Freddie Mac wants to help you close more low down payment mortgages. Go ahead, you can do it. To get started making more mortgage money, register for the webinar that will explain it all.
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Less than a year after moving beyond mortgages, loanDepot announced its partnership with Orchard Platform. The new partnership will allow loanDepot to compare its products to the marketplace lenders and the industry as a whole.
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As last year came to a close, home prices didn’t announce any surprise, remaining basically flat and increasing a marginal 0.1%. And while New York once again led gains among the states, another stated joined it to be one of the top states leading the way in December.
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Watch out, crash coming!?!? Doubt it, but food for thought nonetheless, as three articles discuss the mortgage market and pending global crises. Plus, Accenture Mortgage Cadence, the digital solutions provided to mortgage finance players, transitioned all of its clients, which is more than 600 mortgage lenders across the United States, to the Cloud.
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Meredith Fuchs, who recently stepped down as acting deputy director of the Consumer Financial Protection Bureau, is joining Capital One as the bank’s senior vice president and chief counsel on regulatory issues, according to a report from The Hill.
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In a recent HousingWire article published on February 22, 2016,entitled “The Math Behind the Need for GSE Reform,” Mortgage Bankers Association CEO David Stevens articulates several points relating to the conservatorships of Fannie Mae and Freddie Mac (collectively the “GSEs”) which merit close scrutiny against the facts.
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While month-over-month cash sales shares increased from October to November 2015, annual shares were down. The largest percentage of cash sales were REO, and the state with the most cash sales was Michigan.
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The risk of civil liability under the new TRID disclosure requirements means lenders and investors may face liability for incorrectly completing various sections on the TRID disclosures. DocMagic’s TRID-ready systems and the premium compliance guarantee implement a solution that eliminates the lender’s risk of non-compliance.
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Mayer Brown announced an industry leading consumer financial services group of partners led by Laurence Platt, Phillip Schulman, Melanie Brody and Jonathan Jaffe joined the firm, representing an addition to its global Financial Services Regulatory & Enforcement practice. Steven Kaplan will join Tom Delaney as co-leader of the firm’s practice.
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DIMONT, a provider of specialty insurance and loan administration services to the residential and commercial financial industries, announced a partnership with Phoenix ABS, a technology solution provider for residential-mortgage backed securities and residential whole loan investors, as well as property preservation companies and lenders.
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A new bill introduced in the California State Senate would establish a Homeowner Survivor Bill of Rights, which is designed to help widowed spouses and children stay in their homes after the primary mortgage holder passes away.
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Many homebuyers confide in real estate agents and loan officers to find them the best price, but real estate agent Bill Gassett says some real estate agents may not understand the value of knowing about all of the low down payment options available to their clients.
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We need more affordable housing, and not only for the poor, but for nurses and teachers that qualify for affordable, mixed-income housing. Too many “high opportunity” communities vigorously resist affordable housing.
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Two former Hidalgo, Texas housing officials were sentenced for conspiracy to commit bribery. The officials admitted they took bribes from Section 8 housing applicants in exchange for letting them skip the waiting line to immediately obtain housing assistance from the local Housing Authority.
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The five-year anniversary of the Consumer Financial Protection Bureau is coming up this summer. Yet the CFPB is far from being done. This week, CFPB Director Richard Cordray laid out a series of goals for how the CFPB wants the financial industry to operate within the next two years. Here they are.
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Mortgage interest rates ticked up ever so slightly last week but still remained near a 3-year low, according to a new report from Zillow. And looking ahead, the likeliest path is for rates to remain roughly flat, given recent history.
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The Mortgage Bankers Association announced that it added 35 new members in the month of January, as it continues to push its membership beyond 2,200 organizations. Here are the new members.
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Despite recently agreeing to a $1.2 billion settlement with the federal government to resolve claims related to its Federal Housing Administration lending program from 2001-2010, Wells Fargo is still facing investigations into its “mortgage related practices” from the Department of Justice, as well as other federal and state agencies, the megabank disclosed this week.
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The California housing market remains stifled by a shortage of homes for sale and low housing affordability. This time the impact caused the statewide pending home sales in California to drop in January on a year-over-year basis for the first time since August 2014.
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Usually, a life event is the main reason people are motivated to buy a home. However, since rents have continued to rapidly increase over the year, it’s getting close to becoming the No. 1 reason, outpacing major life events, such as having a baby.
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Technically spring doesn’t start until March 20, but looking at the state of the housing market, buyers would be wise to jump in now. And as an added tip, the Realtor website said that if sellers think they should just sit tight and wait till buyers’ desperation reaches its peak in the summer, don’t.
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Confirming plans that HousingWire brought to light late last year and further revealed earlier this year, Nationstar Mortgage will indeed be launching a massive rebranding later this year and changing its name to Mr. Cooper. And here’s what the new brand of the massive nonbank officially looks like.
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Fannie Mae named New Jersey Community Capital as the winning bidder on the company’s second Community Impact Pool of non-performing loans. This smaller pool of non-performing loans was specifically targeted for placement with “smaller investors, non-profit organizations and minority- and women-owned businesses.”
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Mortgage rates resumed their downward trend after barely moving last week. Since the beginning of 2016, 30-year rates have fallen almost 40 basis points, helping housing markets sustain their momentum into this year.
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Nationstar performed better in the fourth quarter of 2015, with its adjusted earnings rising to $34 million, compared to $32 million in the third quarter. The company attributed the increase to an improvement in servicing profitability and strong origination earnings.
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A “high-level” employee of a Montana Realtor group stirred up controversy recently by sending an email to approximately 175 local Realtors urging them to vocally oppose the resettlement of Syrian refugees in the area.
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Flagstar Bank announced it is expanding its retail mortgage lending operation, nearly doubling its retail home loan centers and hiring two regional sales directors to lead those operations. The move falls in line with the lender’s new focus on the purchase market.
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While Florida’s single-family home market continues to improve, sales in other markets have gone down. Condo/townhome sales witnessed a decrease and short sales and all-cash sales are also down.
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Thinking about moving to San Diego? This $92 million ranch, know as Del Dios Ranch, recently hit the market in San Diego, making it the most expensive asking price for a residence in San Diego County.
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loanDepot announced the launch of its consumer experience and product development team. It also appointed Tim Von Kaenel as chief product officer, Rick Medeiros as chief digital officer and Helen Wang as head of consumer experience.
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A Park County, Colorado, sheriff’s deputy was killed and two other officers were wounded Wednesday while trying to serve an eviction notice. Property records list the resident of the home as Martin Wirth, who has been listed as an Occupy Denver activist.
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Pro Teck compares Cleveland, which uses judicial foreclosures, to Phoenix, which does not, to see how each market has recovered. A serious lag in recovery can still be seen in states with judicial foreclosure laws.
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United Guaranty was named the number one mortgage insurance company in terms of traditional new insurance written. The company’s CEO credits their success to a decision made in 2009. Here’s what it was.
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Despite how it may be perceived, the Consumer Financial Protection Bureau doesn’t view itself as an “enemy” of the financial industry, nor does it want the industry to view it in that way. Rather, the CFPB wants the financial industry to think of it as “an important new friend and ally” in helping to serve the financial needs of the public, CFPB Director Richard Cordray said this week.
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Since lenders face heightened competition and a tougher operating environment in 2016, Fannie Mae surveyed lenders to see how they plan to outpace their competition and thrive in today’s evolving lending market. In order to do this, lenders cited four strategies to grow business.
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Mortgage applications simmered down after last week’s strong report, with applications falling 4.3%. The refinance share of mortgage activity also dropped, declining to 61% of total applications from 64.3% the previous week, which was the highest level since February 2015.
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As home values continue to rise, many homeowners are looking at possible home renovations, and using their current equity to finance them.
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It was a strong quarter for Home Depot as its fourth-quarter earnings beat analyst expectations thanks to the steady housing recovery and the unseasonably warm weather.
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As part of the growing movement to protect real estate agents and Realtors when they are showing houses, the state of Florida is currently considering legislation that would ensure harsher penalties for attacks on real estate agents.
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Toll Brothers released their earnings on Tuesday, providing better insight on what’s affecting the housing market. The luxury homebuilder’s results were mainly impacted by these two factors.
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HSBC will pay a fine of $4 million as part of a settlement with the state of Massachusetts over charges that the bank took commissions and kickbacks for force-placed insurance policies. According to the office of Massachusetts Attorney General Maura Healey, HSBC received “compensation” in connection to the force-placed insurance premiums charged to HSBC’s borrowers.
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As the single-family rental market continues to bode well for investors, HomeUnion, an online real estate investment management company, ranked the most and least favorable single-family rental markets. A quick perusal of the list shows that when it comes to this kind of investing, the West Coast is not somewhere you want to be.
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Appraisal volume recorded its fourth week of consecutive increases, with volume rising 1.9% for the week of Feb. 14. As it stands, this year is eerily starting off like 2015.
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Exactly four months to the day after announcing that it was launching a mortgage comparison tool via its Compare service, multiple reports say Google is shutting down its entire Compare service in both the U.S. and the U.K. Google sent an email to its Compare partners on Monday stating that it will begin to “ramp down” its Compare service on Tuesday, and will terminate the service entirely as of March 23, 2016.
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The motivation to build more homes grows as prices continue to steadily increase heading into the spring home-buying season. Currently, there are a lot of economic forces at work behind the scenes that will have a big impact on housing.
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While existing-home sales started the year off at the highest annual rate in six months, a lack of housing supply continues to hamper growth. Spring is less than a month away, and total housing inventory is 2.2% lower than a year ago.
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About half of all homeowners with a mortgage in the U.S. say that they expect their mortgage to increase in 2016, some as much as 10%. Studies show, however, that many of their estimates from the past few years are far from correct.
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Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration, whose program has recently undergone a lot of scrutiny from big banks.
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Nathan (Nat) Hardwick, the former chief executive officer of LandCastle Title and former managing partner of Morris Hardwick Schneider, was arrested Monday morning in downtown Atlanta by federal authorities. The charges relate to allegations he embezzled millions of dollars from his former companies. Click the headline to read more.
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After the Federal Bureau of Investigation raided residential finance and investment firm United Development Funding, executives were reportedly served grand jury subpoenas to provide documents related to the operations of the firm.
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Robert Hosch, the former managing partner and CEO of mortgage banking industry law firm Butler & Hosch, which abruptly closed in 2015 amid allegations of mismanagement, is resigning from the Florida Bar Association. In a statement provided to HousingWire, Hosch said that resigning from the Florida Bar is “not an admission of guilt,” adding that this move will allow him to “focus on new opportunities.”
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The company announced its new addition today. The new group is designed to be agile and adaptive in order to meet the demands of the rapidly changing mortgage industry, according to a statement released from The Mortgage Collective.
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The calls to allow the GSEs to rebuild capital amplify an important issue and are based on valid and reasoned concerns that we all share. Unfortunately allowing them to just recapitalize is simply not a mathematical possibility.
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Essentially, despite expounding on the issues for 30 pages, the opinion just stands for the unremarkable (and, largely, undisputed) proposition that a borrower has standing to sue for wrongful foreclosure where the transaction by which the beneficiary acquired the loan was void at its inception. That point was even conceded, to some degree, by respondents in their brief.
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In fact, the article underscores how out of touch the financial establishment truly is: If there had been any “retribution” against the people involved (and not just fines against companies) some of that anger would have abated by now. As it is, this kind of comment indicates the depth of Wall Street delusion.
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California’s housing market took a step back from its increase in December. While home sales increased year-over-year in January, they decreased minimally on a monthly basis, primarily due to a stronger than usual sales gain in December 2015.
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The guidelines also call for every financial company to designate a chief information security officer who would be required to submit annual reports to the NYDFS, and for companies to conduct annual penetration testing and quarterly vulnerability assessments.
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A mortgage company is sponsoring the creation of a newly renovated home for a sergeant in the Air Force. Indeed, some even consider Sergeant Kevin Parke the “true definition of an all-American hero;” reason enough to give his family a home.
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Ocwen Financial is about to add a big name to its board of directors, as the nonbank announced Friday that Carol Galante, the former commissioner of the Federal Housing Administration, is set to join the company’s board. Ocwen also announced that it is elevating Phyllis Caldwell from her current role as an independent director to serve as chair of the company’s board of directors.
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Mehdi Moarefian, who is also known as “Michael Miller,” and Daniel Shiau, who is also known as “Scott Decker,” each pleaded guilty for their roles in a brazen, predatory scheme that cost homeowners at least $3 million. According to court documents, Moarefian, Shiau, and others did business under at least 30 different company names, including several that closely resembled the names of legitimate businesses in the mortgage finance space, most notably Green Tree Servicing and Nationstar Mortgage.
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Most everyone knows where the first White House is located, but do they know where the second one is? It is now going on the market so that anyone (who has a few million dollars to spend) can live like a president.
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The bank’s board unanimously voted to reappoint its president and first vice president, after looking at their past performance, peer interaction, future visions for the bank and other things. Get ready for five more years of William Dudley.
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Government officials banded together to create a mortgage program solution that could significantly change the pace of Detroit’s slow housing recovery. The new program aims to give homeowners and homebuyers a better financial opportunity to buy and renovate a house in the city, creating a new key to rebuilding a city that has struggled to recover from the crisis.
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So, what’s the big secret to success at the government-sponsored enterprise? Mayopoulos provided four management tools he utilizes to help increase profitability.
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Four years in active recovery, and the housing market can’t seem to get past the inventory shortage that penetrates into all crevasses of the industry. And while this won’t change this year, there may be hope for next year as builders start to play catch-up.
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Trulia introduced its newest app, which is designed to alleviate pesky “mortgage stress.” The app aims to provide homebuyers with the knowledge they will need to finance their new home.
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The Department of the Treasury announced Friday that it is boosting the Hardest Hit Fund by as much as $2 billion to a number of states, citing the need to continue to support the recovery from the housing crisis in the communities that were impacted the most.
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These young guns might be developing tech, creating startups or creating a name for themselves selling properties. Whatever they do, we want to acknowledge their achievements as standouts in their various fields and introduce them to the rest of the industry.
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The Supreme Court of Rhode Island supports the homeowner’s association “super priority” concept, making The Ocean State part of a growing list of states that are, in some fashion, ruling in favor of making HOA liens a priority above mortgage liens.
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Location. Location. Location. What’s true for real estate can also be said for the silver screen, and its importance cannot be downplayed. Where a film is set can have an immediate and everlasting impact on the viewer as compelling as the story itself. Here’s a look at the homes and mortgages of six homes central to Oscar-winning films.
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A top economist talks about how the housing market fell just short of its potential, but he is optimistic about 2016. Originally suggesting that 2016 would be the year in which rates begin normalization, the Fed is now much more likely to slow down the pace of rate normalization due to deterioration in global economic conditions.
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Fannie Mae’s latest fourth-quarter results faired better, with its net income slightly increasing to $2.5 billion, up from $2.0 billion in the third quarter of 2015. The government-sponsored enterprise paid a total of $10.3 billion in dividends to Treasury in 2015 and expects to pay Treasury $2.9 billion in dividends in March 2016.
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Stonegate Mortgage announced its latest promotion, naming John Pantalone as the new senior vice president, eastern division manager-third party origination. In this role, he will lead and support the Eastern region’s third party origination sales teams, while creating and implementing growth strategies.
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It has been a couple of rough years for the government-sponsored enterprises, to say the least. Conservatorship, lawsuits, interest rate fluctuations (kinda), more lawsuits, and let’s not forget the time public-vigilante journalists invented a scandal about the company’s trading operations. Could there be smoother seas ahead?
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The FBI on Thursday raided real estate financier United Development Funding in Grapevine, Texas. Just earlier this month, Kyle Bass-led hedge fund Hayman Capital accused the REIT of operating like Ponzi Scheme. Click the headline to read more.
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As the housing market recovers from its horrific crash from a few years ago, it is expected to pick up heading into the spring homebuying season. But it’s not looking good to Millennials as they can’t afford to buy a home. One of the reasons why it is said to be infuriating.
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“The most serious risk and the one that has the most potential for escalating in the future is the enterprises’ lack of capital,” Watt said, according to his prepared remarks.
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While California’s housing market is following seasonal norms, its affordability crisis continues to lurk in the background as homebuyers struggle to enter the market. In the latest report from PropertyRadar, Madeline Schnapp, director of economic research, notes that affordability has become a significant issue in many coastal counties throughout the state.
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Mortgagers feel the burden of new regulations that look out for the homebuyer. Implementing the servicing rule’s requirements necessitated system changes and staff training, which had an incredible impact on their business operations, and bottom line.
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After Freddie Mac’s first net loss in four years last quarter, the government-sponsored enterprise was able to get back into the positive, announcing a fourth quarter net income of $2.2 billion.
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Mortgage rates didn’t move from last week amid continued market volatility. And while mortgage rates remained unchanged, they didn’t reverse any of last week’s declines, which marked six consecutive weeks of drops.
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With Fannie Mae and Freddie Mac preparing to report their fourth quarter and full-year financial results for 2015 later this week, several national groups of community lenders are calling on the Federal Housing Finance Agency to suspend the practice of sending dividends from Fannie and Freddie to the Department of Treasury.
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The “Wealth Building Loan” requires no down payment, and offers eligible borrowers a 7/1 adjustable rate mortgage with a 20-year amortization. Waterstone said that the “Wealth Building Loan” also eliminates monthly mortgage insurance payments nearly four years sooner than a 30-year conventional loan with a 3% down payment.
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Dotloop, a Cincinnati-based company that boasts it can simplify real estate transactions by enabling brokerages, real estate agents, and their clients to share, edit, sign and store documents digitally, announced a partnership with Lone Wolf Real Estate Technologies, a provider of residential real estate solutions and services in North America.
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Problem solved: Millennials are disenchanted, not disengaged. These resounding words from Morgan Smith, president of the nonpartisan Roosevelt Institute chapter at the University of Denver, are written to correct society’s preconceived notions about Millennials and get to the real issues important to young voters. Because without action, people will be priced out of their own hometown.
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With tax season well underway, don’t miss out on these four tax deductions that you could possibly be taking advantage of and put money back in your wallet. Or at least prevent you from owing money. Check to see if these apply to you.
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In the months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule last October, repeated evidence shows the impact of TRID. Now, a new report from Ellie Mae shows more statistical evidence on how deeply the impact of TRID is being felt, with the time to close a mortgage loan climbing again.
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The Federal Housing Finance Agency’s Home Affordable Refinance Program is set to expire at the end of 2016. But before it does, the agency will try to reach as many people as possible that can still benefit. There are 367,600 people still eligible, and this new social media campaign should hopefully find them.
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Although privately owned housing starts in January dropped 3.8% from December, the industry is still positive on the future of the housing market. According to one housing expert, most of January’s decline can likely be attributed to two main issues.
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Quicken Loans is revving up to face the Department of Justice after a federal judge tossed Quicken’s lawsuit against the DOJ and the Department of Housing and Urban Development in January. As Quicken Loans prepares for the exceptionally rare case of a lender stepping up to face the U.S. government, it’s going to have to overcome a few obstacles, starting with where the trial will take place.
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The fundamental shifts in the country’s economic policy in the wake of the economic crisis were not enough to prevent another catastrophic meltdown and more needs to be done to ensure that a future economic downturn doesn’t turn into another crisis, Neel Kashkari, the newly minted President of the Federal Reserve Bank of Minneapolis, said Tuesday.
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If San Francisco isn’t the number one hottest housing market for any given month, you don’t have to travel too far down the list to find its name. If you are one of the people considering moving to the nation’s hottest market, here are some things you need to know. Being in the hottest housing market can come at a price.
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The National Low Income Housing Coalition’s board of directors named a new president on Tuesday since its current CEO is retiring. Diane Yentel, an affordable housing policy expert and advocate, will replace current president and CEO Sheila Crowley in April.
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Appraisal volume moved higher for the third consecutive week, increasing 4.2% for the week of Feb. 7. The steady rise can be attributed to soft interest rates and the stable employment market.
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With the 2016 presidential election inching closer at a seemingly glacial pace, one issue that many of the main candidates have neglected to address is housing and its impact on the country’s economy. But it appears that is about to change as Hillary Clinton, the Democratic hopeful and former Secretary of State, recently announced a sweeping economic agenda that includes some major housing reforms.
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While the market is ripe for growth, homebuilder confidence has yet to benefit from this, coming in below expectations in February. The drop this month can partly be attributed to these two main things.
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Data released by global resource Standard & Poor’s and information services company Experian, indicates that while the bankcard default rate increased in January, the first mortgage default rates remained unchanged.
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As part of its ongoing effort to reduce taxpayer burden, Fannie Mae announced last week that it offloaded more credit risk in its latest Connecticut Avenue Securities risk-sharing deal. According to Fannie Mae, its latest Connecticut Avenue Securities deal, CAS 2016-C01, is its first to offer investors a portion of the first-loss position, further reducing taxpayer exposure to credit losses.
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ShowingTime, a management technology provider, announced today that it acquired RealEstate Business Intelligence, a source of real estate data, analytics and business intelligence for real estate professionals, as part of an effort to deepen its analytics group offering.
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Contrary to popular opinion, one economist believes that renting a home could be better than buying, arguing that housing is overrated as a financial investment. Instead, there are better places for Millennials to put their money.
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U.S. Bank recently announced the promotion of Mark Jorgenson to the role of head of U.S. Bank Community Banking. In this role, Jorgenson will lead the bank’s 1,140 branch offices and 10,000 employees located in non-metropolitan communities throughout U.S. Bank’s 25-state footprint.
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While moving into the big leagues of advertising cost SoFi 20% of its annual budget, the company is saying that its Super Bowl ad was well worth the money. In an interview with HousingWire, Meg Ciarallo, SoFi’s vice president of brand, said “2016 is a pivotal year for SoFi. We’re expanding beyond lending to help financially responsible people reach their money, career and relationship goals.”
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With the Nevada Presidential caucuses looming, the two major candidates for the Democratic nomination are struggling to contact potential voters thanks to voter lists that are out of date and insufficient due to the deep impact of the foreclosure crisis in the state.
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While it takes eight years to become a true New Yorker, it takes considerably less time for homeownership to make sense in New York City. Despite rising costs, buying still beats renting as long as you’re willing to live in the Big Apple for five years.
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Real estate franchise Keller Williams announced that it is entering into an “innovation partnership” with Placester, a real estate website and marketing platform, to co-develop the next version of its agent business solution, eEdge.
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Across the country, state legislatures and appraisal licensing boards are grappling with the decision of whether or not to regulate appraisal management companies. But is an AMC regulatory program truly in the interest of public trust or does it exacerbate the problem?
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The state of New York is set to launch a new program that will use undercover “testers” posing as prospective homebuyers or renters to “root out” housing discrimination in the state, New York Governor Andrew Cuomo announced.
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The shots between Zillow and Move, which is now owned by News Corp, continue following recent news that came out in Zillow Group’s earnings on the how much this is financially hurting the company. This time, did Zillow CEO Spencer Rascoff take a direct stab at News Corp? Happy President’s Day!
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While many frowned after seeing Quicken Loans $5 million Rocket Mortgage commercial, housing and mortgage expert Laurie Goodman says the ad simply markets a new technology that allows consumers to originate mortgages more efficiently. Here are 4 reasons why.
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Ellie Mae’s latest earning results further confirmed the growing dominance of large and mid-sized lenders in the mortgage industry. As mega lenders pull away from originations, the rest of the industry is quickly responding to fill the gap.
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Police arrested Millennium Title owner Nancy Jackson Carroll Thursday in Illinois after being accused of leaving town with stolen money. Carroll was a fugitive from the law after vanishing nearly two weeks ago.
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Household debt increased by $51 billion in the last quarter of 2015. And while non-housing debt balances is rising, the same cannot be said for mortgages which are being paid off a little faster.
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Guardian Mortgage CFO Paul Walker said: “Alight Mortgage Lending will provide us with real-time data and analysis of our financials and better insight into warehousing covenants to help us grow our business moving forward.”
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Existing Bank of America customers could help the bank bring in more lending business, especially if you don’t have a mortgage with them, yet.
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Another batch of mortgage rights hit the market, with a $2.8 billion Fannie Mae, Freddie Mac and Ginnie Mae bulk MSR now for sale. Key features of the portfolio include a weighted average original credit score of 733 and a weighted average original loan-to-value ratio of 70%.
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Dallas custom builder Rudy Rivas normally builds 2,700 square feet homes, even larger worth almost at $1 million. But now he has a new project starting off at around $40,000, that’s less than a year at Hogwarts!
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Despite recent calls to eliminate it, the Federal Housing Administration said it is not considering any changes to the mortgage insurance life-of-the-loan policy. However, the explicit rejection of a life-of-loan pricing policy change is a positive for the private mortgage insurance industry since the ability to cancel mortgage insurance has a direct impact on borrow decision-making.
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The Zillow Group family of websites, which includes Zillow and Trulia, announced its 2015 financial results on Thursday, with the company reporting a pro forma net loss of $91.1 million in 2015. According to Zillow, a large portion of the net loss was driven by the legal fees associated with Zillow’s legal battle with Move, which is now owned by News Corp, over claims of allegations of trade secret theft involving Errol Samuelson, who was once Move’s chief strategy officer.
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The DOW is not looking good as financial names took a big hit Thursday. Reeling off a 400-point loss, oil prices dropped below $27 a barrel for the second time in recent weeks. It settled at $26.21, the lowest point since 2003.
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Ellie May not only surpassed 2014’s fourth-quarter earnings, but also their own expectations for the fourth quarter of 2015. The revenue increase was driven by the continued ramp of Encompass users.
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Even though new home purchases dropped 6% in December, for the month of January, the Mortgage Bankers Association’s Builder Application Survey shows mortgage applications for new home purchases increased by 14%.
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The Florida housing market for 2015 increased by 12.4% from 2014 in single-family home sales. Year-over-year growth in 2015’s final quarter was more subdued, signaling a possible return in 2016 to more stable rates of sales growth.
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After a three-year investigation of KB Home for violations of the Florida Deceptive and Unfair Trade Practices Act, KB Home and its Florida subsidiaries reached a multi-million dollar settlement with the Florida Attorney General’s Office.
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Seeking to rid itself of two business segments that are dragging on the REIT’s bottom line, Redwood Trust announced recently that it will be discontinuing the acquisition and aggregation of conforming loans for sale to Fannie Mae and Freddie Mac, and will also discontinue commercial loan originations for distribution in commercial mortgage-backed securities.
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Despite so much talk about rising interest rates, a whole new idea is making its way around Washington D.C. that would reverse the projected course of the Federal Reserve. So what would a negative interest rate policy look like? America wouldn’t be the first country to venture in.
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The housing market continues to recover from the recent financial crisis. For the month of February, a recent RealtyTrac report shows that vacancy and “zombie foreclosures” are down 4% from a year ago nationwide. However, there are still some minority markets where its increasing.
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Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday.
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The downward trend in mortgage rates continued for the sixth consecutive week amid ongoing market volatility. As a result, the average 30-year fixed is now hovering just above its 2015 low of 3.59%.
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Mason-McDuffie Mortgage Corporation set up a GoFundMe account to help two San Francisco Bay Area nuns that are being threatened with eviction from the residence they use to feed the homeless due to a rent increase. At the time of publication, the account already raised $6,505 of its $24,000 goal.
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Nearly half of all non-homeowners say that their financial situation is preventing them from buying a home, a new report from Bankrate.com showed. According to Bankrate’s survey, nearly 30% of all non-homeowners say that they can’t afford a down payment, despite only needing to save 3%.
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Strains in the energy industry did not hinder the housing market as January 2016’s sales were 2% off the January record.
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A San Diego businessman will spend the next nine months in prison after being convicted for his role in a fraudulent mortgage loan modification business that presented itself as a “law firm” in order to con more than 1,000 struggling homeowners out of more than $3 million total.
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Incenter will acquire assets of a mortgage company in order to offer a broader array of services to their clients. IMA’s main focus will continue to be as a mortgage servicing rights brokerage and asset valuation firm.
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The hot topic for questioning during Federal Reserve Chair Janet Yellen’s hearing before the House Financial Services Committee Wednesday morning centered around the feasibility of negative Fed rates. The Fed announced in December that it was officially raising the federal funds rate for the first time since June 2006. Is this all about to change?
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Impac Mortgage announced it promoted Greg Austin to the position of executive vice president, national sales director. Prior to joining Impac, Austin gained substantial experience in wholesale sales with Lehman Brothers and Credit Suisse.
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Fannie Mae announced Wednesday that it selected the winning bidders in its latest sale of non-performing loans, with a subsidiary of one of Wall Street’s biggest names among the winning bidders: Goldman Sachs.
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Oprah Winfrey bid and won a sprawling equestrian estate on the California coast. Conducted by Alan Armstrong from Sage Auctions, Oprah is now owner of Seamair Farms.
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A lack of housing inventory continues to stifle the housing market, making it difficult for potential homeowners to get on the property ladder. And according to the latest quarterly report from the National Association of Realtors, the problem is not going to subside anytime soon, impacting more than first-time homebuyers.
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Ernst Publishing Company, a technology provider and closing cost data for the real estate and home finance industries announced recently Mike Fletcher joined the company as its director of strategic accounts.
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Due in large part to mortgage interest rates falling for the fifth consecutive week, mortgage refinance applications spiked in the week that ended Feb. 5, 2016, a new report from the Mortgage Bankers Association showed.
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Due to low delinquencies and foreclosures, Wells Fargo said it will let go of 581 employees in its mortgage operations. It’s just the latest in a string of job cuts at the bank’s mortgage operations.
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It’s been four months since the implementation of the CFPB’s TILA-RESPA Integrated Disclosures rule in October shook up the housing industry, and many in the industry are still getting used to the new normal. But, starting Wednesday, there’s a small portion of the TRID rule that will be changing, thanks to a “typographical error” in the supplementary information provided by the CFPB.
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Appraisal management company Valuation Partners announced Denise Neely has joined the company as Southwest region vice president. Neely’s new role includes overseeing business development and new client services in Arkansas, Alabama, Colorado, Louisiana, Mississippi, New Mexico, Oklahoma, Tennessee and Texas.
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Paper may be a thing of the past as one software company creates a way to apply for, see and compare all loan options online. Dennis Boggs, executive vice president, CalyxSoftware said: “Our product and pricing engine gives originators the broadest view of what is available.”
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Stan Kroenke, the owner of the Los Angeles Rams, made headlines recently when the NFL agreed to allow Kroenke to move the team from St. Louis to Los Angeles. But the 60 acres that Kroenke owns in Inglewood, California where the team’s new stadium will be built pales in comparison to his latest purchase.
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Quicken Loans announced the average appraised values in December were 1.8% lower than homeowners valued their home. According to its monthly HPPI, December is the 11th straight month when appraised values were lower than homeowners expected, although December marks the fourth month the gap between the two values have narrowed.
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As part of a continuing series that aims to educate consumers on all aspects of the homebuying process, Freddie Mac released a video that tells consumers how to avoid mortgage fraud when applying for a loan. In the video, Freddie Mac identifies several “red flags” that consumer should watch out for.
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When Walter Investment Management Corp. merged two of its well-known subsidiaries last year, Green Tree Servicing and Ditech Mortgage Corp, the company said that the mortgage servicing and originations businesses would be lead by David Schneider and Patricia Cook, respectively. But Monday, Walter Investment announced that Cook is leaving the company, effective immediately, and said that Schneider will be taking over both the servicing and originations operations.
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The Office of the Comptroller of the Currency announced Tuesday that it is terminating mortgage servicing-related consent orders against U.S. Bank National Association and Santander Bank, lifting the mortgage servicing restrictions placed on both banks last year due to failure to comply with requirements of the Independent Foreclosure Review.
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In another sign that the recovery from the housing crisis is ongoing rather than stalled out, the total number of completed foreclosures in 2015 was the lowest number of completed foreclosures in any year since 2006, a new report from CoreLogic shows.
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Summit Residential Services acquired an interest in the subject property following a foreclosure sale conducted by a homeowner’s association — and moved to clear title. Summit was granted judgment in its favor; extinguishing a MERS lien. So, MERS countersued in April 2014, and won.
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WashingtonFirst Bankshares, the parent company of WashingtonFirst Bank, announced Monday that it is rebranding its wholly-owned residential mortgage lending subsidiary, 1st Portfolio Lending, as WashingtonFirst Mortgage.
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Creators of critical software for banks, services, mortgage professionals and many others are rebranding themselves. They want their name to be a truer reflection of what they are, what they do, and who they serve.
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In an interview with local media, Zillow founder and CEO reflect on their past success, and speculate on the future. Could virtual touring be the next step when it comes to selling a home?
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Mortgage lender Primary Residential Mortgage Inc, announced the opening of its 14th branch located in Orem, Utah, and named three new executives to fulfill the company’s growth plans.
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San Francisco often ranks among the “hottest” housing markets due to its rapidly rising housing prices. But how hot is too hot? A new report from Fitch Ratings suggests that San Francisco is reaching that point, with the dreaded “b” word being thrown around now.
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Mortgages received plenty of attention this weekend, and not just during Super Bowl commercial breaks, with reports offering divided views of the markets, according to the various media platforms that published the copy. Despite the click-bait headlines, it’s not time to panic.
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The latest 3 points with Mat Ishbia, CEO of United Wholesale Mortgage, gives three quick snippets of advice that most lenders are concerned about: Relators and TRID, Millennials and Refinancing.
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Oregon residents should avoid doing any kind of business with Liberty One Mortgage because the company is unlicensed, unregistered, and is engaging in mortgage fraud, the Oregon Department of Consumer and Business Services said. During an investigation, it was discovered that the Studio City, California address Liberty One provided on documentation to Oregon homeowners was actually the location of an Indian food restaurant.
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SMS Assist, a mobile and cloud-based multisite property management company, announced its expansion into residential real estate with the creation of its residential service team. According to a release from the company, SMS Assist is launching its residential division with “major clients” already on board, including Colony Starwood Homes, Home Partners of America and others.
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While small, mortgage credit availability fell in January, dropping 0.4% to 123.8. The decrease was driven by a decline in some FHA and conventional offerings as compared to the previous month.
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The Appraisal Institute, the nation’s largest professional association of real estate appraisers, and Residential Energy Services Network, also known as RESNET, announced the signing of a “cooperation agreement” to promote education, research and data standards surrounding energy efficient homes.
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National Mortgage Insurance Corporation, a provider of private mortgage insurance, announced that it formed a “strategic partnership” with Capital Markets Cooperative, a nationwide alliance of mortgage bankers that provides exclusive offerings and value-added services to its members. As part of the partnership, National MI will be named a “preferred provider” of private mortgage insurance.
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HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses. The massive settlement with HSBC was jointly announced Friday by the Department of Justice, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, 49 states and the District of Columbia.
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SoFi has shattered the typical lending model ever since it broke into the mortgage world two years ago, so its big move in this year’s Super Bowl 50 only make sense. The company’s garnering a lot of attention on its big, and even risky to some, move in advertising during the big game. Watch the video here.
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Job creation increased by 151,000 in January, and while the increase came in somewhat weaker than market expectations, details pointed to a solid labor market. Meanwhile, the unemployment rate fell below 5% for the first time in nearly 8 years.
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News Corp reported its fiscal 2016 second quarter results on Thursday, but the headline story wasn’t that the worldwide conglomerate saw its revenue drop from $2.26 billion to $2.16 billion from the previous year. Rather, more focus is on the success of its Realtor website.
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Full-service mortgage lending company Service First Mortgage announced recently they hired two mortgage industry executives, Joe Treinen and Ian Kimball, who will take on the positions of National Sales Director and Director of Sales Development.
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Veros Real Estate Solutions, which already serves as the vendor for the Federal Housing Administration’s electronic portal for appraisal reports and data submissions, announced this week that it is now offering an “advanced quality control check” for FHA loan appraisals.
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A federal grand jury in Atlanta indicted two real estate investors on charges that they allegedly took part in a widespread foreclosure auction bid rigging scheme in Georgia, the Department of Justice announced this week.
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The severity of the Flint, Michigan, water crisis continues to plague residents, and now there are questions about whether people will be able to sell their homes if they want to, as their homes may not meet livability standards required for a mortgage.
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Making waves in one of the hottest cities in America, First Savings Mortgage Corporation was once again ranked as the top lender in Washington D.C., taking the title for the second consecutive year.
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Mortgage rates sank even further below 4%, marking the fifth consecutive week of declines amid ongoing market volatility. Mortgage rates now are in the neighborhood of early-2015 lows.
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Cash sales accounted for 33.9% of total home sales in the month of October, compared to 36.4% in October 2014, according to CoreLogic. At that rate of decline, cash sales could return to pre-crisis levels by 2018.
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Computershare, an Australian tech company that expanded into the U.S. mortgage market in 2011 when it acquired Specialized Loan Servicing for $113.6 million, announced last week that it was further growing its U.S. mortgage business with the acquisition of Altavera Mortgage Services. But that move appears to be just the first step in a larger expansion.
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Despite trying to stay under the radar after his recent divorce to fellow country music star Miranda Lambert, Blake Shelton just purchased a $3.4 million park-like rural retreat in Tennessee.
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Zillow Group, the parent company for online real estate portals Zillow and Trulia, is growing its operations in New York City with the acquisition of Naked Apartments, which bills itself as “New York City’s largest rentals-only platform.” Naked Apartments is “dedicated to simplifying the rental process” for renters, brokers and landlords in New York City, where, according to Zillow-provided data, approximately 70% of the population rents their home.
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Despite some predictions that mortgage interest rates would rise in the aftermath of the Federal Open Market Committee’s December announcement of an increase to the federal funds rate for the first time since June 2006, the exact opposite has happened, with interest rates falling to a two-year low, according to a new report from Zillow.
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There are a lot of factors that make up a credit score, with many people unaware of what even goes into it. MGIC attempts to fix that problem in a new infographic that breaks down a person’s credit score.
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Residents and businesses located in the city of New York may soon see an end to their rapidly rising property tax rates, thanks to a bill that recently passed the New York State Senate.
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Aiming to help residential real estate industry maximize the effectiveness of social media, Lumentus Social, a social media software and solutions firm, has formed a partnership with Lone Wolf Real Estate Technologies Inc., a provider of residential real estate solutions and services in North America.
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Home Depot announced it will hire 80,000 seasonal workers, further cementing that the spring homebuying season is almost here.
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Chronos Solutions, a real estate financial services provider, announced on Wednesday that it has acquired Commerce Title and Closing Services from its parent company, Ten-X. This is the third acquisition for Chronos Solutions since early 2015.
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Appraisal volume jumped back up, increasing 8.3% for the week of Jan. 24. Between stable rates and good employment numbers, things look good for a stable housing market to continue.
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After three weeks of steady increases, mortgage applications posted a drop, falling 2.6% from one week earlier. Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to its lowest level since October 2015.
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Wells Fargo finally wrapped up its settlement with the federal government to resolve claims related to its Federal Housing Administration lending program. The lawsuit was originally filed in 2012 but hit a roadblock back in November 2014 when both sides’ talks of negotiating a settlement started to slow down. Click the headline to read more.
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The Texas Department of Insurance seized a Dallas-area title insurance agency after allegations surfaced that the company’s owner disappeared with millions of customers’ money. Millennium Title was closed last week by the Texas Department of Insurance after the company’s founder, Nancy Carroll, vanished.
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MortgageFlex Systems, a provider of loan organization and servicing technology, announced Steve Shore is joining their technological services team as chief information officer. Shore rejoins the company after first working for MortgageFlex Systems in the early 2000s.
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Quicken Loans’ parent company Rock Holdings is officially taking a step outside of mortgages and adding personal loans to its list of product by introducing its newest company RocketLoans. The company builds off the digital landscape that Quicken Loans created.
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Lending document provider DocMagic received MISMO certification for their SmartCLOSE software product. This award specifically means DocMagic prep work is totally TRID compliant by MISMO standards.
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The Federal Deposit Insurance Corporation announced a $62.95 million settlement with Morgan Stanley & Company resolving claims over residential mortgage-backed securities. Under the agreement, the settlement funds will be distributed among the receiverships for the three failed banks.
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Domestic based mortgage services provider LenderLive announced Tuesday that John Parrish is joining the firm as its regional account executive for the company’s correspondent lending division.
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Home sales in the Lone Star State have never been hotter than they were in 2015, with the number of homes sold reaching an all-time high for the second year in a row.
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The Federal Housing Finance Agency announced this morning that Fannie Mae and Freddie Mac are changing their mortgage purchasing rules to establish an independent third-party review process for repurchases. This arbitrator will now review unresolved loan-level disputes.
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Home prices maintained recent trends in CoreLogic’s latest report, with home prices rising at a 5% to 6% annual rate for more than a year now. However, when broken down to local-market level, the results can start to vary.
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Financial services company BB&T Capital Markets announced recently named bankers Bruce Kelleher and Jake Savage to “key” leadership roles. Kelleher brings 23 years of experience to his role as the head of BB&T Capital Markets’ equity investment banking. And Jake Savage, a 30-year corporate finance and banking veteran, will lead the firm’s newly formed capital markets advisory group.
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About four years ago, Citadel Servicing Corp. (CSC), based in Irvine, California, became the first company since 2008 to expand the credit box by offering standard and alternative income documentation products to borrowers, funding loans as high as $3 million and offering a second-lien program. But the company takes an entirely different approach than the practices often associated with subprime lending, creating programs that effectively manage the risk involved.
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As part of an effort to simplify the real estate transaction process, Move Inc., which operates Realtor.com for the National Association of Realtors, recently announced an agreement with zipLogix that will bring the zipForm digital library of transaction documents to the Reesio platform, which is a document and transaction management platform that allows the entire real estate transaction to be done online.
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Freddie Mac announced Monday that it obtained more insurance policies designed to cover much of the remaining credit risk associated with its first Structured Agency Credit Risk transactions of 2016.
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While first-mortgage originations for subprime borrowers are growing, it’s not the same faulty mortgages that plagued the financial crisis. This time around lenders are heightening their focus on consumers’ ability to repay.
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The GSE has officially set the release date for Desktop Underwriter Version 10.0 for the weekend of June 25 after originally announced the changes last year. Here’s a timeline for what lenders can expect going forward.
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With the race for the White House heating up, Democratic Presidential hopeful Sen. Bernie Sanders, I-VT, dropped a new campaign ad over the weekend that again paints Sanders squarely as Wall Street’s archenemy, and takes direct aim at the Wall Street bank that’s seemingly dominated the headlines of this election cycle – Goldman Sachs.
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Network Funding, a private residential mortgage lending company, announced the funding of its first Common Sense Lending Initiative programs, which was introduced to homebuyers in late 2015.
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Fannie Mae, the most reliable source of financing in the multifamily sector, provided $42.3 billion in financing to support 569,000 homes. These homes are financed to support affordable or workforce housing.
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Although homebuying in January followed the seasonal trend, with fewer homes on the market and slow sales movement, the housing market is expected to pick up heading into the spring homebuying season, with these 20 housing markets coming out on top.
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While it’s not alarming that home prices continued to rise, what would this look like if the trend continued, especially given that home prices have already increased year-over-year for 43 consecutive months? With the right economic conditions, in two years, it could be a lot more difficult for people to afford a home.
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Actor Johnny Galecki, also known as physicist Leonard Hofstadter, listed his home in Los Angeles for $1.995 million. The place was also home to another famous television celebrity, Patrick Dempsey.
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For the second time in just over six months, First Tennessee Bank, the regional bank for First Horizon National, is settling with the federal government over allegations that it violated U.S. lending laws. In June 2015, First Tennessee agreed to pay $212.5 million to resolve allegations that it violated the False Claims Act. HUD announced Monday that it reached a settlement with First Tennessee over allegations that the bank violated the Fair Housing Act.
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Real estate agents Joyce Rey and Cyd Greer of Coldwell Banker sold late actor and comedian Robin Williams’ estate, also known as “Villa Sorriso,” or “Villa of Smiles,” for $18.1 million in an all-cash deal. The home first hit the market late last year for $29.5 million.
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More college graduates are now able to afford housing, according to a new report by the Federal Reserve Bank of New York. The idea that college graduates are doomed to work in coffee shops is fading away, as people with college degrees start to fare better than those without.
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Homeownership rates continue to rise for a second quarter in a row due to job growth and the ability to gain credit. Growth in some segments of the population is larger than in others. And there’s one age demographic that took a step back.
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