Tuesday, November 29, 2016

KBRA: Mortgage lending will peak in 2016, fall off in 2017 and beyond

To borrow a phrase from Game of Thrones, winter is coming in more ways than just on the calendar. Winter is coming from mortgage lending too, according to a new report from Kroll Bond Rating Agency. KBRA’s new report states that 2016 will likely be the peak year for mortgage originations for “years to come,” as a fall in origination volume will occur in 2017 and beyond.

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CFPB warns companies about engaging in Wells Fargo-like sales incentives

The Consumer Financial Protection Bureau just fired a shot across the bow of all companies that provide financial services to consumers, warning companies about the risks inherent in sales incentives programs like the one that led to a massive fine being handed down against Wells Fargo.

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Incenter expands into title services with latest acquisition

Incenter, which recently expanded by launching a mortgage-focused broker-dealer called Incenter Securities Group, is expanding again – into title and settlement services. Incenter, a Blackstone portfolio company, announced Monday that it acquired Boston National, a provider of title and settlement services headquartered in Charlotte, North Carolina.

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Bond markets remain unimpressed by strong GDP report

The strong GDP is based on strong corporate profits, though this did not translate into a rally in the bond markets, as some would expect, especially considering that federal spending is also up. So why the bearish bond activity?

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Freddie Mac officially gives approval to four eMortgage vendors

The industry is quickly evolving to go more digital, and Freddie Mac is right there with it to assist in the change. The GSE published an official list of approved eMortgage vendors to better streamline the mortgage process and to help encourage the use of digital mortgages. For anyone looking to go digital, check out this latest list.

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Case-Shiller: Home prices finally surpass record highs set a decade ago

Home prices finally surpassed their all-time highs set in July 2006 as the housing boom topped out. But despite the steady build up to this the past few months, the new highs aren’t necessarily a win after digging deeper into the data.

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As expected, appraisal volume plummets after Thanksgiving holiday

Appraisal volume, to no surprise, tumbled in the latest report due to the Thanksgiving holiday. However, a la mode explains how this drop compares to the past.

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PHH handed next move in battle with CFPB

There’s not an exact date on when the battle between PHH and the CFPB will be over. But here’s what we do know: the next move belongs to PHH. A 15-day countdown for PHH to file a response to the CFPB appealing the U.S. Court of Appeals for the District of Columbia Circuit ruling officially started Monday.

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Zillow to pay $6 million to settle alleged labor violations

Zillow Group will pay as much as $6 million to settle a class action lawsuit that accused the company of violating federal labor laws, the online real estate giant announced Monday. The lawsuit accused the company of allegedly failing to provide meal and rest breaks, failing to pay overtime and failing to keep accurate records of employees’ hours worked for “certain inside sales consultants.”

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Is your company one of housing’s top tech innovators? Hurry up and prove it!

As the calendar ticks ever so much closer to 2017, the housing industry pushes ever so much further into the technological revolution, one that promises to reshape how the entire industry operates. We here at HousingWire, your loyal companions on this journey into the future, know that there are hundreds (if not thousands) of companies in the industry that are on the cutting edge of these exciting technological developments. We think everyone else should know that, too.

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Economist: Housing affordability hits quarter-century best in September

When accounting for wage growth and inflation, consumers’ buying power was better in September than in any period during the last 25 years. How? Home prices keep increasing, however affordability is still improving, according to one economist.

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Fannie Mae names technology entrepreneur to Board of Directors

Fannie Mae announced industry veteran George Haywood to its Board of Directors as part of the strategic initiatives and technology committee. This is why the company says Haywood will bring valuable and actionable insights to Fannie Mae.

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Time to say goodbye to the Federal Funds rate?

The minutes from the recent meeting of the Federal Open Market Committee reinforce the possibility of a rate hike in December. The minutes also show talk of a different kind of change that could be on the way. FOMC members actually talked about the possibility of doing away with the federal-funds rate. Here’s what they suggest could replace it.

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EXCLUSIVE: Ben Carson will accept HUD secretary role

The speculation is finally over. Former GOP presidential candidate and retired neurosurgeon Ben Carson will soon make his final announcement accepting the role of HUD secretary, sources close to the situation confirm. The build up from the week brought much speculation as rumors swirled and Carson hinted at an upcoming announcement.

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Monday, November 28, 2016

Questioning Ben Carson as HUD secretary? Here’s the silver lining for housing

I’m guessing Ben Carson as HUD secretary is a title you didn’t expect to hear connected to the former GOP presidential candidate and retired neurosurgeon. Although it sounds like an outlandish idea to most Americans, there’s a silver lining. In fact, the positive side is something we people in housing actually asked for.

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Monday Morning Cup of Coffee: Trump's potential power play at the Fed

Cabinet positions aren’t the only areas of uncertainty under a Trump administration. With the next FOMC meeting set for Dec. 13-14, Fed watchers are speculating on what he plans to do with the Fed once in office. In an article on Sunday, The Hill outlined several Republican priorities that might now see daylight, including subjecting the Fed’s monetary policy decisions to outside review and requiring the central bank to adhere to rules in setting policy.

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Thursday, November 24, 2016

Black Friday special: The top 5 things you need to read right now

Waiting in line trying to catch the greatest deals on Black Friday? Us too. But while you’re waiting, why not use the time to catch up on what’s been going on in housing since Donald Trump got elected? Here are the top five articles you should read right now, courtesy of HousingWire.

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[Video] To the future HUD Secretary, here’s a piece of advice from a former HUD Secretary

Regardless of who is selected to be the future secretary of the Department of Housing and Urban Development, Former HUD Secretary Henry Cisneros has one key piece of advice that he would give to the next person that sits in the seat. As a hint, he touches something a lot of people are asking for.

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DOJ gives up in fight over massive Bank of America, Countrywide 'Hustle' fine

The fight between Bank of America and the federal government over the $1.27 billion penalty levied against Bank of America in a fraud case over defective mortgages sold by Countrywide in the run-up to the housing crisis is now officially over. And the victor is Bank of America.

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Stocks mixed: S&P down but Dow hits new record high

Stocks are mixed today after hitting all-time highs Tuesday night. While Dow continues to see new highs, the rest of the market is beginning to inch down. One expert explains that worries about a Trump presidency seem to be subsiding.

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Controversial overtime labor law stopped short of the starting line

Barely making the cut before the rule took effect, a federal judge blocked the new overtime labor law that would significantly change overtime pay. Since the rule never took effect, it’s hard to say the exact impact it would’ve had on the housing industry. However, it had the potential to create drastic change, especially for small business.

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Ben Carson as HUD Secretary? All signs point that way

After President-elect Donald Trump tweeted Tuesday that he was “seriously considering” offering the job of Secretary of Housing and Urban Development to Ben Carson, all signs appear to show that Carson will indeed be the next HUD secretary. Carson himself took to Twitter and Facebook Wednesday to discuss the HUD offer and strongly intimated that he plans to accept the job.

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Presidential honeymoon increases consumer sentiment

Consumers are more optimistic about the economy after the presidential elections. This soaring new confidence, or what one expert calls the presidential honeymoon, can end quickly if the president-elect fails to follow through on his promises after taking office.

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Freddie Mac: 30-year fixed-rate mortgage now tops 4%

The 30-year fixed-rate mortgage finally moved above the 4% threshold as mortgage rates keep increasing alongside treasury yields. The last time rates crossed such a psychological threshold was two years ago — when it last passed the 4% mark.

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New home sales increase almost 20% annually in October

New home sales increased annually, but still showed a slight decrease from last month. What might seem more surprising, however, is the drop in home prices from last month. Here’s one explanation for the reason behind the drop.

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Wednesday, November 23, 2016

Here are 5 bold predictions for housing in 2017

Next year is less than two months away, and the holidays are likely to fly by. Giving his predictions for next year, Joe Melendez is CEO of ValueInsured, forecasts that 2017 could be a wild ride. “One thing I do feel certain about is that those who are most adaptive to change and innovation – those wanting to move beyond points, rates and the typical upgrade offers – will succeed in 2017.”

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FHFA increases conforming loan limits for first time since 2006

For the first time since the housing crisis, the Federal Housing Finance Agency is increasing the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2017. Click the headline for the full details on how much loan limits are increasing across the country.

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FHFA: Deceleration in home prices short-lived

Home prices picked up speed in the third quarter, showing that the slow-down seen earlier this year was temporary. Home prices increased even as much as 10% in several states. Luckily, an economist from the Federal Housing Finance Agency explains the significant home price increase.

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MBA: 30-year mortgage rate now at highest level since start of 2016

The impact of the election is even more apparent in this week’s mortgage application report. The previous report quickly brought an end to weeks of lackluster mortgage application reports, and this week’s report only further cements that. In light of this, the 30-year mortgage rate now sits at its highest weekly average since the beginning of 2016.

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Former SEC commissioner named to CFPB landing team by Trump transition team

Every day more details are coming out on what the Trump administration will look like. Tuesday the president-elect’s team announced it selected a former Republican member of the Securities and Exchange Commission to be on the landing team for the Consumer Financial Protection Bureau. These teams are being created to work with the outgoing Obama administration at various federal agencies to smooth the transfer of power. Why is this one a big deal? The future of the CFPB is currently in question.

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Trump: I am "seriously considering" Ben Carson for HUD secretary

Well, it turns out that there are more than two names being considered by President-elect Donald Trump and his team to serve as the secretary of the Department of Housing and Urban Development in the Trump Administration. Trump himself just threw another hat into the HUD ring — Ben Carson.

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Higher mortgage rates make waves in housing market

Interest rates increased significantly the first week after President-elect Donald Trump won the presidential election. Now, that increase is affecting the housing market and it has become a deal-breaker for some homebuyers.

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New American promotes VP to create builder certification training program

New American Funding named Chris MacNaughton as its new vice president of builder and business development. Here is what he will be responsible for in this new position, and why the company is glad to have him as part of the team.

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Chance of a Fed rate hike in December? 100%

With less than a month left before the final Federal Reserve meeting of the year, Bloomberg rates the chances of a Fed interest rate hike at 100%, according to calculations based on futures. Will the Fed finally decide to raise rates again for the first time since last December?

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Cash sales increase for second consecutive month in August

Cash sales increased for the second month in a row in August, increasing above the 30% mark once again. The good news, however, is that cash sales are still down from last year, and distressed sales remain at their lowest level since 2007.

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Ellie Mae chief financial officer Edgar Luce resigns

Ellie Mae, which is on quite the roll from a revenue standpoint, will soon have a new chief financial officer, as the company’s current CFO, Edgar Luce, announced plans to resign. The announcement, which came via a filing with the Securities and Exchange Commission, states that Luce’s resignation takes effect on April 1, 2017. According to Ellie Mae, Luce intends to retire.

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RE/MAX: Chicago's lack of inventory drives down days on market

Chicago is seeing its fastest pace of home sales for October since 2005. The rising demand for housing is not only decreasing the number of days homes are on the market, but also increasing home prices by almost 10% from last year.

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Dave Stevens: The MBA's role in the Trump Administration

Sitting down with one of its own to get a better understanding of what exactly this election means for housing finance, the Mortgage Bankers Association interviewed its President and CEO Dave Stevens to get his thoughts on the election. One thing became clear, regardless of which side of the aisle people are on, housing finance is a big deal.

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Existing home sales increased to highest pace in nearly 10 years

Existing home sales increased to a surprising degree in October, rising to the fastest pace of sales for the month since 2005. One expert points out that this shows the strength of buyer demand amid rising home prices and inventory shortages.

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Tuesday, November 22, 2016

Ally Financial to pay $52 million in ResCap toxic mortgage bond settlement

Ally Financial will pay $52 million to settle allegations that one of its subsidiaries, Residential Capital (also called ResCap), knowingly marketed mortgage bonds despite the fact that the underlying mortgages were toxic. Under the terms of the settlement agreement, Ally Securities, formerly known as Residential Funding Securities, will immediately discontinue operations and be de-registered as a broker-dealer as an acknowledgment of the improper conduct.

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What happens now that the CFPB appealed its "unconstitutional" ruling?

As expected, the Consumer Financial Protection Bureau last week appealed the U.S. Court of Appeals ruling that declared the agency’s leadership structure unconstitutional and vacated a $103 million increase to a $6 million fine levied against PHH. So what happens now? First, the wait begins for the court to determine whether it wants to hear the case en banc or not. But just how long is that wait going to be? And what does it mean in the interim?

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New York City to receive $300 million for affordable housing

New York City will receive $300 million from the state for affordable housing. With this bond, the state raised the total tax exempt bond capacity to its highest point for New York City in the past decade.

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Jeb Hensarling: “Dodd-Frank was a grave mistake”

Attendees at the Housing America’s Families Forum in Dallas at the George W. Bush Presidential Library gathered for a light lunch on Friday to listen to one of the most eagerly anticipated speakers for the day, House Financial Services Committee Chairman Rep. Jeb Hensarling. While he is currently rumored to be the next Secretary of the Treasury, he chose to focus his speech on the death of Dodd-Frank.

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HUD inadvertently exposed personal information of nearly 500,000 individuals

Nearly 500,000 individuals are at risk of identity theft after the Department of Housing and Urban Development inadvertently made their personal information, including social security numbers and dates of birth, publicly available on its website. According to HUD, the data breach is the result of two separate incidents, one of which exposed the personal information of more than 425,000 public housing residents.

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loanDepot partners with Aflac to insure new borrowers at no extra cost

loanDepot began a new partnership that showcases an unusual product offering. Here, loanDepot explains why it will start providing critical illness insurance with its mortgages — at no extra cost to the borrower.

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AIG eyes benefits of residential mortgages after selling United Guaranty

American International Group keeps reworking how it wants to be involved in the housing industry. The company recently revealed it’s looking to make a push into residential property loans after selling its mortgage-guaranty unit United Guaranty to Arch Capital Group this summer.

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Monday Morning Cup of Coffee: Deutsche Bank cutting back on mortgage business?

Is Deutsche Bank about to cut back on its mortgage business? It appears so. Plus, a new name emerges to run HUD in President-elect Donald Trump’s administration. And why is a massive Silicon Valley venture capital firm investing in a real estate loan marketplace? All that, and more, in your Monday Morning Cup of Coffee.

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STRATMOR: Lenders miss the mark on customer satisfaction timing

A survey from STRATMOR shows that lenders are missing out on one area that could bring in more revenues and increase customer satisfaction. In fact, only about 8% of lenders are currently utilizing the full potential of continuing conversations with their customers.

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Interactive map: Where out-of-state investors look to buy a home

Investors in some of the more expensive housing states are looking to other states to purchase single-family investment properties. According to a report from ATTOM Data Solutions, these out-of-state investors come from blue states and are investing in red states.

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Saturday, November 19, 2016

OCC slaps serious sanctions on Wells Fargo as fake account fallout continues

On Friday evening, the Office of the Comptroller of the Currency slapped a series of sanctions on Wells Fargo that were previously excluded from its settlement with the megabank over the fake account scandal that recently shrouded the bank in controversy. Chief among those sanctions is that the bank is now required to ask the OCC for approval if it wants to make a change to its board of directors or its senior executive officers.

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CFPB fights back against "unconstitutional" ruling; asks court to rehear PHH case

The Consumer Financial Protection Bureau is not ready to give up in its fight against PHH. The case started when the bureau added $103 million to a $6 million fine against PHH for allegedly illegally referring consumers to mortgage insurers in exchange for kickbacks. PHH sued, and the CFPB’s leadership structure was eventually declared unconstitutional by the United States Court of Appeals for the District of Columbia Circuit. On Friday, the CFPB asked the full court to rehear the case. Click the headline for the full story.

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PeoplesBank appoints new treasurer for its holding company

PeoplesBank appointed Charles Field as its new senior vice president and chief financial officer. Field will also serve as the holding company’s treasurer. The company’s CEO talks about why Field will greatly contribute to PeoplesBank.

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Donald Trump reaches $25 million settlement over Trump University

President-elect Donald Trump is set to take office in just over two months, and when he does, he’ll no longer have the specter of the Trump University lawsuits hanging over him. New York Attorney General Eric Schneiderman announced Friday that his office reached a $25 million settlement with Trump over the failed real estate school.

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How Trump’s election influences New York real estate

The morning after President-elect Donald Trump became the nation’s next president, the real estate market in New York turned on its head. But was it a temporary turn, or a new trend? Experts from the area talk about what they saw after the first week with the new president-elect.

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Dispatch from #HousingOurFuture: Most cities “handcuffed” by lack of affordable housing

The problem is the cities that Millennials want to move to — the Nashvilles and the Denvers of the nation — are not unlike coastal cities in that there simply isn’t enough affordability to make the leap.

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New American Funding expands in Arizona

New American Funding just opened its eighth branch location in Arizona. The company plans to focus on the area’s thriving Hispennial population, and brought in a new branch manager to lead the effort.

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Fifth Third pledges $30 billion for community development, mortgage lending

Fifth Third Bancorp announced Friday that it plans to invest $30 billion in community development in the 10 states where it has branches as part of an agreement with the National Community Reinvestment Coalition and 145 community-based organizations. Here are all the details.

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Janet Yellen: I plan to finish my term as Fed chair

After President-elect Donald Trump won the election on Nov. 8, experts speculated over whether Federal Reserve Chair Janet Yellen would resign from her position immediately, as Securities and Exchange Commission Chair Mary Jo White did earlier this week. On Thursday, Yellen ended the rumors once and for all, saying she plans to serve until her term ends in 2018.

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Dispatch from #HousingOurFuture: Not enough real estate agents are "culturally sensitive"

In the coming decades, the rate of homeownership among Hispanics and Asians will roughly double, and the housing industry is not ready, a panel of experts said Friday. Mortgage bankers and real estate agents are not equipped to appropriately deal with these communities, according to panelists at the Housing America’s Family Forum underway today in Dallas.

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Lucky numbers increase home prices?

The influx of Chinese buyers into the U.S. housing market means the market could also be subject to some of the culture’s superstitions. While many Chinese buyers would pay a premium for homes with lucky numbers in the address, they also expect a discount on homes where the address contains unlucky numbers.

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Friday, November 18, 2016

San Francisco home sales fall to lowest level since crisis

It’s still getting more expensive to buy a home in the San Francisco Bay Area, and those continually rising costs are depressing home sales in the area to levels not seen since the housing crisis. Here are more details on the Bay Area housing market, and a look at what the future holds.

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American Advisor brings in new hire to lead national sales channel

American Advisors named Jesse Allen as its new senior vice president of national field sales. The company talks about what he brings, his new role and his previous experience during his time at Bank of America.

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Fannie Mae offloads $205 million in credit risk to insurers in new deal

Fannie Mae announced Thursday that it is shifting some of its credit risk away from taxpayers and onto private insurers in the latest deal from its Credit Insurance Risk Transfer program. In this deal, Fannie Mae is shifting some of the credit risk on an $11.7 billion pool of loans to various insurers.

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There’s less than 1 year left for more than 200,000 HARP eligible borrowers

The deadline, while it has constantly moved, is quickly approaching for struggling borrowers to take advantage of the government’s Home Affordable Refinance Program. The Federal Housing Finance Agency is working extra hard to make sure it reaches every eligible borrower before the Sept. 30, 2017 deadline. This is the latest update on the program’s performance.

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ATTOM: Homeownership tenure hits record high

It’s starting to really pay off for homeowners who are choosing to stay in their houses and not move. With home prices steadily rising, homeowners are able to build more equity and become equity rich, meaning their home is worth more than 50% of what they owe.

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Steven Mnuchin's OneWest Bank accused of redlining

The bank formerly owned by one of the leading candidates to head up the Department of the Treasury in President-elect Donald Trump’s administration violated federal fair housing laws by redlining minority neighborhoods and engaging in discriminatory lending practices, according to two housing advocacy groups.

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Rumors swirl around Trump choosing JPMorgan CEO as Treasury Secretary

Who will President-elect Donald Trump choose to be U.S. Treasury secretary? There are several names flying around right now, and all of them are tied to housing in some way. One of the names on the list is JPMorgan Chase CEO Jamie Dimon, but sources close the CEO are giving conflicting reports on rumors.

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Yellen sends strong signal Fed is close to raising rates again

Janet Yellen spoke today before Congress’ Joint Economic Committee about the possibility of raising interest rates. Though the markets have shown drastic changes since last week’s elections, she did not mention the new President-elect. Instead, Yellen focused on what the market needs to see to justify a rate-hike in December.

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Here's the updated CFPB list for rural and underserved counties in 2017

The Consumer Financial Protection Bureau’s official “rural or underserved” and “rural” counties lists are out. While the list might bear no meaning for some, it can significantly alter the way other lenders originate mortgages. Check out the lists to see if it impacts the way you conduct business.

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Freddie Mac: Mortgage rates follow Treasury yields, shoot up

In what is now being called the Trump Tantrum by some, interest rates shot up to nearly 4%, the largest one-week increase since 2013. Freddie Mac explains what that means for the refinance trend and for housing activity.

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Housing starts see greatest leap in nearly a decade

Housing starts increased significantly in October, reversing a downward trend and holding its strongest pace since 2007. Interestingly enough, Millennials played a major role in this increase due to their increasing market share. There is still room for growth, however, and one expert explains what housing needs to see from the next administration.

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Wednesday, November 16, 2016

Prime jumbo mortgage bonds are disappearing. Here's why

Recent reports showed that rate at which new mortgage bonds enter the market is slowing considerably in 2016. But just how dry is the well getting? Incredibly dry, especially if you’re an investor looking for a prime jumbo mortgage bond.

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Treasury yield causing concern over growth after election

The market’s response to the new President-elect has been, so far, positive, however now strategists are seeing a cause for concern. While an increase in the Treasury yield is a positive sign, it is the speed of increase that is the primary concern.

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Major trade groups urge Congress to renew two major homeowner tax provisions

At the end of each year, Congress gets a massive pile of tax provisions that need to be renewed. This year two of the biggest tax provisions at the top of Congress’ pile impact housing and homeowners, especially first-time homebuyers. This year both provisions were projected to reduce federal revenue by $7.5 billion. Will next year be the same?

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This is why Trump's election is causing the recent uptick in interest rates

The U.S. just got through its first full week with Donald Trump as its president-elect. How have the markets responded? And is this a long-term trend, or just the initial shock of Trump’s win? Here are the answers you need, and more.

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Nationstar transfers all REO auction activity to Xome

While only a little more than a year in existence, Xome’s role as a wholly owned subsidiary of Nationstar Mortgage continues to fluctuate. The end-to-end digital platform for real estate is adding another thing to its platform. Nationstar Mortgage now fully transferred all REO auction activity to Xome, according to Fitch Ratings.

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Walter Capital Opportunity Corp. selling $10 billion MSR portfolio to New Residential

Last week, after Walter Investment Management Corp. reported its third straight quartely loss, CEO Anthony Renzi said he believes the company is on the right track in an effort to return to profitability. On Wednesday, the company announced a move that will indeed generate cash for the company, enough to nearly wipe out its entire third quarterly loss.

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Home builders stayed confident heading into election

Home builders held a high confidence in November right before the election, according to an index from the National Association of Home Builders and Wells Fargo. This confidence is reflective of a continued demand for new housing from first-time homebuyers.

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BSI Financial bolsters loss mitigation, regulatory compliance efforts

Aiming to boost its expansion efforts in loan servicing and financial services, BSI Financial Services announced the addition of two seasoned executives to its management team. Here’s what Mohit Pathan and Nonny Sanchez will bring to the company.

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Homeowners: Don’t worry – low income housing isn’t driving down your home value

Homeowners sometimes resist affordable housing in their cities because they fear the effect it will have on surrounding home values. Trulia’s new study puts that fear to rest. Well, at least for most cities.

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Failed bank CEO gets 14 months for trying to scam $13M in TARP funds

The former president and chief executive officer of a failed bank will spend 14 months in prison after being convicted of faking millions of dollars in investments in the bank as part of a scheme to defraud the federal government of more than $13 million from the Troubled Asset Relief Program.

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Strong FHA annual report stirs up calls for mortgage insurance premium cut

Ed Golding, the Department of Housing and Urban Development’s principal deputy assistant secretary for housing, said Tuesday that the Federal Housing Administration is not considering cutting its mortgage insurance premiums, despite the FHA’s flagship fund showing growth for the fourth year in a row. But is the FHA’s current plan misguided? Several organizations think so.

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Freddie Mac: Rising rent is not the biggest concern for tenants

Rent prices are rising rapidly, and yet tenants have a higher priority of concern, according to a survey from Freddie Mac. It seems this concern is so great, in fact, that renters are even willing to pay higher rent prices to get a break in this area.

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Critics still unhappy with Fannie, Freddie conservatorship

The lack of attention given to housing during the presidential campaigns leaves many skeptical that the next administration has any plans for mortgage giants Fannie Mae and Freddie Mac. Some wonder if only another housing crisis will push the government to move the two GSEs into a more permanent structure.

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Mortgage credit default rate slightly rises heading into holiday season

While mortgage default rates slightly increased in October, the market is heading into the busy holiday-spending season, so default rates could bear monitoring. The rise isn’t necessarily a bad thing, but something to watch for. Here’s why.

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Corcoran Consulting & Coaching announces new ownership

Bob Corcoran announced the sale of his real estate and mortgage business, Corcoran, Consulting & Coaching. Here’s more on the new owner, and what it means to the company’s current employees.

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FHA single-family business explodes; No premium cut coming

The Federal Housing Administration announced Tuesday that its flagship fund, the Mutual Mortgage Insurance Fund, grew in fiscal 2016, marking the MMI Fund’s fourth straight year of growth, but that doesn’t mean that an additional cut to the FHA’s mortgage insurance premiums is coming.

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Quicken Loans gets FHA loan violation lawsuit relocated to Detroit

In a major win for Quicken Loans, a judge granted that the lender’s request to move its landmark case with the Department of Justice and the Department of Housing and Urban Development to the Eastern District Court in downtown Detroit, the lender’s backyard. But this is only the beginning as one of the top FHA lenders waits to fight back against the government.

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How Trump’s immigration policy will affect housing

President-elect Donald Trump continues to make plans to deport up to 3 million undocumented immigrants. The removal of these immigrants, however, could have severe consequences on the housing market and the economy.

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CoreLogic: California homes at risk of earthquake increase 126%

A new report on the risk of an earthquake along the San Andreas fault shows that what was previously thought impossible – an earthquake in both northern and southern California – could not only be possible, but increases the homes at risk by 126%. CoreLogic lays out different scenarios for home reconstruction costs.

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Tuesday, November 15, 2016

Guardian Mortgage launches complete digital mortgage

Digital innovation is key moving into 2017. Adding its name to a growing list of lenders moving more digital, Guardian Mortgage Company announced a partnership with Blend to launch a complete digital mortgage experience.

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Economists: Trump presidency will boost economic growth

A new survey shows that economists expect the economy will see more growth during the Trump administration. Most economists see an increase in interest rates and inflation on the way, however economists say that there are still risks on the horizon.

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SEC Chair Mary Jo White stepping down at end of Obama administration

President-elect Donald Trump and his transition team are currently working to fill the roughly 4,000 jobs that will become available when the Trump administration takes over in January. However, there’s now one more government job that unexpectedly became available Monday — chair of the Securities and Exchange Commission.

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Saying goodbye to HAMP isn’t the end for struggling homeowners

Dec. 31, 2016 marks the end of an important seven-year government program. The Home Affordable Modification Program launched to save struggling homeowners who are behind on their mortgage, and will soon come to an end. It’s not all downhill come Jan. 1 though. The New Year brings the start of a new system that can still be beneficial for all parties involved.

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Zillow: Mortgage interest rates skyrocket after Trump victory

Financial markets are still processing the effects that President-elect Donald Trump will have when he officially takes office in January. In the aftermath of Trump’s victory last Tuesday, the stock market rose sharply, reaching record highs late last week. But the stock market isn’t the only thing that’s on the rise since Trump won; mortgage interest rates are skyrocketing as well.

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New member elected to Enterprise New York Advisory Board

Enterprise Community Partners appointed David Outcalt to its New York Advisory Board to help fight the city’s housing affordability crisis. The company’s co-chairs talk about what Outcalt brings to the company, and how he will help ensure affordable housing for New Yorkers.

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J. Ronald Terwilliger: Momentum for housing policy change is growing

J. Ronald Terwilliger is the retired Chief Executive Officer of Trammell Crow Residential. Terwilliger’s philanthropic focus is largely on housing; the need to provide decent affordable housing. His foundation is hosting an event this week in Dallas and this is a preview of what is expected to happen.

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What a Trump administration means for real estate

[Expert commentary] After the initial shock, markets closed at new highs two days following the election of President-elect Donald Trump. It’s safe to say that the stock market will continue along its recent bumpy path. Here’s how the real estate and housing markets are likely to move to forward.

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Sports fans! Want to live near your favorite team? It’s going to cost you

Hey sports fans! Ever thought about moving closer to your favorite team? In these cities, you’ll have to decide if the cost is worth it. The Realtor website brings us the top 10 most expensive cities for sports fans.

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It’s official – Delaware ends veteran homelessness

Last Friday the nation celebrated Veterans Day, but the celebration in Delaware took that a step further. That’s because the state also celebrated an end to veteran homelessness, becoming the third state in the nation to do so.

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Monday, November 14, 2016

Monday Morning Cup of Coffee: Facebook ends easy racial discrimination in housing ads

After Facebook recently came under fire for allowing racial discrimination in its housing ads, it is now fixing the problem. Also, as the new administration takes over, President-elect Donald Trump seeks to fill his cabinet. Here are his top choices. And look out New York – more regulation could be coming your way.

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Saturday, November 12, 2016

In decisive move away from plywood, Fannie Mae allows clear boarding in pre-foreclosure

As part of a continuing effort to fight blight and the negative effects that an abandoned house with boarded-up windows can have on a neighborhood, Fannie Mae will allow mortgage servicers to use clear boarding instead of plywood on vacant homes in pre-foreclosure.

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October shows surprising 30% increase in foreclosures

Foreclosures took a sharp turn upward in October, in contrast to the previous downward trend. In fact, the increase was the highest monthly increase since 2007. And one state could be about to see even more foreclosures. Here’s why.

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Credit Union National Association calls on CFPB to freeze new regulations

Echoing a message often delivered by President-elect Donald Trump in his days on the campaign trail, the Credit Union National Association is calling on the Consumer Financial Protection Bureau to freeze any new or pending regulations at least until Trump takes office.

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Top 5 interview questions to ask your Realtor

Navigating your first home purchase can be a complicated process, so it’s important to get the right Realtor on your side. Here are the top five questions you should ask your agent in the interview process, according to some experts.

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Friday, November 11, 2016

Home Depot's Veterans Day project reflects housing's commitment to service members

It’s interesting that this year Veterans Day fell in the same week as Election Day. Election Day is always the first Tuesday after the first Monday in November, while Veterans Days is annually honored on Nov. 11. We wanted to highlight just one example of the countless ways the housing finance industry works to support veterans.

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Consumer sentiment increased just before elections

Consumer sentiment rose just before the elections in November, which could mean a higher probability of a rate hike in December. One expert points out, however, that these were only the preliminary November results and consumers could feel differently now that the election is over.

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Elizabeth Warren pledges to fight Trump, Republicans on Dodd-Frank, CFPB

Just in case anyone thought that the Democratic Party plans to stand idly by while President-elect Donald Trump and the Republican Party move to undo many of the financial reforms of the last eight years, one of its most outspoken members pledged this week to fight Trump and the Republicans every step of the way.

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An open letter to our next presidential administration

As President-elect Donald Trump and his team begin the arduous task of transitioning, it’s important that as he addresses his long list of campaign promises he does not forget housing, says Joseph Murin, former president of Ginnie Mae. “This is a plea for this administration not to underestimate the importance of the housing and real estate industry to America’s economy. It is way past the time for our industry leadership to stop kicking the proverbial can down the road.”

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Can you guess the winner of Fannie Mae’s latest NPL sale?

Fannie Mae announced the winner of its latest sale of non-performing loans. The five pools totaled $1.3 billion in unpaid principal balance. Can you guess who won the bid? Hint: This is not the first pool the company purchased this year.

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Trump reportedly considering Rep. Jeb Hensarling to lead Treasury

In another indication of how President-elect Donald Trump plans to pursue financial reform, House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, is reportedly being considered to serve as Secretary of the Treasury in the Trump administration.

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Pam Patenaude reportedly under consideration to serve as Trump's HUD secretary

With future Commander-in-Chief Donald Trump officially set, there are 15 other seats on the president’s cabinet to start speculating about. And the one that’s closest to housing, the secretary of Housing and Urban Development, could possibly go to someone who was recently featured on the cover of HousingWire Magazine and was included as a Women of Influence in 2013.

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Trump adviser: Fed chair Janet Yellen can stay

President-elect Donald Trump said a lot about Federal Reserve Chair Janet Yellen during his campaign trail. Now, however, an economic advisor to Trump seemed to change the tune. Here’s more on what Trump’s team says about the future of the Fed chair.

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CoreLogic partners with RentTrack to help renters build credit

The ability to use a variety of methods to build and assess consumers’ credit is expanding, and it’s definitely needed. The latest move comes from CoreLogic and RentTrack, who announced a partnership to provide an online rent-payment solution for residents that builds their credit as they make their rent or HOA payments.

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Trump unveils plan to dismantle Dodd-Frank Act

Now that the dust is starting to settle from the election, a clearer picture is beginning to emerge of what types of actions President-elect Donald Trump will pursue once the “-elect” is removed from his title. Chief among those planned actions appears to a plan to “dismantle” the Dodd-Frank Wall Street Reform Act.

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Freddie Mac: Trump win won't impact mortgage rates…yet

The newly elected president is already causing waves in the stock market, but that doesn’t seem to have affected mortgage rates yet. In fact, rates increased just slightly from last week, but next week could be a truer reaction from the market to the new presidency.

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Lenders, here's how to make sure borrowers won’t regret choosing you

More than 5 million people are expected to buy an existing home next year, creating a giant pool of potential mortgage customers. But will they want to do business with your company? A new survey found that a high percentage of homebuyers are remorseful about their mortgage lender selection. Take a look at these companies doing it right.

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Thursday, November 10, 2016

This Eurasia chart shows Donald Trump's potential impact globally

Taking a broader look at the impact of the Donald Trump winning the election, Global Political Scientist Ian Bremmer posted his assessment of what this election means. Bremmer outlined the new classes of winners and losers worldwide due to the Trump administration.

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[Charts] Stocks surge after Trump’s first day as President-elect wraps

The surprises aren’t letting up as U.S. stocks posted a quick turnaround from Tuesday night. The run-up to Donald Trump getting declared as the next president created significant turmoil in the market that more than disappeared the next day. Here’s a spotlight on the top three indices.

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PHH fined $28 million by NYFDS for shady mortgage servicing

The New York Department of Financial Services announced Wednesday that it is fining PHH $28 million for what it calls “shoddy mortgage origination and servicing practices.” In announcing the fine, the NYDFS provided a list of the violations that PHH committed, and it reads like a laundry list of some of the same practices that gave the mortgage business a bad name before, during and after the financial crisis.

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What's next now that Republicans control the Presidency and Congress?

While much of the country’s attention is focused on the seemingly unexpected election of Donald Trump, it shouldn’t be lost that the Republican Party also maintained its control of the House of Representatives and the Senate in this election. Now one party will control the legislative and executive branches of the government for at least the next two years. So what does that mean for the financial services industry, given the seismic changes the industry has seen in the last eight years?

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Is the Federal Reserve going to stay intact?

Newly minted President-elect Donald Trump can already put changing up the structure of the Federal Reserve at the top of his list. Right now, there are two seats up for grabs. But the more important question is what will become of already criticized Federal Reserve Chair Janet Yellen?

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These Freddie Mac mortgages won't need an appraiser

Freddie Mac takes a (small) controversial step towards using data instead of appraisers in the mortgage process. While these efforts could shorten the time to close and even save the buyers money, as might be expected, appraisers are pushing back against this decision.

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More trouble for Walter Investment as nonbank posts third straight big loss

Walter Investment Management Corp.’s state of upheaval continued through the third quarter, as the nonbank announced Wednesday that it posted its third straight quarterly loss, pushing the company’s net loss for the year above $500 million.

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Trump victory creates great divide among housing experts

President-elect Donald Trump’s victory shocked the world Tuesday night as he became the 45th president of the United States. Now, experts from the housing industry weigh in. As it turns out, opinions are very divided on what this new development will mean for the industry.

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Mortgage applications post another humdrum week

The Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey looks extremely similar to the previous week’s report. Unfortunately, like last week, the change is very minor, continuing weeks of humdrum reports. This does, however, mark its lowest level since May 2016.

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How a Trump presidency will shock the mortgage industry

The PHH ruling that put the CFPB under the authority of the president seemed like a nonevent given a Clinton victory — it’s not like she was going to disband the regulatory agency birthed by Elizabeth Warren. Any change to the status quo was kicked down the road by at least four years. Except Trump won. And Republicans now control of the Senate and the House. Read this expert commentary from HousingWire Editor Sarah Wheeler.

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It’s time to expect more from your correspondent lender

Being a small to midsized mortgage lender in today’s environment is tough – there’s no denying it. But, you don’t have to go it alone. Partnering with the right investor can help you minimize risk while expanding your product offering at the same time.

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Wednesday, November 9, 2016

PHH exiting private label origination business; selling off Ginnie Mae MSRs

It was the best of times, it was the worst of times for PHH. A little less than a month ago, PHH was riding the highest of highs, having just landed a landmark legal victory over the Consumer Financial Protection Bureau in a case that saw the structure of the CFPB declared unconstitutional. Now, less than 30 days after celebrating its big victory over the CFPB, PHH is reporting another loss, and announcing the exit from at least one more of its business lines.

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As far as tech innovation goes, here’s where the industry’s headed

Innovation is the new buzzword for the mortgage industry, replacing TRID, which instigated a less enthusiastic response. The Mortgage Bankers Association’s annual convention and expo in Boston late last month showed that the industry moved beyond the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule to it’s new focus, innovation. This is what it plans to do next.

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Starkey Mortgage brings in 3 new branch managers

Starkey Mortgage is bringing some changes to its leadership team with the addition of three new branch managers in Georgia and Texas. The company’s executive vice president talks about what these three hires bring to the team.

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Homeowners getting warmer when it comes to pricing their home

Homeowners are overshooting when it comes to estimating their home value, but for the fourth month in a row, they’re getting closer. What’s more, the appraised values for the properties dropped from September, but remain up from last year.

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PrimeLending to pay $1.6 million to settle charges of overcharging California borrowers

PrimeLending will pay more than $1.6 million as part of a settlement with the California Department of Business Oversight, which accused the Texas-based lender of overcharging hundreds of California borrowers for interest on their mortgages. Only when the CDBO informed the company it planned to file an enforcement action and suspend the firm’s license to conduct business within the state did PrimeLending begin to comply the with state’s laws.

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Here's the housing story (or lack thereof) of the 2016 election

Well America, we made it. We survived the most ridiculous, insane, over-the-top, depressing, and ultimately underwhelming campaign in modern political history and we made it. It’s #ElectionDay. So considering that we focus on housing here at HousingWire (hence the name), we felt it important to look at how housing mattered (actually it didn’t) in this election cycle.

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Fannie Mae sells the first pools of re-performing loans

Fannie Mae announced the first sale of its pools of re-performing loans. The winner of the bid will close on the transaction in December. Find out who the winning bidder is and more about what’s inside these loan pools.

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CoreLogic: Completed foreclosures reverse trend, increase

Foreclosures increased slightly from last month, but continue to decrease annually. And while the number of homes lost to foreclosure is up, there are no new homes moving into foreclosure to take their place. Foreclosure inventory continues to decrease both monthly and yearly.

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Remember Florida’s foreclosure crisis? Residents do as they head to the polls

The country once again finds itself closely watching Florida as residents head to the polls in a state that could decide the election. Less than a decade ago, however, the country instead was watching the state fall apart due to a heaping amount of homes going into foreclosure. So how is this impacting voters?

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Century 21 lists White House for #ElectionDay

Many Americans will flood to the voting booths today to choose the next president of the U.S. One real estate company created an ad that creatively boasts the White House as being up for sale as a way to encourage Americans to get out and vote.

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Sierra Pacific improves the mortgage process through streamlined technology

In 2015, Sierra Pacific Mortgage created a multiyear road map to modernize the company and integrate emerging technologies that will enhance the consumer experience and improve the efficiencies of obtaining a home loan. This state-of-the-art platform offers ease of use and a full-service suite for originators and processors.

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Elon Musk: Tesla acquisition of SolarCity needed to happen

Last week, Tesla announced it acquired SolarCity, making huge waves in the energy world. The merger is expected to create the world’s only integrated sustainable energy company, from energy generation to storage to transportation. And it’s also projected to look pretty good for Tesla financially as well.

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Monday, November 7, 2016

Appraisal volume wraps up October on a quiet note

That’s a wrap for October. A quick overview of appraisal volume shows a very quiet month. However, the news shouldn’t come as an alarm. Check out the data to properly unpack the month.

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Realtor.com's traffic is growing but still dwarfed by Zillow

When News Corp acquired Move Inc., which operates Realtor.com for the National Association of Realtors, in November 2014, the worldwide conglomerate pledged to “turbocharge” Realtor.com. The impact of the News Corp acquisition is still being felt by Realtor.com, which continues to see growth in its web traffic, but the company still has a long way to go to catch the websites of the Zillow Group.

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Is the mortgage credit box really loosening?

A report from the Mortgage Bankers Association showed a slight increase in mortgage credit standards, a survey from the Federal Reserve may tell another story. Most lenders in the survey reported that credit standards remain the same, and jumbo loans are in fact the only product to see credit tightening for some lenders.

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Want to disrupt the mortgage industry? Ask the decision makers

Throughout Digital Risk’s recent “Break the Glass” Executive Women’s Sonoma Summit, attendees brainstormed how and why disruption in the mortgage industry should be spearheaded by one of the most influential, highly educated and fiscally responsible consumer groups – women. Who would better understand the differences, needs and wants of the major purchase decision makers than women?

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Altisource Residential struggles with shift to single-family rentals

Just a few months ago, Altisource Residential celebrated the fact that it was about to double the size of its portfolio of single-family rental homes, a move that marked a significant step in the company’s transition from a buyer of non-performing loans to an operator of rental homes. But the company’s move to single-family rentals isn’t without its stumbling blocks along the way, as the company announced Monday that it posted a net loss of $57.6 million, or $1.06 per diluted share, in the third quarter.

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New American Funding expansion continues

New American Funding continues its expansion with its second branch in Florida. This is just days after announcing its expansion in the Midwest. Here’s more about the grand opening, and who will lead the new office.

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Mortgage credit availability loosens in October

A growth in investment and jumbo loans pushed credit availability up even further in October, loosening credit standards. Here, the Mortgage Bankers Association’s vice president of research and economics talks about the factors that caused the increase.

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Fannie Mae: Americans feeling more and more nervous about the economy

Given the current climate, it’s probably not a surprise that consumers are growing more concerned about the economy. A recent Fannie Mae survey reflecting consumers’ current views and forward-looking expectations of housing market conditions shows Americans are becoming more unsteady about the nation’s economic health.

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Monday Morning Cup of Coffee: How did alleged serial killer get his real estate license?

The story is still developing on alleged serial killer Todd Kohlhepp, 45 and a registered sex offender living in South Carolina. But there is one key fact about Kohlhepp that is leaving those following the story shocked: How did Todd Kohlhepp get a real estate license? Here’s a brief recap on the developing story.

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Saturday, November 5, 2016

Community lenders renew call to allow Fannie Mae, Freddie Mac to rebuild capital

In the wake of both of the government-sponsored enterprises reporting multi-billion dollar profits in the third quarter, the Community Home Lenders Association is renewing its call to allow Freddie Mac and Fannie Mae to rebuild capital, saying an additional draw from the Treasury could lead to a restriction of mortgage credit availablity.

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Failed bank's board member jailed for defrauding TARP of $7 million

One of the board members of a failed bank will spend a five years in jail after being convicted of defrauding the government’s Troubled Asset Relief Program out of nearly $7 million. The bank’s failure also cost the FDIC more than $64 million.

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California home sales decline as market moves into autumn

Summer is over, and the housing market is transitioning into the fall and winter months. As a result, California home sales followed typical seasonal trends in September and decreased. Madeline Schnapp, director of Economic Research for PropertyRadar, takes a longer-term view to give a better picture of the market.

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Northwest home sales expected to stay strong this winter

As the Northwest’s housing market wraps up one of the best Octobers on record, it’s predicted to head into a strong winter season. Once again, the market will likely face low inventory, a backlog of buyers and historically low interest rates.

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What's in store for housing in 2017?

Low housing inventory levels plagued the market last year, and it’s still not over. So will next year bring better news or more houses on the market? The National Association of Realtors gave its forecast for next year at the 2016 Realtors Conference & Expo. The forecast, while not likely to solve all the shortage problems, is still positive.

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Fannie Mae: New jobs report basically guarantees December rate hike

Earlier this week, the Federal Open Market Committee announced that it plans to leave the federal funds rate unchanged, but the way the FOMC framed the announcement led many to believe that a rake hike is coming in December. And Friday’s jobs report did not contain any significant information that would warrant further delaying a rate hike - in fact, it all but guaranteed a December rate hike, according to Fannie Mae’s chief economist.

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Not only are Millennials buying homes, they’re refinancing

Quelling rumors that Millennials don’t want to buy homes, a new report from Ellie Mae shows that they’re not only buying homes, they’re even to the point they want to refinance. However, this is still, overall, a small percentage of closed loans. Here’s a look at how Millennials are performing in other parts of the mortgage market.

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Goldman Sachs settles Abacus CDO lawsuit

Goldman Sachs will pay an undisclosed amount of money to settle another lawsuit stemming from its actions in the run-up to the financial crisis. ACA Financial Guaranty Corp brought the lawsuit against Goldman Sachs, accusing the company of lying about a pool of securities backed by subprime mortgages tied to the failed Abacus collateralized debt obligation.

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October jobs report falls slightly below expectations

One of the last jobs reports for 2016, and the last one before the election, showed that total nonfarm payroll employment grew by 161,000 in October. While this increase is slightly below expectations, large upward revisions to prior months more than made up for it.

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Thursday, November 3, 2016

New York allots $20 million to state land banks to fight blight

The state of New York is set to give an additional $20 million to the state’s land banks as part of a continuing effort to fight neighborhood blight throughout the state, the office of New York Attorney General Eric Schneiderman announced this week. The funding will come from the state’s settlements with Goldman Sachs and Morgan Stanley, both of which agreed to multi-billion dollar mortgage bond settlements earlier this year.

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Going to vote? Here are the top 10 ballot decisions for housing

Despite the lack of attention on housing from both political candidates, this year’s election ballots are filled with measures for affordable housing. Trulia compiled a list of the top 10 most impactful measures, and what they do. Love them? Hate them? Election day is next week.

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Here's clear evidence of how much more complicated mortgage lending is now

At any gathering of housing industry professionals, it isn’t long before the conversation inevitably turns to the current regulatory environment. That was definitely the case at Wednesday’s housing summit hosted by the Urban Institute and CoreLogic. Debra Still, the president and CEO of Pulte Mortgage, surprised some in the crowd by presenting concrete evidence of how much more complicate mortgage lending is now than it was 10 years ago.

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Pennsylvania Treasury latest state to suspend Wells Fargo

Wells Fargo faces the wrath of yet another state that’s seeking retribution after the mega bank’s fake account scandal, as it isn’t even close to done with dealing with the aftermath. The latest state: Pennsylvania.

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Parkside Lending celebrates historic Chicago Cubs victory with mortgage deal

Considering that Chicago Cubs fans waited more than a century to celebrate their team’s first World Series victory, after what some are already calling the greatest game in Major League Baseball history, the party is sure to last quite a few days. And if any of those long-suffering Cubs fans are looking to put a little cherry on top of their World Series sundae by buying a home in the next week, Parkside Lending has a great deal for them.

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FTN Financial: No reform in sight for Fannie, Freddie

GSE reform? It’s not coming any time soon according to one expert from FTN Financial. In fact, the decent returns from both mortgage giants in their recent earnings reports is keeping pressure off Congress to study and implement anything new.

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Stonegate Mortgage total revenue surges 150% in 3Q

Third-quarter earnings are in, and it’s looking good for Stonegate Mortgage Corporation. The lender posted that its total originations and total revenue were up and total expenses were down, making the perfect blend for a positive quarter.

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Housing thinktank proposes bold renter tax credit

The Terner Center for Housing Innovation released a proposal that would give tax credits to low-income renters. The proposal lays out three different structures for the new credit, and details the cost for implementation.

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Freddie Mac: 10-year Treasury hits highest point since June

Mortgage rates are up following a drastic increase in the 10-year Treasury to its highest point since June. In fact, the 30-year mortgage’s jump posted the largest one-week increase in more than six months.

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Home price increases speed up in third quarter, hit new peak

Home prices continue their upward trend, but even sped up in the third quarter due to a lack of housing inventory available. One market hovered near its previous quarter’s median home price of $1 million. And yet, despite all this, economists still explain that the market is more affordable.

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Fannie Mae CEO reveals "next frontier" of mortgage lending

The recent launches of initiatives such as the Day 1 Certainty program, the student loan venture with SoFi and progress with affordable lending under the HomeReady program underpin Fannie Mae’s dedication to increase mortgage lending. Even so, you’d be hard pressed to guess the next big thing in lending. And now you don’t have to.

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Fannie Mae hot streak continues, net income increases slightly in Q3

Fannie Mae posted an increase in net income in the third quarter, and announced it will be paying $3 billion to the U.S. Treasury this quarter. The company’s CEO explains what he attributes the increases to. However, some areas, such as net revenues, actually showed a decrease.

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Impac's third quarter originations jump 30%

Impac’s mortgage origination pipeline didn’t let up in the third quarter, reporting that total originations increased 30%. The latest financial report includes the company’s recent reentry into the public equity markets again after a long stint away following the financial crisis. Looking at the results, Impac performed pretty well in the offering.

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Median home prices finally pass housing boom levels, hit all-time high

Median home prices surpassed housing boom levels, reaching a new all-time high in the third quarter of 2016. Although home prices are up, borrowers are not having problems making their mortgage payments, with distressed sales down in the third quarter.

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Why does it take so long to close a loan? Appraisers

Recent data from Ellie Mae showed that it takes about a month and a half on average to close a mortgage. Several speakers at Wednesday’s housing summit hosted by the Urban Institute and CoreLogic said that closing times could conceivably be much shorter than that, even as little as 10 days. So what’s keeping lenders from closing a loan in a week and a half instead of a month and a half? Appraisers.

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Schmidt Mortgage announces new hire to oversee business growth

Schmidt Mortgage is expanding its business development department with the hire of industry veteran John Kulka. Kulka brings 25 years of experience to the company. Here’s what the company’s executive vice president said about him.

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Wednesday, November 2, 2016

FOMC: Interest rates could stay low for a while

The Federal Open Market Committee announced it will not be raising rates. While that long-awaited rate hike looks more probably in December, the Fed indicated that it will be a small increase. In fact, rates could remain historically low for some time.

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Home sellers pricing the market too high?

The number of homes with price reductions increased from last year. While this could show a softening in the market, it could also show that sellers are coming in too high. This especially true in Texas, which holds four of the top 10 metros with the greatest increase in number of reductions.

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Housing's new normal: Low interest rates, shifting demand, coming wave of new homebuyers

Speaking before a packed house gathered Wednesday on the 7th floor of the Newseum in Washington, D.C., CoreLogic’s chief economist, Frank Nothaft, told the crowd of housing insiders that anyone waiting for any dramatic shifts in housing, interest rates, or otherwise is likely to be left waiting.

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ADP October employment predictions bring bad news for housing

While ADP is predicting job growth in October, the number of construction jobs is expected to drop. But it’s not all bad. Many of the gains are predicted to have occurred in the professional and business sector, which could help consumers afford higher-priced homes.

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SoFi and Fannie Mae announce cash-out refi for student loans

The student loan debt problem is a growing burden that impacts a wide range of households, more than estimated 8.5 million to be specific. SoFi and Fannie Mae want to fix this. The two companies announced a new loan option on Wednesday that allows homeowners to refinance their mortgage at a lower rate and pay down the balance of an existing student loan.

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Nationstar Mortgage servicing portfolio now bigger than ever

The news only got better for Nationstar Mortgage Holdings in the third quarter, as the mortgage servicer recorded its largest servicing portfolio in its history. The positive results are a continued boost from its results last quarter when it reported the best quarter since the second quarter of 2015, coming off a shaky start to the year.

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Zillow posts biggest profit ever

Don’t look now, but Zillow Group just turned in its best quarter ever. The online real estate giant said Tuesday that it brought in record revenue in the third quarter. And even more than record revenue, Zillow revealed that it ended a nearly three-year run in the red. And even more than that, Zillow’s profit during the third quarter was its largest quarterly profit ever.

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MBA: Mortgage applications barely move

To no surprise, mortgage applications are barely moving, posting a marginal decline from the week prior. What is notable, however, is the increase in mortgage interest rates. Nearly all of the mortgage product interest rates reached a new high in this latest survey.

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S&P: Bond issuance hits yearly high; mortgage bonds not so much

Back in September, a report from Standard & Poor’s Global Ratings showed the mortgage bond well running dry, as the rate at which new residential mortgage-backed securities entered the market showed serious signs of slowing down. Well, S&P updated that report Tuesday, complete with bond issuance from October, and the news isn’t good for mortgage bonds or mortgage bond investors.

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San Francisco voters face 17 ballot measures for affordable housing

The greatest clue that there could be an affordable housing problem in the city comes when the voting ballot includes 17 different measures on the subject. But according to officials in the area, this isn’t unexpected.

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Here's a status update on Freddie's 3% down mortgage program

Freddie Mac is adamant about not sharing details on the success of its Home Possible Advantage Program, with no apparent plans to start revealing it. So, what is public knowledge about the program? Here’s what Donald Layton, Freddie Mac CEO, said during the conference call.

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HomeBridge buys operating assets of Prospect Mortgage

The latest news in mergers and acquisitions brings together two companies that, when combined, will become one of the largest nonbank mortgage lenders in the country. HomeBridge Financial Services, a national independent mortgage lender, announced it will purchase the operating assets of Prospect Mortgage from Prospect Holding Company.

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Appraisal volume rise short lived, falls back down

Appraisal volume simply isn’t picking up this fall. For eight of the last 10 weeks, appraisal volume recorded a decline. Here’s how it performed over the past four weeks specifically.

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Airbnb forces users to sign non-discrimination agreement

Airbnb is giving users an ultimatum – commit to end discrimination, or get off the app. Starting today, the app’s users will be forced to sign a commitment that promises to treat all people fairly, regardless of race, religion or gender identity, among other things.

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Freddie Mac CEO: We’ll make crisis-era foreclosure preventions permanent

The CEO of Freddie Mac, Donald Layton, admitted to being in particularly good spirits this morning on a call with HousingWire. And he has every right to be. Freddie Mac just posted a great third quarter with promise of a brighter future ahead.

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