marking the highest average price gain for home sellers since the third quarter of 2007.

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Fannie Mae 3Q net income more than cut in half to $2B

Fannie Mae recorded a third-quarter net income of $2 billion and comprehensive income of $2.2 billion, faring much better than Freddie Mac. However, unlike Freddie, Fannie reported a positive net worth of $4 billion, resulting in a dividend obligation to Treasury of $2.2 billion.

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Wednesday, November 4, 2015

Dick Bove: Freddie Mac is insolvent

Freddie Mac CEO Donald Layton cited a hedging loss of $4.2 billion as reason for the quarterly results, which Richard Bove, vice president of equity research at Rafferty Capital Markets, takes exception to. “This company is insolvent and playing financial games that are not acceptable,” Bove told clients Wednesday.

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A day in the life of HUD Secretary Julián Castro

In a fascinating look behind the scenes into the life of one of housing’s biggest players, New York Magazine published a photo essay recapping one day with Julián Castro, the secretary of the Department of Housing and Urban Development. Here’s a taste of it.

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Impac Mortgage's originations skyrocket 150%

It was a strong quarter for Impac Mortgage Holdings, with the lender posting a 150% increase in total originations for the third quarter of 2015. And it faired pretty well outside of mortgages, too.

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PHH posts another big loss in third quarter

For the second quarter in a row, PHH Corp. posted a loss, driving the company deeper onto the negative side of the ledger for 2015. Much of the loss was due to setting aside millions for the legal and regulatory battles the company is facing.

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Drop in MSR value drives Stonegate from profit to loss

A decline in the fair market value of its mortgage servicing rights portfolio erased the year-to-date profits of Stonegate Mortgage Corporation and drove the company into the red for the year, the company announced Wednesday.

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Fed’s Yellen to Congress: December ‘live possibility’ for interest rate hike

When the Federal Reserve announced last week that it would not be increasing the federal funds rate in November, speculation ran rampant on whether a rate hike would be coming after the next meeting of the Federal Open Market Committee in December. Speaking Wednesday before the House Financial Services Committee, Fed Chair Janet Yellen formalized that possibility.

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Cameron Diaz lists ornate NYC apartment for $4.25M

Actress Cameron Diaz listed her two-bedroom, two-bathroom, 1,400-square-foot apartment on Zillow. The home was designed by the famed Kelly Wearstler, and published as the feature cover story in Elle Décor.

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Bank of America reportedly close to naming new global general counsel

Ending a search that stretched back to July, Bank of America appears ready to name a new global general counsel, David Leitch, who is set to retire from a similar position with Ford Motor Co.

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Executive Conversation: Patrick Nackley on the perils of hazard claims

As servicers try to comply with HUD mandates, they can get backlogged and end up filing hazard claims on every damaged property just to be safe. While that’s understandable, it means they have to be careful about how the claim funds are managed after settlement. HUD routinely demands claim settlement funds be used to get the damaged property into pre-loss condition. So a short-term solution to one issue can invite additional obligations for the servicer.

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CoreLogic: Distressed home sales at lowest level in 8 years

Distressed sales, which include real estate-owned properties and short sales, are officially at the lowest level since September 2007. And if the current year-over-year decrease in the distressed sales share continues, it would reach a “normal” 2% in mid-2018.

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Mortgage apps finish October slightly lower after TRID volatility

While the month may have ended slightly down 0.8%, the results come after a giant upswing and downswing due to TRID. After skyrocketing more than 25% and tumbling more than 25% due to TRID, the results started to simmer down.

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Tuesday, November 3, 2015

American Southwest Mortgage Co. partners with Mercury Network

Mercury Network, a software platform that allows lenders and appraisal management companies to manage their collateral valuation workflow, announced that American Southwest Mortgage Co. began using Mercury Network’s suite of offerings.

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Freddie Mac’s fourth actual loss risk-sharing deal prices wide

Freddie Mac announced Tuesday that it priced its fourth Structured Agency Credit Risk series offering featuring actual-loss positions. The deal, STACR Series 2015-DNA, priced wide of its last STACR DNA series deal, STACR Series 2015-DNA2.

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CFPB secures $107 million in relief for consumers

In the ninth edition of the Consumer Financial Protection Bureau’s Supervisory Highlights, the bureau records that its actions resulted in $107 million in relief to more than 238,000 consumers. The report includes details on exactly where servicers and originators violated rules.

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Zillow Group ‘significantly exceeds’ own expectations, sees revenue grow 13%

Zillow Group, which is the parent company for the consumer brands Zillow, Trulia and StreetEasy, turned in a strong third quarter, so strong in fact, that the company’s performance exceeded its own projections.

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Donald Trump accuses Obama, Yellen of conspiring to keep interest rates low

Every time Republican presidential candidate Donald Trump addresses a crowd, either in a debate, in a one-on-one with the media or at a campaign event, it’s more likely than not that he’s going to say something that creates a buzz. And Tuesday was no different, although this time, Trump went well beyond commenting on Carly Fiorina’s looks or getting into it with Jeb Bush about 9/11.

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CoreLogic: Home prices up 6.4% in September

While home prices nationwide, including distressed sales, increased by 6.4% in September 2015 compared with a year ago, Sam Khater, deputy chief economist for CoreLogic, explained that this is once again good news for the company given past home price results.

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Are servicers finally off the CFPB’s hit list?

For quite some time now, it appeared that the Consumer Financial Protection Bureau was out to get the servicing industry. However, a quick perusal of the new supervisory report from the CFPB might finally be a sign that servicers are no longer at the top of the bureau’s hit list. Can servicers finally breathe a sigh of relief?

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Freddie Mac CEO: Lenders should offer more low down payment mortgages

In an interview with HousingWire, Freddie Mac CEO Donald Layton said he wants mortgage lenders to feel more comfortable with originating more low down payment mortgages. Layton said that lenders are gripped by an “undue fear” of representation and warrants claims, saying recently such activity is “way down.”

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Wharf Street acquires majority stake in Kroll Bond Rating Agency

Kroll Bond Rating Agency now has a new majority owner, as the credit ratings agency announced Tuesday that one of its minority investors, private-equity firm Wharf Street, acquired a majority stake in the firm.

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Freddie Mac reports first loss in four years

Freddie Mac’s third quarter net income plummeted compared to last quarter, posting a net loss of $475 million for the third quarter of 2015, significantly down from $4.2 billion in the second quarter of 2015. However, this aside, Donald Layton, CEO, said, “The business had very strong fundamentals with growing volumes of guarantees and continued improving credit quality in the guarantee businesses.”

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Listing your home in winter could mean more money

While spring is commonly known as the peak home-shopping season, there are still options for sellers to make their home a hot seller this winter. Here are 3 strategies to help.

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Nationstar 3Q earnings drop to $32 million

Nationstar Mortgage Holdings’ third-quarter adjusted earnings dropped to $32 million, compared to $35 million in the second quarter. However, despite the decline, Jay Bray, CEO, remained positive on the company’s recent improvements.

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Is the mortgage industry ready for TRID and more next year?

As we head into the end of the year, there is always much discussion around what the next year will bring for the mortgage industry. But before you predict next year, you must look at what the mortgage industry can expect for the rest of this year. The greatest challenge, however, may be the industry’s perception of itself.

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Monday, November 2, 2015

Clayton Homes buys Georgia homebuilder for $50 million

Clayton Homes, a manufactured home builder that is part of Warren Buffet’s Berkshire Hathaway, is buying Chafin Communities, a Georgia-based residential homebuilder, for $50 million. According to the Atlanta Business Chronicle, which first reported the acquisition earlier Monday, Clayton will receive nearly 1,100 lots as part of the deal.

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Citi puts power of digital mortgages to the test

Citi will pull out of its retail operations in the Massachusetts market early next year. The bank was careful to say it wasn’t abandoning mortgage lending in the Bay State, but the decision moves a lot of the lending pressure to the strength of its digital mortgage platform. And not everyone thinks digital is the best option.

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Senators demand answers on New Jersey zombie foreclosure crisis

According to a recent report from RealtyTrac, the state of New Jersey has more zombie foreclosures than any other, and now, the state’s two senators are asking why the problem is so bad and what federal regulators are going to do about it.

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Fed survey shows some banks are making it easier to get a mortgage

Results from a new survey released Monday by the Federal Reserve show that a few banks are making it easier to get a mortgage, but nearly all banks are still not venturing into subprime or other risky mortgages.

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Lower-tier markets a new goldmine for investors

A new industry report from Clear Capital shows that low-tier markets are becoming more appealing to investors looking to make a profit, as the divide between the price growth in high-end and low-end properties continues to widen. “For both first-time homebuyers and investors, this should signal a major opportunity in these lower tiers,” said Alex Villacorta, vice president of research and analytics at Clear Capital.

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New American Funding names Ellen Skaggs reverse national production manager

New American Funding announced the appointment of Ellen Skaggs to the position of reverse national production manager. In this position, Skaggs will lead a planned expansion of New American Funding’s reverse mortgage division nationwide.

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Here are the 20 hottest housing markets right now

While there wasn’t a lot of movement in the hottest housing market this month, there was one noteworthy change. Denver managed to slip back into the No. 1 spot to once again be the hottest housing market in the nation.

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House vote on GSE CEO pay limits delayed two weeks

The chief executive officers of Fannie Mae and Freddie Mac will have to wait two more weeks to see if Congress will vote to install limits on their compensation, after a busy Congressional calendar delayed a scheduled vote on the compensation packages of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton.

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[Chart] Mortgage standards are not loosening for the refi market

At first glance, a new industry report from Black Knight appears to show that the average credit score for refinance applications is loosening. However, further investigation shows that there are different factors pulling the average score down.

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Sunday, November 1, 2015

Monday Morning Cup of Coffee: BofA mortgage settlements begin to add up

Happy (belated) Halloween, we hope everyone enjoyed the weekend’s festivities. It was not quiet for the housing economy. And since it’s the close of the season, let’s begin with a witch hunt!

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