A disbarred New York attorney will spend more than three years in prison after being convicted on multiple charges stemming from his involvement in a ticket resale fraud scheme and a real estate investment fraud conspiracy that cheated multiple victims out of more than $3 million.
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BancorpSouth will pay $10.6 million to settle charges against the bank by the Department of Justice and the Consumer Financial Protection Bureau, which accused the Mississippi-based bank of redlining and discriminatory lending practices. The agencies accused BancorpSouth of a number of discriminatory practices, including illegally redlining in Memphis, and implementing an “explicitly discriminatory loan denial policy.”
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Nearly one fourth of consumers reported being hacked in the past two years. Cyber security experts at Accenture say it is a growing problem, and yet many consumers are still willing to give their personal information to banks in exchange for more personalized services.
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The federal government is looking for additional methods and mechanisms that it can use to transfer credit risk currently borne by Fannie Mae and Freddie Mac, and therefore the American taxpayers, to private investors. Here’s a breakdown of the history of Fannie and Freddie’s risk-sharing deals, and a look at what the GSEs want to do next.
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Today’s mortgage industry seems to be aging, and very few Millennials seem to be interested in carrying on the profession. These lenders, however, must be doing something right. They just made the list of top 100 best workplaces for Millennials.
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Approximately 52% of Americans plan to buy a home in the next five years, leaving 1,825 days to save anywhere from a 3% to 20% down payment. So you better start saving now! In recognition of American Housing Month, the American Bankers Association Foundation highlighted six tips to help consumers cut costs and start saving.
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The Federal savings bank hired MacDonald as the new chief information officer. He will be responsible for ensuring technological safety for consumers.
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Appraisal volume doesn’t appear to be budging for anything. Volume continued to trudge along at a very low volume for the majority of spring and now into summer. According to Kevin Golden, director of analytics with a la mode, it’s not the potential low rates from Brexit that will impact housing.
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Interest rates deceased in May from the previous month as rates continued to hit new lows. While interest rates decreased, however, the total amount of the loans increased.
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Pending home sales decreased in May both monthly, and for the first time in two years, annually. Experts weigh in on what caused the sudden drop.
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Mortgage rates are expected to drop even further below the record lows witnessed this year, but you wouldn’t think so looking at the latest mortgage application report from the Mortgage Bankers Association. This is what happened instead.
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Last month, mortgage bond investors moved one step closer to ending their five-year wait for their money from an $8.5 billion settlement involving Bank of America, mortgages originated by its Countrywide unit, and the Bank of New York Mellon. At the time, a report suggested that the aggrieved bondholders would receive their money in June, and according to a new report from Fitch Ratings, that’s exactly what happened.
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Baby Boomers are planning to move, many even before 2020, however this time many don’t plan on buying a home, but renting it. Most of them say next time they move they will pay the same or less than what they pay now.
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In the wake of the United Kingdom’s shocking decision to leave the European Union, experts throughout the U.S. housing industry weighed in on the potential impact of the Brexit. The general consensus among those experts is that mortgage interest rates are going down, but just how low? Well, according to analysts at Fitch Ratings, mortgage rates could hit all-time lows as the Brexit dust settles.
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For most NBA players, their playing careers are over just as the rest of us are settling into our chosen professions. The difference between them and us (in addition to, you know, athletic ability) is that, in some cases, they’ll retire with a lot of money and a lot of time on their hands. So what will they do with their money and their time? For some former players, investing in real estate becomes their game of choice, but that game comes with a lot of risk.
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Vaias brings not only an extensive work history to the company, but also a lifetime of community service, such as serving on various boards and offering volunteer legal services to the homeless. Here’s more on why Ballard Spahr hired her as counsel for two of its offices.
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Redfin created a new way of scoring homes. Properties can now be rated based on the number of jobs within a 30-minute car-free commute. This new scoring system, they hope, helps cater to two growing trends in the housing market.
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Experts disagree on the impact that the Brexit will have on U.S. GDP growth, with Capital Economics predicting a rebound in growth while Goldman Sachs revised their prediction down slightly. The one thing they can agree on? The Fed will still raise rates this year.
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The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending. The city sued the megabanks in 2013, accusing the banks of “disproportionately placing vulnerable, underserved minority borrowers in loans they cannot afford.”
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Home prices increased yet again in April, bringing experts to question affordability for first-time homebuyers. In addition, the Brexit vote could play a part in increasing home prices even more.
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Low down payment mortgage programs have made quite the entrance in to the market as of late. Quicken Loans revealed the details of what went factors made up its 1% down, and now Guaranteed Rate revealed a new 1% down program. This program, however, is significantly different, as Kasey Marty, executive vice president of secondary marketing with Guaranteed Rate, explains.
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For many lenders, to grow is to simply to add more warehouse providers. But a larger network of providers can bring larger inefficiencies. Instead of using five or six different warehouse providers, scaling down to two or three, who offer larger lines, allows lenders to manage fewer bank relationships and possibly even reduce staffing as a result.
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A Florida pastor is facing as much as 90 years in prison after being convicted of defrauding multiple mortgage lenders, the U.S. Attorney’s Office for the Middle District of Florida announced Monday. Here are the details of the case of Nelson Cristiano Machado, Jr.
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Irving Fryar, who spent 16 years in the National Football League, starring for the New England Patriots, Miami Dolphins and Philadelphia Eagles during his career, is now a free man, after he recently walked out of New Jersey state prison after serving only eight months of a five-year sentence for mortgage fraud.
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The roadmap for how Brexit will occur from a logistical perspective should become clearer over the next few months. Steve Hovland, director of research at HomeUnion, weighs in on the initial shock of Brexit and what the industry can expect for the future. Here’s a hint, it’s not all bad.
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The Insiders could be leading out in different ways, but may also just be excellent at their particular job. Leaders are great, but so are the people who actually execute on a leader’s vision and direction. The Insiders are people in the trenches every day, making things better.
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The tech industry found a home in San Francisco, propelling the region into a period of unprecedented wealth and innovation. But as more people prosper in Silicon Valley, it pushes more people out who can’t afford the outrageous costs of the city. So how does this impact housing in the busy city?
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Freddie Mac’s recent report gives a glimpse of trends in the housing market, as well as what to look for in the coming months. “Despite the increase in cash-out refinances in the recent quarters, there is little risk of over leveraging in the conventional conforming prime market,” Freddie Mac Chief Economist Sean Becketti said. Click to read more about Becketti’s call.
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The recent low jobs report and Brexit decision could cause economic uncertainty. However, a recent report from Capital Economics shows there is nothing to fear. In fact, the economy is nearing full employment and GDP continues to increase.
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While the U.S. Senate could soon consider new rules governing the maintenance of foreclosed homes and the glut of “zombie homes” that blight many communities throughout the country, the state of New York is taking the matter into its own hands. Late last week, New York Gov. Andrew Cuomo signed “sweeping” legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.
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Home prices rose yet again in April in every state and metro area. In fact, many places even hit new peaks, and it may not be slowing down anytime soon.
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Well, it was all #Brexit all the time, all weekend long. Here, in your Monday Morning Cup of Coffee, are more views of the impact of the United Kingdom’s shocking decision to leave the European Union behind, both in the long-term and the short-term. Plus, what some U.S. lenders are doing right now to take advantage of the post-Brexit world. For all that and more, click the headline.
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Americans are making sacrifices to ensure they are able to stay in their homes despite whatever may change in their lives. And whether it’s a mortgage or rent, paying for their home is a top priority when it comes to bills, creating a domino effect in other parts of their lives.
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Mortgage lenders and servicers could soon have a whole new set of responsibilities for maintaining foreclosed homes, as Sen. Bob Menendez, D-NJ, introduced a new bill on Friday that would address what his office calls the “zombie foreclosure crisis.”
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Just hours after the news that British voters decided to leave the European Union, the U.S. released its monthly consumer sentiment report for June, revealing that consumers already had a slightly dimmer view of the economy before the Brexit news.
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While megabanks like Bank of America, Wells Fargo, and JPMorgan Chase grabbed the headlines earlier this year by separately announcing plans to offer mortgage loans that only require a 3% down payment from the borrower, there is another major lender that is quietly requiring even less from borrowers. Unbeknownst to many in the market, Quicken Loans began offering an even better deal for borrowers late last year – a 1% down mortgage.
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Mortgage brokers eagerly welcomed a bigger paycheck at the start of this year after the end of 2015 significantly shorted the income of many in the business. To show exactly how mortgage banker profit has changed, this week’s factsheet shows mortgage banker profit over the course of the past two years, using data from the Mortgage Bankers Association’s Quarterly Performance Report.
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Ditech Financial just hired Brad Goedken as its new chief information officer. Ditech says Goedken’s experience in mortgage technology will be invaluable.
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The stress test results just came in, and 33 banks shows they could undergo the Fed’s tests. For some banks, this is a welcome result after failing the tests several times before. Here’s how they all fared in the tests.
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Many experts have come together to predict that interest rates will actually be lowered even further in July, despite previous predictions that rates could increase. The reason for the sudden change? The Brexit vote.
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There remains much speculation surrounding the U.K.’s recent vote to leave the European Union. While some say that the decision could take years to go into effect, and no major economic impact is likely, other quick economic reactions are already in play. Here is a summary of the opinions that impact the U.S. housing and mortgage finance industry.
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Too frequently, people with criminal records are refused housing or are precluded from rejoining their families, as most plan to do. That’s because housing providers have broad discretion in deciding who is permitted to live in their properties. As a result, formerly incarcerated individuals looking to make the most of their second chance instead find themselves at risk of becoming homeless or recidivating.
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In a recent interview with HousingWire, Mat Ishbia, CEO of United Wholesale Mortgage, explained why low down payment mortgages are growing in popularity, especially among Millennial buyers. Are 3% down mortgages going to be the new normal?
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Rep. Chaka Fattah, D-Penn, who was once one of the faces of the government’s mortgage relief efforts, said Thursday that he plans to resign from the House of Representatives immediately after being convicted earlier this week on a host of fraud and corruption charges.
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Starkey Mortgage hired Donald Jarrett as its new senior vice president of process management. Here is what he brings to the table, and what his new responsibilities will be.
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The National Association of Exclusive Buyer Agents released a new code of ethics and standards of practice by which its members must adhere. Because its agents represent only buyers, its rules can be stricter than other organizations. These are some of the new rules.
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California pending home sales may have increased overall, but some counties are heating up much faster than others. In fact, some housing markets in California are even cooling down.
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Ocwen Financial disclosed Thursday morning that it will pay $30 million to settle a pair of lawsuits that accused the nonbank of falsely certifying that it was in compliance with Federal Housing Administration and Home Affordable Modification Program rules.
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The share of cash sales for properties continue to drop, now 13.6 percentage points down from their peak in 2011. At this pace, they’re on track to hit their pre-crisis levels within the next two years.
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The Financial Stability Oversight Council, which includes the leaders of the government’s top financial regulatory agencies, believes that it is time for Congress to take on housing finance reform, stating that regulators are “approaching the limits” of their ability to enact housing reforms.
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In contrast to the sharp increase in April, new home sales fell in May. However, despite the monthly drop, sales were still up year-over year. Experts say this drop is not surprising.
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After two straight weeks of decreasing mortgage rates, the average 30-year and 15-year fixed-rate mortgages inched up this week. That being said, the still-low rates continue to be good news for the housing market. Here’s why.
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Wage growth is finally starting to outpace home-price appreciation, breaking a four-year trend. However, affordability continues to be an issue, with 18% of county housing markets unaffordable in the second quarter.
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Black Knight Financial Services announced Wednesday that it is continuing its recent expansion efforts with the acquisition of Motivity Solutions, which provides customized mortgage business intelligence analytics to mortgage lenders. Here’s why Black Knight thinks the deal is so significant.
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Well, now it’s official. The National Hockey League announced Wednesday that it will expand in 2017, becoming the first major professional sports league to bring a team to Las Vegas. The league’s announcement brings a nearly two-year journey one step closer to reality for William Foley, the chairman of Fidelity National Financial and Black Knight Financial Services, who will lead the Las Vegas team as its owner.
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LodeStar’s new integration with CalyxSoftware will give the lenders’ clients more access to settlement services and title providers, automating much of the process that was done manually before.
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On Wednesday, the Consumer Financial Protection Bureau laid down the law on mortgage servicers, warning them that they “cannot hide” behind subpar technology and use that as an excuse to avoid CFPB sanctions. But that’s not all the CFPB is going to be looking into when it is reviewing mortgage servicers. Here is what else the CFPB is going to be looking into going forward.
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After a 40-year career in the mortgage industry, including 30 years with Fannie Mae, Alex Saphos joins HomeBridge Financial Services. Here’s what he brings to the table, and what it means for the company.
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Working in the mortgage and housing finance industry can be greatly rewarding. Such is the case when home inspector Paul Tateosian from Sarasota, Florida heard some meowing during a vacant property inspection.
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Reports predict that Millennials are about to enter the housing market in droves. With increases of about 2 million per year predicted, here are three things Millennials can do to get ahead of the curve before they start looking at homes.
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The Consumer Financial Protection Bureau just fired a shot across the bow of the country’s mortgage servicers after it found that some servicers are using outdated computer systems that could run them afoul of CFPB rules. “Mortgage servicers can’t hide behind their bad computer systems or outdated technology,” said CFPB Director Richard Cordray. “There are no excuses for not following federal rules.”
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Foreclosure inventory decreased to numbers not seen in almost 9 years, while foreclosure starts are now at pre-crisis levels. Delinquencies increased monthly in May, but experts from Black Knight aren’t concerned. Here’s why.
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The Federal Savings Bank brought on a new vice president, and he’s already set goals for the upcoming months.
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The fees that Fannie Mae and Freddie Mac charge lenders to guarantee mortgage loans actually serve as a tax on consumers and prevent more potential borrowers from becoming actual borrowers, a coalition of the nation’s largest housing groups said Wednesday.
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Despite rising home prices and lack of inventory, existing home sales in May grew at their fastest pace in almost a decade. Not everyone, however, sees this as good news for the market. Zillow’s chief economist points out that, while encouraging, the market still has a long way to go.
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After leaving his position as top advisor for housing policy for the Obama administration, Stegman is now a fellow for housing policy for the Bipartisan Policy Center. Here’s what that means going forward.
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It’s no secret that falling inventory creates affordability problems in the housing market. According to a new report by Trulia, however, it may not be as much of a problem as you would think. In fact, a lack of starter homes may not be the problem at all.
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After weeks and weeks of historically low mortgage interest rates having little to no impact on the volume of refinance applications, it finally appears that consumers are getting the message about interest rates. According to a new report from the Mortgage Bankers Association, mortgage applications rose last week, with the increase coming entirely from refinance applications.
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Freddie Mac announced Tuesday that it agreed to sell more than $700 million in delinquent loans off of its books to a series of private investors, with one familiar buyer snapping up much of the offering. Here are all the pertinent details.
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A sitting U.S. Congressman who was once at the forefront of the government’s post-crisis mortgage relief efforts is now facing serious jail time after being convicted of misappropriating hundreds of thousands of dollars of federal, charitable, and campaign funds.
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Although there’s been a lot of talk about the need for builders to provide more affordable homes, each generation has a different view of what makes up their dream home. A panel of three builders outlined what each generation wants. Did they get your generation right?
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In addition to its current services, Carrington now offers conventional mortgages, including loans for first-time homebuyers and those needing low down payments.
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While appraisal volumes increased slightly since last week, monthly average growth is a big fat, goose egg. Here, the director of analytics at a la mode explains what’s causing appraisal volume to hold steady.
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30-year fixed mortgages may not be the way to go if homebuyers can afford a larger monthly payment. In fact, total interest over the life of the loan is over three times higher on a 30-year mortgage than on a 15-year mortgage, and that’s just for a median priced home. Is it time to reignite the debate on the role of the 30-year mortgage in our industry?
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Last week, Fannie Mae unexpectedly announced a delay to the latest update to its Desktop Underwriter program. The delay was noteworthy because at the time, Fannie Mae didn’t provide a date for when the use of trended credit data was going to begin. We now know the implementation date.
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Both of these banks failed the stress tests a combined total of five times. The annual tests could even be holding the banks back from giving more $$$ to their shareholders. While banks such as Wells Fargo seem to be going fine, others, such as Bank of America and Citigroup, just can’t seem to catch on.
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A recent Fitch Ratings webcast showed where the housing market is currently, and where it needs to go. The largest untapped market is the first-time homebuyer, however there may be a few road blocks to reaching them.
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The owner of a Pennsylvania title company is facing 20 years in prison after being charged for his role in a scheme that defrauded borrowers and title insurance companies out of nearly $3 million.
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Accurate Group just announced the hire of a former executive from Huntington National Bank. Here’s what Kirk’s focus will be in his new position.
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Looking through the eyes of those in the heart of the industry, the majority of mortgage professionals expect the first-time homebuyer market share to only get better. New facts coming from a study conducted by Genworth Mortgage Insurance at the 2016 Mortgage Bankers Association Secondary Conference in New York City reveal what the industry expects for the future of housing.
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In what’s becoming a disturbingly popular trend, Bay Area consumers are being warned that they may be the target of hackers who try to steal mortgage funds by presenting themselves as real estate agents, Realtors and title insurance companies.
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When the power couple isn’t ruling the runway or music industry, they’re making a killing in the real estate market. The reasons why singer Adam Levine and his supermodel wife Behati Prinsloo changed their minds on where they’ll live might not be clear, but looking at the profit they’ll make from the decision, they’re making an excellent choice.
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The Federal Reserve Bank of Minneapolis president thinks that regulators should take caution, or they could give nonbanks the upper-hand. According to Kashkari, high capital requirements could cause banks to restrict lending and hurt the economy.
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A former Connecticut state representative is facing as many as five years in prison after pleading guilty to charges stemming from a mortgage fraud conspiracy that involved lying about the nature of “gift” money that was to be used to buy a home in Bristol. The person behind the supposed “gift” to Cuevas? A fake “relative” who was actually a subordinate employee at the City of Waterbury.
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The Federal Trade Commission halted a massive mortgage relief scheme perpetrated by a series of law firms, which falsely promised to help struggling homeowners save their homes in exchange for hundreds or thousands of dollars in legal fees. One senior FTC official called the scheme “appalling.”
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Recruiters are hiring for a position for mortgage companies that really shouldn’t exist. Bad lending practices before the housing crisis, however, may have made it necessary for companies wanting to precede on foreclosures. The problem? It’s not exactly legal.
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Homes sales in California increased again in May for the third straight month, but this could all change due tight housing inventory and reduced affordability. The California Association of Realtors’ vice president and chief economist gives these 3 reasons for why the Golden State’s housing market will grind slower for the remainder of the year.
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The ability to save for a down payment is no longer the biggest hurdle for first-time homebuyers. According to a new housing report from Fitch Ratings, there’s a new problem that’s creating an even bigger roadblock—inventory shortages. This is what the report says is being done to fix the problem.
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The housing market’s pending home sales are rising to a decade high, and yet Fannie Mae’s economic growth forecast remains stagnant. Here’s what’s causing the hold-up.
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Welcome to the first day of summer! Things are on rise this week, with both cyber breaches and rents reporting just how much they’ve each grown. On the opposite side, San Francisco housing finally isn’t rising. And now one year after his bother went missing, Chris Cranston recounts the case to The Huffington Post’s Senior Crime Reporter.
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Serving in the military dictates many home buying and selling decisions for active-duty members, and continues to have residual effects — both positive and negative — for veterans. This week’s HousingWire factsheet uses data from the National Association of Realtors’ latest profile of homebuyers and Sellers to show just how different their housing decisions are.
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Distressed sales continue to decreased month and annually. At the current rate, distressed sales could hit the pre-crisis market by 2018. Here’s how March distressed sales compared to the previous month and year.
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The National Association of Realtors sent a letter to two members of Congress this week, declaring the organization’s support of alternative credit-scoring models that could be used to open the credit box to previously underserved borrowers. Here’s why NAR thinks alternative credit scoring is so important.
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San Antonio police are searching for a man accused of posing a real estate agent and fleecing a would-be homebuyer by fraudulently claiming to own a home he didn’t actually own.
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One of most notorious people at the center of the housing crisis is reportedly off the hook for any supposed malfeasance, as Bloomberg is reporting that the Department of Justice is abandoning its attempt to sue Angelo Mozilo, the founder of Countrywide, for his company’s lending practices in the run-up to the housing crisis.
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JPMorgan Chase and Lone Star Funds are currently the leading bidders for a bad Dutch bank. The sale is not secure yet, and could fall out at any time. Goldman Sachs and Cereberus Capital are also competing bidders in the deal. Here’s more on the deal these banks are fighting for.
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Don’t worry, there are still two days left before Father’s Day, just in case you forgot. In honor of the holiday, Bruce Elliot, president-elect of the Orlando Regional Realtor Association, chatted with HousingWire on the top factors fathers want in a home.
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After 14 years, HSBC is finally settling a shareholder class action lawsuit that stems from questionable mortgage lending more than a decade ago from the Household International consumer finance business that HSBC bought in 2003.
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After the foreclosure crisis and due to the significant criticism it received, the future of MERS seemed hopeless. But after a long fight with plenty of setbacks to gain back its reputation, MERS not only made a comeback but locked in a top investor in the process, ICE, which is also the owner of the NYSE.
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New data shows that home sales decreased annually in the Golden State, but increased monthly. Prices continue to increase due to lack of affordable inventory. Despite rising home prices, cash sales also increased from last month. PropertyRadar’s director of economic research explains why.
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CC Pace hired Gill as its new business development manager. He brought 30 years of mortgage experience to the company. This is why CC Pace is “thrilled” to have Gill on its team.
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New data shows that home construction increased slightly in May. However, the bad news is that even with the rise, inventory is still tight. This is how the low home supply is impacting the rest of the housing market.
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The latest business venture from Realogy Holdings falls in line with a growing focus of technology in the mortgage market. The real estate company announced that ZapLabs is its new innovation and technology hub. Moving forward, Richard Smith, Realogy’s chairman, CEO and president, foresees ZapLabs more broadly focusing its creative energy on the application of emerging technologies.
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LDWholesale, which is part of loanDepot, announced a change to its executive team and promoted Phil Garcia to vice president of Operational Production. Originally joining LDWholesale in November 2015, here are the news plans for Garcia’s role at the company.
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Private equity firm GTCR announced it acquired Plano, Texas-based Optimal Blue, a cloud-based provider of enterprise lending services to the mortgage industry. Besides a new CEO, the news also comes with up to a $350 million commitment of equity capital to the investment. Here’s where that money will go.
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In its latest sale of non-performing loans, Fannie Mae announced three different pool offerings for sale. And keeping up with its more specifically targeted Community Impact Pools, the first, smaller pool is being marketed to encourage participation by smaller investors, non-profit organizations and minority- and women-owned businesses.
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In a wide-ranging report released Thursday, the FHFA Office of Inspector General seemingly questioned the motives of Fannie Mae surrounding the construction of its new headquarters in Washington, D.C. In a response to the OIG report, FHFA Director Mel Watt balks at the veiled questioning of Fannie Mae’s motives, saying he “strongly disagrees” with the assertion that Fannie Mae has “little incentive” to hang on to its money.
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The Federal Housing Finance Agency has been lax in its duties as the overseer of Fannie Mae, and needs to do far more to address the dramatically rising cost of Fannie Mae’s new Washington, D.C. headquarters, the FHFA’s watchdog said in a new report. Here are all the details.
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Home price appreciation could be as high as 10% given today’s tight housing inventory, so why isn’t it? A new report from Capital Economics explains why past data puts appreciation estimates so high and why this isn’t actually happening.
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TRID compliancy is not easily achieved, in fact, a recent study showed 90% of loans had TRID violations. One company, however, managed to achieve compliancy. Here’s its secret.
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Many things are contributing to the fast-moving housing market, including home prices, inventory and low interest rates. Some smaller housing markets are even shocked at the changes; Americans, it seems, are fleeing big cities.
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The amount of investment into the U.S. housing market from China is expected to double by year 2020. The residential sector contains significantly higher Chinese investment since 2010, but that could be about to change.
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After this week’s announcement from the Fed that it would not raise rates, the average 30-year mortgage rate dropped for the second week in a row. Here is what Freddie Mac’s chief economist has to say about the data.
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As discussions around GSE reform and possible reductions in mortgage insurance premium at the Federal Housing Administration start to reach a boiling point, Patrick Sinks president and CEO of private mortgage insurer MGIC, posted a blog on the company’s website to get one important factor straight in the discussion.
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Carrington chose Flanagan as its new executive vice president of its mortgage lending division. Here’s is what he brings to the company with his 30 years of industry experience.
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A Nevada woman who was once part of the largest mortgage fraud schemes in the history of the state will no longer forfeit $107 million after a federal court of appeals overturned part of her penalty because it violated the Eighth Amendment, which prohibits the government from imposing “excessive fines” and “cruel and unusual punishments.”
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California took initiative in 2013 and implemented California’s Homeowner Bill of Rights, which stops mortgage servicers from engaging in abusive practices that were leading to unnecessary foreclosures on families throughout the state. The problem isn’t over yet though. A new bill that should fix the problem areas is expected to be voted on next Monday.
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Mortgage doc and data provider Capsilon received an investment from Francisco Partners which will help support the company’s product innovation. This is what the investment means for the future of Capsilon.
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Unsurprisingly, the Federal Open Market Committee decided to not raise the federal funds rates due to recent economic factors. And now that the June meeting is over, eyes are already turning to July as a possibility. There are four meetings left in 2016, in which one will the Fed choose to raise rates, if at all?
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A Brooklyn man could spend as many as 18 years in prison after being convicted of stealing three Brooklyn properties by forging deeds, as well as pretending to be an attorney, and attempting to sell properties he didn’t actually own.
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The battle lines surrounding the potential reform of Fannie Mae and Freddie Mac are becoming firmly drawn, with the Community Mortgage Lenders of America denouncing and rejecting a recent letter from several of the largest trade groups in housing that called for the Federal Housing Finance Agency to leave Fannie and Freddie reform to Congress.
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From banks to retailers, everyone is moving digital, and therefore becoming more at risk for cyber security attacks. This time, a new marketplace was discovered where hackers were selling company’s information, at times for as little as $6.
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Fannie Mae’s new senior vice president and chief audit executive brings 35 years of audit experience to the company. This is why Fannie Mae chose him, and what he brings to the company.
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The percentage of purchases was over 60% of all closed loans, a slight increase from April to numbers not seen since last summer. Ellie Mae’s origination report shows the average days on market, percentage of closed loans and the average FICO scores on new loans.
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Seneca chose Nationstar to take over its subservicing for all current and future acquisitions. Here is what the new partnership means for the future of both companies.
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Mortgage interest rates fell to new lows, dating back to levels witnessed three years ago, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association. But despite the new lows, mortgage applications still dropped, reverting back to its previous downward trend.
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We love executives, but we want to champion the people who are invaluable to companies in a hundred other ways as well. The HW Insiders will recognize the professionals that are central to a company’s success — the people everyone knows internally as a critical resource, but who aren’t as visible to the industry at large.
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With just a handful of days left until Fannie Mae said it would release a heralded update to its Desktop Underwriter program, the government-sponsored enterprise announced an unexpected delay to Desktop Underwriter Version 10.0. The reasons why are vague, at best.
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Good news for folks living on the West Coast, your homes are worth more than you think. A new report from Quicken Loans found that homeowners in the West tend to think their house is worth less than what the appraisal turns up. As for the rest of the nation, they lean the other direction.
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One of the thorniest issues surrounding mortgage lending is the fees established by appraisal management companies and paid to appraisers for property appraisals, but that could change soon, thanks to a technological innovation created by an AMC.
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What were merely rumors 18 months ago are now one step from becoming reality, as the NHL executive committee reportedly gave its approval to expand the league with a team in Las Vegas led by an ownership group fronted by William Foley, the chairman of Fidelity National Financial and Black Knight Financial Services. Get ready for the Las Vegas Black Knights.
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While there is much talk about whether or not the Fed will raise interest rates this summer, it seems that is not what homebuyers, especially Millennials, are concerned about. As it turns out, according to the experts at Trulia, they’re actually more concerned about something else.
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The good news is that appraisal volume bounced back from the drop in volume caused by Memorial Day. However, looking ahead, Kevin Golden, director of analytics with a la mode, gives his prediction for the summer-buying season.
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A recent report from the Mortgage Bankers Association showed that mortgage credit availability is on the decline, with the Mortgage Credit Availability Index for May showing a decrease for the third straight month. And a new report from Fannie Mae suggests there’s no light at the end of the tunnel for those who hope to see credit standards relaxed any time soon.
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The Board of Governors at FINRA just announced its selection for the company’s new CEO. Here is what Cook brings to the company, and why the soon-to-be former CEO says Cook is one of the leading practitioners on broker-dealer and market regulation.
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Following suit with last month’s data, CoreLogic’s foreclosure report for April 2016 continued the downward trend to lows not seen since 2007. Though there is still room for improvement, foreclosure inventory already decreased 68.9% from its 2010 peak.
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The annual stress tests that the Federal Reserve requires of banks may be making them safer, but it can also restrict lending. Bank of America’s CEO explains why that is, and how these tests are affecting banks.
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As consumers demand and expect more access to information, Ten-X has developed mobile applications designed to meet those needs, adding up to an extensive suite of online and mobile tools.
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While this year is a good time to buy thanks to historically low interest rates, the same appeal that’s making it a good time to buy is also making it a good time to refinance. For those still on the fence, Ray Rodriguez, regional mortgage sales manager at TD Bank, complied this list of three reasons to refinance.
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The Department of Housing and Urban Development announced recently that it reached a settlement agreement with North Carolina-based First-Citizens Bank & Trust Company. The settlement resolved allegations of discriminatory lending made against the bank’s predecessor, First Citizens Bank and Trust Co.
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When the Consumer Financial Protection Bureau began publishing consumers’ complaints against financial services companies several years ago, many of those companies and other industry observers took issue with the fact that the complaints were, in many cases, unverified and unproven. But this could all change soon thanks to a new bill that Congress is set to consider.
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Quicken Loans founder Dan Gilbert certainly is in the middle of a lot right now. The Cleveland Cavaliers, Gilbert’s NBA team, is set to take the court in the NBA finals Monday night with their backs against the wall, down three games to one to the Golden State Warriors. But that’s hardly all Gilbert has going on these days. Gilbert is also deep in the multi-billion dollar bidding process for Yahoo.
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A recent article put out by Inc. details 10 reasons why Millennials are seriously discouraged. This is where the author went wrong, and what the mortgage market should know about how Millennials really think.
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After 25 years in the mortgage industry, Harrop became the executive vice president of Bellwether Enterprise. The president of the company said Harrop brings a unique and valuable perspective to our organization.
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Despite the freshness of Better Mortgage, it’s already made quite the name for itself. Online mortgage lender Better Mortgage grew from the ashes of founder Vishal Garg’s previous online lending company, MyRichUncle, which ran aground in the aftermath of the financial crisis. This is how Garg says this time things are different.
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Millennials are delaying homeownership, with many waiting a couple years after graduating before choosing to finally move out on their own. According to a new survey by the National Association of Realtors, this delay is due to student debt. While paying off their student loans, borrowers can’t afford to buy a home, here’s why.
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TRID isn’t the first regulation to take the industry by storm. The industry proved it can adapt with the qualified mortgage rule, and it can adapt to this. As the industry awaits the bureau’s changes to TRID, there are still billions of dollars on the line, and HousingWire got two experts for an HW Q&A webinar to make sure you don’t run afoul of regulations in the meantime.
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CoreLogic’s new service aims to ward off the rise of fraudulent activity and hacking thanks to its added protection for property owners and managers. Here’s how ID Score works, and what protections it will add.
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Lack of affordability is a huge problem in New York City as it is one of the least affordable cities in the U.S. to rent. To combat this, developers created a micro-unit development of small studio units that will be leased out for much more affordable pricing.
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First off, congrats to the five winners of the Mortgage Bankers Association and Internal Revenue Service’s tax design challenge. The Playboy Mansion finally found a buyer, but the controversial price tag of it became a lot more realistic. Also, check out the 10 commandments of choosing a profitable house to flip.
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Some companies speculate that low credit scores could be holding back first-time homebuyers. Some experts, however disagree. According to a recent survey by TransUnion, there is one thing that worries them more than their credit scores.
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Fannie Mae Board of Directors’ three new members bring extensive careers with them to their new positions See why Fannie Mae is “thrilled” to add these new members.
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There are 75 million Millennials – wow. Talk about competition. To help alleviate some of the pain points in shopping for a home, HousingWire rejiggered data from the National Association of Realtors in order to bring you this fun and informative fact sheet in the 10 hottest housing markets for Millennials.
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More often than not, millennials are choosing the urban, apartment living lifestyle instead of buying a home. Whereas this is bringing more life and revitalization to downtown areas, it is also becoming a problem in many cities. Here’s why.
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Besides the typical reasons for why this year is a great time to buy, one blogger instead looked at today’s housing market compared to the past. The piece puts into perspective, especially for those new to the market or about to enter it, just how different today’s market is. And how it’s better in their favor.
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Despite rising home prices and decreasing inventory in California, renters still want to own a home, according to the California Association of Realtors. And while affordability issues are holding people back, many renters still plan on buying within the next year.
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As the government puts more and more effort into distancing taxpayers from mortgage credit risk, a different problem starts to brew. According new blog post from the Urban Institute, the government’s efforts to reduce credit risk aren’t fail proof and could instead result in mortgage rates becoming significantly more volatile.
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After declaring bankruptcy in 2011 and 2012, the former president and CEO was arrested Thursday for one count of bankruptcy fraud and two counts of each concealment of assets. In all, he allegedly concealed $1 million in assets, here’s how.
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These three cities made the list for Redfin’s hottest housing markets. So what are the key factors making these cities so hot? Homes can receive up to 100 showings in a weekend, and up to 30 offers. Plus, they are usually off the market within eight to 10 days.
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Many changes are coming to the credit industry, including Experian and Yardi’s new solution that will enable property managers to report monthly rent payments. Consumers will be able to build credit by paying their rent on time, but that’s not the only benefit to this new step.
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California-based New American Funding just expanded into the Lake Oswego area in Oregon. See why executives thought Oregon is the natural fit, and who they hired as the new state area manager.
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In a published post on LinkedIn, Laura Dantuma, market leader at Movement Mortgage, poised this question to loan officers, “Should you being making six figures?” It might sound a little harsh, but here’s how she explains her thought.
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Baby Boomers could bring a stir to the housing market as many make future plans to buy a new home. The large portion who plan to downsize when they move could make it even more difficult for the already-struggling first time homebuyers.
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A coalition of civil rights groups is pressuring the Consumer Financial Protection Bureau to enhance protections for mortgage services to potential homeowners who grapple with the English language. This is what they want to happen.
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Although rents decreased slightly, historically they are still high. In fact, in some hot markets rents are rising. In San Francisco, for example, over 60% of one-bedroom listings are listed more more than $3,000 per month.
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This spring-buying season many lenders will be left either trying to entice Millennials into the first-time homebuyer market or chasing home equity loans. Both paths come with challenges, but the latter will be significantly easier with the right information. There are really two key pieces of information that a lender must have to effectively target potential borrowers.
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After sitting in the position for only eight months, Denmar Dixon will resign as CEO and vice chairman of Walter Investment Management Corp. Dixon took on the role of CEO last October when Mark O’Brien, the company’s former chairman and CEO, announced he was retiring. This is the company’s plan moving forward.
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Down payment programs are saving buyers thousands throughout the life of the loan. On the other hand, the lack of inventory could be hindering potential buyers from using these programs.
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There are pros and cons to this deal. Nearly half of the borrowers in the deal show a prior credit event, including foreclosure, bankruptcy, short sale or deed in lieu of foreclosure. However, the average borrower holds $230,000 in liquid reserves. And Fitch said there are some concerns on the issuer side as well, which limited the strength of the rating. The highest pool is single-A.
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Coldwell Banker associate real estate broker, Titi Pierce, found herself the center of a gag on the Ellen DeGeneres show. Now, she is fighting back and seeking damages.
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The consistent rise in home equity can thank rising home prices and less distressed sales for its improvement in the first quarter of 2016. If the home-price trend continues, CoreLogic executives show what that would mean for home equity.
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While mortgage rates had increased three-weeks straight and created a new upward trend away from the historical lows witnessed this year, average mortgage rates surprisingly dropped this week. Why? May’s shocking jobs report.
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For years, the accuracy of Zillow’s Zestimate, the property value estimation tool that appears on every listing on Zillow, sometimes stood as a source of contention for real estate professionals and consumers alike. But now, Zestimates are about to get way more accurate, Zillow claims.
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The Consumer Financial Protection Bureau notified the housing industry earlier this year that it planned to make some changes to the much-discussed TRID rule. In a new letter sent to the CFPB, the National Association of Realtors identifies three issues its members have seen with TRID and suggests fixes to those issues that could be included in the coming rule adjustments.
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It doesn’t take much to realize that the digital world moves fast. And the crazy part, this is only the beginning. HousingWire and Ten-X discussed this along with the latest trends in real estate sales and how those trends impact sales in the latest HousingWire Webinar on Wednesday.
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The search for innovative ways to raise capital was the number one topic during the president of Ginnie Mae’s many conversations at the MBA Secondary Conference. Independent mortgage bankers do a tremendous job in opening the credit box for many borrowers. But what will happen to that credit access in the future if these institutions cannot find a way to access additional capital?
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The growing chorus surrounding housing finance reform just got several new large voices, as a group of the largest trade organizations are now weighing in by asking Federal Housing Finance Agency Director Mel Watt to leave housing finance reform to Congress.
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BB&T just promoted Tony Coley, who joined the company in 2012 and the industry nearly 20 years. This is why the company says Coley fits the job, and what he brings to the company.
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Roughly four years ago, Warren Buffett suggested investing in single-family rentals. For potential investors on the fence, NRHC outlined the pros and cons of single-family rentals versus apartments for investors and residents, along with the risks and opportunities associated with both.
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Turmoil from the election is spilling over into the job market. Although job openings increased in April, many chief financial officers are hesitant to make any new hires due to the uncertainty the elections are causing.
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Is Quontic Bank’s new Lite Doc program another housing crash in the making? Although stated income loans defined the housing era before the crash, here are key differences to this new loan, and what loophole they found to avoid Dodd-Frank regulation.
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Shortly after hitting an 18-month low, consumers turned around and said they’ve never felt better about selling their home, according to a new survey released by Fannie Mae. But, many consumers continue to say that now isn’t the best time to buy a home. Therein lies a problem.
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After several weeks of declines this spring, mortgage applications finally posted an increase from one week earlier. Here’s where the Mortgage Bankers Association saw a rise in applications when broken up into types.
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The Department of Housing and Urban Development’s watchdog is warning consumers to be on the lookout for a scam that promises HUD grant money in exchange for an upfront fee. In each case, the “HUD representative” asks the consumers for an upfront fee in order to process and secure a “HUD grant” for tens of thousands of dollars, but there is no grant money to be had.
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Realizing or deciding its time to move to a new home is the easy part. From there, comes the choice to buy a home or to rent. This is where it gets difficult. As you hash out this decision, the American Bankers Association Foundation, in recognition of American Housing Month, suggested the following six questions to help when deciding whether to rent or buy.
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Considering how many times House Financial Services Committee Chairman Rep. Jeb Hensarling, R-TX, blamed “the Left” for the consequences of the Dodd-Frank Wall Act during his speech announcing a Republican-crafted plan to repeal Dodd-Frank, it was highly likely that those on “the Left” would be quick to condemn Hensarling’s plan. And two of the top names in the Democratic party didn’t disappoint.
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Millennials and the general market, alike, have changed the way they approach purchasing decisions, along with their expectations of a good service experience. They now expect to be empowered through lenders to make informed decisions through mobile and digital communication. Are you delivering that?
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If House Financial Services Committee Chairman Rep. Jeb Hensarling, gets his way, Tuesday, June 7, 2016 will soon be remembered as the day that the death clock started on the Dodd-Frank Wall Street Reform and Consumer Protection Act. Here’s an in-depth look at the Republican-crafted plan to fundamentally change how the CFPB, the FHFA, and the country’s entire financial system, functions.
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Appraisal volume posted a significant drop for the week of May 29. But the decline wasn’t the result of a tough week as much as Memorial Day Weekend. Kevin Golden, director of analytics with a la mode, explains how to correctly read this week’s data.
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The storm caused by TRID in October is subsiding, with profit roughly doubling at the start of this year compared to the end of last year. However, profits still have a ways to go to get back to the level witnessed this time a year ago.
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Redfin’s recent study showed that homebuyers are more pessimistic than last quarter about the upcoming election. See who homebuyers chose as the best candidate for housing.
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This acquisition will allow LERETA to expand its tax services and delivers tax information in real-time. Find out what American Property Guard brings to the company’s future.
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Thanks to two key factors, CoreLogic’s chief economist says home price appreciation could finally start to moderate. For the majority of the last two years, home prices have increased around 5% year-over-year, with April 2016 not coming in too differently.
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About a week after sharing his dislike for Dodd-Frank regulation, Representative Jeb Hensarling proposed his alternative. This new proposed regulation would require banks to increase their capital, but provide a way out of Dodd-Frank regulation. Here are the details.
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The Mortgage Industry Standards Maintenance Organization unveiled a new plan to promote greater participation. Starting next year, it will simplify its membership structure to support broader participation in the creation and use of standards across the mortgage industry lifecycle.
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One of the most contentious battles in history of online real estate is now over, as Zillow announced Monday that it reached a settlement with Move over allegations of trade secret theft levied against two high-level executives at Zillow who once plied their craft at Move. And all it took was $130 million.
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After the jobs report came in with incredibly low numbers on Friday, many questioned whether there would still be a rate hike this summer. According to comments made Monday by Janet Yellen, there is still a good possibility. Here’s what she said about the jobs report, and what it means for the economy.
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Guild Mortgage announced Monday that it is acquiring AmeriPro Home Loans, a move that San Diego-based lender says will make it “one of the largest independent mortgage lenders in Texas.” Read on to learn why executives at both companies feel that this deal is mutually beneficial.
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Despite having 252 less credit unions this year, membership is still up about 1 million from last year. Here’s the details about real estate loans, delinquencies and what could be causing some credit unions to close down.
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The Consumer Financial Protection Bureau shocked the industry when it announced it would take another look at the Know Before You Owe rule. And now with the bureau accepting comments and feedback on it, the American Land Title Association is quick to bring up a glitch it sees in title disclosures.
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The call for the recapitalization of Fannie Mae and Freddie Mac now comes from nearly every side despite starting off as a long-shot idea. However, there’s at least one journal publication that adamantly says this Fannie-Freddie resurrection idea needs to die.
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In an effort to provide the market with a “greater ability to analyze the performance of modified loans,” Fannie Mae plans to make a historical dataset available on loans on its books that were previously modified due to delinquency.
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Rapidly rising prices in the commercial real estate market concerns some regulators, bringing some to claim the low interest rates could lead to unsustainable gains. Goldman Sachs breaks down the CRE market and compares it to residential.
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More than two years after announcing the first round of Promise Zones, high-poverty areas of a city that will receive economic help, the Obama administration announced its last round of communities. Find out where they are located, how they were chosen and what this will mean for the future.
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Yahoo News broke a story on Sunday revealing that the Federal Reserve Bank of New York — which was the victim of a spectacular $81 million heist in February — actually blocked 35 requests for money transfers, but then approved five of those transfers later. Plus, two attorneys general who dismissed Trump U charges received campaign contributions.
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Black Knight’s recent report shows that while cash sales decreased overall, they still hold a strong influence in the housing market’s cheapest 20%. The report points out two reasons for the difference in cash sales in the top and bottom part of the housing market.
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In his nearly three years as the director of the Consumer Financial Protection Bureau, Richard Cordray made friends and enemies on both sides of the aisle in Congress, on Wall Street and beyond. But several new reports suggest that Cordray’s time as CFPB director, at least as the role is currently constructed, could be ending soon.
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In one case, a former employee of Zillow filed suit against the online real estate giant, alleging that she was subjected to “the most heinous acts of sexual harassment imaginable.” In another, employees sought overtime pay. Here is the latest.
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With the 2016 Republican and Democratic national conventions quickly approaching, it is time for the presidential candidates to lay out specific proposals regarding their governing agenda, and especially their plans for housing finance reform, writes John Dalton, a former Secretary of the Navy and former President of Ginnie Mae. Dalton lays out five questions that our next President needs to answer.
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NeighborWorks America is about to start their 10th round of funding for families facing foreclosures. It will have $40 million in funds to assist these families as well as bring on 1,600 new counselors to help families through the process.
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