Wednesday, August 31, 2016

Compass becomes real estate's newest billon-dollar startup

Move over Zillow, Trulia, Realtor.com, and Redfin. There’s a new challenger in the battle for online real estate supremacy, and this one has some newly deep pockets.

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FHFA: Mortgage interest rates continued falling in July

As readers of HousingWire well know, mortgage interest rates trended lower over the last few months, especially in the wake of the United Kingdom’s vote to leave the European Union. A new report from the Federal Housing Finance Agency provides more evidence of the decline in mortgage interest rates, as several indices reviewed by the FHFA show that mortgage rates fell in July.

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HUD: Children still overexposed to lead paint dangers

The Department of Housing and Urban Development wants to protect more children living in federally assisted housing from lead paint exposure. To that end, HUD is proposing a new rule that would lower the acceptable threshold of lead exposure in a child’s blood to match the standard used by the Centers for Disease Control and Prevention.

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Did whistleblower out First Mortgage's $7.5 million Ginnie Mae mortgage bond fraud?

The Securities and Exchange Commission is offering a reward to the whistleblower that revealed a scheme at First Mortgage Corporation that involved several of the company’s senior executives lying about the performance of the mortgages the company originated, re-securitizing them, and defrauding investors out of $7.5 million – if in fact there is one.

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Here's "clear evidence" the credit box is way too tight

Borrowers who took out mortgages in the past five years are better at paying their mortgages than any other group of mortgage borrowers in history. But this squeaky-clean performance isn’t a good thing, according to the Urban Institute. In a new blog post, the think tank posits that the interesting data shows the severity of how tight the credit box is.

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[video] MBA President: We’re not in a housing bubble

MBA’s president and CEO talked about the housing market in an interview with CNBC. He explained why the current market is not in a housing bubble, and what he thinks the next president should do about regulations.

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All eyes on real estate in S&P stock launch

After 17 years of getting tossed into the mix with banks and insurance firms, real estate stocks are getting their own sector to call home on Sept. 1, 2016. The big reason behind this change? Real estate companies are now a much big player in the stock market, and now the whole market gets to see how.

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ADP predicts solid jobs increase

ADP issued its prediction for the employment report that will come out soon. After three months of striking out, could this be the month that ADP hits the target? We’ll see on Friday.

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Pending home sales hit second highest point in decade

Pending home sales increased in July led by high gains in the West, which hit its highest month in more than three years. There is, however, still room for more growth. There’s little doubt there’d be more sales activity right now if there were more affordable listings on the market.

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MBA: Here's the latest in a series of quiet mortgage app reports

If last week’s mortgage report didn’t show exactly how quiet the mortgage market is, this new Weekly Mortgage Applications Survey from the Mortgage Bankers Association should only further reinforce it. Here’s what changed, although only slightly, in this week’s report.

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Mid America Mortgage to correspondent lenders: We'll buy your eNotes

A recent survey conducted by Fannie Mae and Freddie Mac showed that one of the obstacles preventing the mortgage industry from going fully digital is a lack of investors willing to buy digitally created mortgages. But now, there’s one more investor willing to buy a digital mortgage note.

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Hillary Clinton reportedly adds former CFPB assistant director Rohit Chopra to transition team

Hillary Clinton, the former Secretary of State and current Democratic nominee for president, is adding one of Sen. Elizabeth Warren’s close allies and a former executive at the Consumer Financial Protection Bureau to her transition team as she prepares for the coming election.

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3 new reports show why Dallas housing market is booming

Tucked into all the hottest housing markets lists jam-packed with California markets, there remains one city outside the Golden State that keeps on making the cut. Several industry reports came out on Tuesday that show the ferocity of the Big D.

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MBA: Acquisitions will heat up over next 2 years

The Mortgage Bankers Association’s chief economist explains why there is an increasing trend in mergers and acquisitions, and what will happen in the next two years. One major factor could be holding up profitability in 2016, but it won’t stay that way for long.

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Tuesday, August 30, 2016

Will the Urban Institute become ad-hoc housing adviser to a Clinton presidency?

Investment bankers at Cowen and Company just sent a note to clients speculating if the Urban Institute is positioning for a large housing advisory role, should Hillary Clinton become elected to the office of the Presidency.

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Fed continues to send signals on looming interest rate hike

It appears that the Federal Reserve is continuing its tact of jumping through as many hoops as possible to prepare the market for the potential of another rate hike. So, what happens to the mortgage market whenever the Fed actually does raise rates? Here are a few insights.

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CoreLogic: REO sales hit lowest point since housing market implosion

Distressed sales decreased yet again in May both annually and monthly. CoreLogic predicts distressed sales will hit pre-crisis levels in mid-2019, however just last month the company said it would hit those levels in mid-2017.

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Case-Shiller reaction: Housing markets still strongly dominated by sellers

The Case-Shiller index came out today, but the industry isn’t happy about the results. Industry experts say homebuyers will continue to struggle amidst rising home prices. One area, however, is finally starting to see some relief.

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Independent mortgage bank profits surge, more than double 1Q

Not only did the industry recover from the financial storm caused by TRID, but looking at the latest mortgage banker profit results for the second quarter of 2016, it’s almost like it never existed. This is good news for independent mortgage banks and mortgage subsidiaries of chartered banks as profits surge to new highs. Are you seeing the same trends and growth in your business?

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MBA president: The next President needs a housing policy director

It’s time to turn a new page for housing when it comes to policy making, according to the Mortgage Bankers Association president and CEO. While the past eight years have been spent recovering from the recession, it is now time to move on, and this could include creating a new housing policy director.

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Case-Shiller: Home prices continue upward trend

The S&P CoreLogic, Case-Shiller Indices show that home prices are still increasing, especially in the West and South. That being said, some signs show that there could be a slowdown in rapidly rising home prices.

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Moody’s: New GSE mortgage application positive for mortgage bonds

Despite some disagreement in the industry, the recently announced redesigned Uniform Residential Loan Application, the standardized form used by borrowers to apply for a mortgage, should be a strong benefit to the industry. Although the industry is divided on the positive impact of the redesigned form, this new reports explains why it is, in fact, a good thing.

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Former MGIC CEO William Lacy passes away at 71

William Lacy, who served as chief executive officer of Mortgage Guaranty Insurance Corporation for 12 years, passed away Sunday at the age of 71, the company announced Monday. According to MGIC, Lacy, who retired as chairman and CEO in 1999 after spending 28 years with the company, died of respiratory failure.

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Colony Starwood Homes sells off massive non-performing loan portfolio

One of the largest owners of single-family rental homes is getting out of the non-performing loan business, as Colony Starwood Homes announced Monday that it is selling off a massive portfolio of non-performing loans, basically closing the book on its NPL business.

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[video] Looking to invest in ELLI stock? This is what the company does

CNBC’s “Mad Money” with Jim Cramer put Ellie Mae in the spotlight in a recent episode to help show viewers what exactly they would be investing in. While the mortgage software provider company is performing well in the stock market, not everyone knows what the company does. CEO Jonathan Corr set out to fix this.

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Appraisal volume drops heading into start of the school year

Now that the kids are heading back to school, and parents are turning their focus away from house hunting, the real estate market is showing signs of slowing down. The latest report from a la mode shows appraisal volume dropping after three straight weeks of increases.

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Guess how much money you need to make to buy a home in these top housing markets

Do you have enough to buy a home in your city? A new study shows the average income needed to buy a home in 25 cities across the U.S. Where does yours rank?

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Florida court upholds city's rights to place liens on zombie homes

In a move that should help municipalities within the state of Florida fight against the state’s glut of zombie foreclosures, a state appeals court ruled recently that liens placed on foreclosed homes by the city are not discharged when the home goes through a judicial sale. Here’s a closer look at the decision.

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Airbnb causes confusion in refi market

Airbnb is in the news again, this time causing confusion in the refinance market. As Airbnb blends traditional homes with commercial investment, it can cross many lines, and be difficult for lenders to define.

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Here are the 10 hottest housing markets that fueled a record-breaking August

The hottest housing market in America right now might still be Vallejo-Fairfield, California [San Fran area] but this doesn’t mean the rest of the list stood still. Interestingly, one new market not only joined the list, but also jumped up to the eighth spot. And to the city that was sitting comfortably as the eighth hottest market, well, it fell completely out of the top ten, barely even making the top twenty.

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Fannie Mae: Strong labor market decreases foreclosures

Fannie Mae conducted a study that shows a close correlation between the jobs market and foreclosures. The company created a chart that shows how the two are related.

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Monday, August 29, 2016

Monday Morning Cup of Coffee: Judge tosses Ocwen, Altisource kickback lawsuit

It’d be pretty safe to say that Ocwen Financial struggled the past few years. But, the company got a little bit of good news last week, when a judge dismissed a lawsuit accusing Ocwen and Altisource Portfolio Solutions of overcharging homeowners for service. The question now becomes are the company’s next steps forward? Backward? Or right into the eye of another storm? All that and more in your Monday Morning Cup of Coffee.

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Friday, August 26, 2016

PwC settles $5.5 billion lawsuit over Taylor, Bean & Whitaker audits

The ghost of Taylor, Bean & Whitaker struck again Friday, as PricewaterhouseCoopers agreed to settle a $5.5 billion lawsuit that accused the company of failing in its audits duties by not discovering the accounting malfeasance that led to one of the most spectacular crashes to come out of the housing crisis.

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M&A rumor mill: Who will Finance of America and RPM buy next?

Rumors are circulating that several major lenders may soon make major acquisitions. RPM Mortgage, however, says there is no truth to the chatter. Sources say one lender could announce these acquisitions as soon as September, but until then, here’s what industry insiders are saying.

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Houston Realtors warned to be on lookout for "foot fetish creep"

Houston-area Realtors and real estate agents, especially female ones, need to be on the lookout for a “foot fetish creep” who’s been targeting local agents, the Houston Association of Realtors warned its members. While the man is on the phone with a female agent, he asks the agent to describe her footwear and will usually request that she take off her shoes for “improved cell phone reception.”

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Oregon couple forced out of tiny home

The city named a tiny home in a residential neighborhood unfit for the land that it’s on. Now, despite housing shortages in the area, the couple was evicted from their home. These homeowners claim the government is going after the wrong people.

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Consumers less optimistic about economy in August

Consumer are losing confidence in the economy as consumer sentiment decreased in August. Consumers struggle over which presidential candidate will be better for the economic conditions or their own personal finances.

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Nationstar announces new customer contact center, massive hiring in East Texas

Longview, Texas is ready to welcome 600 new jobs to its community thanks to a new Nationstar customer call center opening up in the area. The total payroll, benefits and capital investment contributed by Nationstar Mortgage to the area will reach $248 million over the next ten years.

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USDA slashing mortgage fees

Borrowers who use the U.S. Department of Agriculture’s Rural Housing Service to get a mortgage could soon pay significantly less for their loan, as the USDA announced that it is about to cut its loan fees for lenders who use the Single Family Housing Loan Guarantee Program. Here are all the details.

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Wells Fargo to give homeowners $3.45 million for mail error

Nearly 8,000 homeowners just breathed a sigh of relief because a court ruled Wells Fargo must credit and refund them $3.45 million, after the bank admitted to a processing error that delayed the mailing of letters to homeowners in bankruptcy.

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Yellen hints that September interest rate hike not off the books

Federal Reserve Chair Janet Yellen gave a speech today that hinted that a September rate hike if current market conditions continue. Some experts, however, aren’t convinced, and place more confidence in a December rate hike.

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Thanks Brexit! Mortgage originator profit jumps to 3-year high

As it turns out, the United Kingdom’s decision to leave the European Union is quite the boon for U.S. mortgage originators, with a new report from the Urban Institute showing that mortgage originator profits rose sharply post-Brexit.

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Washington hits Ocwen with fine for using unlicensed offshore companies

Ocwen Financial will pay $900,000 to the state of Washington after an investigation conducted by the state found that Ocwen used unlicensed companies in India and the Philippines to service mortgages, the state’s financial regulator announced Thursday. Here are the details.

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HSBC yanks massive PHH mortgage servicing portfolio

It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio. The details this time around seem all too familiar.

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GDP produces lackluster growth in Q2

The Gross Domestic Product decreased slightly from the first estimate last month, but still increased slightly overall. The disappointing gain, combined with the downward revisions to gains in the preceding two quarters, make a September interest rate hike much less likely.

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Louisiana lays out 3 housing options for flood victims

After flooding destroyed thousands of homes in Louisiana, the state stepped in to create housing options for the newly-displaced residents. This program seeks to very quickly to get people back into their homes, the state governor said.

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FHA makes it easier for struggling borrowers to keep their homes

Borrowers with a high loan-to-value ratio mortgage received some welcome news on Thursday morning when the Federal Housing Finance Agency announced that it plans to extend the Home Affordable Refinance Program into 2017. But what about struggling borrowers whose loans are insured by the Federal Housing Administration? Well, those borrowers are now about to get some relief of their own.

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Where to buy a home? Top 10 improved school districts

When it comes to buying a home, good school districts are one of the most important priorities for would-be buyers, especially Millennials. Trulia put together a list of some of the top-improving districts in the nation.

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Thursday, August 25, 2016

6 critical areas vendors need to deliver for the FHA’s CWCOT program

While the primary goal of the FHA’s “Claims Without Conveyance of Title” program may be to encourage a faster sale of the property, the CWCOT program involves far more than just arranging for a sale of real estate. To help properly execute the program, here are six areas in which a vendor must perform exceedingly well in order to put a working CWCOT program together.

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This is how the second wave of Chinese real estate buyers are making more money

For the past five years, Chinese investors actively targeted U.S. real estate in major coastal markets like New York City and San Francisco. But times are changing as investors discover higher-yielding real estate assets located far from the iconic cities they once coveted.

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HARP extended into 2017; FHFA plans new refinance program

It’s not over. Homeowners are yet again getting another chance from the Federal Housing Finance Agency to take advantage of the Home Affordable Refinance Program. The new deadline is now Sept. 30, 2017. But this time around, things are different. Click the headline to read more.

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Freddie Mac: Mortgage rates remain unchanged

Mortgage rates remain unchanged after last week’s decrease, continuing to hover near all-time lows. as the market remains cautious ahead of the second quarter’s GDP growth announcement. Here’s how it all breaks down.

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CoreLogic: Cash sales make up 30% of home sales in May

Cash sales continue to inch down each month, edging closer to the pre-crisis level, which it could hit by mid-2018. Here are the states and cities contributing the most to cash sales and keeping levels up.

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Could the mortgage market be facing a liquidity crisis?

The mortgage market could be staring at a liquidity crisis in the very near future thanks in part to the Federal Reserve’s repeated reluctance to increase interest rates, Kroll Bond Rating Agency Senior Managing Director Christopher Whalen told CNBC on Wednesday.

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Guaranteed Rate Field to become home of Chicago White Sox

For the last 13 years, the Chicago White Sox played their games at U.S. Cellular Field, but beginning next year and for the next 12 after that, the White Sox stadium will have a new name – Guaranteed Rate Field. The White Sox and Guaranteed Rate announced that the Chicago-based mortgage lender is buying the White Sox stadium’s naming rights for at least the next 13 years.

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Natural hazard risk holding back home sales

Home sales in high-risk areas are significantly lower than home sales in areas with lower risks. While this may not come as much of a surprise, people are still paying for homes in these high-risk areas. So, what’s the difference?

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$2.8 billion in Fannie Mae, Freddie Mac mortgage servicing rights up for sale

Mortgage servicers looking to get their hands on some Fannie Mae and Freddie Mac mortgage servicing rights have that opportunity, as $2.8 billion in Fannie and Freddie MSRs just hit the market.

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California home sales gaining momentum

Pending home sales in California show that existing home sales could see another increase in the fall if the momentum continues. The recent slow-down in San Francisco, however, leaves other markets to pull the momentum.

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Mercury Network acquires Platinum Data Solutions

In a move that is one of the first of its kind for the industry, Mercury Network, an appraisal management system, announced it acquired Platinum Data Solutions, a QC technology company. In light of the changes, HousingWire talked with Will Clemens, CEO of Mercury Network, and Phil Huff, CEO of Platinum Data, to see how the change fits perfectly into both of the companies.

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Home sales decrease for first time in months

Home sales are down for the first time since November while home prices continue to rise, albeit at a slower pace. The National Association of Realtors explains two major factors contributing to the sudden drop in home sales, and what it means for the remainder of 2016.

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McMansions prove to be poor investment

In a shocking turn of events, it turns out Americans don’t want to buy ugly homes after all, according to Bloomberg. The McMansion craze that started in the late 1990s hit its end when home prices for these homes failed to keep up with the rest of the market.

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FHFA: Homes are becoming slightly more affordable

Home prices aren’t rising as fast as economists predicted. In fact, a close look at the month-over-month price changes during the second quarter reveals a potentially significant market shift, according to the FHFA.

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Wednesday, August 24, 2016

MBA: Mortgage applications post quiet week

Mortgage applications recorded another quiet week despite record low-interest rates and it being one of the busiest housing seasons of the year. And this is only the latest report in a series of up and application reports from the MBA.

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Federal court tosses #Fanniegate suit seeking to inspect Freddie Mac's records

In what is already being called a “blow to shareholders,” a federal court in Virginia ruled Tuesday that a Freddie Mac shareholder does not have the right to inspect the government-sponsored enterprise’s financial records, thanks to the conservatorship agreements that went into effect when the government took over Freddie Mac and Fannie Mae.

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Housing alert: Is Oakland the new San Francisco?

Homes prices in Oakland area on the rise and homeowners are paying far above asking prices for homes. As San Francisco finally begins to cool down, Oakland is quickly heating up.

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Appraisal volume increases three weeks in a row

For the first time in awhile, appraisal volume managed to increase for three consecutive weeks. While the four-week moving average did slightly decrease, it is not too far below the prior week, which was the highest non-holiday influenced four-week period since early spring.

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Industry delivers mixed response to new Fannie, Freddie mortgage application

Experts in the mortgage industry stand on opposite sides of the changes Fannie Mae and Freddie Mac put out to the new Uniform Residential Loan Application. While some say it will only slow down the process, others insists that this is the next great step for the mortgage industry.

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Nomura upgrades Altisource Residential on growing single-family rental business

Altisource Residential Corporation recently disclosed its second quarter financial results, reporting that it took a net loss of $63.5 million during the second quarter. But despite that loss, analysts from Nomura are bullish on the company’s future prospects. The reason? Altisource’s growing single-family rental business.

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Toll Brothers beats estimates for four straight quarters

Toll Brothers record a strong third quarter, and did so for the fourth time in a row. The homebuilder’s financial results fall in line with the latest new home sales report that came out Tuesday as well, giving some proof to the latest data.

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DOJ again rebuked in effort to enforce massive BofA 'Hustle' mortgage fine

Needless to say, the federal government probably isn’t too happy with the United States Court of Appeals for the Second Circuit right now. That’s because for the second time in three months, the Second Circuit rebuked an effort by the government to extract one of the largest fines to come out of the housing crisis.

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Realtor busted doing drugs [and other things] in her newly sold home

A Texas Realtor sold a home, but was busted doing drugs [and other things] in it the following morning. The new homeowners are pressing charges now and say they don’t approve of the Realtor’s “housewarming.”

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New home sales post biggest July gain since the housing bust

New home sales kept up the strong pace from June and soared in July, and while the news didn’t come as a surprise, it’s definitely welcome, according to these industry experts. Here’s proof that demand for new homes remains solid in a low interest rate, low unemployment environment.

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Fannie, Freddie revise mortgage app form for first time in 20 years

Fannie Mae and Freddie Mac worked together with other industry organizations, such as HUD and the CFPB, to redesign the URLA, marking the first major change in 20 years. But don’t celebrate progress just yet; the release date is not set for required implementation.

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Tuesday, August 23, 2016

Banks want to cut bank branches, consumers say no

Banks keep pushing consumers toward online technology, but consumers aren’t ready to give up having a local retail branch an arm’s length away. As a result, banks are left trying to find the balance between having retail locations open for consumers and cutting back costs. So far, there’s no easy answer.

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No, California's housing market didn’t fall "off a cliff" in July

At first look, it appears California’s housing market in July significantly struggled, with single-family homes and condominiums falling a whopping 10.4% for the month. But PropertyRadar dug a little deeper into the data, finding that while sales did decline, it wasn’t as bad as first expected.

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Former Fannie Mae CEO reaches final $100,000 subprime mortgage settlement

The final chapter in the role of GSE executives in the financial crisis saga is over, once again following the same pattern of the previous accounts. Collectively, the executives in charge of the two mortgage giants at the core of the crisis were charged $445,000 for their involvement.

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Kobe Bryant launches $100M venture capital fund, reveals housing tech investment

NBA legend Kobe Bryant closed out his professional basketball career earlier this year by dropping 60 points on the Utah Jazz in his final game with the Los Angeles Lakers, and now Bryant is prepared to drop $100 million as a venture capitalist. And one of Bryant’s first investments is a name familiar to the housing industry.

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Executive Conversation: Deborah Garcia-Gratacos on servicing the Hispanic market

Hispanics are the fastest-growing segment of the American population, with 55.3 million Hispanics in the United States in 2014.

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Unprecedented Louisiana flooding drastically alters local housing markets

The havoc wreaked by the flooding in Louisiana is far from over. In fact, it’s really just beginning. The sudden displacement of thousands of families sends some looking for a home away from the flooded areas. What’s more, the pool of potential homeowners and properties available for sale are shifting dramatically.

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Time to worry? Time to close a loan ticking back up

In the months immediately after the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule, the time to close a mortgage loan rose as the industry worked through the new and complex process surrounding the dissemination of loan information to borrowers. Since then, closing times fell, but now they’re on the way back up, which begs the question: Is this the start of a trend? Or is this just the new normal?

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Pro Teck announces new chief technology officer

Pro Teck Valuation Services named Paul Gomez as chief technology officer after several months of searching. Now, the company’s CEO talks about what that will mean for the future of the company.

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Loan officer successfully sued Trump Mortgage, but judgement came too late

In the brief 18 months that it existed, Trump Mortgage managed to inspire at least one successful lawsuit against it. A loan officer sued Trump Mortgage in early 2007 after allegedly being stiffed out of a payment of $238,000, but by the time the two sides settled the suit, the company had no assets.

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Goldman Sachs rolls out online lender for the masses

Goldman is expanding its current business to include smaller consumer loans under the brand of its new bank, Marcus. The company is said to unveil Marcus later in the year when it rolls out the offering.

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Lead contamination displaces over 1,000 Indiana residents

A low-income apartment complex in Indiana was left alone for years, even after reports surfaced that the area was contaminated by an old lead plant nearby. Now, the EPA is finally doing something about it, but the solutions will displace over 1,000 local residents.

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Black Knight: Fewer homeowners refinancing

Rates are near all-time lows. This should be great news for homebuyers, but despite this, homeowners are not refinancing their homes. According to a new report from Black Knight Financial Services, nearly 9 million people aren’t taking advantage of this low-rate environment.

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Monday Morning Cup of Coffee: Flood insurance back in the news, and obsessing about a rate hike

Most of the 60,000 homes destroyed in last week’s historic flooding in Louisiana weren’t in high-risk flood zones, raising questions once again about the National Flood Insurance Program. Plus, what you can obsess over now that the Olympics are done.

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Saturday, August 20, 2016

JPMorgan, FDIC, Deutsche Bank finalize settlement in WaMu mortgage suit

JPMorgan Chase’s legal battle with the Federal Deposit Insurance Corp. and Deutsche Bank AG over its acquisition of Washington Mutual’s banking operations is finally over. The settlement closes the door on issues that date back to the financial crisis. After nearly a decade of back and forth battles, here’s what the parties agreed on.

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Here are the best places to live for the adventure enthusiast

Great school system. Affordability. Job opportunity. These are pretty standard metrics for deciphering what are the hottest and best housing markets in America. But what adventure enthusiasts want is anything but standard. Outside Magazine decided to take a different path to discover what the top cities for adventure lovers would be.

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RE/MAX: Housing market definitely cooling down

A new report from RE/MAX shows that the housing market is cooling down as home sales fell in July. Median home prices also dipped slightly, however one expert points out that the market still varies drastically from one region to the next.

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S&P: State regulations squeeze mortgage servicing profits

A new S&P Global report outlines the challenges facing mortgage servicers, pointing out the likely additional cost and resource allocation. As the costs increase though, servicer compensation appears to be stagnant. HousingWire continues in-depth coverage of mortgage servicer costs and compensation. Click the headline to read more.

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Zillow: Rising home values continue to lower negative equity

A new report from Zillow shows the percentage of homes that are underwater went down once again in the second quarter. It also shows that the home’s location within the city may not actually matter, and there is a bigger factor at play.

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New York officials want affordable housing…unless it’s inconvenient

New York City officials are very concerned about affordable housing, until the solution interferes with them. The city council unanimously voted down construction that could bring more affordable housing to the middle and working class. Here’s why.

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Household debt back to housing boom levels

As household debt closes in on its 2008 peak, some question if it is holding back homeownership, or creating a new subprime lending bubble. Capital Economics takes a deeper look into the subject.

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Fed strikes down San Fran affordable housing plan

At a time when California desperately needs affordable housing, city officials in San Francisco struggle to find a solution that will coincide with HUD’s standards. They recently passed affordable housing legislation, however federal housing authorities quickly struck it down.

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Friday, August 19, 2016

Florida attorney general fights alleged foreclosure fraud firm

A group of non-lawyers allegedly scammed homeowners out of their money under the guise of several different law firms. After 37 complaints, they are being investigated, with a court order filed against them.

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ARMCO brings on new chief revenue officer

ARMCO hired industry veteran Dan Thoms as its new chief revenue officer. Thoms talks about his focus for the company, and the opportunity he sees going forward.

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Mortgage company president charged with stealing $3 million from Ginnie Mae

The founder and president of a now-defunct mortgage company could spend 20 years or more in prison. He allegedly diverted nearly $3 million away from Ginnie Mae and into secret bank accounts for his own personal use. Here’s what the indictment cited.

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Bloomberg blog: Fannie, Freddie headed for trouble

Washington is all talk and no action when it comes to Fannie Mae and Freddie Mac. The result of this inaction could be leading both companies to their graves unless something is acted on soon, at least according to this Bloomberg blog.

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United Bankshares acquires Cardinal Financial Corporation

Continuing its string of acquisitions, United Bankshares announced it signed a definitive merger agreement with Cardinal Financial Corporation, a publicly traded financial services holding company. The acquisition comes with an added bonus. United will also gain George Mason Mortgage, a residential mortgage lending subsidiary of Cardinal.

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Experts agree mortgage servicer compensation needs to change

The industry knows there is a gigantic problem surrounding servicer compensation. But as Laurie Goodman, codirector of the Housing Finance Policy Center with the Urban Institute, so eloquently put it at a housing policy event on Wednesday, “It is much easier to say the current system does not work than it is actually come up with something better.” Could 2017 be the year this all finally changes?

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Illegal immigrants aren’t taking your houses, or your jobs

Many blame illegal immigrants for taking our jobs. But how true are those claims really? A recent report from Goldman Sachs provides a deeper look into the subject.

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Fannie Mae: Economic rebound on the way for second half of 2016

The first half of 2016 wasn’t all rainbows. In fact, many were disappointed by the lack of economic growth in the second quarter. It won’t last long though, according to Fannie Mae. Get ready for the rebound that’s on its way for the second half of the year.

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Freddie Mac: 30-year mortgage rate inches down

After last week began its slow climb back up, mortgage rates dropped back down this week before the release of the minutes from the Federal Open Market Committee. The five-year Treasury, on the other hand, did just the opposite.

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Wednesday, August 17, 2016

Housing industry's biggest trade groups push FHA to reconsider PACE rules

Last month, the Department of Housing and Urban Development and the Federal Housing Administration announced that the FHA will soon begin insuring mortgages that also carry liens created by energy retrofit programs, as long as the energy lien remains subordinate to the mortgage. But the fine print of the new rules has the housing industry’s largest trade groups concerned.

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More homeowners taking loan modifications, avoiding foreclosures

Servicers are providing more options for homeowners in danger of foreclosing. Some homeowners didn’t qualify for long-term permanent loan modification, in which cases the mortgage servicers looked for a short term options that, in many cases, led to a permanent solution.

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Managing spikes (and dips) in mortgage volume

According to the Mortgage Bankers Association, refinance applications jumped more than 100% in the first few weeks post-‘Brexit’ as compared to a year ago, and many lenders found themselves over capacity and struggling to keep up with the increase in volume. Here’s how to keep up.

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Industry throws wet blanket on the digital mortgage revolution

Over the last few years, publications just like this one spilled a significant amount of ink on the digital mortgage revolution, that is the effort to take the cumbersome, paper-intensive mortgage process online. Innovations like Quicken Loans’ Rocket Mortgage show the mortgage industry is undergoing a technological shift, but just how many hurdles still need to be cleared before the industry can go fully digital? Quite a few, as it turns out.

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Fed not likely to increase interest rates "until December or later"

There are only three meetings left this year for the Federal Open Market Committee, and the likelihood they’ll raise interest rates in one of them looks slim. Judging by the latest meeting minutes, the Fed isn’t making any sudden changes, per usual.

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Homes going into foreclosure hit 11-year low in July

Foreclosure starts decreased again in July, hitting their lowest point since May 2005. Of course, some states still struggle with foreclosure starts. One state even increased 113%.

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It’s official, the Playboy Mansion finally sold

After several months on the market, the Playboy Mansion officially sold, but with one strange condition. The new owner already began making plans for what he intends to do with his new estate.

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Mortgage credit defaults increase slightly in July

Mortgage credit defaults increased slightly, but remain near 12-year lows. S&P Dow Jones Indices’ managing director explained why the economy is experiencing more uncertainties than usual, and what to expect through the rest of the year.

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Refinances push revenues in home improvement industry

Lowe’s fell short of earnings expectations, but still came in with increases from last year. More homeowners are focusing on home improvement, and Lowe’s projects its growth will continue through the remainder of 2016.

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Plan B: loanDepot closes on $150M in capital transaction

Nearly one year after it postponed its initial public offering due to market conditions, loanDepot announced it went a different route to gain capital. This time around, loanDepot said it closed $150 million in term debt financing. But while the method to get the capital changed, the purpose hasn’t.

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MBA: Mortgage applications swing back down

Mortgage applications continue to swing up and down, falling 4% from one week earlier. The news comes after last week’s rise, primarily driven by refinance applications. The week before that, however, also posted a decline.

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A data makeover: How agency delivery requirements impact the industry’s future

It’s been nearly eight years since the housing market collapsed, but the mortgage industry is on the path to building a foundation for long-term success. Part of this success can be attributed to how the government-sponsored enterprises (GSEs) rebuilt the foundation on data. The process to create a common approach, protocol and dataset for the capture of electronic appraisal and other loan delivery data has yielded tangible results, setting the stage for similar initiatives over the coming years – ultimately creating a new normal for the mortgage lifecycle.

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Appraisal volume posts slight boost after dry spell

Appraisal volume posted a slight resurgence in the latest National Appraisal Volume Index report from a la mode. Kevin Golden, director of analytics, noted that this week’s results mark the highest non-holiday influenced four-week period since early spring.

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California home sales come tumbling back down to earth

Just one month after posting a nearly four-year high, home sales in California took a step backwards in the month of July, with year-to-date sales falling from the previous year for first time in 18 months, according to a new report from the California Association of Realtors.

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Freddie Mac officially offers forbearance to Louisiana flood victims

Freddie Mac just announced its disaster relief program for homeowners affected by the flood areas in Louisiana. The company encouraged homeowners to reach out to their servicers, who have extended authority to help homeowners in natural disaster situations.

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Hispanic Millennials struggle to save for down payment

Hispennials struggle just like other Millennials to enter the housing market, however they have one factor on their side. Their tendency to receive financial help from family members gives them an edge when it comes to options available to first-time buyers.

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Tuesday, August 16, 2016

MBA: The most important factor for lenders in the TRID proposed changes

Pending a complete a government shift in housing regulation, the industry is left to implement the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule. As one of the biggest voices in the industry, the Mortgage Bankers Association added to the discussion on the importance of the comment period that is now open for the CFPB’s proposed updated to the rule.

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Realtor wins bronze for #TeamUSA

When Alex Naddour won the bronze medal for pommel horse in the 2016 Olympics this past Sunday, he shattered a 32-year pommel horse drought for Team USA. He also brought a bit of fame to the Realtor community and his home state of Arizona. As if he wasn’t already doing enough, Naddour is an official member of NAR. From everyone here at HousingWire, congratulations!

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SEC fines, bans former Goldman Sachs head RMBS trader for fraud

Edwin Chin, who served as Goldman Sachs’ head RMBS trader from 2010 through 2012, agreed to settle charges brought by the SEC that he lied to clients about the prices of RMBS deals, frequently misrepresenting not only the prices that Goldman Sachs paid for the mortgage bonds, but whether the bonds were sold out of Goldman Sachs’ inventory or not. This alleged misconduct generated millions of dollars of extra revenue for Goldman Sachs.

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Fannie Mae: Here's how mortgage servicers can help Louisiana flood victims

While nothing can be done to prevent natural disasters, servicers can do something to help homeowners after they occur. Fannie Mae reminds servicers of what they can do for families affected by the recent flooding in Louisiana.

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First American appoints new Direct Division president

First American Title Insurance Company promoted Judd Hoffman to president of its Direct Division. Hoffman began his career with First American in 2010 as a sales manager.

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Trulia: More homes on the way for potential homebuyers

Housing starts increased monthly and annually in July. Trulia’s chief economist tells homebuyers to sit tight, relief is on the way. That being said, the 12-month rolling total was flat or less than the previous month for the fourth month in a row.

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San Francisco home sales lowest since 2008

Home sales in the San Francisco area are slowing down, but the same can’t be said for home prices. Home sales even hit their lowest rate since 2008, but it wasn’t enough to reign in home prices.

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AIG sells United Guaranty to Arch Capital Group

Earlier this year, American International Group said it planned to take United Guaranty public. Now in August, AIG announced it sold its mortgage-guaranty unit to Arch Capital Group for about $3.4 billion.

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Court of Appeals rules that Nevada HOA liens do not supersede first mortgages

Mortgage lenders and investors needn’t worry about whether a homeowners’ association super lien will be given priority over a first mortgage in the state of Nevada, at least for now. According to an alert published Monday by Ballard Spahr, the Ninth Circuit Court Appeals ruled last week that an older version of Nevada’s laws, which previously gave super-priority status to HOA liens, is unconstitutional. Here’s the skinny.

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Here are the top 5 ways technology reinvents getting a mortgage

The mortgage lending industry is still largely powered by technology that was first introduced before the 2000 dot-com bubble. Why? Realistically, getting a mortgage will never truly be a one-click process, and frankly, it shouldn’t be, but with technology it can be a better, faster process than it is. And while we have a ways to go to get there, these tips can help.

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Freedom Mortgage acquires Sterling National Bank mortgage lending business

Freedom Mortgage Corporation is increasing its presence in the state of New York by acquiring the residential mortgage lending business of Sterling National Bank, the principal subsidiary of Sterling Bancorp. The deal represents Freedom Mortgage’s second significant acquisition in just over a month, as the company pushes to expand its business.

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NAR: Real estate appraisers should use drones

The much-anticipated drone rules from the Federal Aviation Administration are finally out. According to the new rule, the usage of drones is now allowed for real estate professionals. Real estate appraisers should take advantage of this new breakthrough, here’s why.

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CFPB: TRID comment period now open

The 64-day countdown begins now on the comment period for proposed updates to the Consumer Financial Protection Bureau’s Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule. And there are plenty of areas to weigh in on.

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Freddie Mac: Mortgage lending will top $2 trillion this year

Mortgage originations are set to hit their highest level in four years. Unlike in 2012, however, the market will be more balanced between refinances and home sales. Freddie Mac’s chief economist points out that the market is not without its challenges.

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Chronos Solutions brings in new CIO

Chronos Solutions hired Arun Pimpalapure as its new chief information officer. Company executives talk about what Pimpalapure brings to the company, and what it will mean for the company’s future plans.

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Monday, August 15, 2016

Homebuilders gaining confidence as new home sales increase

Homebuilders are beginning to regain confidence in the market as new home sales and new construction improve. The Northeast region remains well behind other parts of the U.S., however, it did increase slightly in August.

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Monday Morning Cup of Coffee: HUD nonperforming sales discriminate?

Not long ago, nonprofits pushed HUD for more NPL sales. Now, they’re suing for the same reason. Plus, former NFL star Antonio Cromartie is evicting his own mother for not paying rent. All this, and more, in this issue of MMCC.

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Friday, August 12, 2016

iEmergent names Fenn Meents chief growth officer

iEmergent, a forecasting and data analytics firm for the banking and mortgage lending industries, announced a new member and position at the company. Fenn Meents joins the company as its new chief growth officer. Meents knows first-hand how iEmergent operates, originally starting as a client at company.

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[Part two] Ellie Mae: We need to rethink the effectiveness of the Disclosure Desk

Those in the mortgage industry continue to struggle for efficiency and quality. Yet disclosure desks still manually review borrower documents. It’s an antiquated process that’s quickly becoming a roadblock to the industry rather than a benefit. Continuing from the first blog post, here are two high-level guidelines for making the disclosure process an effective and quality-driven component in the life of the loan.

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Private mortgage insurance explodes, passes FHA

Private mortgage insurance activity rose sharply in the second quarter, grabbing the lead in market share from the Federal Housing Administration for the first time since the first quarter of 2015, according to a client note from Compass Point Research & Trading. So does that mean it’s more likely that the FHA could cut premiums again this year?

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Tim Kaine: Here's how Hillary Clinton will ensure fair housing for all

The Democratic vice presidential nominee, Sen. Tim Kaine, D-Virginia, spent much of his pre-politics career as a fair housing attorney, spending nearly 20 years fighting for fair housing, and it looks like he plans to continue that fight if he becomes vice president. Here, in Kaine’s own words, is the Democrats’ plan to ensure fair housing for all.

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[video] MBA: Here's the state of mortgage credit in the housing market 

The MBA recently made key changes to the credit availability index methodology that showed credit availability has actually been increasing over the past few months rather than decreasing. MBA’s vice president of research and economics explains the changes more in-depth.

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The key to success in the mortgage business: Making mentorship work

After recent consideration, one industry executive found that her success had less to do with the path she had taken and much more to do with the mentors she found along the way. Here are tips to help you connect with the younger people in your organization and maybe even help your management team set up a more formalized mentorship program.

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Even a housing official in Silicon Valley can't afford to live there

Aside from being a product attorney at a tech firm, Kate Downing also served as a planning and transportation commissioner for Palo Alto. Her responsibilities in the position included pushing city officials to build more housing and pass pro-development policies that could help solve the growing affordability crisis. Ironically, Downing recently took to Medium to say she can’t afford to live in the city anymore either.

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Trulia: Family tradition matters to upcoming homeowners

A study from Trulia shows that family values matter when it comes to homeownership. This could even shine a light on why Millennial homeownership is lower than previous generations.

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Consumers move past Brexit, now concerned with election outcomes

Overall, the consumer sentiment index increased in the first two weeks of August despite concerns about the outcome of the upcoming presidential election. Younger households pushed against the positive growth; one expert explains why.

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West coast sacrifices home affordability for a strong recovery

The South and West, to no surprise, dominate the country in terms of highest performing markets. However, the data making the West one of the top regions is starting to change. In order to have a strong recovery, the West is sacrificing one of the factors it needs the most: affordability.

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Invitation Homes appoints new executive vice president

Invitation Homes hired Irwin Gordon as its executive vice president. Gordon brings more than 30 years of experience to the company in various CEO and executive roles.

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The Las Vegas Black Knights? West Point, like, nope

Well, it turns out that the National Hockey League expansion team helmed by William Foley, the chairman of Fidelity National Financial and Black Knight Financial Services, won’t share a name with one of Foley’s companies after all. RIP, Las Vegas Black Knights, we hardly knew ye.

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Fannie Mae selling off more than $1 billion in non-performing loans

Fannie Mae announced earlier this week that it plans to sell more than $1 billion in non-performing loans as it continues its effort to rid its portfolio of deeply delinquent loans. Here are all the details.

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Wednesday, August 10, 2016

MBA: Refinance rush pushes mortgage applications back up

The demand for refinance applications rekindled as applications surged, driving applications as a whole higher. While refinance applications have dropped the last several weeks, they were actually booming about a month ago in the wake of Brexit. Now according to this report, the boom is back.

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Whither Mr. Cooper? When is Nationstar's rebranding actually going to happen?

Earlier this year, Nationstar Mortgage confirmed that the company would be launching a massive rebranding effort, combining its originations and servicing business under the name Mr. Cooper, with a plan to begin using the new name in the summer of 2016. Well, as the calendar ticks towards fall with little movement on the Mr. Cooper front, at least officially, it begs the questions: Is Nationstar actually going to rebrand to Mr. Cooper or not? And if so, when?

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Mexican president brings corruption to Florida luxury housing

Mexican President Peña Nieto is under fire for many mistakes during the last four years of his presidency, and he’s now brought his corruption to Florida. You would think he would’ve learned from his mistake after his first housing scandal. Not so, according to The Guardian.

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Equifax: Mortgage defaults projected to keep going down

The remnants of the financial crisis continue to slowly disappear as the number of foreclosures begin to return to levels witnessed before 2008. This news isn’t universal though as some areas remain elevated. Here’s what Amy Crews Cutts, senior vice president and chief economist at Equifax, says is keeping the housing market healthy, along what areas aren’t seeing results.

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Economist: This is why homeownership hit an all-time low

Last month, the U.S. Census Bureau released its second-quarter estimate of the homeownership rate. The news? Homeownership rate falls to 62.9%, half a percent lower than a year ago and reaching lows not seen in half a century. So what’s to blame?

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Quicken Loans: Homeowners overestimate their home values

Home prices are rising nationwide, but not quite as much as homeowners think they are. Most homeowners are overestimating the value of their homes, with one notable exception.

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Walter Investment posts another big loss; names fourth CEO in last 10 months

It’s probably safe to say that Walter Investment Management Group is in a state of upheaval right now. The company announced Tuesday that it posted its second massive quarterly loss of the year during the second quarter, and now the company is about to have its fourth different CEO since October 2015.

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Ellie Mae: Millennials flock to FHA loans as credit tightens

Millennials bring their own style to the economy, and in terms of housing, they haven’t been all that interested to-date. Fannie Mae’s report for June from its Millennial Tracker shows ongoing trends of Millennials entering the market.

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Corelogic: Foreclosure inventory finally back to housing-boom levels

Foreclosure rates are finally returning to historic norms. Foreclosure inventory and serious delinquencies both hit lows not seen in nearly nine years. The latest CoreLogic report provides more details and it seems all is not smooth sailing.

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Aspire Financial adopts Alight's mortgage tech platform

Aspire Financial announced it selected Alight’s Mortgage Lending platform, which will in turn help the company forecast where its business is headed. This latest business venture significantly changes the way the company will handle its expenses, acquire branches and more.

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Appraisal volume continues to move higher

Appraisal volume for the week of July 31 reversed course after the prior week’s decline. The news, while positive, is still a continuation of the slow upward trend witnessed most of this summer.

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Walter Investment sells $35 billion in mortgage servicing rights

Walter and New Residential entered into an agreement for the sale of billions of dollars in mortgage servicing rights, but that’s not all. This newly formed relationship could turn out to be long-term.

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Monday, August 8, 2016

Fannie Mae CEO Timothy Mayopoulos joining Lending Club board of directors

Lending Club may not be involved in mortgage lending, but its newest board member certainly is. The online lender, which is currently in a state of upheaval and under investigation after the sudden departure of its founder and CEO, Renaud Laplanche, in May, announced Monday that it is adding Timothy Mayopoulos, the CEO of Fannie Mae, to its board of directors.

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Nearly 650,000 borrowers to receive more money from Independent Foreclosure Review

The clock is now at zero for the borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements who have not yet cashed or deposited their check. So where is all the money going? It’s headed to the borrowers who already cashed their checks.

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Relief on the horizon for homebuyers in Northwest

While home prices continue to rise in the Northeast, homebuyers have gotten just enough slack to make them look at the market again. The housing supply continues to increase, taking an edge off the competition.

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Here's the best way to interpret the FHA's CWCOT program

Every mortgage loan servicer knows the importance of moving REO back into the market efficiently. Even today, when REO inventory is dropping and the foreclosure crisis is behind us, it is still critically important that costs are reduced and loss severity limited during this process. Here’s the pain point in the process.

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Fannie Mae, Freddie Mac would need another bailout in severe economic crisis

Despite the fact that the government-sponsored enterprises turned in profitable second quarters, Fannie Mae and Freddie Mac would both need bailouts if the worldwide economy crumbled, a new report from the Federal Housing Finance Agency shows.

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Don't miss out: The essential social media guide specifically for mortgage lending

In HousingWire’s recent webinar, we chatted with mortgage industry experts Barbara Yolles, chief marketing officer with United Wholesale Mortgage, and Kristin Messerli, founder and managing director of Cultural Outreach Solutions, on how to use social media when it comes to mortgages specifically. A quick snapshot spotlights 24 of the social media platforms out there, but there’s so many more. So where’s the best place to start?

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What Trump’s economic plan could mean for housing

Donald Trump gave a much-anticipated speech in Detroit Monday morning unveiling his economic agenda. For the first time since his campaign began, he managed to finally say something about housing. When he wasn’t cut short by the many screaming interruptions, he touched on a few key housing policies, including major changes the tax code.

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Mysterious buyer of EverBank revealed: TIAA

During its second-quarter conference call, EverBank revealed it was in advanced talks to be acquired but stopped short of answering too many details. Now several weeks later, EverBank revealed that the mysterious buyer behind its talk is financial services provider TIAA.

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MERS game changer? Connecticut Supreme Court upholds new fee on lending industry

After the financial crisis, many counties sued MERS to force MERS members to record future security interest assignments and recover fees they claimed were “lost” because MERS members stopped recording assignments. Connecticut, however, tried a different tack to recover these alleged “lost” fees and won, locking in a “game-changing” victory. Two expert attorneys explain the decision and its possible impact in other states.

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MGIC delinquent inventory decreases more than 20%

The number of delinquencies decreased more than 20% for MGIC and its insurance subsidiaries. The company sent out a release with the details, but it seems they aren’t the only ones seeing a decline in delinquent mortgages.

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Fannie Mae: Consumers more confident about housing than ever

Americans are growing more confident about the economy. The best part? One expert says the market is seeing a shift of many older Millennials entering the housing market.

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Monday Morning Cup of Coffee: NAR pushes to turn MLS green

The National Association of Realtors released a guide on how to add solar power details to MLS in order to more accurately determine the value of green homes. Also, the Houston Housing chairman resigns after a disagreement with the mayor over affordable housing issues.

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Saturday, August 6, 2016

Zika virus fear could depress home values in Miami

The Zika virus, or more specifically, people’s fear of the virus, could reduce home values in Miami. The Property Tax Appeal Group says homeowners should be ready to appeal their property assessments if appraisers don’t take the virus into consideration when determining home values.

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Initial thoughts: Did the CFPB successfully update TRID?

The Consumer Financial Protection Bureau’s new proposal to update its Know Before You Owe rule has only been in the hands of the industry for a week. Coming in at a whopping 293 pages, there is a lot of information that everyone is working through. Now that the new proposal is out, HousingWire followed up with three expert TRID attorneys to get their initial read on the rule.

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MBA CEO: Next administration has a clean slate for housing

David Stevens, CEO of the Mortgage Bankers Association, talks about the importance of the next presidential election in a video interview from the MBA.

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Here's how to fix the appraiser shortage

The fact is we are on the verge of a major appraiser shortage unlike any I have seen in my 30 years in the business. Unless this trend is stopped, the quality of appraisal values will eventually decline and public trust in the housing economy could once again fall apart. So what can be done?

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[video] Five years in, Zillow CEO explains how it achieved record growth

The more time passes, the more complex Zillow Group’s earnings report becomes, adjusting for big-ticket items like its Trulia acquisition and its legal battle with Move/News Corp. To help digest the numbers, CNBC interviewed Zillow Group CEO Spencer Rascoff to get a better grasp of the company’s record revenue and growth.

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San Francisco fighting over limited construction labor force

Constraints on the construction workforce are driving up home prices and driving builders into the luxury home market. One expert estimated that direct building expenses have increased 50% to 60% since 2012.

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Borrowers unaware of home equity loan potential

Many Americans are unaware of the benefits of using home equity loan products. And for lenders hoping to tap into that market, they need to remember one thing: going digital is key.

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Jobs increase in July beat expectations

The jobs report for July increased far above what experts predicted for the second month in a row. But experts point out that not all parts of the report showed good signs, especially for construction.

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Friday, August 5, 2016

Credit availability isn’t as tight as experts thought

After several months of interest rates near record lows, but decreasing credit availability, the mortgage credit availability index finally increased in July. Why? The MBA revised its methodology and found that credit was actually getting looser all along.

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Ellie Mae hires new senior VP of corporate development

Ellie Mae recently hired Lester Liu as its new vice president of corporate development. The company’s executive vice president of corporate strategy explains why he’s pleased to welcome Liu.

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BOK Financial exits correspondent lending

Not too long ago, BOK Financial announced several expansions in the correspondent space. Today the company said it plans to shut down its correspondent lending channel after an evaluation of the lender’s business and current market conditions. Here’s what changed for the company.

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CFPB publishes 900-page final rule on mortgage servicing

In a wide-ranging final rule for mortgage servicers, the CFPB has expanded protections for consumers in several key areas, including providing borrowers with foreclosure protection more than once over the life of the loan, expanding consumer protections to surviving family members and clarifying loss-mitigation timelines during servicing transfers.

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Newest Bachelorette couple buys home in Dallas

America’s favorite couple has a new place to call home. After the world tuned in to watch them fall in love on the latest season of The Bachelorette, JoJo Fletcher and Jordan Rodgers, now engaged, announced they bought a house in her hometown of Dallas. Here’s a look inside the couple’s new home.

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Top 10 markets where renters can afford to buy

Renters who are looking to buy their first home in today’s competitive market shouldn’t get discouraged. According to the National Association of Realtors, more renters in these markets can afford to buy a home than the national average.

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JPMorgan, FDIC, Deutsche Bank near settlement in WaMu mortgage suit

JPMorgan Chase’s legal battle with the Federal Deposit Insurance Corp. and Deutsche Bank AG over its acquisition of Washington Mutual’s banking operations is nearing an end. After battling back and forth, the latest update in the bank’s quarterly regulatory filing revealed two key agreements the involved parties finally came to.

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Freddie Mac: Mortgage rates erase almost all gains from past weeks

After a disappointing GDP estimate for the second quarter, mortgage rates dropped 5 basis points, erasing almost all gains from the past weeks.

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Stonegate Mortgage revenue up 432% in Q2

While Stonegate Mortgage improved significantly from last quarter, it is still far below its earnings from last year. Two major factors played into the fall from last year, and the ongoing recovery.

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Fannie Mae 2Q net income jumps to $2.9B

Coming off the heels of a rough first quarter, Fannie Mae’s second-quarter earnings improved, with the company posting net income of $2.9 billion and comprehensive income of $2.9 billion for the second quarter of 2016. As a result, here’s how much the government-sponsored enterprise will give back to taxpayers.

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Thursday, August 4, 2016

Back to school? Here's how it impacts home values

Homeowners in zip codes with at least one good school gained an average of $74,716 in value since the purchase, an average return on investment of 32%. On the other hand, homeowners in zip codes without good schools gained an average of $23,311 in value since their purchase, an average return on investment of 27.5%.

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Nationstar CEO: We took a step back and brought operations back to profitability

Coming off a shaky start to the year, Nationstar posted its best quarter since the second quarter of 2015. During the company’s second-quarter conference call, Jay Bray, CEO of Nationstar, explained how the company regained its footing, along with what he views as the company’s “crown jewel.”

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Carrington Mortgage Services names new president

Carrington Mortgage announced it named Ray Brousseau as its new president in order to increase its mortgage business. Here’s what the company CEO and founder has to say.

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Freddie CEO: 97% LTV product not driving first-time homebuyer market…yet

In an interview with HousingWire after the government-sponsored enterprise posted its second-quarter earnings, Donald Layton, Freddie Mac CEO, pointed out that 42% of non-refinance purchase buys were to fund loans to first-time homebuyers, which is the highest level in 10 years.

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Trulia: Everything’s bigger in Texas, even houses

Living large? According to a study conducted by Trulia, 42% of Americans, and more specifically, 60% of Millennials, are looking for a larger home. Find out where you can get the biggest homes at the best prices with Trulia’s new list.

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Appraisal volume shows true impact of Brexit

Right after the news came out that the United Kingdom voted to leave the European Union, interest rates plummeted and mortgage applications surged, but appraisal volume, not so much. Kevin Golden, director of analytics with a la mode, explains why there’s such a discrepancy.

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Integrating Realtor data into the LOS removes last roadblock to eClosings

The real estate finance and real estate sales industries, as of late, have worked together. While it is apparent these two industries realize the benefit of collaborating, it’s time to take this partnership a step further. There’s one major barrier blocking a successful ‘e’ process that needs the help of both industries.

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What do luxury buyers want in Miami?

Luxury homebuyers in Miami are looking for certain key amenities for their (very large) homes. A former luxury resort architect outlines the over-the-top must haves for the area.

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Graphiq partners with CoreLogic to create visual data for real estate

CoreLogic and Graphiq teamed up to bring new interactive visualizations to the real estate industry. The partnership will allow both companies to expand their current offerings and make the data more accessible to the market.

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Walker & Dunlop makes company history with Q2 earnings report

Walker & Dunlop reported its best earnings in the history of the company for the second quarter, and it attributes most of its gains to increases in the mortgage servicing department.

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ADP predicts strong job growth in July

ADP predictions show positive movement for payroll in July. The predicted increase could encourage the Fed to raise rates in September, that is, if the jobs number comes in at what experts say it will.

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MBA: Mortgage applications drop again

While the decline isn’t as severe as the prior week, mortgage applications still posted a drop from one week earlier. But unlike the last report, the fall in refinance applications didn’t lead the overall dip in applications.

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Tuesday, August 2, 2016

Quicken Loans: 5 ways servicers can satisfy customers and increase profits

After winning the top spot in J.D. Power’s 2016 Primary Mortgage Servicer Satisfaction Study for the third straight year, HousingWire wanted to pull back the curtain on Quicken Loans’ success to find out how it stays No. 1. Want to know the secret? Here’s a preview of one of its tips: “Our social media team monitors 24 hours a day for feedback and we respond to clients, and virtually anyone who writes us, within 10 minutes.”

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Mid America Mortgage completes first eClosing

Mid America joins the rising trend of lenders using eClosings, announcing that it has completed its first eClosing through its retail origination channel.

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The key to credit union growth: Millennials

Millennials are driving the growth at credit unions, which are growing faster than the overall credit-active population. In fact, about 25% of credit union members in the first quarter of 2016 were Millennials.

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Home sales are rising, so why isn't inventory going up?

Two facts stand out in today’s housing market: rising home sales and flat/falling inventory. But if people are buying more homes, why aren’t there more homes for sale? Genworth Mortgage Insurance’s chief economist explains what exactly is going on and what it means for first-time homebuyers.

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CFPB: Best practices on how to continue loss-mitigation needs

Besides the start of a new year, Jan. 1, 2017 will also mark the first time since 2009 that the government’s Home Affordable Modification Program and Home Affordable Refinance Program will not exist. But now that the end date on these programs is rapidly approaching, government agencies are quickly reminding the industry of the loss-mitigation programs and options available. This includes the CFPB.

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Here are the top 20 cities to flip houses

Investors look at many factors when deciding where to buy a home. This new study from WalletHub should help in the decision-making process, giving a list of the top 20 cities for home flipping.

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Hot market selling tip: How to ensure you're not left without a home

In today’s competitive real estate market, sellers would seem to have all the advantages. Except that they are often in the hunt for a new house as well, and face the same tight inventory on the other side. What happens when they sell quickly, but can’t find another house to buy? Here’s what the experts recommend.

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