Friday, September 30, 2016

Using technology to improve customer engagement

Design is a funny word. Some people think design means how it ‘looks.’ But of course, if you dig deeper, it’s really how it works. The design of the Mac wasn’t what it looked like, although that was part of it. Primarily, it was how it worked. To design something really well, you have to ‘get it.’ You have to really ‘grok’ what it’s all about. It takes a passionate commitment to really thoroughly understand something, chew it up, not just quickly swallow it. Most people don’t take the time to do that.” — Steve Jobs, Wired, February 1996

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Lenders using Equifax trended credit data in Fannie Mae's Desktop Underwriter

Equifax has offered trended credit data to customers across a range of industries for years, and is excited that lenders submitting loans to Fannie Mae can now use its trended data as part of the underwriting process.

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A perfect storm in Silicon Valley

If you live in Silicon Valley and are one of the region’s numerous millionaires or even billionaires, thanks to a ton of recent tech company IPOs, bringing the perks home is easy. One expert says the increase in IPOs is actually driving residential values in Silicon Valley.

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Understanding the homeownership gap, and filling the void with education

Many people want to own a home of their own, but it does not seem within their reach. Equipped with the proper information and support, the possibility of responsible and sustainable homeownership is not as remote as it may seem.

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Redefining skin in the game

People shouldn’t be worried about the 3% down program. The FHA, USDA and VA have been doing it for years, and with the right guidelines and criteria in place these are great for borrowers. Whatever is best for borrowers and prudent lending standards is what all lenders and originators should be looking to offer.

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LenderLive partners with lenders and servicers for compliant outsourced solutions

As compliance costs rise and regulators turn their attention to policing new standards, companies are evaluating all their options. By partnering with LenderLive, a premier services provider, financial companies can take advantage of LenderLive investments in compliance expertise, highly-qualified talent and technology, and benefit from its scale and best practices.

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Ellie Mae's Millennial Tracker prepares lenders to serve young homebuyers

The mortgage industry is poised to experience a monumental shift as more Millennial homebuyers begin to enter the market. There are roughly 87 million would-be homebuyers in the Millennial generation and 91% of them say they intend to own a home one day. Lenders must prepare today to meet their needs.

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Freddie Mac's Loan Advisor Suite gives lenders greater certainty and efficiency

Loan Advisor Suite empowers lenders to automate data management and receive alerts when a loan has a higher risk, allowing them to act quickly to resolve issues. Designed as a portal with a single sign-on capability to access Freddie Mac’s collection of tools, each web-based application works with a range of browsers, providing easily accessible lending tools for every step of the loan process.

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MyAMC uses proprietary technology to identify the best appraiser for every assignment

MyAMC assists in underwriting interpretation and potential investor issues regarding appraisal challenges. The company was part of the early testing of Fannie Mae’s Collateral Underwriter, an automated risk assessment tool, and can provide guidance in resolving challenges stemming from CU.

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The keys to making UCD work

When contemplating compliance with new industry requirements, technology can pose both challenges and opportunities. For UCD specifically, there are seven issues that should be on everyone’s radar.

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Alight brings a new class of technology

At the epicenter of technology innovation in the Bay Area, Alight founders saw the need for a collaborative planning and forecasting technology solution that provides visibility into the financial impact of decisions and sudden market changes in highly complex and dynamic industries.

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Ditech Financial fined $1.4 million for "abusive debt collection practices" in Massachusetts

Ditech Financial will pay $1.4 million to the state of Massachusetts to settle charges that the company engaged in “abusive debt collection practices” by excessively calling borrowers to collect payment as well as not property notifying some borrowers of their mortgage information, the state’s attorney general announced recently.

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Wells Fargo heat turned up: Oregon wants big changes, California wants Stumpf to resign

The hot seat Wells Fargo CEO John Stumpf currently resides on is nowhere close to cooling off, especially in the wake of Stumpf’s rough appearance Thursday before the House Financial Services Committee to discuss the bank’s fake account scandal. Now, two separate states are calling for significant changes at Wells Fargo, with one calling for Stumpf’s resignation.

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A case of vacant homes versus Airbnb

A new report from Capital Economics raises a case against Airbnb: vacancies. While foreclosures decreased since 2010, the same can’t be said for vacancies that are off the market. It seems that Airbnb may have a hand in that, here’s why.

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Attention Realtors: zipForm just got easier

Realtors don’t need to struggle with searching tax records with a new introduction to the industry. As RPR integrates with zipForm, Realtors’ jobs just got easier.

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Consumer sentiment sees uptick in September

Consumers sentiment increased in September after preliminary results showed it to be flat from August. Most of the increase was centered on one part of the survey. Survey of Consumers’ chief economist explains the reason for the increase.

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Will California real estate experience the toughest year yet in 2017?

The trials that plagued the California housing market in 2016 aren’t expected to get too much better in 2017. The California Association of Realtors’ forecast for 2017 is out and some parts of it look very familiar. Once again, the real estate market is projected to face a major supply shortages and affordability constraints.

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This chart proves homeowners are getting better at paying their mortgage

Borrowers continued to get better at paying their mortgages as they move further into the year, with more people reported to be paying their mortgage on time than last year. While the overall performance of mortgages in this report remained relatively unchanged from the previous quarter, here’s how it changed since last year.

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CoreLogic: REOs hit lowest point since 2007

CoreLogic’s latest report shows that REOs hit their lowest point since September 2007. In fact, all distressed sales continue to decline. At this rate, distressed sales are on course to hit pre-crisis levels by mid-2019.

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Thursday, September 29, 2016

Lenders work to overcome Detroit's appraisal gap roadblock

After the financial crisis, the Detroit housing market started a long uphill climb to get back to a healthy, sustainable market, an achievement the city is still currently trying to reach. However, lenders in the city are working to originate mortgages that work around some of the toughest roadblocks in Detroit and provide a path to homeownership. Here’s how they’re doing it.

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Here’s how new immigration trends impact the housing market

There’s one less-noticed factor that is impacting the current shortage of cheap service labor and affordable housing: the education level of immigrants is rising. It’s important to note that there’s nothing wrong with this, but people should be prepared for this shift.

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IBM to buy Promontory Financial Group; plans to bring AI to regulatory compliance

Regulatory compliance is about to take a leap into the 21st century, and beyond, as IBM announced that it plans to acquire Promontory Financial Group. The purpose of the acquisition? To combine the financial regulatory experience that resides within Promontory with Watson, IBM’s artificial intelligence computer system to build a comprehensive service, to help financial institutions comply with their regulatory requirements.

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BB&T to pay $83 million for FHA lending violations

BB&T will pay $83 million to settle allegations brought by the Department of Justice, which accused the lender of violating the False Claims Act by falsely certifying that it complied with “critical underwriting and quality control requirements” on mortgages insured by the Federal Housing Administration. BB&T becomes the latest in a long string of lenders targeted by the DOJ for False Claims Act violations.

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Maxine Waters: I'm going to move forward to break up Wells Fargo

Throughout Wells Fargo CEO John Stumpf’s rough day in front of the House Financial Services Committee, multiple representatives called for the bank to be broken up, suggesting that the megabank is simply too big to manage effectively. But as the hearing neared its conclusion, the ranking member of the committee, Rep. Maxine Waters, D-Calif., went beyond her fellow representatives’ calls to break up Wells Fargo, stating that she is going to actually move to break up the bank.

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Low down payment mortgages can compete in today's market

Despite the growing prominence of low down payment mortgages, first-time homebuyers believe they need to put 20% down to compete in today’s market. The market is changing though, and a new survey of real estate agents shows that low down payment mortgages can and do compete. Sellers are even recognizing this.

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Wells Fargo CEO returns to Capitol Hill for another bipartisan beating

Wells Fargo CEO John Stumpf appeared Thursday morning before the before House Financial Services Committee to discuss the fake account scandal, representatives from both sides of the aisle repeatedly called for Stumpf to resign.

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Real estate agents: Here's how to use Snapchat to get higher engagement

For real estate agents who want to drive sales through higher social media engagement, Jason Frazier, chief information officer for Mason-McDuffie Mortgage, gave these simple tips on how to use Snapchat to grow a following. Need more info? Would examples help? We got you.

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Freddie Mac: 30-year FRM hits 10-week low

Mortgage rates dropped this week after the Federal Open Market Committee declined to raise rates in September. In fact, the 30-year fixed-rate mortgage hit a 10-week low. Freddie Mac’s chief economist explains why.

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GDP growth better than predictions, still historically low

The third estimate for the nation’s Gross Domestic Product did not show much of an increase from previous disappointing numbers. Low numbers continue to weigh in on the Fed’s decision for a rate hike, which many are expecting could come by December.

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Pending home sales sink to lowest level since January

Pending home sales decreased in August following the previous month’s record high. It now seems July’s high could be an outcast as this marks the third month of declines in the past four. NAR’s chief economist warns of the consequences if the market doesn’t start to see more inventory soon.

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Housing affordability at the worst level in seven years

Home affordability is at the worst level in seven years, with one in four housing markets not affordable by historic standards. Despite the negative news, Daren Blomquist, senior vice president at ATTOM Data Solutions, did point out one positive area, which involves California’s typically hot market.

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The fatal price tag of not investing in digital innovation for Millennials

The coveted group of potential borrowers who were born between 1981 and 2000 are a key variable in why financial institutions need to and should invest their capital in financial innovation. If they choose not to, they lose on the next generation of consumers. So where will most Millennials choose to do business? Nonbank financial services, digital platforms and technology providers

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California cuts ties with Wells Fargo in wake of fake account scandal

The state of California is suspending several business relationships with Wells Fargo as the fallout from the bank’s fake account scandal continues. “Wells Fargo’s admission that thousands of its bank employees opened over two million fraudulent consumer accounts is a legal and ethical outrage that cannot go unpunished,” said California’s state treasurer, John Chiang. Read the latest, right here.

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CFPB: Minority borrowers to receive $9 million from Provident Funding

Hispanic and African-American borrowers who paid higher broker fees than white borrowers on mortgage loans from Provident Funding Associates from 2006 to 2011 will soon receive their share of a $9 million settlement.

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California home sales flat in August

California home sales wrapped up the summer on a low note, but the news doesn’t come as much of a surprise, Madeline Schnapp, director of Economic Research for PropertyRadar, said in the latest report. Schnapp explained this report similarly to how she unraveled the July report. They key to understanding is in the details.

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New York announces new requirements for maintenance of zombie homes

The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for mortgage lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures.

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Sperlonga starts reporting HOA data to Equifax

The latest news from Sperlonga, a data aggregation business for non-standard credit data sources, falls in line with recent industry events to help create a better picture of borrowers’ credit scores. Sperlonga announced it will start reporting homeowner and condominium association payment and account status data to Equifax.

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Wednesday, September 28, 2016

Wells Fargo CEO, former executive forfeit millions as bank launches investigation

When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank’s board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Washington.

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Ghosts of subprime: Germany plans Deutsche Bank rescue, or does it?

Should investors not be interested in purchasing additional stake in Deustche Bank? Die Zeit claims the government would need to step in and take as much as a 25% stake, similar to its bailout of fellow German rescue entity, Commerzbank.

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Appraisal volume remains quiet in September

There’s less than one week left in September, and so far, the month’s recorded quite the roller coaster. However, despite the drastic rise and fall, September still followed season trends, especially given the beginning of the month included the Labor Day holiday.

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RBS to pay $1.1 billion to NCUA over mortgage securities settlement

The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty mortgage-backed securities sold to U.S. credit unions.

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MBA: It’s another quiet week for mortgage applications

Mortgage applications reported a very quiet week, echoing other industry reports. As for what did change, all mortgage interest rates on mortgage products declined. Here’s what the latest news from the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey found.

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CoreLogic: Cash sales hit record low in June

Cash sales hit a new mark-they decreased to below 30% of total market sales for the first time since 2007. They still have some work to get to the pre-crisis average, which it will reach by mid-2018 if the decrease continues at its current rate.

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Here's how the new overtime labor law will change the housing industry

Starting Dec. 1, 2016, overtime will have a whole new meaning since the White Collar Exemption salary threshold is about to jump by more than 100%. There’s just over two months until this law goes into effect, and with the housing industry projected to boom up to $2 trillion this year, the need for overtime isn’t going away anytime soon. Something will have to give.

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Consumer confidence hits highest level since recession

Compared to the past nine years, consumers are more confident than ever. Most of this confidence, according to one expert, stems from the recent increase in labor market conditions.

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Labor Department launches "top-to-bottom" review of Wells Fargo

Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.

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NYDFS reportedly looking into Caliber Home Loans

The New York Department of Financial Services is reportedly looking into how Caliber Home Loans handles distressed mortgages and the lender’s origination practices for borrowers with less-than-perfect credit profiles.

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Affordability crisis almost over? Household incomes increase faster than home prices

The Case-Shiller results came out today showing home prices increased to just below the July 2006 all-time high. While that may seem like bad news for affordability, the industry’s reaction was positive as they talked about the household income increase.

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Case-Shiller results barely miss housing-boom high

Home prices rose yet again in July, and while not quite as fast as June’s pace, it did come less than a percentage point away from July 2006’s all-time high. Home prices in three cities continue to increase faster than any other city.

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Tuesday, September 27, 2016

Here's what Trump, Clinton said about housing in first #debatenight

Tuesday evening marked the first presidential debate between the two presidential candidates, where they proved once again that housing is not a priority. Here’s a summary of what they said, and what it means.

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Freddie Mac launches "Deep MI" credit risk-sharing pilot program

Freddie Mac announced Monday that it is prepared to take the next step in the government’s continuing efforts to shed some of the credit risk facing the government-sponsored enterprises through a pilot program featuring deep mortgage insurance. So, what does this mean? More mortgage risk will now be transferred to private mortgage insurance companies.

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EXCLUSIVE: STRATMOR explains increase in mergers and acquisitions

Recently, the Mortgage Bankers Association talked about how mergers and acquisitions are heating up, however STRATMOR, which has an active M&A practice with a focus on midsize Independent mortgage banks, is quick to add that they wouldn’t characterise the markets as getting hot. Well, not just yet, anyway.

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Got tough questions about the CFPB's 900-page mortgage-servicing rule?

For those wondering if the Consumer Financial Protection Bureau’s mortgage-servicing rule is published in the Federal Register yet, the answer is no. This gives the industry a little bit of extra time to digest all the details that are in the final rule. Luckily, HousingWire is hosting a Q&A expert webinar to make sure you have all the information you need to fully comply with the rule and properly conduct business.

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Conference dispatch: The overall non-agency mortgage market struggles, successes

Last week, owing to an apparent breakdown in internal communications, one of the industry’s leading conference producers held two competing securitization conferences on the East and West coasts. A few determined conference goers, including Mark Hughes, executive vice president with Clayton Holdings, racked up frequent flyers miles to attend both, giving HousingWire the scoop on what went on.

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Fannie Mae sells $20.3m NPLs to familiar non-profit

Fannie Mae broke with tradition recently when it announced plans to sell a pool of non-performing loans through its “Community Impact Pool” program to a private equity firm, rather than the non-profits, small investors and minority- and women-owned businesses it is designed to target. But in its fifth Community Impact Pool sale, Fannie Mae is turning back to a non-profit, and a familiar one at that.

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New home sales drop in August

New home sales dropped in August after July witnessed its most significant increase since the housing crisis. Annually, however, new homes sales in August still increased. Industry experts talk about the report, and why it still shows positive signs for the housing market.

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It's official: Fannie Mae moves to open credit box with trended credit data

After much anticipation, this weekend marked the official launch of Fannie Mae’s Desktop Underwriter Version 10.0, implementing the long-awaited use of trended credit. So what’s with the big hype around trended credit data? For starters, it’s a game-changer for borrowers, helping them obtain greater access to mortgage credit.

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Here’s proof Airbnb is destroying the New Orleans housing market

Airbnb is on the rise, but is it destroying any local housing markets in the U.S.? A story in the September edition of HousingWire’s magazine gives compelling evidence that it is — at least in the first metro we selected to review. This evidence is so compelling, in fact, that HousingWire is now making an unprecedented decision to bring the story to you.

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Political battleground states see highest rise in property values

At this point in the election cycle, eight states are now considered swing states, as they could be the keys in this year’s election. A deeper look into those states shows that home prices increased more than in traditionally Republican or Democratic states. In one battleground state, home prices increased by 78% since 2011.

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Monday, September 26, 2016

Monday Morning Cup of Coffee: Wells Fargo employees file class action lawsuit

The presidential candidates in Monday’s debate will be asked questions on “achieving prosperity, securing America and America’s direction," which means that housing policy could theoretically be discussed, although I wouldn’t create a drinking game around it. A surer bet would be attacks on "Wall Street banks” in general and one big bank in particular: Wells Fargo.

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Friday, September 23, 2016

FTC permanently bans more mortgage relief scammers

For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the mortgage loan modification and debt relief business.

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What's after HAMP? MBA proposes loan modification program

With the end of both the Home Affordable Modification Program and the Home Affordable Refinance Program getting close, the government is working to come up with new refinance options for borrowers. The latest program proposal comes from the Mortgage Bankers Associations. The MBA’s Task Force revealed a program proposal on Friday that is designed to be successor program to the Home Affordable Modification Program.

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CNBC blog: What a rate hike means, and doesn’t mean, for housing

As many in the industry guess at when the Fed will raise rates after putting off the decision at the last FOMC meeting, one blog from CNBC questions the attention. According to this blog, housing has more important things to worry about.

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Here's how NAMB, UWM plan to revive the independent mortgage broker channel

Mortgage brokers took a major hit after the financial crisis, vacating their individual businesses and fleeing to the security of working for a bigger company. However, a new initiative announced by the National Association of Mortgage Brokers and United Wholesale Mortgage is designed to regrow the mortgage broker channel. The KickStart program offers grants to loan originators aspiring to open their own mortgage shops. Looking to start your own company? Check the details inside.

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Ditech Financial hires new senior vice president

Ditech Financial hired Robert Groody as its new senior vice president of consumer lending operations. The company talks about what Groody brings to the team, and his new responsibilities.

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Bernie Sanders: Wells Fargo's business model is fraud

In what some might consider as much of a foregone conclusion as when Sen. Elizabeth Warren, D-Mass, expectedly lambasted Wells Fargo CEO John Stumpf when given the chance, Sen. Bernie Sanders took to the internet this week to share his views of Wells Fargo, and let’s just say the former Democratic presidential candidate isn’t a fan of the megabank either.

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Lennar agrees to buy luxury homebuilder WCI Communities for $643 million…or does it?

WCI Communities, a “lifestyle community developer and luxury homebuilder” headquartered in Florida, announced this week that it agreed to a “definitive merger agreement” with fellow homebuilder Lennar for quite the premium, but the company is seeking out a better deal.

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Dallas-area housing market facing new danger

In almost every housing or home price report, Dallas comes out in the top ten. In one study, cities in the Dallas metro even made up five of the top ten spots. That then begs the question: is the market overheating? Will Dallas become the next San Francisco? Is the much-vaunted housing market in the Big-D about to start getting Fs?

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California Realtors getting nervous about housing market future

Now more than half a year into 2016, and the California Association of Realtors’ predictions that a shortage of available inventory and continued high costs would limit improvements in 2016 are coming true. And looking at the latest CAR report, it appears to be getting to Realtors.

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Could mobile homes help housing affordability crisis?

Despite the negative stigma that surrounds mobile homes, it doesn’t mean the manufactured houses don’t have a role to play in the housing process, especially when it comes to affordability. Would you buy one?

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Senators want Labor Department investigation of Wells Fargo

Wells Fargo and its CEO, John Stumpf, took plenty of lumps earlier this week when Stumpf appeared before the Senate Banking Committee to discuss the $185 million fine the bank is facing, but some of the members of the Senate are far from being done with Wells Fargo. In fact, a group of eight senators are now calling on the Department of Labor to investigate Wells Fargo for potential labor law violations stemming from the company’s “aggressive” sales culture.

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National Rental Home Council appoints new executive director

National Rental Home Council appointed Diane Tomb as its new executive director. Tomb was not only NAWBO’s president and CEO, but also had various positions in Washington through various presidential terms.

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Mortgage fraud rising most in low-downpayment loans

The new low down payment programs launched as a way to loosen up the credit box for first time homeowners since the credit box tightened significantly after the financial crisis.But as the credit box loosens, the risk of mortgage fraud heightens, as seen in the report. There needs to be a balance.

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Zillow ranks fastest appreciating housing markets

Home prices in some metropolitan areas grew at almost triple the rate of the national average. Zillow laid out a list of the top five which, surprisingly, San Francisco was not on. While some areas are heating up, it seems California’s hot markets could be cooling down.

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The new normal: Time to close settles at 46 days

After rising, falling, and rising again in the wake of the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, the time to close a mortgage loan appears to finally be settling into a new normal – about a month and a half.

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Nationwide: Here are the most and least healthy housing markets

A new report from Nationwide shows the healthiest and least healthy metros in the U.S. by comparing factors such as employment, demographics, mortgage market and home prices. Despite the affordability crisis, 25% of metros were very healthy markets in the second quarter.

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Thursday, September 22, 2016

Evictions in America: A tale of two cities

The contrast between how New York City and San Francisco have approached the affordable housing crisis is striking. Both cities are large metropolitan areas with little geographical room to build. But in once case city action led to an 18% decrease in evictions, in another it led to an increase of 32%. 

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CoreLogic economist: Here's a current snapshot of the mortgage credit market

Where are we in the credit cycle? How will credit markets react to the upcoming election? Has the pendulum swung too far when it comes to mortgage underwriting? These were some of the questions raised and answered at ABS East. Frank Nothaft, chief economist with CoreLogic, shares his insights on the state of the mortgage market as witnessed at ABS East.

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Affordability crisis holds back home sales in August

Despite anticipation of an uptick in existing home sales in August, they actually decreased yet again. Declining inventory and high home costs continue to prevent home sales from reaching pre-crisis levels.

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Freddie Mac: Mortgage rates decreased in anticipation of Fed’s decision

Last week’s dramatic increase in mortgage rates did not carry over into this week. Average rates actually slipped down this week in anticipation of the Fed’s meeting results.

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Chase officially satisfies $4 billion RMBS settlement consumer-relief requirement

In his ninth and final report, Joseph Smith, monitor of the JPMorgan Chase Residential Mortgage-Backed Securities Settlement, credited Chase with more than its required $4 billion of consumer relief obligation. The settlement dates all the way back to claims that Chase, Bear Stearns and Washington Mutual packaged and sold bad residential mortgage-backed securities to investors before the financial crisis.

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Trulia: Home inventory falls for fifth straight quarter to near-record lows

Home inventory fell for the fifth straight quarter in July, the longest streak of inventory declines since 2012. The lack of inventory and trend towards premium homes doesn’t bode well for the growing affordability crisis, but all hope is not lost.

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Big bank on big bank scandal: Wells Fargo dinged by JPMorgan for fake accounts

In what is both a delicious bit of irony and an indication of the seriousness of the situation Wells Fargo is facing, none other than JPMorgan is dinging Wells Fargo over the fake account scandal that landed the bank’s CEO on the Senate hot seat this week.

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Behind the scenes: Why the Fed decided not to raise rates

The Federal Open Market Committee finished its September meeting today, and the Fed will not be raising interest rates. Janet Yellen insists, however, that it is not a lack of confidence that made the committee hold off on a rate hike.

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First American completes acquisition of RedVision

First American Financial Corporation, a provider of title insurance, settlement services and risk solutions for real estate transactions, announced Wednesday that it completed the acquisition of RedVision Systems, an independent national provider of title and real property research.

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Silver Bay Realty Trust loads up on more single-family rental homes

Silver Bay Realty Trust, a real estate investment trust and one of the country’s largest operators of single-family rental homes, is expanding its portfolio. The REIT announced Wednesday that it plans to acquire approximately 320 leased homes located in Atlanta, Tampa and Orlando from an undisclosed seller for approximately $41.5 million in cash.

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CFPB to credit unions: New mortgage regulations level the lending playing field

After the financial crisis, the government unleashed a wave of new regulation; a move that left credit unions constantly fighting to make sure they don’t drown in the aftermath. The latest speech from CFPB Director Richard Cordray comes off as persuasive, trying to get credit unions to see all the good the rules do for them, but that’s not the vibe credit unions received. Is TRID a win for credit unions?

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Richey May announces new director of business development

Richey May just announced Seth Cohen as its new director of business development for its mortgage banking practice. His extensive background in the mortgage industry explains why the company chose him.

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When is the best time of year to buy a home?

Spoiler: Home prices peak in the summer months, so that’s not the best time to buy a home, according to a study by NerdWallet. So, can you guess the season when the listing prices of homes seem to be business as usual, but the sale price plummets? If so, you’ve just found the “hidden” market for homebuyers.

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TransUnion: Rate hike could cause payment shock for 9M borrowers

TransUnion’s latest study shows the results of a rate hike on consumers, should the Fed ever decide to raise interest rates [not today, obviously]. While nine million could be looking at a payment shock that they can’t absorb, the rest of consumers, while possibly getting a small monthly increase, will be relatively unaffected, unless…

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Wednesday, September 21, 2016

MBA: Mortgage applications erase previous week's gains

Mortgage applications erased all of the previous week’s gains, falling from one week earlier. The report before this included an adjustment for the Labor Day holiday, while this week’s report accounts for one of the biggest increases in a string of lackluster results.

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CFPB consumer complaint database about to hit 1 million complaints

The Consumer Financial Protection Bureau’s much-maligned consumer complaint database is about to reach 1 million total complaints, CFPB Director Richard Cordray said Tuesday. And, as it turns out, the database proved helpful in levying the $185 million fine against Wells Fargo for opening 2 million fake accounts.

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Clinton weighs in on 'deeply disturbing' Wells Fargo scandal, vows to protect CFPB

Well, it’s now coming at Wells Fargo from nearly every angle. As the embattled megabank’s CEO, John Stumpf, prepared to be grilled on Capitol Hill about the fake account scandal surrounding the bank, Democratic presidential nominee Hillary Clinton weighed in on the issue, saying that she is “deeply disturbed” by the bank’s conduct, and took the opportunity to defend the Consumer Financial Protection Bureau.

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Freddie Mac: Mortgage interest rates will hit 40-year low in 2016

If current trends hold steady, this year could prove to be a banner year for housing, Freddie Mac said in a new report. In Freddie Mac’s new monthly outlook report, the government-sponsored enterprise states that it is currently projecting a “surge” in mortgage originations during the third quarter, further reinforcing its view that 2016 will be the “best year” for home sales since 2006.

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Labor shortages dent Lennar earnings

As one of the first to posts its third-quarter results, homebuilder Lennar’s tough quarter shed light on what will likely unfold for its rivals as well. The big item weighing on the builder’s earnings: Labor shortages.

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PHH announces layoffs due to HSBC mortgage servicing portfolio loss

PHH will cut one-third of its local workforce in Amherst, New York, where it currently employs 294 people. The cuts are a result of a reduction in some of its mortgage servicing business for HSBC and a shift in origination work from Amherst to Florida.

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CFPB architect blasts Wells Fargo CEO for lax financial oversight

Sen. Elizabeth Warren, D-Mass, today called for the resignation of John Stumpf during his testimony in front of the Senate Banking Committee on the recent cross-selling scandal at Wells Fargo. Read more for the latest in color commentary.

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To raise, or not to raise interest rates, that is the question

This wordplay on the famous line from Shakespeare’s Hamlet is appropriate as the Federal Reserve contemplates whether or not it will resume raising the Federal Funds Rate Target. So what will the impact be on the typical homebuyer?

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Mortgage credit defaults remain close to pre-crisis levels

The latest report by S&P Dow Jones Indices and Experian shows an uptick in mortgage credit default rates. The news, while showing that the rates are moving higher, isn’t a cause for alarm, according to the report, since rates are still near pre-crisis levels.

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Despite slowdown, there's still hope for housing starts

August failed to see another month of strong housing starts after the last report’s positive news. However, even though housing starts slowed down, economists haven’t given up on the rest of the year.

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Tuesday, September 20, 2016

Harry Potter’s childhood home on "Privet Drive" for sale

From watching Harry Potter sleep in a cupboard under the stairs to seeing his aunt inflate in the backyard, people practically grew up in Harry Potter’s home as if he was their friend, watching his life unfold in eight major-motion hits. Now, fans can actually live there.

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$3.2 billion Fannie Mae, Freddie Mac MSR portfolio hits the market

Buyers looking to get their hands on the mortgage servicing rights to some “high quality” mortgages backed by Fannie Mae and Freddie Mac are in luck, as a bulk portfolio is out for sale. According to MountainView Servicing Group, which is acting as the exclusive sale advisor, the portfolio features mortgage servicing rights to loans with $3.26 billion in unpaid principal balance.

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GSEs to raise conforming loan limits in 2017?

The MBA released a chart showing that, for the first time since 2006, the FHFA could raise conforming loan limits as soon as 2017. Why? Home prices finally met the FHFA’s requirements for pre-crisis levels.

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Flagstar announces $10 million investment in Pontiac, Michigan

Flagstar Bank will invest $10 million over the next five years to aid in the development of Pontiac, Michigan, the bank announced late last week. The investment includes $5 million earmarked to boost homeownership in Pontiac.

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Black Knight introduces TRID-compliant property tax estimate program

Lenders will soon be able to “quickly and accurately” estimate property taxes during the residential real estate loan application process, thanks to a new offering from Black Knight Financial Services.

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Appraisal volume bounces back after Labor Day holiday

Appraisal volume managed to stay afloat during the Labor Day holiday, which typically impacts volume due to the shortened week. Now looking at the latest report from a la mode, it more than bounced back the week after.

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Fannie Mae: Economic growth to rebound in remainder of year

Economic growth will not continue on its present course, but will actually rebound in the second half of 2016, according to Fannie Mae. While some economic conditions continue to be a drag on potential growth, consumer and government spending will fuel the predicted increase to 2.6% growth by the end of the yea, Fannie Mae says.

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FBR: Wells Fargo's next move is critical, for the bank and for the industry

What happens over the next few days will go a long way in determining how Wells Fargo, and the banking industry as a whole, will weather the storm currently swirling around the megabank from the “widespread unlawful” practices of more than 5,000 former employees who opened more than 2 million fake accounts in order to get sales bonuses.

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These 10 markets desperately need more housing inventory

News of a housing inventory shortage continues to proliferate as the market works in overdrive to try and construct enough houses to meet the high demand. The dearth of houses available is holding back buyers in many of the largest cities in the country, particularly in these 10, which have the biggest hurdles to overcome.

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Builder confidence hits new high for 2016

Builder confidence increased across every region in September as builders saw an uptick in serious buyers, according to the National Association of Home Builders Housing Market Index. The index, which measures builder expectations of current sales and sales within the next six months, shows that builders are confident they can sell the homes they build in this competitive market.

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U.S. Bancorp: Millennials concerned they can’t save for a home

In its new consumer satisfaction survey, U.S. Bancorp found that Millennials struggling with debt are worried about their ability to save up for a home. This despite numerous low-downpayment loans now available in the market.

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Monday Morning Cup of Coffee: Airbnb’s new partnership aids natural disaster victims

In this week’s cup of coffee, we take a look into one of Airbnb’s new ventures: a partnership that could aid natural disaster victims in Colorado by offering free housing for those in need. Also, weigh in on your thoughts about what Realtors should be required to disclose about a home, and the disastrous consequences to homeowners if they don’t.

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Saturday, September 17, 2016

Goldman Sachs passes first round of compliance testing for $5 billion settlement

Goldman Sachs is meeting its consumer relief requirements as part of its $5 billion settlement reached in April over toxic mortgage bonds, a new report from the settlement’s monitor showed. The report, published Friday by Eric Green, who serves as independent monitor of the settlement, showed that Goldman Sachs passed its first round of compliance testing for the consumer relief portion of the settlement.

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Fannie Mae names GE Capital CEO to board of directors

Fannie Mae brought in experienced veteran Ryan Zanin as its newest member on the board of directors. Here’s more about Zanin, his experience, and his new position on the board.

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House Financial Services Committee launches own investigation into Wells Fargo

Another shoe is about to drop on Wells Fargo, as the megabank attempts to weather the storm surrounding the $185 million fine levied against it for the “widespread unlawful” practices of more than 5,000 former employees who opened more than two million fake accounts in order to get sales bonuses. The bank is facing an investigation by the Department of Justice, an inquiry from the Senate Banking Committee, and now an investigation by the House Financial Services Committee.

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Consumers more optimistic about economy in September

The University of Michigan’s consumer sentiment index remains unchanged from August. While consumers are more optimistic about their economic expectations, their current conditions are worse off.

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Impac raises $37 million in capital

Impac finally decided to reenter the public equity markets again after a long stint away following the financial crisis. Impac noted in the news that it plans to reach a target goal of $12 billion in origination for the year, giving it a strong platform to grow on.

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Friday, September 16, 2016

Ex-Wells Fargo employee reveals secret culture of shocking bank practices

A new post on Reddit from a verified Wells Fargo former employee unveils what was really going on inside the bank. What follows can be best described as HousingWire coverage of a whistleblowing event as it unfolds in real time; It’s a whole new world. So who to believe, the employees, or the executives? Read and decide.

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Is California's housing boom finally coming to an end?

Not too long ago, California’s housing market reached a nearly four-year high, but the strong momentum quickly came to a halt in July when sales fell from the previous year for first time in 18 months. Now, according to that latest report August report from the California Association of Realtors, the market is likely to stay down.

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Senator Warren calls DOJ's financial crisis response an "abysmal failure"

Thursday, Sept. 15, 2016 marked the eight-year anniversary of Lehman Brothers declaring bankruptcy, sending shockwaves through the economy and sending the U.S. into a recession. Sen. Elizabeth Warren, D-Mass., used the anniversary of the “failure of the fourth-largest U.S. investment bank” to loudly question again why individuals were not held responsible for the conduct that led to the financial crisis, and this time she did it armed with some disconcerting new information.

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Deutsche Bank doesn’t intend to pay anywhere near DOJ’s $14 billion demand

Not only did Deutsche Bank AG confirm that the U.S. Department of Justice did request it pay $14 billion to settle a case that dates back to the financial crisis, but it also revealed that it doesn’t plan to pay anywhere near that amount.

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DOJ mortgage settlement with Deutsche Bank to cost $14B?

While an official settlement is not yet public, it’s rumored that the U.S. Justice Department proposed that Deutsche Bank AG pay $14 billion to settle a case that dates back to the financial crisis. An article in The Wall Street Journal cites sources close to the matter for what outcome the industry could possibly expect.

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Embattled Nevada housing agencies respond to allegations of wasted millions

A recent bombshell report from a federal watchdog suggested that the agency in charge of Nevada’s portion of the government’s Hardest Hit Fund wasted $8.2 million that should have funded the program’s administration costs, while at the same time, drastically cutting the number of struggling homeowners admitted to the program. Now, the agency in question is responding to those charges, and claiming that the amount of wasted money is far less than the watchdog suggests – $8 million less, to be exact.

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Fannie Mae: More mortgage lenders control their compliance costs

Fannie Mae conducted a study showing that lenders’ outlook on their profit potential over the next three months is better than ever. But there is a downside as those expecting to struggle with compliance costs hit an all-time low.

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Quicken Loans: Appraisers set higher values on homes in August

Homeowners are still overestimating their home values even though appraisers are posting higher values on homes. As a result, homeowners will likely need to restructure their refinance or bring a few extra thousand dollars to the closing table.

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One of HousingWire's Women of Influence promoted to COO

HousingWire Women of Influence winner Claudia Merkle moved up to chief operating officer at National Mortgage Insurance Corporations. Here is more about her accomplishments and promotion.

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MBA: New home sales surge in August

August turned out to be a strong month for new home sales. According to the latest Mortgage Bankers Association’s Builder Applications Survey, new home sales surged to the highest level observed since the survey began in 2012.

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Rising home prices wage war against negative equity

CoreLogic’s new report shows that negative equity continues to plummet as home prices rise across the nation. While some homes hold less than 5% of equity, that may not be a problem any time soon as CoreLogic expects home prices to keep rising.

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loanDepot officially withdraws IPO filing

loanDepot officially requested that the Securities and Exchange Commission withdraw its initial public offering filed nearly a year ago after it decided to go a different route to raise money. According to the SEC filing, the move “would be consistent with the public interest and the protection of investors.”

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Record income growth helps homebuyers in poorer cities

Trulia dissected new data from the U.S. Census Bureau that showed which metros had the highest income growth in 2015. Some of the findings include where income growth increased the most and where home prices decreased the most.

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Home flipping reaches 6-year high

The number of investors flipping homes reached the highest level since before the housing crisis. ATTOM Data Solutions’ senior vice president emphasized, however, that there are key differences between today and the last housing bubble.

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Mastered the CFPB's 900-page mortgage-servicing rule yet?

Servicers have roughly a year to study and master the Consumer Financial Protection Bureau’s mortgage servicing rule. Luckily, HousingWire is bringing together two industry experts for an exclusive Q&A webinar to make sure you have all the information. Don’t miss out.

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Thursday, September 15, 2016

Freddie Mac: 30-year mortgage rate finally moves above 3.48%

The 30-year mortgage rate increased significantly, breaking its 11-week trend. Similarly, the 10-year Treasury reached its highest level since Brexit. Does this mean the market is ripe for a September rate hike?

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Zillow VP of mortgages joins Washington Federal board of directors

Erin Lantz, the vice president and general manager of mortgages for the Zillow Group, will be joining the board of directors of Washington Federal, the bank announced Wednesday. Zillow’s CEO, Spencer Rascoff, celebrated the news.

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Freddie Mac selling off $1.1 billion more in non-performing loans

Freddie Mac announced recently that it plans to sell off more than $1 billion in non-performing loans, as the government-sponsored enterprise continues its efforts to shed some delinquent mortgages from its books.

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Compass Point: Buy Ocwen now, company is ready to grow

Things are looking up, just a bit, for Ocwen Financial. As a result of some recent moves, Ocwen’s stock rose over the last few months, and according to a new report from Compass Point Research & Trading, the stock is going to continue to rise and the time to buy is now.

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FGMC further beefs up correspondent lending with new hire

First Guaranty Mortgage Corporation hired a new regional sales manager for its correspondent division during a time when others, such as BOK Financial, are exiting the market. Who did FGMC bring in? Now that’s, perhaps, most surprising of all.

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Should you buy property for your college student to use while in college?

You’re already helping pay for your kid’s expensive college education, so the idea of also buying a house on top of that might sound crazy. But according to one real estate agent, buying a property for your kid to use in college could have some real financial benefits and possibly turn into a profit. But only if it’s right for you.

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The Fed’s true final push for #HARPNow?

But wait there’s more! The Federal Housing Finance Agency is trying one last time, or so we think, to capture the remaining 323,000 homeowners who could save an average of $2,400 per year through the Home Affordable Refinance Program. As a result, the agency revived its hashtag #HARPNow.

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These are the most competitive rental markets right now

With the housing market as competitive as it is, many are turning to renting as less believe that now is a good time to buy a home. The problem, however, is that the rental market has become just as competitive. Trulia breaks down the top rental markets, and how to get an edge up on the competition.

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New York unveils sweeping cybersecurity regulations

Banks, insurance companies and other financial services companies that operate within the state of New York will soon be required to significantly increase their cybersecurity programs in an effort to further protect consumers’ personal and financial information.

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Wells Fargo keeps mortgage lending comp intact

Wells Fargo recently announced it would completely overhaul its current compensation plan and replace it with one that will help prevent another scandal, but there’s one catch. The change will only apply to the retail sector, everything else will continue as business as usual.

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NAR: Renters still not ready to buy a home

With home prices rising, many homeowners and renters alike are less likely to say now is a good time to buy a home compared to last quarter. Actually, more are saying that now is a good time to sell a home, and that home prices will continue to rise. NAR’s chief economist explains why first-time homebuyers are hesitant to enter the market.

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Wednesday, September 14, 2016

4 tips on capturing real estate clients through Pokémon Go

This summer you may have noticed more young people than usual walking down the street staring intensely at their cell phones (sometimes to the point of physical injury!). While it may appear laughable to some, mortgage and real estate professionals can incorporate the game into their marketing strategy. Don’t believe me? Here’s how other are doing it.

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Appraisal volume performs better than usual for Labor Day holiday

The Labor Day holiday is bound to impact real estate, but according to the latest report from a la mode, it didn’t dent appraisal volume as badly as it usually does. Kevin Golden, director of analytics with a la mode, explains how this week is different.

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Republican plan to abolish Dodd-Frank passes committee, full House vote coming

The Republican-crafted plan to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act is one step closer to reality after the House Financial Services Committee voted Tuesday to pass the Financial CHOICE Act. As so often happens with these things, the vote wasn’t without some controversy.

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New American Funding appoints new national vice president

Throughout his 16-year career, Fuentes worked with many different Hispanic families as they sought to achieve homeownership. Now, in his new role, he will continue in these efforts by serving on boards such as the National Association of Hispanic Real Estate Professionals.

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Wells Fargo CEO headed to Senate hot seat for account scandal

As it turns out, Wells Fargo will have to answer to more than just the CFPB for the “widespread unlawful” practices of more than 5,000 former employees who opened more than two million fake accounts in order to get sales bonuses. The mega bank will now have to report to one of the most powerful committees on Capitol Hill.

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Rising Star Anthony Cazazian switches jobs

Renters Warehouse hired Anthony Cazazian, recently named as one of HousingWire’s rising stars, as its new chief investment officer and president of portfolio services. The company’s CEO talks about what makes Cazazian a good fit.

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Is Wells Fargo scandal just the beginning of big-bank bad-behavior probe?

A quick search through the CFPB’s public consumer complaint database produces some alarming results that raise the question: “Is Wells Fargo’s cross-selling scandal over and is it really limited to only one bank?” The following complaint examples do exactly what the database is designed to do, "humanize the problems.” With millions of customers already impacted from Wells Fargo’s scandal, you can bet potential and current borrowers are now more weary about trusting banks.

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Household incomes grow at fastest rate, ever

Household incomes grew at the fastest rate ever in 2015, but income still remains below the 2007 average. Redfin’s chief economist talks about what that means for the housing market.

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Scandal-ridden Wells Fargo completely revamps compensation plan

First there were the mailing errors; then the illegal mortgage-fee shifting. Then a $1.2 billion settlement with the government over FHA lending violations. More recently, Wells Fargo came under fire for creating 2 million fake accounts as employees sought to get sales bonuses. Now the massive mortgage lender will completely revamp its compensation program starting in 2017.

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CoreLogic: Foreclosure inventory plummets in July

Foreclosure inventory deceased significantly in July, falling nearly 30% from last year. Completed foreclosures and delinquencies are also down in almost every state, and judicial states continue to work through their large amount of foreclosure inventory.

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Regions Bank next on DOJ hit list, will pay $52.4 million for FHA-lending violations

Over the last few years, the Department of Justice used the False Claims Act as its weapon of choice against the mortgage industry, using the law to extract settlements from lenders for supposedly misrepresenting the quality of loans to the Federal Housing Administration. And now, Regions Bank is the latest on the DOJ’s hit list, after agreeing to settle False Claims Act charges for $52.4 million.

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Veros unrolls enhancement to its valuation management system

Veros announced new changes to its valuation management platform that will give more options to users. The company explains some of those new updates.

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Monday, September 12, 2016

Is SoFi about to loosen its lending standards?

For years, SoFi, the online mortgage lender, marketed to an elite group of borrowers usually deemed as “great” in its ad campaigns. But this could all start to change as the online lender is possibly rethinking its strategy in order to grow in the current tight lending environment. Could this be good news for Millennials?

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"Pervasive culture of waste and abuse" discovered in Nevada Hardest Hit Fund program

Thanks to what investigators are calling a “pervasive culture of waste and abuse,” millions of dollars from the federal government that were supposed to help struggling Nevada homeowners keep their homes instead went to pay for cars, holiday parties, employee bonuses, employee gifts, employee outings, staff lunches, and a number of other wasteful expenses, a scathing investigation by a federal watchdog found.

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Why one expert says value of buying a home is overrated

Studies show that homeownership rates among Millennials is lower than any other generation. Not only that, but that rate doesn’t look like it will increase anytime soon. One expert’s response? “Good for them.”

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How technology solutions can reduce mortgage loan turn times

When it comes to the mortgage loan process, timing is everything. Borrowers and real estate professionals are expected to set more accurate and accountable target closing dates, prompting mortgage lending companies to look for opportunities to improve loan processing timeframes by leveraging technology.

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Mediterranean-style homes losing popularity

Mediterranean-style homes peaked in popularity in the 1990s, but now the style seems to be fading as home prices stall out in this home style even while home prices around them rose. It seems that homebuyers are looking to a new style of home that continues to rise in price and popularity.

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Atlanta Fed President: Time for a serious discussion on raising interest rates

The Fed seems to be divided on a September rate hike. The Federal Reserve Bank of Atlanta president says that current economic conditions don’t necessarily guarantee a rate hike, but they do show that it’s time for a serious discussion on the topic.

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Here's how to ensure TRID-compliant property tax estimates

Post-TRID, we’re in a completely different world when it comes to providing timely and – more importantly – accurate information to borrowers. While the mortgage industry may have been able to proceed for decades without a unified standard for property tax disclosures, that’s just not sufficient any longer.

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JPMorgan Chase shakes up mortgage lending leadership

JPMorgan Chase overhauled some of the top positions in its mortgage division, promoting three employees to new executive roles. Included in the changes are two new co-heads of its originations business.

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Multifamily, commercial mortgage delinquency rates near 20-year lows

A recent report from MGIC showed a decrease of over 20% in residential mortgage delinquent inventory. As it turns out, delinquencies are dropping for more than just residential mortgages. According to a new report from the Mortgage Bankers Association, multifamily and commercial mortgage delinquency rates are nearing 20-year lows as well.

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[video] MBA President explains need for housing director

The Mortgage Bankers Association president and CEO explained the need for a housing policy director, and why this position is crucial to the next administration. According to the MBA, we are on the front edge of a new kind of housing crisis.

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Here are the 25 cities with the biggest rent hikes right now

The second-quarter report for the top 25 cities with the biggest rent hikes is out, with quite a few changes on it compared to the first quarter. The No. 1 city might still be the same, but many others jumped around. Take a look to see what’s different and where to invest.

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Monday Morning Cup of Coffee: Fannie Mae sets official date for using trended credit data

After market anticipation, the launch date is finally set for the release of Fannie Mae’s Desktop Underwriter Version 10.0. Best part is this update is expected to open up the credit box to potential borrowers previously deemed unworthy. With Home Affordable Refinance Program extended into 2017, it also means that the threat of scammers pretending to offer government-sponsored modifications isn’t going away. Beware.

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Saturday, September 10, 2016

Wells Fargo fake accounts fiasco proves big banks don't learn

For many people, their trust in the country’s financial system was broken (perhaps irreparably so) by the financial crisis. In the aftermath, the financial services industry needed to take steps to repair that broken trust. But the $185 million fine levied against Wells Fargo for opening up two million fake accounts shows that the financial industry still hasn’t learned its damn lesson.

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Ten-X names new head of institutional client group

Ten-X just hired Camille Renshaw as its new head of institutional client group. Here is what she brings to the table, and why the company commercial real estate division general manager says she’s a “perfect fit” for Ten-X.

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Ellie Mae: Millennials moving toward conventional loans

Millennials still rely heavily on FHA loans compared to the rest of the market, but FHA loans are slowly decreasing, and conventional loans are taking their place. This is driving up the average FICO scores of Millennial buyers.

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Deutsche Bank nears massive RMBS settlement with U.S. regulators

According to a German Magazine that chose not to reveal its source, Deutsche Bank AG is nearing a settlement deal with U.S. authorities on an investigation into the sale of residential mortgage-backed securities. The news is good for the bank’s investors as shares jumped the most in two months.

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Financial analyst: GDP actually not an accurate reflection of economy

The country’s Gross Domestic Product is often used to measure the strength of the economy, but is it based on a flawed system? And can it keep up with the changing economy as apps like Uber reduce the need for new products? Here’s one expert’s take on GDP.

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Title Resource Group acquires TitleOne Corporation

Title Resource Group’s grasp on the Idaho market is now whole lot stronger. The full-service title and settlement services provider announced it acquired TitleOne Corporation, gaining 215 employees and 13 offices that provide title and settlement services to homebuyers across the state of Idaho.

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Friday, September 9, 2016

Transparency: The ultimate tool for risk mitigation

Lenders bulked up their vendor management and vetting programs in recent years, mindful of the fact that the CFPB will hold them accountable for the actions (or misdeeds) of their service providers. But while scorecards and financial audits are great, are you sure your service providers are staying the course when it comes to quality and compliance?

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MGIC delinquencies down by more than 20%

While consumers are feeling less optimistic about the economy, and even fear a rising housing bubble, MGIC just released data for August that shows delinquencies are actually decreasing. In fact, not only are they decreasing, but at significantly high rates compared to last year.

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CFPB levies $100 million fine against Wells Fargo

The Consumer Financial Protection Bureau levied the largest fine in its history — $100 million — against Wells Fargo Thursday for the “widespread unlawful” practices of employees who opened more than 2 million fake depository and credit accounts to get sales bonuses. These accounts, opened under existing customers’ names without their knowledge, often racked up fees or other charges.

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Congress set to consider Republican plan to abolish Dodd-Frank

House Financial Services Committee Chairman Rep. Jeb Hensarling, R-TX made waves earlier this year when he announced a Republican-crafted plan to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act and replace it with a “pro-growth, pro-consumer” alternative. Now, the Financial CHOICE Act is about take one step closer to becoming reality.

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New legislation could forgive $23B in flood insurance debt

The National Flood Insurance Program racked up $23 billion in debt, and now Congresswoman Maxine Waters looks to rid the program of that debt. If the bill passes, it could bring economic relief to homeowners, Waters claims.

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Best and worst housing markets for raising a family

Deciding where to move your family can be difficult, especially when battling the market’s affordability crisis. By comparing the city’s crime rate, median income and other factors to determine the best and worst markets for families.

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Former Jefferies mortgage bond salesman banned for misleading customers

A former mortgage bond salesman at Jefferies & Co is banned from operating in the securities industry for three months for allegedly misleading customers about the prices of mortgage bonds. Here are the details.

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Airbnb announces new anti-discrimination policies

Answering charges that the company doesn’t do enough to address potentially racially driven rental decisions, Airbnb announced Thursday that it is adopting a series of policies aimed at fighting discrimination in its platform.

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Stearns Lending appoints new COO

Stearns Lending appointed James Hecht as its new chief operating officer and executive managing director. Over the last four years, he was instrumental in the company’s growth, and now takes on new responsibilities at Stearns.

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Freddie Mac: Mortgage rates slip down

Mortgage rates decreased slightly this week after a meager increase last week. The five-year Treasury also ticked lower after its jump last week. The upside? Low interest rates are increasing refinance activity.

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Summer housing market remains intense in Northwest

Sales are up in the Northwest, but they are still being constrained by the low inventory, which is less than half of a balanced market supply. The forthcoming election is causing confusion, distraction and frustration with potential negative impacts for the fourth quarter.

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Goldman Sachs: Fed unlikely to raise rates before Presidential election

There are still three Federal Open Market Committee meetings left this year to determine if it should raise the benchmark interest rate; which in turn would raise mortgage rates. After crunching the numbers of Fed actions in elections past, here’s what one Goldman researcher found.

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Ocwen fixes previous settlement failures, faces two new failed tests

Right as Ocwen Financial fixed previous compliance failures, the servicer is hit with two new compliance failures, according to the latest oversight report on Ocwen from Joseph Smith, monitor of the National Mortgage Settlement. Although the report shows improvement for the servicer: “there is still work to be done for Ocwen to fully comply with the National Mortgage Settlement.”

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Thursday, September 8, 2016

Congressman wants FBI to release details of financial crisis investigations

If you’ve ever wondered why more (any) senior executives weren’t held responsible for their companies’ conduct during the financial crisis, you’re not alone. Representative Bill Pascrell, D-NJ, feels the same way and he wants answers.

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Goldman Sachs bans Trump donations from employees

Goldman Sachs passed a new rule hindering who its employees can donate to. While the company released its reasoning for the new rule, the timing does seem suspect, especially since the CEO’s candidate will not be impacted by the changes.

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EXCLUSIVE: Security vulnerabilities discovered in FHA systems

Some of the systems used by the Federal Housing Administration’s single-family insurance program are vulnerable to security breaches, an investigation by the agency’s watchdog uncovered recently. Details on the nature of the “vulnerabilities” are limited at this point, as the Office of the Inspector General for the Department of Housing and Urban Development chose not to share the full results of its investigation with the public.

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FBR: Mortgage market booms, will push $2 trillion in 2016

Count the analysts of FBR & Co. among those thinking that 2016 is going to end up being one of the strongest years for mortgage lending in recent memory. In a new report, FBR analysts Paul Miller and Tim Hayes tout a mortgage market that is “continuing to shine” throughout this year, thanks in large part to the continually low mortgage interest rates that are now the norm and the “most stable regulatory environment in years.”

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Appraisal volume falls two weeks straight

The latest National Appraisal Volume Index report from a la mode mirrored a lot of the same results from last week as the start of school takes focus away from house hunting. Looking at this week’s mortgage application report, will this trend change anytime soon?

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From the lenders: What to look for when it comes to building a vendor network

In the past two years, the vetting and oversight of third party service providers has gone from being a minor consideration for the vendor management department to a core focus in the boardroom. We spoke with several lenders to get an idea of what they rely upon the most. While the production teams tended to focus on the here-and-now of the transaction, the executives seemed a bit more concerned with the potential future results of service provider performance.

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Of course women are more likely than men to pay their mortgage

Urban Institute released a study showing that, while single women have a harder time getting a loan, they are actually more likely to make their payments. Of course, this is basically just repeating what we all know to be true, but finally there’s a[nother] study that proves it.

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The second digital mortgage revolution

While the second digital revolution won’t be advertised with slick commercials of rocket launches, it will be just as important as the first one. The key for this second digital mortgage revolution? Integration.

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5 ways to get the lowest mortgage rate right now

Given your credit standing and other factors, you may qualify for a better rate with one lender than another. Often it’s hard to tell a good offer from a bad one without shopping around, so pick up the phone, check online sites and let lenders battle for your business.

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MBA: Mortgage applications tick up ever so slightly

It’s all quiet on the mortgage application front, per the latest data from the Mortgage Bankers Association. Basically, there are minor movements in one direction or the other each week, but it’s all in the same ballpark, and has been for a little while now.

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Fannie Mae: Consumers unsure about housing market in August

Fannie Mae’s Home Purchase Sentiment Index decreased in August as consumers begin to feel less optimistic about the economy. It is still up from last year, however, and continues its slow upward climb. Those who say it’s a good time to sell came down from an all-time high.

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Tuesday, September 6, 2016

Affordable housing crisis pushing students away from homeownership

The housing market is hard for anyone to enter, much less college students. Now, students at California schools are being forced to drive up to five hours per day just to commute to school in order to avoid rents of near $3,000 per month.

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Fannie Mae sells $1 billion in NPLs to Goldman Sachs subsidiary, private equity

In what is becoming a frequent occurrence, Fannie Mae announced Tuesday that it sold a large portfolio of non-performing loans to a collection of private equity funds and a subsidiary of Goldman Sachs. Here are the details on Fannie Mae’s latest $1.06 billion non-performing loan sale.

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Ellie Mae's CSO joins NTSC Board of Directors

Ellie Mae’s chief security officer just joined the National Technology Security Coalition’s Board of Directors. Here’s what Aissi brings to the board, who’s goal is to forge a coalition of information security stakeholders to reverse the disruption to information systems.

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Are you housing's elite? Here's how to prove it to the rest of America

Wow, we can’t believe it’s nearly been a year since HousingWire crowned its first HW Vanguard Award winners, the award reserved for the true “leaders of the year” in the housing industry, whether they operate real estate, lending, servicing, investing or any other corner of the housing industry. And now, it’s time to crown the HW Vanguard Award winners for 2016. But the nomination period is ending soon. Like this week. Seriously, time is running out.

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