Friday, January 29, 2016

MERS mortgage authority upheld by New Hampshire Supreme Court

MERSCORP Holdings announced Friday that it secured another victory in a state’s highest court, as the New Hampshire Supreme Court upheld MERS’ mortgage assignment rights.

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Tesla’s first home battery is officially on the market

After much anticipation, Tesla’s first crop of energy storage batteries are finally on the market. For now, Tesla is only bringing the Powerwall to Australia since the country is a priority market due to its high number of solar energy users.

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Ocwen ties that bind? Altisource Residential adds former HLSS exec

In another sign that the relationship between Ocwen Financial and its affiliated companies, Altisource Portfolio Solutions, Altisource Residential Corporation, Altisource Asset Management Corporation, and Home Loan Servicing Solutions, will always be complicated, Altisource Residential and Altisource Asset Management announced Friday that Michael Lubin is joining both companies. Lubin joins the Altisource companies from Home Loan Servicing Solutions.

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Here's how retail lenders can compete in this digital world

A side effect of digital mortgages as they gain prominence is the slow extinction of brick-and-mortar lending branches. However, it’s not all doom and gloom for branches. In order to still survive, this is what retail lenders need to do.

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Want some Mr. Cooper swag? Nationstar opens online store for new brand

Recently, HousingWire revealed the details on Mr. Cooper, the new brand that Nationstar will be likely launching soon as part of a rebranding effort. And now, even though the new brand remains officially unconfirmed, it appears that the general public can buy their own Mr. Cooper-branded swag, thanks to an online store that appeared this week.

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Is it better to invest in a 401K or buy a house?

The age old question teenagers, college graduates and even professionals ask, “Which is better, investing in a 401K or investing in a house?”

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The GDP loses momentum

The GDP, the value of everything a nation produces, showed a significant markdown this fourth quarter compared to the 3.9% increase last spring, according to Market Watch. The economy expanded at a 2.4% clip last year, the same as in 2014, the Commerce Department said. The U.S. hasn’t topped 3% growth since 2005.

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ClosingCorp adds Dave Petro as senior vice president

ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, announced recently that Dave Petro joined the company as head of sales and business development.

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Walter Investment's Ditech buys part of Residential Credit Solutions

In another signal that the default mortgage business is shrinking, Walter Investment Management Corp. announced Friday that it acquired “certain assets” of Residential Credit Solutions. While a “number of core operational employees” are being transferred from RCS to Ditech, more than 130 of RCS’ employees will not be making the transition, and the company is laying off 134 employees at the end of February.

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Miami’s Coconut Grove ‘Cinderella’ story

Once upon a time, what was once a village that attracted Bohemians during the 1950’s and ‘60’s, Coconut Grove is now attracting a different class with their new and improved condos.

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Thursday, January 28, 2016

Computershare acquires Altavera Mortgage Services

Computershare, an Australian tech company that made waves in the mortgage space in 2011 when it acquired Specialized Loan Servicing for $113.6 million, announced Thursday that it signed an agreement to acquire Altavera Mortgage Services, a provider of independent, third-party mortgage origination services to residential mortgage lenders.

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LRES reports 'dramatic growth' in 2015

LRES, a national REO and appraisal management company offering property valuations, asset management, HOA and technology solutions for the mortgage and real estate industry, announced Thursday that the company had a “banner year” in 2015.

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4 ways to improve loan officer and real estate agent relationships

Loan officers and real estate agents need each other to thrive in their respective businesses. To help loan officers figure out how to best cultivate this relationship, MGIC teamed up with Bill Gassett, a real estate agent based in Massachusett, to create a list of ways loan officer can work better with real estate agents.

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ComplianceEase launches web-based employment and income verification platform

ComplianceEase, a provider of automated compliance solutions to the financial services industry, announced earlier this week that it launched a new web solution, VOE Xpress, that provides independent authentication of borrower employment and income.

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FHFA: Mortgage interest rates increased in December

Mortgage interest rates rose in December across the U.S., a new report from the Federal Housing Finance Agency showed. According to the FHFA report, the average interest rates on all mortgage loans went up 10 basis points from a 3.86% to a 3.96%.

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HSBC enforces new restriction to Chinese citizens in the U.S.

Chinese nationals living in the U.S. will have a tough time getting a mortgage with one of the world’s largest banking and financial services organization, HSBC. According to a Reuters report, the bank is scaling back its lending to Chinese nationals.

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FirstSource purchases ISGN’s BPO business

FirstSource, a business process outsourcing company, purchased US-based mortgage service provider ISGN’s BPO business to expand their company. According to The Economic Times, FirstSource said that more than 700 employees from ISGN’s BPO division in the U.S. and India will join FirstSource through this acquisition.

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California housing positioned for strong 2016

A new report from the California Association of Realtors shows that California pending home sales continued to progress through 2015 with solid gains, which will position the market for a modest increase in home sales in 2016.

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Pending home sales barely increase, driven by surge in the Northeast

After a series of declines, pending home sales, while small, posted a slight increase largely fueled by a surge in the Northeast. On a positive side, NAR’s chief economist, said that the silver lining from the market turmoil in recent weeks is the fact that mortgage rates have stayed low.

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Is Nevada’s HOA solution just another problem for mortgage servicers?

Redemption requires timely and reasonable cooperation by the purchasers, the same purchasers that the servicers have been litigating with for the last several years. As a result, exercising the right of redemption could very well lead the servicer into quiet title litigation, again. Here’s what you need to do.

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FHA reduces multifamily housing insurance rates to support energy efficiency

The FHA announced a new plan to reduce multifamily insurance rates in order to encourage capital financing of affordable and energy-efficient apartments. This marks a major move from the government to support energy efficiency, which has been gaining momentum in the industry.

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Here are the 25 strongest and weakest housing markets for 2016

With the new year, it’s still not too late to identify where the strongest and weakest U.S. housing markets will be in 2016. A new report from Veros Real Estate Solutions, a provider of enterprise risk management, collateral valuation services and predictive analytics, shows the vitality and expected market changes of the U.S. residential market for 2016.

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Freddie Mac: Mortgage rates drop four consecutive weeks

Mortgage rates once again moved lower amid continuous market turmoil. This marks the fourth consecutive week that mortgage rates moved lower. Last week, rates also fell due to market turbulence driving investors to Treasuries.

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Wednesday, January 27, 2016

Roostify expands management team, names new CFO

Roostify, a provider of automated mortgage transaction technology, announced the addition of Iyad Darcazallie as chief financial officer and chief operating officer and Scott Stein as vice president of sales.

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America’s most unwanted, expensive homes

America’s most expensive homes already lose out on a lot of buyers since they are way outside the price range of the typical homebuyer, causing it to be an even larger issue when there’s no interest from the slim pool of buyers that they do have.

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Freddie Mac launches online tool to help real estate professionals

Freddie Mac recently launched an online real estate professionals resource center, which is designed to keep real estate agents, brokers, housing counselors, and other practitioners on top of the latest affordable mortgage products, training, and networking opportunities as well as customizable promotion tools.

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OpenHouse partners with NerdWallet to provide real estate agent recommendations

Users of NerdWallet, a website that helps guide consumer decisions with tools, research and advice about credit cards, mortgages, insurance, loans or other expenses, can now get recommendations about choosing a real estate agent, thanks to a new partnership between NerdWallet and OpenHouse.

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Ted Cruz under fire for Goldman Sachs connections

GOP Presidential candidate Ted Cruz continues to be criticized for his links to Goldman Sachs, the company where his wife Heidi, is a managing director at the firm in Houston.

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FOMC: When interest rates rise again, it will be gradual

In the first Federal Open Market Committee meeting since the Federal Reserve decided to raise interest rates, the committee decided to keep the federal funds rate at a range of 0.25% to 0.50%. For now, the committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate.

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Here's Quicken Loans entry into the Super Bowl ad bonanza

Quicken Loans added its name to the Super Bowl commercial roster, joining veterans like Budweiser and Doritos, in what’s not only the final face-off of the top two football teams this season, but the ultimate thrown-down of the who’s who in commercials. And you don’t have to wait until the Super Bowl to watch it, the video is included here.

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New home sales beat expectations, rise 10.8%

New home sales kept pace with previous strong economic housing news this month, except its rise isn’t conditional on TRID. In fact, new home sales rose significantly more than the 2.0% expected, rising from 491,000 to a 544,000 unit pace, the fastest pace since February 2015.

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Hanging with "Mr. Cooper"? Nationstar’s big move revealed

Confirming suspicions that HousingWire brought to light in late December, signs are beginning to emerge that the rebranding of Nationstar Mortgage is nigh upon us. According to multiple sources, Nationstar is preparing to launch a new brand that would be unlike any other in the mortgage space: say hello to “Mr. Cooper”. Click headline to read more.

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MBA: Mortgage applications rise three weeks straight

It was another strong week for mortgages, with applications rising and mortgage rates falling. In this week’s data, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) reached its lowest level since October 2015.

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Texas luxury home sales maintain fast-growing trend

Luxury home sales continue to be one of the strongest sectors in the Texas housing market, with sales continuing to rise, according to the 2016 Texas Luxury Home Sales Report recently released by the Texas Association of Realtors.

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Tuesday, January 26, 2016

Timothy Verinder joins Stonegate Mortgage as southwest regional manager

Stonegate Mortgage Corporation, a mortgage company focused on originating, financing and servicing U.S. residential mortgage loans, announced earlier this week that Timothy Verinder joined the company as southwest regional manager.

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Mortgage Master expands, promotes two managers

Mortgage Master, a national mortgage lender and division of loanDepot, announced Tuesday that they are expanding their offices in Northbrook, Illinois. Jorden Brok and Brett Lotsoff received promotions and are now co-managers of both the Northbrook and North River branches in Chicago.

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FHFA house price index rises slightly

U.S. housing prices in November stayed at 0.5% on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency’s monthly House Price Index.

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Appraisal volume starts to lose momentum

Appraisal volume lost some of its steam as the year starts to progress past the huge gains witnessed at the beginning of January. Kevin Golden, director of analytics with a la mode, helps explains what could be behind the perplexing data.

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JPMorgan Chase to pay $995 million to bond insurer Ambac

In the latest settlement resolving issues from the financial crisis, JPMorgan Chase said it will pay $995 million to bond insurer Ambac Financial Group to settle disputes related to the insurance of residential mortgage-backed securities.

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3 homebuying tips potential borrowers need to know

Before you start your home-buying journey, make sure you’re educated on the process. Know what goes into a closing cost, or the importance of your FICO? If you said no to either of those, check these tips.

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JPMorgan pays $1.42B to settle Lehman claims

Wrapping up most its issues with the company, JPMorgan Chase announced late Monday night that it has agreed to pay the remnants of Lehman Brothers Holdings Inc. $1.42 billion in cash.

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Case-Shiller: Home prices can't offset struggling economy

Although home prices continued to increase, boding well for the economy, it’s still not strong enough to offset some of the trouble spots. According to the latest S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, home prices recorded a 5.3% annual increase in November 2015 versus a 5.1% increase in October 2015.

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Flagstar CEO: TRID impacts us more than other mortgage lenders

As the fourth quarter earnings start to pour in, the true extent of the TRID impact on each individual company is coming to light. For some banks, it was just a dent in the grand scheme of things, but that’s not the case for Flagstar.

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New year's resolutions for mortgage loan quality

Just like the right running shoe can minimize strain and provide support so the runner can go the distance, the right tools for a quality workout can result in accurate defect detection and condition clearing prior to close and before a loan is sold.

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Tampa-area police search for man accused of preying on female real estate agents

Less than two weeks after an Arkansas jury found Arron Lewis guilty of abducting and killing Realtor Beverly Carter in 2014, demonstrating the ultimate risk that Realtors and real estate agents face in their chosen profession, Tampa-area police are asking for the public’s help to find a man accused of preying on female real estate agents.

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Fox News personality predicts housing crisis, outs self as clueless fear-monger

Cal Thomas, who is apparently “America’s most widely syndicated op-ed columnist,” penned a syndicated column that appeared on FoxNews.com and in scores of newspapers from coast to coast recently, in which he writes that the creation of the HomeReady program by Fannie Mae is one giant step towards another housing apocalypse. Not only does Thomas not know what he’s talking about, he goes on to out himself as a fear-mongering doomsayer.

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Monday Morning Cup of Coffee: It's time for you to buy a home

One housing expert says housing sales are increasing, and the CEO of KB Home agrees with her, kind of. But with the Fed raising interest rates, is it a good time to buy a home? Nope, it’s a great time. And here’s proof.

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Here’s your chance to become a Rising Star

HousingWire’s 2016 Rising Stars award program recognizes the next generation of leaders in lending, servicing, investments, and real estate — those younger leaders already making their mark on the industry.

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Appraisal Institute falls victim to Twitter hack

If you’re a follower of the Appraisal Institute on Twitter, some strange tweets began showing up on your timeline lately. Instead of tweets about the appraisal industry, tweets emanating from the Appraisal Institute’s account for the last 18 hours have more to do with Playboy Magazine, Hooters, David Hasselhoff, links to “sexy” videos, and other inappropriate tweets. That’s because the Appraisal Institute has fallen victim to a Twitter hacking.

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Monday, January 25, 2016

CoreLogic partners with Howard Hanna Real Estate Services

CoreLogic, a global property information, analytics and data-enabled services provider signs a deal with Howard Hanna Real Estate Services, which bills itself as the fourth largest real estate company in America, to provide public record parcel data for every state that Howard Hanna operates.

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Good news for renters: Rents to finally flatten in 2016

Rent appreciation is finally projected to cool down in 2016, giving renters a much-needed break from what seemed to be never-ending price increases. However, a price slowdown isn’t enough to turnaround some of the outrageous costs of rent on the West Coast.

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Is technology impacting commercial mortgages just like residential mortgages?

While new technology is completely changing the face of the residential mortgage market, the same story isn’t happening in the commercial mortgage market yet. Is this all about to change? One midsize commercial-mortgage broker not only says yes, but they have already successfully adjusted their business financially for it.

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D.R. Horton misses earnings expectations

It was a tough quarter for D.R. Horton. The Homebuilder missed earnings expectations for the final quarter of the year as its home sales fell in all regions but the Southeast.

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John Fikany joins Quicken Loans as VP of strategy

Quicken Loans hired John Fikany as vice president of strategy. In this new position, Fikany will be responsible for development of strategy and execution for large technology and other initiatives at Quicken Loans and its family of companies.

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Former NBA player Tate George gets 9 years for running real estate Ponzi scheme

Tate George, a former basketball star at the University of Connecticut who spent four years in the NBA in the early-mid 90s, will spend the next nine years in prison for “orchestrating” a $2 million real estate Ponzi scheme. George alleged victims include several current and former professional athletes.

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Here’s your chance to become a Rising Star

HousingWire’s 2016 Rising Stars award program recognizes the next generation of leaders in lending, servicing, investments, and real estate — those younger leaders already making their mark on the industry.

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Citizen CEO on how TRID blocked its progress

Originally, Citizens Financial Group planned to add 350 mortgage lenders, giving it a total of 700, by the end of 2016. There was just one major thing standing in the lender’s way - TRID.

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Black Knight: Home prices maintain trend, move higher

Once again, home prices are trending higher, rising 0.1% from October, and 5.5% on a year-over-year basis. Most notably, New York led gains among the states for the fifth straight month. Here’s how other states and metros faired.

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Monday Morning Cup of Coffee: It's time for you to buy a home

One housing expert says housing sales are increasing, and the CEO of KB Home agrees with her, kind of. But with the Fed raising interest rates, is it a good time to buy a home? Nope, it’s a great time. And here’s proof.

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First Freddie Mac NPL sale of 2016 hits market

Freddie Mac announced a $1.6 billion non-performing loan transaction, marking the first one for the year. The NPLs are being marketed via seven pools and are currently serviced by Nationstar Mortgage.

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Friday, January 22, 2016

Virginia reaches $63 million settlement with 11 banks for RMBS fraud

The Commonwealth of Virginia announced Friday that it reached a “record” settlement with 11 banks over allegations that the banks defrauded the state’s retirement system by allegedly misrepresenting the quality of residential mortgage-backed securities in the run-up to the financial crisis.

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Fox News personality predicts housing crisis, outs self as clueless fear-monger

Cal Thomas, who is apparently “America’s most widely syndicated op-ed columnist,” penned a syndicated column that appeared on FoxNews.com and in scores of newspapers from coast to coast recently, in which he writes that the creation of the HomeReady program by Fannie Mae is one giant step towards another housing apocalypse. Not only does Thomas not know what he’s talking about, he goes on to out himself as a fear-mongering doomsayer.

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imortgage appoints two senior production executives

imortgage, a division of loanDepot, announced it appointed two senior production executives, Mary Bane and Jim Weir. Dan Hanson, executive vice president of national production for imortgage, said that the hiring and promotion reflect the lender’s goal to expand.

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Appraisal Institute falls victim to Twitter hack

If you’re a follower of the Appraisal Institute on Twitter, some strange tweets began showing up on your timeline lately. Instead of tweets about the appraisal industry, tweets emanating from the Appraisal Institute’s account for the last 18 hours have more to do with Playboy Magazine, Hooters, David Hasselhoff, links to “sexy” videos, and other inappropriate tweets. That’s because the Appraisal Institute has fallen victim to a Twitter hacking.

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Existing-home sales surge in TRID aftermath

The immediate impact of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule in October is quickly coming to light as existing-home sales bounce back after November’s steep drop. But before celebrating, NAR President Tom Salomone cautioned that data is still showing longer closing timeframes, which is a reminder that the near-term challenges they anticipated are still prevalent.

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Wells Fargo Home Mortgage hires Northeast division sales manager

Wells Fargo’s most recent hire brings 32 years of mortgage lending experience as an originator, manager and leader. Todd Johnson joins the company as Northeast Divisional Manager and will be based in Minneapolis

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[chart] MBA: How will oil concerns impact housing?

As concerns over falling oil prices start to plague housing, the Mortgage Bankers Association’s latest chart of the week examined the 2015 trend in employment in several states reliant on oil production to help put in perspective the potential impact to the housing market.

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Thursday, January 21, 2016

Amid complaints of 'constant harassment,' New Jersey town moves to ban real estate solicitors

Residents of a neighborhood in Toms River, New Jersey are so tired of being “constantly harassed” by real estate agents who go door-to-door in their neighborhood offering to buy their homes that they are pushing for a ban of real estate solicitation in the town.

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Utah real estate company charged with operating $28 million Ponzi scheme

A Utah real estate investment company offered investors the promise of a guaranteed return on their investment in “turnkey” houses, but instead bilked more than 250 people out of $28 million by operating a Ponzi scheme, the Securities and Exchange Commission said Thursday.

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Ten-X promotes Rick Sharga to chief marketing officer

Ten-X, the company formerly known as Auction.com, announced Thursday that it is promoting Rick Sharga from executive vice president to chief marketing officer. In this role, Sharga will utilize his “unique blend” of real estate, technology and consumer marketing experience to lead corporate marketing, branding and corporate communications for Ten-X, the company said.

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Jobless claims post highest reading since July 2015

Jobless claims increased to 293,000 filings for the week ending Jan. 16, surpassing an industry consensus of 275,000. In Econoday’s analysis of the report, it noted that while there were no special factors affecting the data, volatility in this series is not unusual at the start of the year.

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[Infographic] An inside look at Millennial credit profiles

If only 3% of Millennials have taken out a mortgage, what are they spending their money on? A new infographic from online lender Avant dives into the question and answers what makes this young demographic different from its predecessors.

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Mortgage tech company Blend secures $40 million in funding

Blend is the latest San Francisco-based company to say it’s changing the face of the mortgage industry. The mortgage tech company announced it raised $40 million in Series C funding, which indicates investors believe them.

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BankUnited execs: Our struggle with mortgage originations

BankUnited executives divulged more information on the bank’s decision to stop originating mortgages during its fourth conference call Thursday morning. While the bank remains positive on other part of its business, it couldn’t say the same for its mortgage business.

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Freddie Mac: Mortgage rates fall amid market turbulence

Mortgage rates dropped even further below 4% for the third consecutive week, as nonstop financial market turbulence drove investors to the safe haven of Treasuries.

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New York Gov. Andrew Cuomo chooses Maria Vullo to lead NYDFS

New York Gov. Andrew Cuomo announced Thursday that his office is nominating Maria Vullo to serve as the superintendent of the New York Department of Financial Services, ending a tumultuous period that saw rumors of tension between the governor’s office and the NYDFS surround the departure of the Anthony Albanese as acting superintendent of New York’s top financial regulator.

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Wednesday, January 20, 2016

Societe Generale reportedly quitting U.S. mortgage bond business

Societe Generale is reportedly “pulling back” on its U.S. mortgage-bond trading business, according to an article from Bloomberg.

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Can housing overcome a shaky stock market?

Despite an unstable stock market, economists predict that the housing market will follow in the labor market’s footsteps rather than the financial market. This doesn’t mean it will be an easy process though.

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Freddie Mac settles with Deloitte in $1.3 billion suit over Taylor, Bean & Whitaker

The court battle between Freddie Mac and Deloitte & Touche over allegations of fraud involving the spectacular collapse of Taylor, Bean & Whitaker is now over after the two sides agreed to dismiss Freddie Mac’s $1.3 billion lawsuit against Deloitte. Freddie Mac initially sued Deloitte & Touche in 2014, accusing Deloitte of “gross negligence” in its auditing of TBW.

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SEC fines Ocwen $2 million for misstating financials; Altisource, HLSS relationships

Ocwen Financial will pay a $2 million fine after a Securities and Exchange Commission investigation found that the nonbank misstated it financials on several occasions by using a “flawed, undisclosed methodology” to value mortgage servicing rights that were sold to an Ocwen-associated company, Home Loan Servicing Solutions.

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Stock markets tank as investors go bearish

Investors are scrambling as they continue to head into what is the worst start ever to a calendar year for the stock market. But amid all the negative reports, an article in Business Insider said that in a note to clients, Deutsche Bank’s Jim Reid gave some reason for optimism for the future.

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The 3 things that will kill your real estate deal

According to this report in The Washington Post, “In an internal survey of 2,643 realty agents conducted last month but covering sales and purchases during the previous three months, the National Association of Realtors found that 32% — nearly one-third of all transactions — encountered delays of some sort.” Here’s what causes that.

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JPMorgan barely phased by TRID, financially

JPMorgan Chase weighed in on its dealings with TRID during its fourth quarter conference, shedding light on where big banks stand on the issues. On the call Marianne Lake, chief financial officer of JPMorgan Chase, starts by saying, “So, yes, obviously it was.” But by how much was it?

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Yes, housing starts fell in December, but all is not lost

The housing start rollercoaster continued in December, with housing starts falling in December from November, which saw a significant increase from October’s unexpectedly dramatic drop. But several economists noted that the December data, while appearing negative, is actually a positive for housing.

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MBA: Mortgage apps jump again, rise 9%

Mortgage applications managed to post another increase as more people choose to refinance their homes. For the second week of the year, applications jumped 9%.

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Goldman Sachs earnings dented by RMBS settlement

Goldman Sachs recorded net revenues of $33.82 billion and net earnings of $6.08 billion for the year ended Dec. 31, 2015. However, despite the profit, the recent $5 billion settlement billion between Goldman Sachs and the federal government over claims related to toxic mortgage bonds sold to investors in the run up to the financial crisis managed to put a dent in the banks earnings, according to the earnings release.

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Chicago housing market saw solid improvement in 2015

The housing market in the Chicago metropolitan area experienced steady improvement in 2015, with the median sales price and the number of home sales rising over the previous year, according to a new report from RE/MAX.

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Increase your share of this year's mortgage business with Arch MI RateStar

“Being able to price MI more precisely gives lenders a significant competitive edge in the 2016 market and beyond. For eligible borrowers, RateStar can mean more affordable mortgages with lower monthly payments overall.“

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Tuesday, January 19, 2016

GM lobs mortgage fraud accusation on ignition-switch trial plaintiff

An Oklahoma man, who is the first to take General Motors to court over its faulty ignition switches, saw his credibility called into serious question when lawyers for the automaker accused him of committing mortgage fraud.

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Accredus expands U.S. operations, names Steven Crawford senior VP

Accredus Business Services, a provider of business and operational outsourcing services, announced the expansion of its U.S. operations and the appointment of Steven Crawford to the role of senior vice president. In this role, Crawford will oversee Accredus’ banking and financial services operations.

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Silver Bay Realty Trust CEO David Miller resigns

Silver Bay Realty Trust, a real estate investment trust that focuses on single-family rental homes, announced Tuesday that David Miller, the company’s president, CEO and a member of its board of directors, is resigning, effective immediately.

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Appraisal volume bodes well for 2016

Moving into the second week of the year, appraisal volume continued to trend higher. While the increase wasn’t as big as the first week of the year, here’s why the appraisal figures are still a positive sign for housing in 2016.

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Demolition begins on Pablo Escobar's $10 Miami mansion

The current owners, Chicken Kitchen owner Christian de Berdouare and his wife, former NBC 6 anchor Jennifer Valoppi, purchased the home in 2014 and are destroying the building to make way for a new home. However, the station reveals that recent thefts are under investigation.

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Homebuilder confidence remains at 6-month low

While the number remained the same, builder confidence still sits at a six-month low, reflecting that many markets continue to show a gradual improvement. According to NAHB Chairman Tom Woods, a homebuilder from Blue Springs, Missouri, this should bode well for future home sales in the year ahead.

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Bank of America total mortgage production grows 13% in 4Q

Bank of America was the next mega bank to post its earnings, revealing a strong quarter. The bank reported fourth-quarter net income of $3.3 billion, or $0.28 per share, beating analyst expectations by $0.01.

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Fannie Mae: Housing affordability will continue to be a challenge in 2016

The economy will continue growing, mortgage lending standards will ease and household income will rise in 2016, but housing affordability will continue be a challenge thanks to the continued increase in house prices, Fannie Mae said in a new report.

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Monday, January 18, 2016

Here’s the latest update on Detroit’s housing recovery

Fixing Detroit’s housing market is a slow, intensive process that still has people divided on whether or not it even is recovering. So how is the city doing now? The Urban Institute published a new piece giving an update on the continued but uneven recovery in the city’s housing market.

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KBRA: Rent-to-own properties problematic arena for investors

A recent report from Moody’s highlighted the benefits for consumers and investors that stem from Home Partners of America’s rent-to-own program, but a new report from Kroll Bond Rating Agency throws a wet blanket onto anyone who posited that rent-to-own could be the “future of housing.”

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New York City real estate finally valued at $1 trillion

New York City real estate just experienced its largest growth since the last year of the pre-crisis boom, with the total market value of taxable property in the city finally exceeding $1 trillion.

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St. Louis Rams sacked by real estate reality as team moves to Los Angeles

When the National Football League announced last week that the St. Louis Rams are moving back to Los Angeles, it seemed that everyone involved got what they wanted, except Rams’ fans in St. Louis, of course. But for those moving from St. Louis to Los Angeles with the team, they are about to take a big financial hit thanks to the vastly different costs of living from St. Louis to Los Angeles.

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Here's what homes built specifically for Millennials look like

A new housing community put Millennial needs at the forefront of its design plans, given that they are the next largest cohort of homebuyers. Interestingly, they are pretty nostalgic about the kinds of homes they grew up in, causing the houses to have to an old-time feeling to them.

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77 apps to optimize your time at work

Whether you’re rushing between showing prospective buyers a home or organizing all the paperwork you need to complete your borrower’s loan application, one or more of these applications could be the key ingredient in getting you to your goal faster.

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BankUnited stops originating retail mortgage loans

BankUnited is the second bank this year to announce it is pulling back on retail residential mortgage loans to consumers. Could this be the start of a new trend out of retail mortgage loans in the industry?

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Monday Morning Cup of Coffee: Was TRID worth it to homebuyers?

All that for nothing? A story in the Boston Herald on Sunday examines whether homeowners are using the new Loan Estimate — mandated in the CFPB’s TILA-RESPA Integrated Disclosure rule beginning last October — to shop around for lenders with the best rate, fees, etc. The story interviewed several mortgage lenders and found no evidence of this kind of comparison shopping.

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Can Houston's housing market maintain its strong pace in 2016?

Houston rose to the challenge in 2015 and managed to record the second-highest sales volume of all time, albeit it still came in second to 2014. However, the biggest struggles in 2015 happened at the end of the year, so where does this leave 2016?

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Friday, January 15, 2016

Maryland homebuilder jailed for multimillion-dollar mortgage fraud

A Maryland man who owned and operated a homebuilding company will spend the next year in prison for his role a mortgage fraud scheme that defrauded a mortgage lender of more than $2.4 million.

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Arron Lewis found guilty of murdering Arkansas Realtor Beverly Carter

Arron Lewis was found guilty Friday of abducting and killing Arkansas Realtor Beverly Carter in 2014, according to various Arkansas media outlets. Lewis was automatically sentenced to life in prison without parole for Carter’s murder and also received a consecutive life sentence for kidnapping. Click the headline to read more.

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Beal Bank founder buys North Texas’ largest home for $100 million

A spectacularly massive home that already broke records for its size is about to break records for its price tag as well. The largest and perhaps most notorious home in North Texas has found a buyer, as Andy Beal, the billionaire founder of Beal Bank, has reportedly agreed to buy the home of Dallas businessman Tom Hicks for $100 million.

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Is settlement looming between U.S. and RBS over pre-crisis mortgage bonds?

Now that the U.S. government secured another massive settlement over pre-crisis mortgage bond practices, this time with Goldman Sachs to the tune of $5 billion, only one major investigation remains outstanding – Royal Bank of Scotland. And according to a report from Reuters, settlement between RBS and the feds could be coming in the next few weeks.

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Thanks to TRID, California home sales exploded in December

After November 2015 turned out to be California’s worst home sales performance for the month since 2007, several observers were quick to point to the implementation of TRID as the cause. But November 2015 is looking like a mere speedbump for California. That’s because December proved all that wrong. Here are the numbers.

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Ditech sees strong future in correspondent lending

After a recent announcement from the company that it is exiting the distributed retail lending channel due to changes in the market, Ditech announced it is eyeing a different area of the lending market to expand in, correspondent lending.

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SoFi secures more than $7 billion in funding

Less than two years into the mortgage industry and SoFi is already breaking a lot of ground. The lender announcing it has officially secured more than $7 billion in funding.

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Wells Fargo 4Q15 earnings fall in-line with expectations

Wells Fargo released its fourth-quarter earnings early Friday morning, giving investors a better pulse on the American economy. According to its report, the major bank met market expectations and posted a fourth-quarter net income of $5.7 billion, or $1.03 per share.

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Citigroup 4Q15 net income surges to $3.3 billion

Citigroup’s fourth-quarter results faired well, with both its EPS and revenue beating expectations. For the fourth quarter, Citigroup’s net income surged to $3.3 billion, compared to net income of $344 million last year.

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Thursday, January 14, 2016

After ex-CFO admits to embezzling $20M, Michigan credit union placed into conservatorship

Just days after the former chief financial officer of a Michigan credit union walked into the local sheriff’s office and confessed to embezzling $20 million from his former employer, the credit union has been placed into conservatorship by the Michigan Department of Insurance and Financial Services.

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Zillow: Mortgage rates lower now than before Fed rate hike

According to Zillow’s latest report on the interest rates borrowers are quoted on its mortgage marketplace, mortgage interest rates are actually lower now than they were before the Federal Open Market Committee announced in December that it is increasing the federal funds rate for the first time since June 2006.

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Are appraisers in danger of extinction?

At the start of last year, the Appraisal Institute boasted 22,000 professionals. Fast forward one year and the number now sits at 20,000 professionals, providing more evidence of a growing problem that is plaguing the industry. And the fix isn’t as simple as a surge in marketing to attract more young people, although that might help.

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Goldman Sachs reaches $5 billion settlement over toxic mortgage bond claims

Goldman Sachs said Thursday that it reached a $5 billion settlement over claims related to toxic mortgage bonds sold to investors in the run up to the financial crisis. The agreement, which would still need to be finalized, would resolve actual and potential civil claims brought by the U.S. Department of Justice and other parties, relating to the firm’s securitization, underwriting and sale of residential mortgage-backed securities from 2005 to 2007.

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Is rent-to-own the future of housing?

With rising rents making it more difficult for many to even save the 3% down payment they’d now need to buy a home, a new option is emerging as an avenue for consumers to live in the home they want and save money to buy it at the same time – rent-to-own.

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How Rep. Scott Garrett’s anti-gay views are splintering Wall Street

Rep. Scott Garrett, R-N.J., holds undeniable influence on the country’s financial system, and especially the country’s housing financial system. But Garrett’s personal views on the Republican Party’s support of gay candidates place Garrett at the center of a storm that’s currently ripping apart both his party and Wall Street as well.

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Title companies gear up to manage advanced eClosings

While lenders are expected to benefit tremendously from eClosings, title and settlement companies are beginning to lead the way. This makes sense, considering their in-depth knowledge of the closing process and the fact that they are the ones ultimately insuring the transactions.

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JPMorgan Chase net income jumps 10%, beat expectations

JPMorgan Chase kicked off earnings season early Thursday morning, reporting a 10% increase in net income for the fourth quarter of 2015. Mortgage banking didn’t fair as well, with its net income falling 21% to $266 million.

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Zillow: Here are 2016's hottest housing markets

Since we’re only a few weeks into the new year, there’s still plenty of time to identify which housing markets are set to blow up this year. Zillow set out to do just that, using its Home Value Forecast, which forecasts the change in the Zillow Home Value Index over the next 12 months, recent income growth, and current unemployment rate to pinpoint which markets will be the hottest in 2016.

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RealtyTrac: Foreclosure filings drop to nine-year low

Wrapping up last year, new industry data shows that foreclosure filings dropped to a new nine-year low. RealtyTrac Vice President Daren Blomquist explained that 2015 witnessed a return to normal, healthy foreclosure activity in many markets.

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Wednesday, January 13, 2016

Beige Book shows mixed economy

The latest Federal Reserve Beige Book presents a mixed picture of the economy, with consumers and housing staying strong as the manufacturing, agricultural and energy sectors struggle.

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Freddie Mac announces pricing for first credit risk-sharing deal of 2016

Freddie Mac announced Wednesday that it priced its first Structured Agency Credit Risk Series credit risk-sharing deal of 2016. STACR Series 2016-DNA1 has a reference pool of recently acquired single-family mortgages with an unpaid principal balance of more than $35.7 billion.

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Fitch: Six housing predictions for 2016

What’s housing going to do in 2016? A new report from Fitch Ratings presents its six housing predictions for this year. What are interest rates going to do? House prices? Loan volumes? Here’s what Fitch thinks.

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Are FICO scores becoming a thing of the past?

A solution for the current credit score system is a trending topic in the industry. What if the solution is to not use the FICO method at all? While it’s likely this isn’t for everyone, it works for this mortgage industry disrupter.

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Atlanta-area police search for pair that posed as real estate agents, scammed renters

Police in the Atlanta area are searching for two people who allegedly posed as real estate agents and rented out homes they didn’t own and therefore had no right to rent out.

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$1.66B Fannie and Freddie servicing portfolio for sale

In its latest portfolio sale, MountainView Servicing Group announced the sale of a $1.66 billion Freddie Mac and Fannie Mae non-recourse servicing portfolio that is available to the national market.

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U.S. to require secret buyers of high-end real estate to reveal identities

Aiming to pull back the curtain on the practice of secret buyers using shell companies to funnel cash into luxury real estate, the U.S. government will now require real estate companies to disclose the names of all-cash buyers on high-end properties.

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MBA: Mortgage applications start year off strong, surge 21.3%

Mortgage applications shrugged off last week’s decline thanks to strong fourth-quarter growth in jobs and continuing low rates. As a result, the latest Mortgage Bankers Association report showed that applications jumped 21.3% from one week earlier.

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Tuesday, January 12, 2016

Former real estate sales associate faces 150 years for Florida mortgage fraud

A 39-year-old Florida man faces 150 years in prison after he was convicted recently on multiple counts of bank fraud, stemming from his role in a mortgage fraud scheme that cost Wells Fargo nearly $1 million.

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Fannie Mae selling $1.4 billion in non-performing loans

Fannie Mae announced Tuesday its latest sale of non-performing loans, which includes Fannie Mae’s second sale of a smaller pool of non-performing loans that are specifically targeted for placement with “smaller investors, non-profit organizations and minority- and women-owned businesses.”

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Fannie Mae celebrates 2 million HARP refinances

Fannie Mae said Tuesday that it has now helped more than 2 million American households save money, reduce their interest rates, move into more stable loans or shorten their loan terms by refinancing their mortgages under the government’s Home Affordable Refinance Program.

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CoreLogic: Foreclosures fall to lowest level since 2007

The inventory of homes in foreclosure continued to decrease in November 2015, falling to the lowest level since November 2007, a new report from CoreLogic showed. But it wasn’t just the number of homes in foreclosure that fell to an eight-year low.

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CFPB nearly doubled enforcement actions in 2015

If you thought Consumer Financial Protection Bureau made more headlines in 2015 than ever before, you were right. According to a report from the Wall Street Journal, the CFPB brought nearly twice as many enforcement actions during 2015 than it did in 2014.

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Appraisal volume bounces back, jumps 35%

The numbers are in for the first full week of the year, with appraisal volume starting off on a high note and surging to 35%. However, this is still a little shy of the average recovery for the first week of the year.

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HUD accuses California foreclosure rescue companies of scamming Hispanics

A trio of California foreclosure rescue companies targeted Hispanics with fake loan modifications, offering the false promise of mortgage relief in exchange for thousands of dollars, the Department of Housing and Urban Development alleged Tuesday.

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There’s still time to fix Fannie and Freddie

It’s 2016, and since 2008, Fannie Mae and Freddie Mac have been in government conservatorship. Does that mean it’s time to give up on reforming the housing finance system? The answer is no. It is still possible to move away from this government-sponsored enterprise model and create a stronger system that makes affordable mortgages available to consumers, allows more competition and better protects the taxpayer from risk.

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Could HUD Secretary Julián Castro become president after the SOTU address?

There is a chance that tomorrow Secretary of the Department of Housing and Urban Development Julián Castro could be the president of the United States of America. While we hope the chances of this happening are incredibly slim (considering the doomsday scenario that would precipitate it) millions of Americans are desperately clinging to a one in 292.2 million chance that they could score the Powerball jackpot, so anything is possible.

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FHFA releases final rule for FHLB membership

One year after the comment period for the rule closed, the Federal Housing Finance Agency has released its final rule amending the regulation on Federal Home Loan Bank membership. Most notably, two provisions that were of particular concern were addressed in the new rule.

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Chase edges closer to fulfilling $4B consumer relief requirement

National Mortgage Settlement Monitor Joseph Smith released his seventh report on JPMorgan Chase’s progress on its RMBS settlement. In the latest update, the bank is nearing its total goal of $4 billion in consumer relief.

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Is HELOC demand about to skyrocket?

Demand for Home Equity Lines of Credit started to surge last year. And given the future increases in mortgage interest rates, a new report from Black Knight predicts that demand is only going to grow.

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Monday, January 11, 2016

Jenny Klamfoth joins LenderLive as regional account executive

LenderLive, a domestic-based, end-to-end mortgage services provider, announced recently that Jenny Klamfoth joined the company as regional account executive for the company’s correspondent lending division.

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Altavera Mortgage Services adds Debora Aydelotte as chief operating officer

Altavera Mortgage Services, a provider of third-party residential mortgage origination services, announced the addition of Debora Aydelotte as the company’s chief operating officer. Aydelotte joins Altravera from Altisource Origination Services. While at Altisource, Aydelotte was named a HousingWire Magazine Woman of Influence in 2014.

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Michigan credit union ex-CFO shockingly confesses to embezzling $20 million

In a development seemingly out of nowhere, the former chief financial officer of a Michigan credit union and a man described as a “community hero,” walked into the Oakland County Sheriff’s Office last week and confessed to embezzling $20 million from the credit union over the last 12 years.



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Brooklyn man accused of posing as real estate agent, swindling prospective client

A Brooklyn man is currently in police custody after being arrested for posing as a real agent and swindling a prospective client out of thousands of dollars. According to a report from CBS New York, Nassau Country police arrested 33-year-old James Cadet for allegedly renting out an apartment he didn’t own and stealing more than $2,000 in the process.

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loanDepot’s fight to be the No. 1 nonbank consumer lender

loanDepot made a lot of moves in 2015 to reach its goal of becoming the No. 1 nonbank consumer lender. While the company said it hasn’t passed Quicken Loans for the top spot, here’s where it stands going into this year.

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Is the West Coast about to finally witness a slowdown?

After three years, the region infamous for its outrageous housing markets might finally slow down. The West has largely outpaced the rest of the nation in terms of growth in the last several years but that could all change this year.

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Omaha man suspected of trying to lure female real estate agents to fake showings

In what is becoming far too common an occurrence, female real estate agents and Realtors in the Omaha, Nebraska, area are on alert after reports surfaced of a man attempting to lure female agents to fake showings.

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Attention financial industry: SEC reveals 2016 compliance exam targets

The Securities and Exchange Commission revealed Monday what areas of the financial industry its compliance examiners will be focusing on in 2016. The SEC said that there are several new areas of focus for its compliance exams this year. Here’s what you need to know.



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Auction.com rebrands as Ten-X, the 'future of real estate'

Auction.com announced Monday that it is moving beyond auctions and rebranding as Ten-X, which the company says represents its transition into an “online marketplace where buyers, sellers, and the agents and brokers who represent them can easily and efficiently buy and sell high quality residential and commercial real estate.”

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Monday Morning Cup of Coffee: Here's how not to gauge the U.S. economy

It’s only one week into the year, and there’s already a strange assortment of news in housing, ranging from classic news on the stock market to the sale of one very famous mansion.

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Black Knight: Will 2016 end refinance demand?

Approximately 5.2 million borrowers could likely both qualify for and benefit from refinancing, but it’s possible that this number will be slashed in half by the end of the year. Could this be the end of refinance demand? Here’s how 2016 might turn out.

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Friday, January 8, 2016

J. Ronald Terwilliger Foundation adds NMHC President Doug Bibby

The J. Ronald Terwilliger Foundation for Housing America’s Families announced recently that Doug Bibby, the president of the National Multifamily Housing Council, joined the foundation’s advisory board.

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Consumer credit slowly edges higher in November

November was a sluggish month for consumer credit, moving at the second-slowest pace of the year. Compared to usual, an article in The Wall Street Journal explained that Friday’s report showed slower growth in federal student loan.

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MBA adds 25 new members in November and December

The Mortgage Bankers Association announced that it added 25 new members in the months of November and December, as it continues to push its membership beyond 2,200 organizations. Here are the new members.

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Dick Bove: Bernie Sanders' Wall Street reform plans are uninformed, ridiculous

Recently, Sen. Bernie Sanders unveiled his plans for completely reforming several significant tenets of the country’s financial system. While many celebrated Sanders’ plans, one financial observer says Sanders’ view of the country’s financial system “simply does not square with reality.”

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The 8 states most at risk of a housing crisis

The plummeting price of oil puts some states at a much higher risk of a housing crisis, a new report from Arch MI found. Arch MI’s report found that the eight states in the “Energy Patch,” which are states that produce coal, oil or gas, are the most at risk of seeing a price decline in the next two years.

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Tina Fey buys $9.5M co-op above her home

Comedian, actress and author Tina Fey locked in a $9.5 million co-op unit, paying $2 million over the $7.5 million asking price. Why so much more? Maybe because she and her husband already own the unit below!

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December posts strong growth, adds 292,000 jobs

December job creation once again posted strong growth, cementing the rising strength of the labor market. While the last jobs report confirmed the likelihood of the Fed’s interest rate hike, this report produces mixed signals from economists.

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Wells Fargo Home Lending Default Servicing promotes new SVP

Bringing 12 years of experience at the company, Wells Fargo promoted Carmen Bell to senior vice president of Wells Fargo Home Lending Default Servicing. In her new role, she will lead teams dedicated to helping customers prevent and resolve delinquencies, oversight of collections, single point-of-contact initiatives, underwriting, short sales and mediations.

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This is why fighting poverty begins at home

A home located in a good neighborhood close to jobs and other opportunities can serve as a gateway to economic success. Unfortunately, those families who cannot afford to live in these areas are often forced to move to neighborhoods that are unsafe, with poor schools, and with few employment prospects.

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Here are the top 10 cities for first-time homebuyers this year

To say America has options is an understatement, so of course, this spreads into the world of housing. While there may be cities, like San Francisco, that are astronomically expensive, that doesn’t mean they’re not attractive and affordable places for first-time homebuyers. In fact, here are 10 cities to choose from.

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Thursday, January 7, 2016

United Wholesale Mortgage launches Fannie Mae 3% down payment loan program

United Wholesale Mortgage, one of the country’s largest conventional wholesale mortgage lenders, announced earlier this week that it is ready to participate in Fannie Mae’s HomeReady program, which allows borrowers to obtain a mortgage with as little as 3% down.

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CFPB names another acting deputy director

Half a year has passed since Steven Antonakes announced he was stepping down as acting director for the Consumer Financial Protection Bureau, and the bureau has yet to find a replacement. Instead, the CFPB announced it is filling the position with another acting deputy director.

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Fannie Mae: Consumers feeling better about economy, personal finances

Americans are feeling better about their personal finances and the economy as a whole, but that doesn’t make them any more likely to say that now is a good time to buy, a new report from Fannie Mae showed.

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CFPB seeks feedback on mortgage information guidelines

Due to the Consumer Financial Protection Bureau’s finalized rule updating the reporting requirements of the Home Mortgage Disclosure Act, it is now seeking public feedback on the resubmission of mortgage lending data reported under the new regulation. This is what it’s specifically looking at.

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1.5 billion Fannie Mae bulk mortgage servicing rights portfolio hits market

Buyers looking to get their hands on some Fannie Mae mortgage servicing rights have that opportunity. Interactive Mortgage Advisors announced earlier this week that it is acting as the exclusive broker of a $1.5 Billion Fannie Mae bulk residential mortgage servicing rights portfolio.

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Dallas real estate agent helps take down Mexican drug cartel

A Dallas-area real estate agent played an instrumental role in bringing down the Dallas cell of a “violent new Mexican drug cartel,” but he isn’t quite the white knight that it appears he might be.

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Urban Institute: More non-performing loans should be sold to private investors

While some prominent figures in the federal government, including Sen. Elizabeth Warren, D-Mass., and Rep. Mike Capuano, D-Mass, have loudly criticized the government’s practice of selling non-performing loans to private investors, a new report from the Urban Institute suggests that selling NPLs to the private sector is actually a good thing.

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A look at housing without rose-colored glasses

It is only one week into the new year and already reports are appearing that 2016 is going to be a wonderful year for housing. But if you take off the rose-colored glasses and look at the industry in a different light, it might change whether you think 2016 will be a good year.

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Freddie Mac: Mortgage rates drift back below 4%

The 30-year mortgage rate didn’t linger above 4% long and drifted back down as the new year began. Last week marked the first time in five months that the 30-year mortgage interest rate rose above 4%. Freddie Mac’s chief economist explains the reasons behind the drop.

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Wednesday, January 6, 2016

Chase Mortgage names new mortgage banking executive

Chase Mortgage announced it promoted Peter Muriungi to the head of servicing for mortgage banking after recent leadership changes left the position open.

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Former Oklahoma Gov. Frank Keating joins J. Ronald Terwilliger Foundation

The J. Ronald Terwilliger Foundation for Housing America’s Families announced Wednesday that Frank Keating, the former governor of Oklahoma, is joining the foundation’s executive committee. Keating joins the Terwilliger Foundation after recently retiring as president and CEO of the American Bankers Association.

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Ben Carson wants to use 'secret shoppers' to monitor FHA, other agencies

If Republican Presidential candidate Ben Carson is elected president later this year, federal agencies may find themselves the targets of an unusual practice designed to improve their performance – the secret shopper.

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American Mortgage Consultants takes out big loan to buy JCIII & Associates

Late last month, HousingWire reported that American Mortgage Consultants, a third-party loan data verification provider, acquired its major competitor, JCIII & Associates. What wasn’t known at the time was how much American Mortgage Consultants was paying for JCIII & Associates. But more information about the deal is coming to light.

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Fed minutes reveal December rate hike wasn’t guaranteed

While the Federal Reserve made a unanimous decision to raise interest rates in December for the first time in nine year, there were some concerns expressed by members about the future of the economy. Here’s a look at recent data since the Fed’s decision.

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Ditech exits distributed retail lending

After a push to move back into the mortgage market two years ago, Ditech Financial announced it will exit distributed retail lending starting Jan. 8 due to changes in the market. The lender is choosing to focus its efforts on developing its consumer direct channel along with other opportunities. Click the headline to read more.

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Proof the housing market can survive a Fed interest rate hike

Although mortgage applications significantly tumbled this week, the Federal Reserve’s recent interest rate hike is not to blame. The market was ready and prepared for that shock. Instead, this Capital Economics report gives a new explanation, with a positive outlook for housing this year.

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Private sector posts strong results, adds 257,000 jobs

2015 ended the year on a high note with December showing the largest job gains of the year. The latest report from ADP shows that private sector employment grew by 257,000 jobs from November to December.

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Freddie Mac announces partnership with Lenders One

Freddie Mac announced Wednesday that it has forged a new relationship with the Lenders One Mortgage Cooperative, a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services, to bring new benefits to the Lenders One members.

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Guaranteed Rate promotes Nikolaos Athanasiou

Guaranteed Rate promoted Nikolaos Athanasiou to chief operating officer from executive vice president. Athanasiou originally joined Guaranteed Rate’s first New England branch office in 2009.

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Fannie Mae picks location for major Dallas-area office consolidation

After spending more than six months considering its options, Fannie Mae picked a new office location north of Dallas that will consolidate its operations in the Dallas metro area from three locations to one.

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MBA: Mortgage applications plummet 27%

Looking at the closing data for 2015, the Mortgage Bankers Association’s Weekly Mortgage Applications Survey reported that mortgage applications ended the year significantly lower, falling 27%.

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Appraisal volume finishes the year slightly up from 2014

As the data for last year closes up, the year overall performed slightly better than 2014. Looking ahead, the odds of the market booming or tanking are present, but the most probable outcome is for it to continue slowly as it has been.

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Tuesday, January 5, 2016

With eye on Fintech, Clayton Holdings opens Silicon Valley office

Aiming to help the growing population of financial technology companies in and around the San Francisco Bay area, particularly those involved in the mortgage and consumer lending markets, Clayton Holdings announced the opening of a consulting office in Silicon Valley.

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CoreLogic buys rest of RELS from Wells Fargo

In what marks its third significant acquisition in the property valuation and appraisal space in the last six months, CoreLogic announced Tuesday that it plans to acquire total ownership of RELS, a provider of property valuation and appraisal services, from Wells Fargo. Click the headline to read more.

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Freddie Mac announces first credit risk-sharing deal of 2016

After completing eight Structured Agency Credit Risk Series credit risk-sharing deal in 2015, Freddie Mac announced Tuesday that it plans to sell its first credit risk-sharing deal of 2016.

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Bernie Sanders unveils foundation-shattering Wall Street reform plans

It’s not exactly a stretch to say that Sen. Bernie Sanders is not the biggest fan of Wall Street. In a wide-ranging speech on Wall Street and the economy given Tuesday, Sanders detailed just how different life would be for the “too big to fail” banks under a Sanders administration. In fact, there would be no life for the “too big to fail” banks if Sanders is elected president, only death.

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Happy New Year! Here are resolutions to prepare you to buy a home

Now I don’t have any fancy statistics to back me up, but I am willing to bet that the long-term results of saving and buying a new home will outlast your proclamation that THIS is the year you’re going to get fit. Try to implement these New Year’s resolutions at the start of this year to help put you in the right spot to buy a home by the end of the year.

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OCC terminates JPMorgan and EverBank mortgage servicing consent orders

A little over six months since the restrictions were put in place, the Office of the Comptroller of the Currency announced it terminated mortgage servicing-related consent orders against JPMorgan Chase and EverBank. Both banks now officially comply with the orders and only have a hefty fine to pay. However, not all banks are in the clear.

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Existing-home sales projected to recover from TRID aftermath

Existing-home sales took a giant, unexpected hit in November, putting the impact the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule into reality. How far will the TRID impact go? Looking at new data, the lackluster data is not projected to last too much longer.

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CoreLogic: Home prices surge 6.3% in November

Home prices are up both year over year and month over month, which is a very good thing for those owning homes. So what does this mean for housing and home prices as we enter the New Year?

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Monday, January 4, 2016

Castle & Cooke expands into Connecticut

Castle & Cooke Mortgage, an independent mortgage lender, announced its expansion into Connecticut with the opening of a branch in Columbia, a suburb of Hartford.

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Illinois AG sues Chicago-area company for preying on struggling Latino homeowners

The Illinois Attorney General filed suit against a Chicago-area company recently, accusing the company of perpetrating a mortgage rescue and consumer fraud scheme that preyed on struggling Latino homeowners by illegally charging approximately $20,000 in upfront fees that resulted in little, if any, help.

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National Real Tax Tracking promotes Katie Stasiulewicz to portfolio manager

In this role, Stasiulewicz will be responsible for leading the company’s day-to-day operations and will oversee NRTT’s streamlined servicing, data and new product initiatives as well as IT infrastructure enhancements.

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Here's how to stop credit unions from dying

As the government plans for the year ahead, the National Association of Federal Credit Unions’ President and CEO Dan Berger wrote a letter to House and Senate leaders on NAFCU’s top legislative priorities of 2016. The letter details the pain points for credit unions that will be a top priority, along with the harsh reality of how regulation is negatively impacting credit unions.

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Wells Fargo sued over German finance firm’s losses from crisis

Wells Fargo continues to deal with the aftermath of the financial crisis and is facing a new lawsuit from an investor that suffered losses on faulty mortgage-backed securities.

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The Big Short’s Michael Burry on disastrous Fed policies; failure of Dodd-Frank

Michael Burry, one of the featured players in both the novel and movie “The Big Short,” is thought of as a “soothsayer” who saw the financial crisis coming before anyone else. Burry recently spoke with New York Magazine about his views on the run-up to the financial crisis, the aftermath of it, and where things stand now. And his forecast isn’t good.

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Oregon No. 1 state to move to

The Northwest continues to draw in new people each year. Whether it’s the surge in tech jobs or close proximity to nature, Oregon has ranked as the No. 1 state to move to three years in a row.

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Ocwen Financial gets B+ rating from Kroll Bond Rating Agency

Kroll Bond Rating Agency announced Monday that it is assigning a “B+” rating to Ocwen Financial based on the company’s “market leading” position as a subprime mortgage servicer.

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Quicken Loans’ lawsuit against DOJ, HUD tossed out by federal judge

Quicken Loans shocked the mortgage industry when it took a stand against the government and sued the U.S. Department of Justice and the Department of Housing and Urban Development back in April 2015. In its allegations, the lender said it was being forced to make public admissions that were blatantly false. A judge, however, didn’t come to that same conclusion and tossed out the suit.

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Black Knight: Home prices keep rising, now just 5% off pre-crisis peak

Home prices continued rising in October, marking the 42nd straight month of year-over-year home price appreciation, according to a new report from Black Knight Financial Services.

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Monday Morning Cup of Coffee: Welcome to 2016

Well, since you’re reading this, it appears that we all survived another New Year’s Eve. And whether you spent it crammed into Times Square like a sardine, hanging from the rafters at a secret underground rave, or sitting at home on your couch and consequently falling asleep before the ball dropped, it’s now time to get geared up for 2016. So here’s a look back at how 2015 ended and what 2016 will hold, all in your Monday Morning Cup of Coffee.

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