Sunday, October 30, 2016

Monday Morning Cup of Coffee: Prospects of a Trump presidency, and the good news in Detroit

There are still about 30,000 vacant houses and buildings in Detroit as a result of manufacturing job loss and the foreclosure crisis. But a program funded by unions to renovate vacant houses in Detroit has been so successful that it’s now being expanded to eight more Rustbelt cities, the AP reported on Sunday. All this and more in MMCC!

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Saturday, October 29, 2016

2.5 million consumers hit by financial crisis ready to reenter housing

The time frame for borrowers who were significantly hit after the financial crisis to improve their credit score is about to happen, opening the door for a lot of consumers to reenter the housing market. Are you ready for this huge group of borrowers?

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Zillow partnering with Facebook to increase real estate agents' reach

In a move that shows how much better companies are getting at reaching their desired audiences no matter where they are, Zillow announced a partnership this week with Facebook that will allow Realtors and real estate agents to target potential homebuyers directly on their Facebook feed.

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OCC reveals major information security breach involving former employee

The top U.S. banking regulator revealed Friday that a former employee downloaded thousands of files from the agency’s servers without authorization nearly a year ago and that the agency has not yet been able to recover those files. Click the headline to read more.

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Happy Halloween! Here are the top spots with the most “haunted” houses

It’s that time of year again. Have you seen your fill of haunted houses yet? If you live in one of these cities, you may not need to go far. These top 10 zip codes have the most haunted houses, or homes that are left vacant after the homeowner passes away. One city stands out above the rest.

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Campaign pain: What does this election season mean for mortgage finance?

It seems like we’ve gone from caucus to raucous this election year.  Anyone not bombarded by the rancor is probably hiding under a rock. The rest of us, however, are left wondering not only who will occupy the White House next, but what we’re in for. For mortgage and real estate professionals, there’s some interesting solace to be found in historical economic data.

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Fitch: Wells Fargo mortgage servicer ratings unaffected by fake account scandal

While Wells Fargo is fighting to earn back its customers’ trust and fighting off various forays from legislators because of the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses, the bank’s ability as a mortgage servicer is still on solid footing, according to a new repot from Fitch Ratings.

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Consumer sentiment falls to lowest level in 2 years

Consumers’ confidence in the economy reached a two-year low in October. Experts are now analyzing whether this dip is due to an economic downturn, or just a dip right before the presidential election.

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Feds appeal decision to release #FannieGate memos

The government is now fighting back against the court’s decision that ordered them to release 56 documents to the public that could show that the Treasury took over Fannie Mae and Freddie Mac despite the secondary mortgage market firms being adequately capitalized. Now, however, the government claims the judge made that decision based on a misunderstanding of the principles that govern executive privilege.

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Here's how to navigate the turbulent waters between CFPB regulation and bankruptcy code

As each year goes by, lenders and servicers spend more of their budgets on compliance to avoid regulatory potential pitfalls. The perception that the cost of proper training and revising current procedures outweighs the cost of litigation related to default bankruptcy servicing. This isn’t true. Instead, this is what you need to do.

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Friday, October 28, 2016

Here are 5 big insights from the new HMDA data

The release of the Home Mortgage Disclosure Act data for 2015 at the end of September gave an important status update on mortgage origination market. Most notably, it showed the market continued to benefit from an improved housing market in 2015. Here are five takeaways from the new HMDA data set, according to one expert economist.

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Could GDP growth lead to interest rate hike next week?

GDP growth came in higher than expectations, and experts are now saying that the Fed could be tempted to raise interest rates even as soon as next week. Here’s what they say about that, and how the improved GDP could affect next year’s home sales.

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Warren, Sanders, other senators want answers from auditor KPMG on Wells Fargo

Wells Fargo is still answering for the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses, but now, a group of senators want to know if the bank’s auditor knew about the fake accounts too and whether the auditor did anything about it.

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Ellie Mae posts first $100 million revenue quarter

The record-breaking quarters for Ellie Mae are not slowing down. Once again, Ellie Mae reported record revenue, breaking the record that was set last quarter, which actually broke the record set in the quarter prior to that. This time, however, marks the first ever quarter that Ellie Mae posted more than $100 million in revenue.

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Melia Homes hires EVP to oversee project management

This homebuilder in Southern California just hired Tim McSunas as its new executive vice president. Here’s more on how his previous positions prepared him for this role, and what he will now be responsible for.

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Ocwen facing CFPB investigation, potential fine for servicing practices

It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company said Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action.

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WCI Communities doesn't find better offer; $643M merger with Lennar to move forward

When WCI Communities, a “lifestyle community developer and luxury homebuilder” headquartered in Florida, announced last month that it agreed to a “definitive merger agreement” with fellow homebuilder Lennar for $643 million, the company said that its board was going to take a 35-day “go shop” period to seek a better deal. Now, the 35-day “go shop” period is over and the merger with Lennar is moving forward, but it’s not a done deal yet.

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CFPB puts 44 mortgage lenders and brokers on notice over HMDA requirements

Approximately 44 mortgage lenders and mortgage brokers are about to get a wake-up call from the Consumer Financial Protection Bureau, warning them that they might be in violation of the Home Mortgage Disclosure Act. The bureau, in sending these warning letters, made no determination that a legal violation did, in fact, occur, but the industry can take this as a notice that the bureau is watching.

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Yes, the economy is finally ready for another interest rate hike

The economy pulled out of the lows that plagued the housing crisis, and yet interest rates still remain at historic lows. With the economy continuing to show strength in key areas, it’s high time the Fed looked at raising rates. The economy may not be perfect, but it’s ready.

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Despite looming U.S. fine, stricken Deutsche Bank reports profit

The storm for Deutsche Bank AG in regard to its looming settlement with the U.S. Justice Department is still not over. But as the German bank awaits a final judgment, it posted an unexpected quarterly profit. Is this enough to calm investors?

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Freddie Mac: Mortgage rates drop back to near record lows

Mortgage rates decreased this week back to near record lows. This decrease erases all gains made in the jump last week.

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Homeownership rate continues to hover near 50-year low

Homeownership rates increased slightly from last quarter, but still remain near lows not seen since 1965. The industry is looking to the next generation of homeowners, Millennials, to bring a surge to the homeownership rate.

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Radian, Arch MI 3Q results are in and they look good

Results for the third quarter of 2016 continue to pour in for the mortgage industry. The latest on the ticket are mortgage insurance companies Arch MI and Radian. The results from both company share a common theme: the mortgage insurance business is booming.

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South and West drive increase in unsteady pending home sales

Overall, pending home sales increased across the U.S. home sales in the South and West, which outweighed losses in other parts of the country, drove this increase. Buyer demand continues to go up, despite the lack of inventory.

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Wednesday, October 26, 2016

FormFree chosen to provide asset verification for Fannie Mae

Lost in all the hubbub about Fannie Mae’s big announcement this week that it would be offering lenders protection from buyback risk, provided the lender uses Fannie Mae’s Desktop Underwriter and Collateral Underwriter tools, was just how Fannie Mae intended to provide lenders with that protection. So how is Fannie Mae going to verify a borrower’s assets? By using AccountChek from FormFree Holdings, as it turns out.

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Look out housing, Millennials are about to take over

Millennials are the largest living population on this planet, and they may be better positioned than any other generation for homeownership. Why? Actually, it could be the very thing holding them back right now that drives them forward later.

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Ocwen returns to profitability for first time since Q2 2015

Earlier this year, when Ocwen Financial reported a net loss for the second quarter, marking its fourth straight quarter of taking a loss, the company’s executives said that despite the “legacy” issues Ocwen faced, they believed the company was on a path back to profitability. What they didn’t say is just how long it would take the nonbank to get back into the black. As it turns out, it only took one quarter.

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Industry experts reveal details of HAMP replacement program

Experts at this week’s MBA annual conference revealed more details about the program that will replace HAMP: One Mod. A panel from the conference in Boston talked about some of the changes.

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loanDepot opens direct-lending production center in Michigan

Another lender is eyeing the Detroit area for its employee potential. The city is already home to companies such as Quicken Loans and United Wholesale Mortgage. And now, loanDepot announced it is opening a new direct-lending production center in the area. The Detroit comeback continues.

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Don't move on too quick, TRID isn't over yet

Last year, TRID was everywhere. You couldn’t get away from the Consumer Financial Protection Bureau’s new Know Before You Owe rule. But while you likely have a better handle on TRID one year later, don’t forget that the news on TRID isn’t over. The Mortgage Bankers Association’s annual convention this year featured only one panel session on TRID, a significant change from all the hype surrounding it last year. Here’s what you still need to know.

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Bye-bye regulation, the mortgage industry found a new focus: technology innovation

There was a clear difference in the atmosphere at the Mortgage Bankers Association’s annual convention and expo in Boston this year. A quick look at this year’s headlines compared to last year’s headlines shows the dichotomy between the two. The industry was so stifled by TRID last year that the burden carried over into the mood of the conference. This year, however, produced a different, better story.

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FHA lowers owner-occupancy requirements for condos

When President Obama signed the “Housing Opportunity Through Modernization Act of 2016” into law a few months ago, many celebrated because it changed the Federal Housing Administration’s rules for condominium financing, among other changes. Wednesday, the FHA delivered, lowering its owner-occupancy requirements on certain condo developments.

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SIGTARP moves to hold top brass accountable for bad bank behavior

Former Wells Fargo CEO John Stumpf and other Wells Fargo executives could still face criminal charges over how much the bank’s management knew about the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses. Even if Stumpf and the others don’t end up facing criminal charges, the Wells Fargo situation could still prove to be a tipping point as one financial regulator is proposing big changes that would hold executives personally responsible for the actions of their companies.

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MBA recognizes 3 companies with Diversity and Inclusion awards

As part of its initiative, The PrivateBank and Trust created a closing-cost assistance program that provides up to $2,500 to all low- and moderate-income borrowers and increased the ethnic minority composition of its sales force to 30%.

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Consumer confidence tumbles in October

After hitting post-recession highs in September, consumer confidence dropped in October. According to one economist, the upcoming elections could be putting many consumers slightly on edge. Here’s more about where Americans say the economy sits, and where it’s headed.

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MBA: Mortgage applications reverse course, drop

While it’s not a significant decline, mortgage applications still reversed course and dropped in the latest mortgage application survey from the Mortgage Bankers Association. However, it’s not like the last report’s increase was any greater.

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New home sales increase nearly 30% in September

Home sales increased in September after dropping the month before. However, although many economists expected this increase, noting that it showed strength in the economy, not everyone agreed. One thing they did all agree on: there is still room for more growth.

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More Wells Fargo fallout: Feds to look into sales practices at other Wall Street banks

Federal regulators are preparing to conduct reviews of the nation’s biggest banks, aiming to root out any of the aggressive cross-selling practices that led to Wells Fargo being fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses.

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Wells Fargo launches ad campaign to earn back customer trust

Over the last few weeks, the bad news came fast and furious for Wells Fargo. New reports suggest that it’s going to get worse for Wells Fargo before it gets better, but the bank is taking a proactive approach to try to earn back some of the goodwill lost through this scandal.

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Tuesday, October 25, 2016

Why we should quit wasting money on consumer education

In the first part of September, the CFPB collected $100 million from Wells Fargo after it was revealed that the bank’s employees had opened 2 million fake accounts that customers didn’t know about. By law, the CFPB has only two ways to spend that money: compensating victims harmed by financial institutions and educating consumers. If you have hundreds of millions of dollars that can only be spent on consumer education, it’s easy to imagine how that goal could take on a life of its own, spawning a bloated consumer education complex overnight. Here are some better ideas.

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Case-Shiller: Rising house prices just below record highs

Home prices are continuing to rise; now mere basis points below the all-time highs for prices, set in 2006. According to the latest data released Tuesday by S&P Dow Jones Indices and CoreLogic, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, reported a 5.3% annual gain in August, just off the July 2006 peak.

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RE/MAX getting into the mortgage business; launches Motto Mortgage

While most of the biggest names in mortgage lending are focused on the Mortgage Bankers Association’s annual conference, taking place right now in Boston, one of the biggest names in real estate revealed that it is getting into the mortgage business. On Tuesday, RE/MAX announced that it is launching Motto Mortgage, a mortgage brokerage franchise that the company plans to take nationwide.

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CFPB head Cordray: Here are the next 3 priority areas for enforcement actions

Speaking Tuesday at the MBA’s annual conference, CFPB Director Richard Cordray outlined the agency’s regulatory actions from 2014 to the present and laid out three key areas the bureau will be looking at moving forward. Want to know what the CFPB is targeting next? Here you go.

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Economist: Home price gains aside, housing is still really affordable

Home prices are going up, with some markets already hitting housing boom peaks, but that doesn’t mean affordability is strained. According to First American’s chief economist, real home prices are actually far below housing boom levels, and much more affordable. Here’s the latest from what housing experts are saying in Boston.

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Homeowners facing foreclosure hit 9-year low

A new report from Black Knight Financial Services shows that by one metric, the housing market is healthier than it’s been since the crisis began. According to new data released Tuesday morning by Black Knight, the rate of loans in active foreclosure is lower right now than at any point in the last nine years.

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This is where mortgage technology is headed

Technology is revolutionizing the way our world thinks, works, communicates and even plays. When it comes to the housing industry, however, it seems to lag a bit behind, but that could all be about to change. Panelists from the MBA conference in Boston chime in on the subject.

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CoreLogic bet on property valuations pays off big time

Third quarter reported revenues totaled $524 million compared with $386 million in the same 2015 period. That year-over-year increase of 36% is driven primarily by its valuation solutions business, which started booming back in the second quarter.

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Freddie Mac announces new tools designed to cut mortgage origination costs

Not to be outdone by Fannie Mae’s announcement that it plans to offer lenders “Day 1” representation and warranty relief, Freddie Mac announced Monday that it is planning a series of enhancements to its Loan Advisor Suite designed to cut mortgage origination costs for lenders.

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Fannie Mae relaxes standards slightly to allow for 3% down refinances

Fannie Mae did more Monday than just announcing that it planned to grant lenders “freedom” from buyback risk. The government-sponsored enterprise also revealed to lenders that it is expanding its HomeReady program, which features Fannie Mae’s 3% down mortgage.

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Speakers at MBA Annual focus on 3 changes coming to housing

The Mortgage Bankers Association opened conference activities with a talk to the industry, explaining some of the changes taking place. So who is renewing their call for a housing policy director at the White House, in order to represent the needs of the housing industry in Washington? Click here to find out.

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Fannie Mae announces sweeping program for mortgage lender "freedom" from penalties

Fannie Mae announced that lenders using its Desktop Underwriter and Collateral Underwriter tools will be shielded from buyback risk from the GSE under certain conditions. Fannie Mae’s “Day 1 Certainty” program helps lenders address risk up front in underwriting and property appraisal and inspection so that they can lend with confidence, Timothy Mayopoulos, president and CEO of Fannie Mae, said at the Mortgage Bankers Association conference. 

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China Oceanwide buying Genworth Financial for $2.7 billion

Private mortgage insurance is booming right now, and one of China’s largest companies wants in. China Oceanwide Holdings Group announced Monday that it plans to buy Genworth Financial, one of the U.S.’s largest mortgage insurers, for $2.7 billion. Here’s more on the deal and why the companies feel it’s a win for both parties.

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MBA predicts double-digit growth for new mortgage lending

The MBA just released its forecast for 2017 which shows that mortgage purchase originations should continue to increase into next year. Refinances, however, will likely see a drastic decrease. Here’s the latest take from the conference underway in Boston.

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FHFA pivots to affordable housing, single-family rentals

At the Mortgage Banking Association’s annual conference, FHFA Director Mel Watt recounted a number of items the agency accomplished in the wake of the financial crisis before signaling the agency’s focus for the next year: expanding affordable housing, including single-family rentals.

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Monday, October 24, 2016

Altisource Origination Services rebrands as Trelix

Altisource Origination Services announced today it is leaving the Altisource name behind, and rebranding itself as Trelix. The name change is more than just a name change, according to the company president, who calls it the next step in the company’s evolution. The company will also make another announcement in 2017 introducing its new technology platform.

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Ellie Mae launches Encompass lending platform and Connect suite of solutions

“Lenders see opportunities every day where they could build on top of solutions we provide,” said Joe Tyrrell, executive vice president at Ellie Mae. “By taking a platform approach we’ve unlocked the opportunity for them to use APIs to take advantage of those opportunities to build out solutions quickly.”

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Monday Morning Cup of Coffee: Everything you need to know at MBA Annual

Monday Morning Cup of Coffee this week gives a preview of our industry’s biggest conference: the Mortgage Banker’s Association annual gathering starting now in Boston. We’ll still report regular news as we get it and give you everything you need to stay up-to-date for the next few days. 

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How Auction.com optimizes your disposition strategy

Whether you are trying to minimize the credit losses associated with a foreclosure, or trying to maximize the return on a real estate portfolio investment, the decision always comes down to one thing: Optimizing the balance between the asset’s sales price with the avoidance of holding expenses.

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Friday, October 21, 2016

Top industry voices submit final comments on looming TRID changes

The industry’s last chance to change the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule just closed. On Tuesday, the door shut on the ability for the industry to comment on the bureau’s proposed updated to the new rule. Now the industry can only sit back and wait.

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NCUA reveals it paid $1 billion to lawyers in fight to recover credit union crisis losses

In 2013, the National Credit Union Administration filed suit against some of the world’s biggest banks over the sale of nearly $2.4 billion in faulty residential mortgage-backed securities to several corporate credit unions, which subsequently failed during the financial crisis, due in part to losses from those very same mortgage bonds. The total amount recovered for the failed credit unions in those settlements is more than $4 billion, but for the first time, the NCUA revealed just how much it cost to reach those settlements.

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HousingWire hires new leader to head sales team

HousingWire hired Jennifer Watson Laws as its new national sales director. Watson Laws brings years of experience as an executive, her career spanning digital, print and out-of-home platforms. HousingWire CEO talks about the new hire, and why she’s a perfect fit.

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Fannie Mae: Economic growth to slow down remainder of 2016

Fannie Mae adjusted its economic growth predictions for the second half of 2016, revising it down from its previous predictions. However, economic growth is still projected to be significantly greater than the first half of the year.

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DOJ planning to sue Moody's over crisis-era mortgage bond ratings

In the fallout from the financial crisis, many argued that the credit ratings agencies’ competition for business led to ratings shopping among bond issuers and relaxed ratings standards for the ratings agencies themselves. Last year, Standard & Poor’s reached a $1.375 billion settlement over just such claims. And now the Department of Justice is taking aim at Moody’s Investors Service.

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Returns on single-family rentals drop to lowest level in 9 years

There is less money to be made in single-family rentals than at any point since 2007. Despite the decrease, however, investors are not discouraged. In fact, the share of investor purchases increased since last year.

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SunTrust sees strong mortgage growth in Q3

SunTrust saw its revenue grow in the third quarter driven, in part, by an increase in mortgage banking. This may not be surprising, but the bank’s delinquency portfolio, on the other hand, seems to run against the current trend.

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Bank of America doubles down on 3% down mortgages without insurance

Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the “Affordable Loan Solution” program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion.

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The advantages of hiring a diverse workforce

As the United States undergoes a seismic demographic shift to a younger, more ethnically diverse population, mortgage lenders and servicers who want to grow the scope and quality of their business need to reflect that diversity in their workforce.

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Here's why housing remains a bright spot in the economy

Despite affordability and inventory problems, housing still remains a bright spot for the economy. It’s not a statement you expect to hear, but it’s exactly what Freddie Mac stated today in its monthly Outlook for October.

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MetaSource promotes new senior vice president

MetaSource just promoted Mary Kladde to senior vice president of mortgage services. The former CEO talks about what this promotion, and her new responsibilities, means for her.

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Fifth Third 3Q mortgage results positive sign for rest of industry?

The mortgage market is projected to perform much better in the third quarter than originally expected. With the third-quarter results in for one of the first lenders, it looks like this could be true. Fifth Third Bancorp not only posted an increase in residential mortgage loan portfolio balances, but it also posted an increase in originations.

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CBO: Should Fannie Mae and Freddie Mac keep $5 billion in profits per year?

Under current agreements, the net worth of the two GSEs is expected to reach zero in 2018. With the clock ticking on housing finance reform, the Congressional Budget Office crunched some numbers. Here is what they found.

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Freddie Mac: Mortgage market soaring in 2016, will fall back in 2017

Freddie Mac continues to believe that mortgage lending is on track for a big year this year, but now expects the market to tap the brakes in 2017. But it won’t be purchase mortgage originations that will drag down 2017’s origination total, as purchase and home improvement mortgage activity is actually expected to rise next year. According to the Freddie Mac report, next year’s drop will be driven by a significant decline in refinances.

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Thursday, October 20, 2016

Trulia: Buying a home still cheaper than renting

Trulia’s new study shows that despite rising home prices, it is still cheaper to buy a home than to rent. While there’s talk about a rate hike this year, Trulia explains why potential homebuyers shouldn’t be concerned.

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First-time buyers drive increase in existing home sales

First-time homebuyers increased in September to highs not seen since 2012. Existing home sales are up as buyers continue to purchase homes despite rising prices and dwindling inventory.

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Freddie Mac: Mortgage rates return to pre-Brexit levels

Mortgage rates finally moved above 3.5% for the first time in four months. According to Freddie Mac, mortgage rates finally recovered from the plummet they took after Brexit.

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When it comes to Millennial homebuyers, time really is money

To some degree, the Millennial homebuyer market, especially the first-time homebuyer, must seem like the Holy Grail or a unicorn herd to mortgage lenders. It’s a large segment with an estimated purchasing power of about $200 billion. So what does this mean for those seeking to sell mortgage loans to Millennials?

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Banks repositioning mortgages for long-term success

Few could have predicted the full impact of the mortgage industry changes the last eight years, and many leading lenders and servicers have struggled with compliance and profitability. Even with initial assumptions of economy normalization and regulatory modifications banks are still considering new strategies to improve operational efficiency and reduce risk.

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First American Mortgage Trust to pay $1 million for FHA lending violations

First American Mortgage Trust, which does business as NXTLoan.com, and the company’s CEO will pay slightly more than $1 million to settle charges brought by the Department of Justice, which accused the lender of submitting false claims on mortgages insured by the Federal Housing Administration.

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Game changer: California investigating Wells Fargo for identity theft

A group of senators is already asking the Department of Justice to use a new policy to target individuals at Wells Fargo for corporate misconduct (and maybe even more) in the wake of the fake account scandal surrounding the bank. But the state of California is making a move that could lead to a whole new world of hurt for Wells Fargo, its current and former executives, and the 5,000 former employees who opened the fake accounts.

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Countdown starts now on CFPB’s final mortgage servicing rule implementation

Nearly four months after the Consumer Financial Protection Bureau finished the final mortgage servicing rule, it has finally been published in the Federal Register. The long publishing timeline isn’t necessarily a bad thing since it gave the industry extra time to adapt to and learn the final rule. Since it’s officially published, your one-year countdown starts now.

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Executive Conversation: Justin Vedder on certified loans

There is a lot of value in looking at the manufacturing risk upfront, particularly because it can significantly decrease the likelihood of future loss. Most investors price credit risk, so the certification process allows the investor community to get back to managing credit risk rather than focusing on manufacturing risk.

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BB&T doubles its residential mortgage banking income over last year

Branch Banking and Trust announced its third-quarter earnings, which came in 22% above last year, driven mainly by a strong increase in mortgage banking income.

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HUD watchdog: Servicer foreclosure delays cost FHA $2.23 billion

A new report from a government watchdog shows that mortgage servicers’ delays in foreclosing on properties and subsequent delays in the conveyance of those properties to the Federal Housing Administration cost the FHA as much as $2.23 billion in unnecessary payouts.

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Donald Trump's childhood home up for auction

Before he became the Republican presidential candidate or a real estate guy, Donald Trump grew up in a significantly smaller home in Queens in New York City. However, the famous connection might not be doing anything to help the home sell.

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Mortgage refinancing drives U.S. Bancorp 3Q earnings

U.S. Bancorp reported earnings which were slightly above last year and above expectations for this year. While mortgage refinancing drove the earnings for the third quarter, the bank is still facing headwinds in other areas.

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CoreLogic: Cash sales hit slightly under 30% in July

Cash sales decreased in July, along with REOs and distressed sales. While they are at the lowest point since 2007, cash sales are not back to pre-crisis levels yet. But at the current rate, they could get there by mid-2018.

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Housing starts' downward trend actually not that bad

Home starts’ drastic decrease in the multifamily sector was counteracted by an increase in the single-family sector. This, combined with the increase in new building permits, leads some experts to say that the decrease may not be so bad.

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Wednesday, October 19, 2016

This is how to get answers to all of your TRID questions

If you work in mortgage lending, you definitely deal with more questions than answers when it comes to the latest regulatory oversight. HousingWire is looking to help with that. Here’s how.

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Former HUD Secretary: Affordable housing is too unsafe for the elderly

In Part 1 of our four-part interview series, Rick Lazio discussed the need for the candidates for President to begin discussing housing policy. Now, in part 2, former HUD Secretary Henry Cisneros argues that America is simply not doing enough to increase safe access to affordable housing. Here are his solutions.

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When it rains, it pours: Wells Fargo loses Better Business Bureau accreditation

Well, it’s a day that ends in “y,” and right now that means there’s more trouble for Wells Fargo. In the last few weeks, the megabank lost its CEO, and lost business from the state of Ohio, the city of Chicago, the state of California, the state of Oregon and maybe the city of San Francisco too – all as fallout from the bank’s fake account scandal. And there’s something else that Wells Fargo apparently lost recently, its accreditation from the Better Business Bureau.

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MBA: Mortgage applications post another quiet week

Mortgage applications continue to post lackluster results, with this week’s report from the Mortgage Bankers Association no different. As far as mortgage rates go, the average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances increased to its highest level since June 2016.

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Mortgage Contracting Services announces acquisition of Lenders Title Solutions

Mortgage Contracting Services, which provides property preservation services, inspections, REO property maintenance and valuations for the financial services industry, announced Tuesday that it is expanding again. Earlier this year, MCS acquired EPIC Real Estate Solutions, and now MCS is adding Lenders Title Solutions into the fold.

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AXIS Board of Directors adds Rob Chrisman

AXIS Appraisal Management Solutions announced it added Rob Chrisman to its Board of Directors. Here’s more on Chrisman’s 30 years of experience, and what the company’s co-founders have to say.

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EXCLUSIVE: Caliber Home Loans sued by Chronos Solutions over nearly $3 million in unpaid bills

The New York Department of Financial Services is already reportedly looking into how Caliber Home Loans and its parent company, Lone Star Funds, after receiving complaints from consumers about how the companies handle foreclosures. But now, the companies have another fight on their hands over their foreclosure practices, and it comes from an unlikely source – one of their own vendors.

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MBA takes focus on women in real estate finance to the next level

Women in real estate finance, a small but steadily growing group, now have a place online to go to strengthen their network and exchange ideas and information about the industry, answering increasing calls for such a platform within the market. What started out informally is turning into a full-fledged, formal initiative from the MBA. And just in time for MBA Annual in Boston next week.

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MGIC earnings beat expectations in Q3

MGIC’s net income dropped significantly in the third quarter from last year’s total, but the decline isn’t nearly as calamitous as it may seem. The company’s revenue was actually above last year and above expectations. The increase is driven, in part, by a decrease in mortgage delinquencies.

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Goldman Sachs net income increases 47% in Q3

Goldman Sachs reported its third quarter earnings and, in line with the trend from other banks, it beat expectations. In fact, Goldman Sachs did more than beat expectations. It increased its net income by 47%.

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Here are the top 5 trends in real estate over the past 35 years

Thirty-five years ago the housing market looked drastically different, with the word “internet” nowhere to be found and people laughing at the thought of getting less than a 4% mortgage rate. In anticipation of the National Association of Realtors’ 2016 survey release on Oct. 31, NAR identified five noteworthy real estate trends since the survey’s inception.

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Arch MI’s Roadmap to Homeownership Drives First-Time Business

Since the housing market collapse in 2008 and the sweeping regulatory overhaul that followed, providing straightforward information to consumers about mortgages and lending services has become a dominant concern for the industry. Especially now that Millennials, the largest generational demographic in U.S. history, are moving into the housing market.

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Tuesday, October 18, 2016

Women [still] better at paying their mortgages

A new study from ATTOM Data Solutions shows, once again, that women are better than men at paying their mortgages. The study shows that women are less likely to go into foreclosure, despite the fact that on average they earn a lower income than men.

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More changes at Walter Investment: Company adds new chief compliance officer, other execs

Late last week, Walter Investment Management Corp. announced that David Schneider, who served as executive vice president and chief operating officer of Walter Investment and as president of Ditech Financial, abruptly left the company. The company said that Schneider’s departure was part of the company’s plan to “realign the company’s management structure” and “flatten the organization.” Just a few days later, the company provided a look at how its realignment will take shape.

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San Francisco supervisors to push for city and county to cut ties with Wells Fargo

The heat surrounding Wells Fargo right now is nowhere near cooling down, as it seems the bank can’t go one business day without another governmental entity moving to take business away from it in response to the bank’s fake account scandal. Now, two members of the legislative body that oversees the city where Wells Fargo is headquartered want the city to suspend any business with Wells Fargo as well.

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And the worst U.S. housing market is…

One town in the U.S. stands out for having the worst housing market in the country. As one expert put it, you couldn’t pay someone to take your home in this town. While this is clearly an exaggeration, this area has a 33-month supply of inventory.

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Bond investors concerned about Freddie Mac "Deep MI" credit risk-sharing program

Some bond investors are raising questions about the new credit risk-sharing pilot program from Freddie Mac that shifts additional credit risk away from the government-sponsored enterprise to private mortgage insurance companies.

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Ballot propositions for affordable housing in San Francisco battle it out

San Francisco struggles to find a fix to its affordable housing problem, but now has two conflicting propositions on the ballots. Each side explains why their proposition is better, and why the other will not solve the affordable housing problem.

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Resitrader expands mortgage trading platform with new hire

Resitrader announced Doug Mayers as its new national sales executive. After just launching its mortgage trading platform a year ago, this new hire could mean they company is expanding on its new platform.

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HUD awards $500 million to Louisiana, Texas, West Virginia flood areas

The U.S. Department of Housing and Urban Development extended funding to key areas where housing was most affected by natural disasters in 2016. As a result, Louisiana, Texas and West Virginia are set to receive $500 million. HUD’s secretary explains what he awarded each state, and why.

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Wells Fargo vows to fight for Ohio business after Kasich dumps bank

Last week, the state of Ohio became the latest to dump Wells Fargo, as Ohio Gov. John Kasich announced Friday that he is barring Wells Fargo from participating in future state debt offerings and financial services contracts initiated by state agencies for one year. But Wells Fargo isn’t content to just accept Kasich’s actions and move on. The bank is vowing to fight for Ohio’s business.

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Monday Morning Cup of Coffee: What's the real impact of landmark CFPB-PHH ruling?

The mortgage business is still reeling in the wake of the landmark ruling from the United States Court of Appeals for the District of Columbia Circuit, which last week declared the Consumer Financial Protection Bureau’s leadership structure unconstitutional and vacated a $103 million fine against PHH. So what’s the real impact of the decision? Plus, will they actually discuss housing during the final presidential debate this week?

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Bank of America earnings boosted by increase in mortgage banking

Bank of America earnings increased from last year and last quarter. The bank’s decreased expenses can be credited in part by the reduced costs of mortgage servicing. Several reports also put the primary earnings surge down to rising income from fixed securities trading, primarily in the bond market.

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Saturday, October 15, 2016

Arch MI launches Road to Homeownership toolkit

Arch MI’s toolkit includes a customizable PowerPoint presentation outlining the mortgage process, interactive worksheets to calculate their financial eligibility and budget for a future home. “Our Roadmap to Homeownership enables lenders to reach out to, educate and encourage this audience by setting up their own home-buying seminar using the toolkit’s materials,” said Leslie Gibin, Arch MI’s vice president for client risk management.

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Sen. Warren calls for Obama to oust SEC chair

In the eyes of Sen. Elizabeth Warren, D-Mass, the chair of the Securities and Exchange Commission has not done nearly enough to prevent the “flood” of money flowing from corporations into the election process and has repeatedly “undermined” the SEC’s mission to protect investors, and therefore needs to replaced immediately.

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Forecast: Strongest and weakest housing markets for next year

Veros Real Estate Solutions forecasted the strongest and weakest housing markets for the next year. While hot markets like California don’t even make the list, states in the Northwest dominate the list of hottest markets.

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Capsilon Corporation brings on new COO

Capsilon just announced Jim Obsitnik as its new chief operating officer. The company’s CEO talks about why Obsitnik will be a tremendous asset to the company.

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Ohio dumps Wells Fargo too

In case anyone thought that Wells Fargo’s now-former CEO John Stumpf falling on the sword and “retiring” would stem the tide of bad news for the bank, a former presidential candidate is now calling on his state to suspend business ties to the bank for at least a year.

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Consumers less confident than any time since last year

Consumers feel less confident about the economy than at any point since last year. The impact is felt most by households that make less than $75,000, as consumer confidence in those households dropped to the lowest level of confidence since 2014.

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Another big shake-up at Walter Investment: Head of Ditech Financial departs unexpectedly

Just two months ago, when Walter Investment Management Corp. named its fourth different CEO in less than a year, some questioned whether the company was in a state of upheaval. Now, those questions seem prescient, as just two months into the tenure of Anthony Renzi, who took over for George Awad, who took over for Denmar Dixon, who took over for Mark O’Brien, Walter Investment and one of its most prominent subsidiaries are going through another executive shake-up.

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IRS extends deadline for homeowners in wake of Hurricane Matthew

The IRS is offering relief to homeowners who were in the path of Hurricane Matthew by offering an extension on filing their taxes. While the extended deadline was Oct. 17, homeowners in the declared disaster area can now push that back to March 2017.

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Despite accounts scandal investigation, Wells Fargo beats revenue expectations

All eyes are on Wells Fargo due to the ongoing investigation into its massive fake account scandal. With reports that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses, the industry is definitely watching what’s going on. Despite that, Wells Fargo still managed to beat earnings expectations in the third quarter of 2016, partially thanks to a boost from strong mortgage originations.

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Citigroup's third-quarter earnings don't bode well for CitiMortgage

Citigroup’s revenue is down from last year, and up only slightly from last quarter. While strong originations are driving other banks’ revenues, the same can’t be said for Citi. The bank’s mortgage business is actually holding it back, with decreases of as much as 30%.

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Tavant Technologies: Disruption roadmap provides new opportunities for lenders

As the digital revolution in banking advances, the whole lending landscape is transforming to focus on the borrower. This has ramifications throughout the lending process, but also presents lenders with a tremendous opportunity.

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Executive Conversation: Michael Detwiler on mortgage process outsourcing

There is a lot of talk in the industry about Mortgage-as-a-Service (MaaS), but if we don’t all agree on what it means, how can we really speak to it? Accenture discusses the paradigm shift within the mortgage industry to As-a-service offerings.

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Friday, October 14, 2016

JPMorgan Chase beats 3Q16 revenue expectations

JPMorgan Chase beat its revenue expectations in the third quarter this year, and mortgage loan growth was the driving factor. The company saw a significant increase mortgage banking revenue.

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CFPB announces several leadership changes

The Consumer Financial Protection Bureau changed up its senior leadership, again. Similar to its changes last July, the bureau announced three new promotions to its team.

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Millennials see housing price bubble on the horizon

Millennials are more likely than other generations to see another economic crash on the horizon. While many want homes, they are concerned with saving up enough for a down payment. The good news is that they haven’t given up on the American Dream, they just changed it slightly.

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Phoenix homeownership rate surpasses national average for first time in 6 years

Phoenix, Arizona, was one of the hardest hit markets during the housing crisis. Now, however, its homeownership rate just passed the national average for the first time since 2010. While home prices are up, it is still one of the more affordable metros in the U.S.

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Sindeo launches 5-minute digital mortgage

Earlier this year, Sindeo’s CEO stated that consumers in general, not just Millennials, are pushing the home financing industry to go digital. Consumers now expect technology since they’ve already experienced it. In light of this, Sindeo announced the launch of its newest technology, SindeoOne.

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Here's how to capitalize on the single-family rental market

In case you have missed the current state of the single-family rental market, it is booming. Even with historically low interest rates for buying a home, SFR is increasing. Here are three tips on where to start when it comes to investing in the SFR market.

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How about some good news? Movement Mortgage helps found new charter school

There’s an old saying in this business: If it bleeds, it leads. And sadly, in many cases, that’s true. Far too often, good things are happening quietly while bad things happen loudly. Well, one of those good things is happening in the mortgage business right now and it deserves just as much attention as some of the other messy stuff we report about all the time. Here’s the story of Movement Mortgage and the Movement School.

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ATTOM will now include utility costs in data reports

ATTOM Data Solutions signed an exclusive agreement that will bring utility costs to its data platform. This data includes annual and monthly electric bills, natural gas bills, water/sewer bills and neighborhood-level utility costs. The company even created a unique way to portray the data.

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Single-family rental securitization market expands to federally subsidized rents

Tricon American Homes is helping lead a new type of bond offering in the rental home bond market. The company made headlines a little more than a year ago by launching its first securitization backed by single-family rental homes. Now the company is taking it a step further with a new type of bond offering.

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Immigrants becoming most important group for housing?

Immigrants are gaining on native-born citizens when it comes to homeownership rates. In one state the gap is less than 10%. While native-born citizens have the same homeownership rate as in 1994, the rate for immigrants’ has improved.

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As regulations shape the mortgage industry, single-source vendors become the path to full compliance

In this ever-evolving industry, how can lenders and other banking institutions continue to grow, yet remain nimble enough to cope with a flood of regulatory changes? The answer lies in strategic vendor partnerships that provide a direct and transparent view of compliance.

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Freddie Mac: Mortgage rates jump up after 10-week low

Mortgage rates jumped up this week for the first time in a month, rising above a 10-week low. Although anticipation for a rate hike this year pushed rates higher, Freddie Mac warns that consumer price inflation still remain below the Fed’s target.

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Thursday, October 13, 2016

September puts final nail in the coffin of foreclosure crisis

Foreclosure activity hit its lowest point in September since December 2005. In fact, for the first time since ATTOM started tracking foreclosure timelines, the time it takes to complete a foreclosure decreased year over year.

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FOMC minutes: Some Fed members concerned with prolonged low interest rates

The FOMC released its minutes from September’s meeting, which show that some members voiced concern over prolonged low interest rates. After seeing the minutes, experts predict that the Fed will raise rates at the December meeting.

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Will PHH victory undermine CFPB authority in similar court battle?

PHH’s victory against the Consumer Financial Protection Bureau’s leadership structure opens the door for another, lesser-known case of a small Texas bank. The case got put on hold until the PHH case was finalized since they had similar challenges. Now with the case finalized, will the bureau face more charges on its authority?

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Guild Mortgage brings in executive to provide marketing leadership

Guild Mortgage Company appointed Wendy Wong as its first senior vice president. The company president and CEO talks about the new position, and what Wong will now be responsible for.

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Scandal-plagued Wells Fargo CEO John Stumpf relinquishes post

After increasing cries for leadership change due to the accounts scandal, Wells Fargo President and CEO John Stumpf just announced he is retiring, effective immediately. The company announced changes to its leadership, as well as who will take Stumpf’s place.

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Freddie Mac: Millennials key to improving homeownership rate

Despite declining homeownership rates, Freddie Mac is more optimistic about the future of homeownership than some other experts, citing three macroeconomic factors that could make a huge difference.

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How will Wells Fargo's accounts scandal impact its earnings?

Taking a break from the seemingly never-ending bad news on its massive fake account scandal, Wells Fargo is about to release its third-quarter earnings early Friday morning. The bank will have to once again open its doors to the scrutiny of investors as it works to rebuild its tainted reputation.

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Fannie Mae to sell $1.39 billion in non-performing loans

Fannie Mae announced a new sale of non-performing loans made up of five pools with a total unpaid principal balance of $1.39 billion. Here are more details on the pools for sale, and when bids are due.

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Here are the most mortgaged metros in the U.S.

A new study by LawnStarter shows which metros in the U.S. have the highest percentage of mortgaged homes. California is duly represented, but the metro with the highest percentage of mortgaged homes is somewhat surprising.

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Here's how student loan debt plays a role in the future of housing

Student loan debt is playing its biggest role in the mortgage process yet, and it doesn’t look like it’s changing anytime soon. For starters, many Millennials have yet to finish college, and the tail end of the generation is barely 18. New data shows the current problems in housing due to student debt and exactly how big of an issue this is.

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MBA: Mortgage applications reverse course, decrease

The latest decline in mortgage applications is a change from the meager shifts reported over the past two weeks. However, the drop is still in the single digits. The main driver behind the drop: declines in refinance applications.

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Tuesday, October 11, 2016

Wells Fargo fallout: New York places restrictions on incentives for bank employees

At the core of the fake account scandal surrounding Wells Fargo right now is the fact that more than 5,000 of the bank’s former employees opened more than 2 million fake accounts to get sales bonuses. As the Wells Fargo situation works it way through various political and judicial machinations, the state of New York is taking measures to ensure that similar behavior, which led to a $185 million fine for Wells Fargo, doesn’t happen again.

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Corporate Settlement Solutions implements eClose with DocMagic

Corporate Settlement Solutions implemented eClosings from DocMagic. These closings will not only allow for everything to be done online, but also allow lenders to stay compliant.

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Fannie Mae to sell $806 million in re-performing loans

After announcing earlier this year that it would begin selling re-performing loans, Fannie Mae is now taking the first step. It is marketing a pool of $806 million in loans that were previously delinquent.

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"A good day for democracy" or a "reckless decision": Mortgage industry reacts to watershed PHH-CFPB ruling

While it’s too early to know the full impact of the United States Court of Appeals for the District of Columbia Circuit’s decision to rule the structure of the Consumer Financial Protection Bureau unconstitutional and vacate a $103 million fine against mortgage lender PHH, opinions from all sides are pouring in on just what the court’s decision could mean for housing and for the financial services industry as a whole.

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Rick Lazio: Presidential candidates would do right to mention housing policy

The is the first of four interviews HousingWire will conduct in the next month and a half. Please read and support our unified cause of increasing the rate of responsible homeownership in this great nation. Feel free to repost and share — anything to keep our message alive.

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PHH wins landmark victory: CFPB ruled unconstitutional

What was once unthinkable actually happened, as the United States Court of Appeals for the District of Columbia Circuit handed an earth-shattering victory to PHH, declaring the Consumer Financial Protection Bureau’s leadership structure unconstitutional and vacating a $103 million fine against PHH.

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Homeowners get better at perceiving home values in September

Homeowners are still overestimating the value of their home in many markets across the U.S. However, the gap between the homeowner’s estimate and the appraised home values narrowed in September.

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Appraisal volume falls three weeks in a row

Appraisal volume doesn’t look like it’s changing pace anytime soon. Looking at the latest report from a la mode, the fourth quarter is continuing the slow volume levels witnessed for most of the past two months.

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Foreclosure inventory drops to less than 1% nationally

Foreclosures continue to decline across the nation, and foreclosure inventory even slipped below 1% for the first time since July 2007. CoreLogic’s latest report shows the changes in foreclosure activity.

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First American acquires TD Service Financial Corp.

For the first time in more than 50 years, someone other than Dale Dykema is about to lead TD Service Financial Corporation, as First American Financial Corporation announced plans to acquire California-based TD Service and several of its subsidiaries. As part of the deal, Dykema will retire from TD Service, ending his tenure at the company he founded in 1964.

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Nuns demand answers from Wells Fargo on fake accounts

Wells Fargo is already facing heat from the House of Representatives, the Senate, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, various states and municipalities, and maybe even the Department of Justice for the fake account scandal surrounding the bank, and now the bank has more trouble.

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Why now is the perfect time to invest in real estate

If you’re on the fence about getting into real estate investing, now may be the best time to take that first dive into the business. While the real estate market is constantly moving up and down, in recent years, it appears to be on an upswing. Here are three reasons to help you get off the fence and make a decision.

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Monday, October 10, 2016

Here's the controversy surrounding PACE loans

To one company using the programs, PACE (Property Assessed Clean Energy) programs are safe, but to critics in the industry, there are too many negatives about the loans. This account of the program from one borrower gives at least one example of where the clean energy program is causing trouble.

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Northwest housing activity slowdown shows more balanced market

New listings are up 14.5% in the Northwest, and while there are still more pending home sales than new listings, the increase gives some experts hope that the market could be balancing itself soon.

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Fitch: Nationstar's internal improvements solidify servicer standing

Earlier this year, Nationstar Mortgage announced plans to completely rebrand itself, combining its originations and servicing business under the name Mr. Cooper. At the heart of the company’s rebranding plan was its effort to “change the home loan experience.” Reviews are now beginning to come in on Nationstar’s new customer focus, and the early reviews are positive.

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Millennial borrowers finally reap benefits of this year’s low interest rates

This year’s low interest rate environment is finally benefiting Millennials. The latest snapshot of Millennial borrowers from Ellie Mae shows that the generation enjoyed the lowest average interest rates they have all year.

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CFPB will soon allow new Fannie, Freddie mortgage application

The CFPB will allow for the usage of Fannie and Freddie’s new Uniform Residential Loan Application beginning in 2017, one year earlier than the GSEs previously announced. Here’s the reason for the change, and more on the new requirements from HMDA for 2018.

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Think Wells Fargo scandal is bad? RBS did something so much worse

Turns out, in terms of bank scandals, the Wells Fargo indiscretions are fairly tame compared to what’s happening across the pond right now at the Royal Bank of Scotland. In fact, the alleged behavior at RBS is so shocking, you may find it hard to believe. This, friends of HousingWire, is a new low.

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Trulia: Homeowners dropping property insurance as prices rise

The Southeast not only has some of the highest property insurance prices in the nation, but also contains fewer homeowners with property insurance. In the aftermath of Hurricane Matthew, it turns out that as many as 22% of homeowners were uninsured. There are, however, still relief options for homeowners in the disaster areas.

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Pacific Union Financial poised to build on momentum

In the wake of the 2008 crisis, the correspondent and wholesale segments of the mortgage industry have changed dramatically. Top bank-owned correspondent lenders controlled over three-quarters of the market share in the first half of 2009. By comparison, in the first half of 2016, there were only five banks among the top 10 correspondent lenders and they have combined market share of 38%.

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Lenders need to focus on HMDA changes

Many lenders aren’t ready for the new Home Mortgage Disclosure Act changes that will come in just a few months. Mortgage U’s president talks about three major changes coming in 2017.

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Monday Morning Cup of Coffee: Hurricane Matthew causes billions in insured property losses

Hurricane Matthew’s sweep through the Southeastern coastal states left behind billions of dollars of damage, according to CoreLogic’s estimates. The GSEs are once again offering disaster relief to those whose homes were destroyed. Plus, St. Louis found a new way to create affordable housing for teachers.

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Saturday, October 8, 2016

Here are 5 tips to reduce stress in the mortgage process

Buying a home easily comes in as one of the biggest financial decision you will make, so who better to take advice from when it comes to a mortgage than the David Stevens, the president and CEO of the Mortgage Bankers Association.

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Starkey Mortgage hires Cari McCue LaMere as EVP of national operations

Former 2013 Women of Influence HousingWire winner Cari McCue LaMere joins Starkey Mortgage as executive vice president of national operations. In her new role, she is directly responsible for the processing, closing and disclosure departments.

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Investment firm predicts Zillow stock boom as more real estate agents buy ads

One nationally recognized investment firm, Needham, talks about Zillow’s business plan. The firm gave a stock target of $40, saying Zillow’s competition is limited and its lead is extending.

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Is it now time to finally raise conforming loan limits?

The chances that the Federal Housing Finance Agency will raise the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2017 is high now after meeting one certain condition. This would be a very positive change for the industry and borrowers, according to one industry expert. The industry will know for sure come November.

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Fannie Mae: Consumers begin to show more caution in view of economy

Consumers continue to grow more cautious as they come down from July’s high in optimism about the economy. Consumers who reported an income growth was the only index in Fannie Mae’s survey that increased in September.

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[video] United Wholesale: Here's how appraiser shortage is getting fixed

United Wholesale Mortgage released their monthly video where CEO Mat Ishbia talks about three things happening in the mortgage industry. The industry is experiencing a shortage of appraisers, however there’s a plan to fix it.

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Jobs increase in line with expectations

The jobs report came in just over ADP’s predictions, but still below the average monthly increase this year. With what one economist described as a “blah” jobs report, experts talk about what that will mean for a rate hike this year.

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Executive Conversation: Scott Slifer and Phani Nagarjuna on how analytics can improve the mortgage and lending process

Viewing analytics from a different angle can help improve the mortgage and lending process. Sutherland talks about how they unlocked the treasure in customer data.

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Friday, October 7, 2016

MBA: USDA, FHA refi loans help loosen mortgage credit in September

Mortgage credit loosened slightly in September, driven by a combination of refinance loans and low down payment loans. Lynn Fisher, MBA’s vice president of research and economics, helps explain the September increase.

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The digital mortgage makes its way to local, smaller lenders

Now that lenders spent a year to digest their first priority, TRID, more financial institutions are ready to look at the possibility of offering a fully digital mortgage. And even if they are not ready, borrowers, no matter what their age, are demanding it. Are you ready?

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M&T Bank launches mortgage assistance program for minority neighborhoods

Aiming to help underserved borrowers buy a home, M&T Bank announced a new mortgage subsidiary program for certain minority neighborhoods in New Jersey, Connecticut, New York, Pennsylvania and Delaware. According to M&T Bank, the program will allow qualifying homebuyers who are purchasing or refinancing properties in targeted neighborhoods to receive mortgage assistance that can exceed $10,000.

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California homeowners take advantage of rising home values

Homeowners in California are using the affordability crisis to their advantage. With rising home prices, comes a rising availability of home equity. Homeowners choosing to use this equity increased by 15% in the past year.

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FBR: Mortgage lending set for best quarter since 2007

Less than one month ago, the analysts of FBR & Co. predicted that 2016 could prove to the best year for mortgage lending since 2013, but a new report from those same analysts suggests that 2016 could be even stronger than they originally predicted. Driving FBR’s increased projection is a strong 3rd quarter, which could prove to be the best for mortgage lending since the 4th quarter of 2007.

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Auction.com names new VP of portfolio operations

Auction.com named Patrick McClain as its new senior vice president of portfolio operations. The company’s executive vice president talks about what McClain brings to the company, and why he is a valuable asset to the team.

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#HurricaneMatthew threatens millions of homes along coast

Hurricane Matthew is getting closer to the U.S. every hour, and could turn out to be one of the largest storms in decades. Data from CoreLogic shows the damage this storm could cause to homes in the area.

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Chicago suspends business ties with Wells Fargo

The list of cities and states continues to rack up as the Chicago City Council announced a one-year suspension for Wells Fargo from city business. The city joins Illinois and California in finding alternative methods to punish the mega bank for its massive sales scandal.

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Freddie Mac: Mortgage rates hold steady at 10-week low

After shooting down to a 10-week low last week, mortgage rates leveled off and remained unchanged this week. Tomorrow’s employment report could determine if Treasury yields will continue to increase.

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Wednesday, October 5, 2016

Experts: Housing isn’t running out of steam despite low inventory

The latest mortgage application report posted sad and familiar news. Applications are stuck in limbo as inventory stifles any housing demand in the market — Americans don’t see the point in applying for a mortgage until conditions improve. This problem isn’t forever though, as at least one top Wall Street bank sees a better future for housing.

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Fiserv, Corelogic partner to accelerate loan modification process

Fiserv, a provider of financial services technology solutions, announced today that it reached an agreement with CoreLogic, a property information, analytics and data-enabled services provider, to integrate Corelogic’s IntelliMods loan modification tool into LoanServ, Fiserv’s loan servicing platform.

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Millennials shun homebuying in coastal cities

As Millennials move into homeownership, they are looking at places to settle down that have higher income growth and more affordable homes. Using data from CoreLogic and Zillow, Fannie Mae created a list of the top 5 most attractive places for Millennials.

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Former ClosingCorp CEO Brian Benson lands at Whiteboard Mortgage Software

Brian Benson, who served as the CEO of ClosingCorp from October 2013 until he left the company earlier this year, will be joining Whiteboard Mortgage Software to serve as the company’s president and chief operating officer, the company announced this week.

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Senators call for DOJ investigation of Wells Fargo executives

The Department of Justice announced last year that it planned to begin targeting individual employees for corporate misconduct. Now, a group of senators are asking the DOJ to put that new policy to work and investigate, and perhaps even prosecute, executives at Wells Fargo for the fake accounts scandal.

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How to defend against disruptive Airbnb neighbors

For those that are concerned about a neighbor who is using Airbnb, there is legal action you can take. HousingWire’s interview with the chief legal officer from Avvo shows homeowners steps they can take in order to fight back against these sometimes unwelcome neighbors.

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The executive behind Freddie Mac’s mortgage innovation

Coming in during the aftermath of the financial crisis, Freddie Mac Chief Information Officer Robert Lux took the company and transformed it to create a better housing and finance system through technology innovation. This Q&A reveals how he took the challenging situation he inherited and created a symbiotic relationship with the rest of the company to better drive strategic initiatives.

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Freddie Mac sells off $1 billion in NPLs to familiar private investors

Freddie Mac announced Wednesday that it is selling $1 billion in non-performing loans off its books to a familiar group of private investors. Among the winning bidders in the NPL auction are Pretium Mortgage Credit Partners I Loan Acquisition, Upland Mortgage Acquisition Company II, and Rushmore Loan Management Services, all of which previously purchased NPL pools from either Fannie Mae or Freddie Mac.

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Zillow: We use the best fraud prevention system available

After some real estate agents complained about receiving phishing emails instead of leads from Zillow, the company responded by saying not only does it do everything it can to prevent these scam emails from going through, but it has one of the best filters in the industry. Zillow argues that scammers are only an occasional occurrence.

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ADP reports employers still adding jobs to the economy

ADP’s predicted increase in jobs for September is predicted to come in very close to the increase witnessed in August, with one key difference. Instead of decreasing, construction jobs show a significant increase in September, bringing some much-needed relief to the housing affordability crisis.

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MBA: Mortgage applications record slight increase

While it may be small, mortgage applications ticked up 2.9% from one week earlier. Most notably in the latest Mortgage Bankers Association’s report, the average contract interest rate for 30-year, fixed-rate mortgages with conforming loan balances dropped to the lowest level since July 2016.

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PHH takes another hit as BofA Merrill Lynch pulls mortgage servicing portfolio

It only took a little more than six months for Bank of America Merrill Lynch to decide to pull the rest of its mortgage servicing business from PHH Mortgage Corp., marking another devastating blow for the company. Effective March 31, 2017, PHH will no longer provide private label origination services on behalf of Merrill Lynch.

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RBS to pay $120 million to Connecticut to settle toxic mortgage bond claims

The Royal Bank of Scotland will pay $120 million to settle claims brought by the state of Connecticut, which accused RBS of misrepresenting the quality of mortgages backing residential mortgage-backed securities during the run-up to the financial crisis.

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Mortgage Bankers Association of the Carolinas postpones annual convention due to Hurricane Matthew

The Mortgage Bankers Association of the Carolinas is postponing its annual convention due to Hurricane Matthew, which is quickly approaching the United States. The hurricane is projected to make landfall in Florida on Thursday and move north up the Eastern seaboard from there.

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NAR forecasts heated housing market in 2017

The National Association of Realtors and other experts predict home sales will continue to increase into 2017. While home sales may increase, NAR explains that housing inventory may continue to cause affordability problems.

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Appraisal volume trudges through September

With September completely over, the latest National Appraisal Volume Index gives a full picture of how the month performed, revealing that only one week posted a rise for the whole month. In fact, the NAVI has actually fallen five of the last six weeks.

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Tuesday, October 4, 2016

Is Zillow's lead generator filled with scammers and spammers?

Zillow thrives on advertising dollars from real estate agents who are looking to get more leads from homebuyers and sellers. A new discovery, however, lead us to believe that the online real estate listing service may be vulnerable to scammers and spammers. Here’s what HousingWire found.

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DOJ nails two more lenders for FHA violations

The Department of Justice just hit two more lenders for violating the False Claims Act; both are located in Salt Lake City, Utah. Collectively, the two companies will pay nearly $10 million.

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