Friday, May 26, 2017

CBC offers new LexisNexis FCRA report for lien and judgment data

Starting July 1, the three national credit reporting agencies will stop collecting and reporting information on lien and judgement data obtained from public records, leaving lenders with a significant hole in their assessment of a borrower’s creditworthiness. To fill that information gap, two subsidiaries of CBC Companies — CBCInnovis and Factual Data — are offering the LexisNexis RiskView Liens & Judgments Report.

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Grassroots military organizations ask Congress to save the CFPB

As the Financial CHOICE Act winds its way through the House of Representatives, two grassroots organizations that represent current and former members of the military are asking the members of Congress to leave the Consumer Financial Protection Bureau alone and allow the bureau to continue functioning as it does now.

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FHFA seeks to improve access to credit for borrowers with limited English proficiency

The Federal Housing Finance Agency issued a Request for Input on issues facing qualified mortgage borrowers with limited English proficiency in order to gauge how it can better serve them. If you have thoughts on how to better serve these borrowers, now’s the time to share them.

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OfferPad signs on for Zillow's "Instant Offers" home-buying program

It’s now been a few days since Zillow sent the housing business into a bit of a fervor when it announced that it was getting into the home-selling business with its “Instant Offers” program, and more details about how the program will work are beginning to emerge. Now, another of the participating investors has revealed itself.

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SunTrust fined $1.5 million by Federal Reserve for violations of Flood Insurance Act

SunTrust Bank will pay a fine of more than $1.5 million for the bank’s “pattern or practice of violations” of a portion of the National Flood Insurance Act, the Board of Governors of the Federal Reserve announced on Thursday.

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Want to recruit more Millennials? Learn what matters most from our experts

One thing became clear very quickly during HousingWire’s webinar on how to hire Millennials on Thursday — few attendees knew they wanted to go into housing at the outset of their careers. And yet, like our three panelists, they are all got into the industry one way or another. So how do we get others to join a space that a lot of Millennials are unfamiliar with? These three HousingWire Rising Stars give tips on where to start to fix this problem.

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Thursday, May 25, 2017

Stearns Lending introduces new loan program with lower payments for first two years

With loan originations on the decline, it seems that lenders are stepping “out of the box,” so to speak, when it comes to targeting prospective borrowers. Some lenders are offering 1% down payment programs, but what about borrowers who are more concerned with their monthly payment as opposed to their upfront costs? Stearns Lending claims to have an answer for that.

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CAR: California pending homes sales drop four months in a row

California pending homes sales continued to trend down in April due to low housing inventory and eroding affordability. The report also came with CAR’s April Market Pulse Survey, which gave a more in-depth explanation from California Realtors on what they are witnessing in the market. Spoiler: Realtors aren’t too optimistic about the rest of the year.

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Attom: Refinance originations fell to 10-year low in 1st quarter

Mortgage rates may sit at a yearly low right now, but earlier in the year rates sat well north of 4%, and that drove first-quarter refinance originations to the lowest level in 10 years, a new report from Attom Data Solutions shows. Here’s a full breakdown of Q1’s loan data.

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Mid America buys eNote from North Carolina's first eClosing

North Carolina performed its first-ever eClosing back in May, marking the first transaction that was a full eClosing. Plus, according to state officials, it won’t be the last. Taking it one step further, Mid America Mortgage announced it purchased the eNote, ensuring the mortgage has an investor.

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Freddie Mac: Mortgage rates now sit at lowest level in 2017

As forecasted, mortgage rates continued to drop in the latest Freddie Mac Primary Mortgage Market Survey. And not only did rates drop, but they now sit at their lowest mark of the year, with the 30-year mortgage rate falling below the 4% threshold.

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Fannie Mae EXCLUSIVE: The crisis in affordable rental housing, Part 2

With the Section 8 Housing Choice Voucher Program, low-income renters in the program pay 30% of their incomes toward housing, with the federally funded program paying the balance to the landlord up to a set maximum. Demand is so great, however, that thousands of families can linger for years on waitlists in some cities with no assurance they will ever receive a voucher. Created in the 1970s, it may be time to take a fresh look at the voucher system to ensure we’re effectively serving today’s households.

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California district court upholds constitutionality of CFPB

As the Consumer Financial Protection Bureau and PHH begin their oral arguments in their landmark case over the constitutionality of the bureau, there is one court that’s apparently on the CFPB’s side. A U.S. district court judge in the Central District of California defended the constitutionality of the Consumer Financial Protection Bureau after rejecting multiple challenges to the bureau’s authority.

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Black Knight Financial Services unveils municipal lien search

Black Knight Financial Services is rolling out a new tool that it will help identify municipal liens that would go unseen in a typical property report and are outside the scope of title insurance coverage. Here are the details.

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Have issues with the Zestimate? Zillow is offering $1 million to fix it

Zillow knows its “Zestimate,” the online real estate giant’s property value estimation tool, isn’t perfect. Even after years of consistently working on the algorithm that powers the Zestimate, Zillow still acknowledges that its Zestimate error rate is still 5% nationwide. But Zillow wants to do something about it, and it’s offering up a sizable carrot for anyone who can make the Zestimate better: $1 million.

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Fed minutes show June rate hike isn’t guaranteed

Despite common consensus that the Federal Reserve will raise interest rates in June, the latest Federal Open Market Committee meeting minutes created a seed of doubt. As a result, investors will likely be paying close attention to economic data released over the next several weeks.

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SEC accuses Texas mortgage lender of running massive Ponzi scheme

A North Texas man who raised nearly $23 million from investors under the guise of investing in the mortgage business actually used some of the money for his own personal use, while funneling money to a supposed concert promoter who claims to represent Taylor Swift and Drake, the Securities and Exchange Commission said this week.

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Guild Mortgage launches nationwide 1% down mortgage program

Guild Mortgage announced a new nationwide 1% down mortgage product to cater to the upcoming surge in Millennial homebuyers. To make the down payment so low, the borrower’s 1% down will be combined with a 2% grant from the lender. While it’s not the first lender to roll out a 1% down, there are a couple key factors that make Guild’s 1% down mortgage stand out.

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Fannie Mae rolls out Healthier Housing Rewards for multifamily properties

Fannie Mae this week rolled out a new program designed to boost the development of healthy living options for residents of multifamily properties. The program, called Healthy Housing Rewards, is an initiative that targets the developers and offers them an incentive to include healthy design features for newly constructed or rehabilitated affordable, multifamily rental properties.

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Freddie Mac: Cash-out refinance activity highest since the bust

This year is shaping up to outpace expectations thanks to a resurge in refinance demand, especially when it comes to cash-out transactions. In fact, according to Freddie Mac’s May Economic and Housing Research Outlook report, 2017 is performing so well that it increased its 2017 forecast for mortgage originations.

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Wednesday, May 24, 2017

Fannie Mae EXCLUSIVE: The crisis in affordable rental housing, Part 1

Multifamily construction didn’t really rebound after the crash until 2013. Even still, it’s playing “catch up.” In addition, construction of subsidized housing has declined as a percentage of all new multifamily construction and now represents only around a fifth of new construction annually – not enough to keep pace with demand. This is the first of a two-part EXCLUSIVE from Fannie Mae to readers of HousingWire.

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FHFA: Home prices continuing climbing in first quarter

Home prices rose during each month of the first quarter, continuing a climb that began in the early part of this decade, a new report from the Federal Housing Finance Agency showed. “The steep, multi-year rise in U.S. home prices continued in the first quarter,” FHFA Deputy Chief Economist Andrew Leventis said.

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NAR: Existing homes are flying off the market, but sales fall back from record pace

Existing homes stayed on the market for less time in April than in any month since 2011, but tight inventory drove a decline in existing home sales over March’s record pace, a new report from the National Association of Realtors shows. Here’s a full breakdown.

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MBA: Mortgage application rollercoaster continues

Mortgage applications continued a trend this week, bouncing back after falling the week before, the newest data from the Mortgage Bankers Association shows. The seesaw effect is in full effect, so to speak.

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Tuesday, May 23, 2017

Trump budget surprise: Gutting the CFPB

The impact of President Donald Trump’s 2018 federal budget proposal would certainly be felt in the housing industry via the 13% cut to HUD’s budget, but that’s hardly the only impactful move that the budget proposal holds. Buried on the second-to-last page of Trump’s budget is a move that is sure to please Trump’s fellow Republicans and many in the housing industry as well – gutting the Consumer Financial Protection Bureau.

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New American Funding commits to increasing Hispanic homeownership

New American Funding announced its new commitment with the National Association of Hispanic Real Estate Professionals to work towards increasing the Hispanic homeownership rate. This commitment ranges, from offering more Hispanics mortgages, to hiring and training those without experience to become mortgage professionals.

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Docutech expands into Scottsdale, Arizona

Docutech announced it will move its operations to Scottsdale, Arizona, as it plans future growth initiatives. The company’s new chief operating officer and 2013 Women of Influence winner Amy Brandt will lead Docutech’s new operations.

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Affordable housing groups say Trump budget would be catastrophic

Affordable housing advocates are taking a stand against President Donald Trump’s budget proposal which includes cutting several HUD housing programs. While the Treasury and even HUD itself spoke out in favor of the new budget proposal, one affordable housing advocate insists the budget would be catastrophic.

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Here's what Trump's proposed budget means for housing

The Trump administration released its full budget proposal which includes a $6.2 billion budget cut to HUD. The cut was announced back in March, but now the full budget reveals a detailed plan of which programs make the cut, and which won’t, if the budget proposal is adopted by Congress.

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Gamechanger: Zillow getting into home selling business with "instant offers"

In many ways, Zillow was one of the leaders in the online real estate revolution, helping to democratize the home buying process and enabling prospective buyers to search for their next home from the comfort of their current home. And now, Zillow wants to revolutionize the way that people sell their homes as well, as the online real estate giant announced this week that it is launching a pilot program called “Zillow Instant Offers.”

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Experts: New home sales need to double to hit historic norms

After several months of high gains in new home sales, sales of new single-family homes came tumbling back down in April. Many experts agree the drop was somewhat expected and remains high compared to last year. However, new home sales still lag behind the historic average.

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Treasury Secretary Mnuchin: Trump budget will reverse burdensome regulation

The president released his official full budget, and Treasury Secretary Steven Mnuchin expressed his full support. The secretary explains the budget’s cuts will encourage increasing efficiencies and decreasing the nation’s debt. But not everyone agrees.

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New home sales plummet more than 11% in April

New home sales plummeted in April from the previous month, possibly showing a new cooling in the market. As home sales dropped, so did home prices even as housing inventory increased. But does this mean the market is cooling off? Perhaps only time will tell.

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Monday, May 22, 2017

Court of Appeals set to hear landmark challenge to CFPB constitutionality

The Consumer Financial Protection Bureau’s moment of truth (in the courtroom, at least) is coming this week as the full Court of Appeals for the District of Columbia Circuit is set to rehear the landmark challenge to the agency’s constitutionality brought by PHH Corp. Here’s a breakdown of the case and a view of what’s coming next.

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Where are building permits keeping up with housing demand?

An interactive tool from NAR shows the need for new housing in different counties across the U.S. compared to the number of new building permits issued. Since the housing crisis, the number of counties hitting their peak levels of building permits decreased substantially.

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Consumer survey: Voters say CFPB should be run by a bipartisan commission

The highly contested leadership structure of the Consumer Financial Protection Bureau should be a bipartisan commission if it was up to voters to decide. The Consumer Bankers Association, the Independent Community Bankers of America, and the American Land Title Association teamed up to commission a poll of registered voters in key battleground states. Ever wonder what some consumers think of the CFPB?

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Fidelity National Financial acquires Hudson & Marshall

ServiceLink, the provider of transaction services to the mortgage and finance industries, is getting into the auction business thanks to its parent company buying one of the country’s top auction companies. On Monday, Fidelity National Financial, the title insurance giant and parent company of ServiceLink, announced that it acquired Hudson & Marshall.

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As foreclosure well runs dry, investors look to new builds

Build-to-rent homes continue to gain traction among builders and investors. As foreclosures continue to dwindle, many investors are looking for a different source of homes to rent out, and newly built homes could be the solution they are searching for.

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Financial Services Roundtable selects Anthony Cimino as head of government affairs

“FSR looks forward to having him at the helm as we look to modernize the financial regulatory system in a way that helps grow the economy while better serving and protecting consumers,” said FSR CEO Tim Pawlenty.

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Former JPMorgan Chase loan officer pleads guilty for $33 million mortgage fraud scheme

A former senior loan officer at JPMorgan Chase Bank admitted in court last week that he took part in a massive mortgage fraud scheme during the height of the mortgage boom that cost the bank more than $33 million. Here are the details.

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Embrace Home Loans adds new branch in Washington D.C.

Embrace Home Loans announced it added a new branch in Washington D.C. in order to accommodate and connect with more buyers in the area. “Our goal is to not only cultivate relationships with local real estate agents and buyers, but also to serve the diverse cultural needs of D.C. and the surrounding communities,” said Margie Hennessey, the new branch manager.

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Lack of housing construction leaving downtown overcrowded

More Americans want to live downtown, but the problem is there simply isn’t enough room for everyone. So who can afford to live downtown? The rich. Here’s how the home building picture currently looks and what’s needed.

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Supreme Lending expands territory in Southwest

Supreme Lending is opening a new branch in Denver, Colorado, as it expands its territory in the Southwest region. And this isn’t the end of the company’s expansion, as it plans to take on two more states later this year.

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California apartment complex to pay $20,000 for discrimination allegations

After being accused on several fronts for discriminatory acts against Latinos and families with children, the owners of a California Apartment Complex settled with HUD to pay $20,000. HUD released details on both the accusations and the settlement terms.

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Monday Morning Cup of Coffee: HUD budget shows cuts still run deep

The draft of HUD’s proposed 2018 budget calls for “increased responsibility on state and local governments and calls for the private sector to do more to meet community needs.” The proposed budget also eliminates the Housing Trust Fund, a program financed by Fannie Mae and Freddie Mac profits. Also, where is the next emerging market for mortgage lending? Here’s where, according to the CEO of Caliber Home Loans.

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Friday, May 19, 2017

CBO: Here's how much money Financial CHOICE will save the country

The results are in. The House Committee on Financial Services ordered the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, on May 4 to figure out the financial impact of the Republican-led Financial CHOICE Act, which is the leading option to replace Dodd-Frank. Turns out, the act could save the government billions of dollars.

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Bank of America settles lending discrimination claims brought by National Fair Housing Alliance

Bank of America will contribute more than $400,000 towards fair housing efforts in South Carolina and nationwide as the result of a settlement between the bank and the National Fair Housing Alliance over charges of lending discrimination, the fair housing group announced Friday.

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Rep. Barr reintroduces act to make CFPB spending accountable to Congress

Rep. Andy Barr, R-Ky., reintroduced the Taking Account of Bureaucrats’ Spending Act on Friday in attempts to make the budget of the Consumer Financial Protection Bureau subject to congressional appropriations. As it stands, the CFPB is funded directly by the Federal Reserve, which the Trump administration supports changing.

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Want to buy a home at the start of your career? Get one of these 10 college degrees

A new report from realtor.com shows which degrees are best for homeownership, and one degree stands out above the rest with the fastest path to homeownership. On the opposite end of the spectrum, educator degrees present the slowest path the homeownership as it would take nearly seven years to save up for a home.

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Can Hispanic homeownership finally boom under the Trump administration?

The current administration’s policies could be the best thing that could happen for Hispanics working toward homeownership. While other groups continue to see diminishing homeownership rates, Hispanic homeownership rates are on the rise, but remain significantly lower than rates among other ethnicities.

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Maryland woman gets 5+ years for widespread identity theft of Freddie Mac employees

A Maryland woman will spend more than the next five years in federal prison after being convicted of stealing the identities of more than 2,000 employees and affiliates of Freddie Mac and using those identities to fund a lavish lifestyle.

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[Video] BofA CEO: Introduction of standard 10% down payment mortgage would increase homeownership

As of late, lenders are focusing a lot more on changing the mindset behind the supposed 20% down payment requirement in order to help more potential homeowners. And the CEO of one of the largest banks is included in this new wave of thinking. And no, the change won’t add a bunch of risk into the market.

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Watchdog: The CFPB fails to properly secure confidential enforcement information

The Consumer Financial Protection Bureau’s Office of Enforcement fails to properly secure sensitive, confidential information, leaving the data available to both employees that no longer needed access to the data and former employees who left the bureau, a watchdog report found. Here are the details.

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Owning a home is within reach – but certain kinds of renters don’t care

With rising home prices, many Americans struggle to buy a home. For others, however, homeownership is within reach, they simply don’t care. In fact, renting can be a smart move for many who want the freedom to move around.

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CIVIC Financial Services names Merced Cohen director of operations

“I’ve had the pleasure of working with Merced for more than a decade, and her creative approach to operations, inspirational leadership style, and relentless pursuit for simplicity makes her a vital part of the business,” CIVIC president William Tessar said.

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Movement Mortgage opens new operations center in Virginia

Movement Mortgage may be less than 10 years old, but its imprint on the housing finance market continues to grow. In its latest venture, the billion-dollar mortgage lender announced it officially opened its new job operations center at Military Circle in Norfolk, Virginia.

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Ellie Mae: Closing time on a mortgage keeps getting faster

Time to close slipped for the third consecutive month, continuing to drop as the housing market moves away from refinance and toward purchase originations. Ellie Mae’s CEO credits the efficiencies companies are realizing as they embrace technology to improve the home-buying experience.

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Thursday, May 18, 2017

New York unveils $20 billion plan to fight homelessness, boost affordable housing

New York is taking homelessness and the state’s lack of affordable housing head-on with an ambitious new program announced Thursday by the state’s governor, Andrew Cuomo. According to Cuomo’s office, the state is launching a $20 billion, five-year plan to combat homelessness and advance the construction of affordable housing throughout the state.

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Genworth: First-time homebuyers just don’t understand down payments

A new survey of mortgage industry executives conducted by Genworth Mortgage Insurance breaks down what the industry believes is blocking new buyers from the housing market. To no surprise, the seemingly unattainable 20% down payment for first-time homebuyers continues to be one of the biggest barriers into homeownership. Here’s what else the survey found.

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Americans fall deeper into debt than ever before [Charts]

Americans are taking on more debt than ever before, as the level of consumer debt just surpassed its 2008 peak. After nine years, debt levels recovered from the recession. And over the past century, household debt growth is even more substantial. These charts explain the growth patterns.

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NAR: Existing home sales will see best year since 2006

As prices go up, existing home sales are on track to hit the highest sales pace since 2006, a new forecast from the National Association of Realtors shows. However, the housing market will still face various headwinds, including lack of economic growth, which could hold back the sales pace.

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FHFA's Watt reiterates that housing finance reform must come from Congress

On Thursday, while Department of the Treasury Secretary Steven Mnuchin told members of the Senate about the Trump administration’s plans for housing finance reform, Federal Housing Finance Agency Director Mel Watt said that the heavy lifting on housing finance reform needs to come from Congress.

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JMAC Lending hires Michael Falce as VP of correspondent lending

Falce will be responsible for building the California-based company’s delegated and non-delegated correspondent business and expanding non-agency product and service offerings for mid-sized mortgage companies, credit unions and banks.

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Fitch Ratings to servicers: It’s imperative you maintain robust IT security

The massive amount of data and money that passes through the mortgage finance industry makes it extremely susceptible to attacks from hackers. Plus, it’s not a matter of if it will happen; it’s already going on, and the threat of cyberattack is only increasing. Fitch Ratings is making sure it is staying in front of the problem and is stressing the importance of a robust information technology for servicers.

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Mortgage data isn't secure: Here's why and how to fix it

The mortgage market suffers from a security dichotomy — haves vs. have-nots. The biggest players boast well-advanced security and large, dedicated security teams, while the smaller companies struggle. This means that the risk of a major attack is growing.

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Freddie Mac selling off $292 million in previously modified loans

Freddie Mac announced Thursday that it intends to sell off approximately $292 million in previously modified loans from its investment portfolio. According to details provided by the government-sponsored enterprise, the pool of loans consists of loans with step-rate modifications and loans modified under GSE proprietary modifications.

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Treasury Secretary Mnuchin: Expect GSEs to continue paying dividend

Treasury Secretary Steven Mnuchin addressed the Senate Committee on Banking, Housing and Urban Affairs on the future of housing reform. He explained while tax reform has taken up most of his time until this point, the second half of the year will see a higher focus on GSE reform. And what about the FHFA director’s proposal to suspend the dividends? Mnuchin said that’s a no-go.

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Freddie Mac: Mortgage rate decrease expected to continue

Mortgage rates saw a slight dip this week, hovering just above the 4% market. However, the decrease is not over yet, and will continue into next week after the Wednesday’s sell-off. The recent turmoil in the Capitol sent the 10-year Treasury tumbling, and mortgage rates will likely soon follow.

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Wednesday, May 17, 2017

New cryptocurrency cyber attack appears to be underway

Only days after the world stabilized from the WannaCry ransomware attack, experts say there is already another large cyber attack underway and it could make last week’s attack look like child’s play.

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Long Island community with Nazi-linked past ordered to end housing discrimination

A Long Island community with a history of connections to the Nazi Party must end its practice of only allowing whites of German heritage to buy a home in the area, the New York Attorney General declared on Wednesday. Here are the details on the German American Settlement League, a community in Yaphank, New York.

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[Video] SoFi CEO on growing appeal of the fintech model

SoFi managed to be one of only two housing finance-related companies on CNBC’s fifth annual Disrupter 50 list. CNBC described its list as forward-thinking start-ups that have identified unexploited niches in the marketplace and have the potential to become billion-dollar businesses. Here’s how SoFi CEO Mike Cagney describes what’s made SoFi successful.

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TransUnion: Americans will stop paying mortgage before car payment, other loans

When it comes to paying their debts in a time of financial distress, Americans have higher priorities than paying their mortgage. A new study from TransUnion shows personal unsecured loans take the top priority, and that isn’t the only loan type that takes priority over mortgages.

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Warren, Lankford lead bipartisan effort to shine light on government settlements

For the third time in the last four years, Sen. Elizabeth Warren, D-Mass., is leading a bipartisan push to shed some light on how the government reaches the occasionally massive settlements with businesses for various forms of misconduct. Here are the details on the “Truth in Settlements Act.”

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Treasury Secretary Mnuchin to address Senate Banking Committee on GSE reform

Treasury Secretary Steven Mnuchin is scheduled to appear before the Senate Committee on Banking, Housing and Urban Affairs. Reportedly, the hearing will focus on Mnuchin’s thoughts on GSE reform. One analyst explains how the secretary’s response will indicate if Fannie, Freddie reform is truly a priority for this administration.

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Turmoil in Washington sends Dow plummeting

This week’s scandals in Washington finally caught up with the financial market, sending the Dow plummeting with a drop of more than 250 points. And this drop could soon spill over into mortgages as the 10-year Treasury also sees decreasing rates.

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Everyone is convinced CFPB Director Cordray will run for Ohio governor

As quickly as rumors started to spread that President Donald Trump should fire Consumer Financial Protection Bureau Director Cordray, so did talks that he will leave the bureau to run for Ohio governor. But that’s not to say that both couldn’t technically happen. Is Cordray ready to say goodbye D.C. and hello to his home state of Ohio?

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FirstClose names Jorge Ponce director of business development

“With his experience and background in the credit union space, Jorge will deliver exceptional results to our financial institution partners,” said Tedd Smith, First Close’s co-founder and chief executive officer.

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McConnell throws cold water on Republican Dodd-Frank repeal efforts

The Financial CHOICE Act, the Republican-crafted replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act, may enjoy the support of the House Financial Services Committee, the Trump administration, and even President Donald Trump himself, but the Senate’s top Republican said this week that he believes that the bill may never make it to President Trump’s desk.

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LendingHome receives Fannie Mae seller and servicer approval

LendingHome announced it received Fannie Mae seller and servicer approval. The news allows the company to expand its consumer home financing business. And that’s not the only big news coming from the company. Along with the approval, LendingHome announced a new chief financial officer.

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New home sizes continue to shrink

Home sizes continue to shrink at the start of 2017. During the first quarter, both the median and average home prices decreased, following the new trend. Decreasing home sizes are typically signs of an oncoming recession as buyers tighten their budget, but NAHB explains the reason for this current trend.

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MBA: Mortgage applications drop back down

Mortgage applications dropped in the Mortgage Bankers Association’s latest survey. The decline follows a recent seesaw in mortgage applications, as refinance volume falls to record lows. But as applications waver, the average loan size for purchase applications jumped to a survey high.

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Tuesday, May 16, 2017

Goldman Sachs: No bubble for U.S. home prices. But what about other developed nations?

Home prices continue to rise in the highly-competitive market in the U.S., but how do we stack up internationally? As it turns out, while the U.S. was facing a housing crisis, other developed nations home prices only kept increasing. Is this what a global housing bubble looks like?

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Mnuchin's OneWest subsidiary agrees to $89M settlement for reverse mortgage violations

Treasury Secretary Steven Mnuchin may be done with the OneWest Bank and its subsidiary, Financial Freedom. But it appears that another section of the government isn’t done with Financial Freedom quite yet. The Department of Justice announced Tuesday that Financial Freedom agreed to an $89 million settlement over reverse mortgage allegations, some of which allegedly took place while Mnuchin was chairman of OneWest.

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You've been warned: CFPB puts Realtors, lenders on RESPA violation watch

RESPA — the Real Estate Settlement Procedures Act — is a current buzzword in the housing industry with an increased scrutiny from the industry’s top consumer watchdog. So far this year, the Consumer Financial Protection Bureau slapped Prospect Mortgage with a $3.5 million fine for violating RESPA and stepped up it ongoing investigation into Zillow for possible violations. If you’re looking for a sign, here it is.

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Fannie Mae: Consumer spending growth to pick up in Q2

Despite the slowdown in economic growth in the first quarter, Fannie Mae remained unchanged in its economic growth forecast, saying consumer spending is set to pick up in the second quarter. And while economic growth slowed in consumer spending, housing remained solid throughout the quarter.

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Trulia: Here's the impact of Trump's tax reform plan on the housing market

President Donald Trump’s tax reform plan revealed at the end of April will not severely disrupt the health of the housing market. Even though there are distinct cohorts that will be impacted, Trulia believes that the housing market, overall, will not be worse off.

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Tech startup that matches buyers, sellers with real estate agents raises $27 million

An Austin, Texas-based real estate startup that claims its technology can match qualified homebuyers and sellers with real estate agents in real-time announced recently that it plans to grow its platform significantly thanks to a sizable capital raise. Meet Opcity.

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Homeowners keep getting better at paying their mortgage

Consumers are steadily getting better at paying their mortgage with fewer and fewer loans moving into the foreclosure process. Two recent reports showcase this trend: The National Delinquency Survey and the S&P/Experian Consumer Credit Default Indices report. Here’s how they rate the current state of the default market.

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Hackers reportedly steal "millions" of email addresses from DocuSign

Beware real estate agents and mortgage professionals. DocuSign confirmed on Tuesday that a malicious third party gained temporary access to a separate, non-core system to steal possibly more than 100 million email addresses. DocuSign is quickly alerting people and recommending them to take the following steps to ensure the security of their email and systems. Click the headline to read more.

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Experts: New home starts create bottleneck to economic recovery

Housing starts dropped in April, and economists explain the severe consequences this has on the housing market and the economy. One economist states that the slow pace of construction of new homes is a major bottleneck to a faster economic and housing recovery.

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Stearns Lending CEO Brian Hale steps down

Over the last the last few years, Stearns Lending saw its mortgage origination volume grow from $5.7 billion in 2011 to $26 billion last year. Overseeing that growth was CEO Brian Hale, who joined the company in 2012. But Monday, May 15, 2017 was Hale’s last day as Stearns Lending’s CEO.

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New home construction takes a blow in April

Following last month’s slowdown in new home construction, April continued the slow movement as building permits fell and housing starts decreased. Starts for single family homes were up slightly from the month before, but with building permits down, the increase may not last long.

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What does the renewed CFPB RESPA investigation into Zillow mean for our industry?

With a steady stream of enforcement actions and regulations coming out of the Consumer Financial Protection Bureau over the years, the industry doesn’t take the possible threat of getting a violation lightly. So with the possibility that Zillow could be violating RESPA, the industry is left to wonder what its next steps forward should be.

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Democratic committee ranking members urge review of Financial CHOICE Act

Democratic House committee ranking members are working to make sure their respective committees don’t glaze over the Financial CHOICE Act. Now that the act is on its way to the full House of Representatives for a vote, it’s up to the ranking members of other committees to help block the bill.

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Flagstar finalizes acquisition of Opes Advisors

Flagstar Bancorp announced Monday that it closed on its acquisition of “certain assets” of Opes Advisors, a full-service mortgage bank and financial advisory firm. The acquisition, which was first announced in April, will expand Flagstar’s mortgage lending operations in the Western part of the country.

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Fannie, Freddie cut mortgage modification interest rate for first time in 2017

After four months of leaving the benchmark interest rate for standard mortgage modifications at an 18-month high, Fannie Mae and Freddie Mac recently announced that they are cutting the benchmark rate. Here are the details.

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Citizenship applications soar, and that means more potential homeowners

The number of immigrants applying for citizenship jumped to the highest level in four years in 2016, creating new implications for the housing market. Here is what might have caused the sudden surge, and what it means for the housing industry.

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Monday, May 15, 2017

Safeguard Properties adds two to management team

The field servicer adds Sheilla Lienerth as assistant vice president of client relations and Lisa Nicholas joins as director of finance and accounting.

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Need a mortgage in California? Realtors say you better earn this much money

While it’s only a small improvement, California still managed to record an increase in home affordability. However, a look at different counties across the states shows that geographical location makes a difference. Here’s a break down of how much home shoppers need to make in order to own a home in the top counties.

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Philadelphia sues Wells Fargo over discriminatory lending

Earlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove. Now, the city of Philadelphia is taking that challenge head-on and suing Wells Fargo for alleged discriminatory lending practices against minority borrowers. Click the headline to read more.

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Homebuilder confidence soars in May

Builder confidence increased in May, reaching its second highest reading since the housing crisis. This confidence is in spite of the growing costs of material and labor, and shows consumer confidence is growing in the new home market.

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Realtors: Homebuyers flooded housing market in first quarter

Home sales increased in the first quarter to the fastest sales rate in a decade. However, as home sales increase, housing inventory is pushed lower and home prices continue to rise. During the first quarter, home prices increased at their fastest pace in two years.

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Here are 3 ways to help consumers make better home-buying decisions

Consumers spend more time selecting a TV than choosing their lender or real estate agent. So what we can do differently in the lending process and with our real estate partners to fix this? Here are three tips to ensure we arm the consumer with what they need to make a better decision during the home-buying process.

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Monday Morning Cup of Coffee: CFPB deepens probe into Zillow for RESPA compliance

Things are heating up in the government and the housing market. The Consumer Financial Protection Bureau is deepening its investigation into Zillow’s compliance with the Real Estate Settlement Procedures Act, just as the of the government is simultaneously looking into the constitutionality of the bureau itself. As far as housing, what’s causing homes to fly off the market in Dallas?

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Friday, May 12, 2017

Why don’t potential homebuyers shop around for their mortgage?

Consumers are used to comparing flights and hotel prices, and yet when it comes to the biggest financial purchase they will ever make, buying a home, they choose to go with the first lender they find. Chris Meyer, co-founder at Magilla Loans, an online loan comparison site, explained why this is and what home shoppers should really be doing.

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Urban Institute explains real reason for housing crisis

A new study from the Urban Institute shows government policies aimed at increasing first-time buyers were not the cause for the housing crisis. In fact, new data shows it may not have been purchase originations at all, but refis that caused the crisis.

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Trump rumored to tap Brian Montgomery to lead FHA

President Donald Trump is reportedly going to tap Brian Montgomery to run the Federal Housing Administration. However, if accepted into the position, it will be Montgomery’s second time as FHA commissioner. He previously held the job under Former President George W. Bush.

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Amazon to use Seattle office space for new homeless shelter

After being criticized for not donating to any sort of charities like some of its other competitors, Amazon is looking to change that with its new project for Seattle’s homeless population. The company is constructing a new office building, but will donate about half its space to a local homeless shelter.

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Here's why getting started with digital mortgages is less complicated than it seems

There’s been a huge amount of discussion about how consumer lending is quickly going digital. The appetite we’re seeing in the market for digital solutions has grown significantly in the past couple of years and will only continue to increase. However, there is also a lot of talk about the obstacles surrounding the adoption digital mortgages. But the truth is that it doesn’t have to be so complicated.

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Who can attract the young workforce in mortgage finance?

How many of you knew you wanted to go into the housing industry? Looking at the current state of the market, we so desperately need more young entrants into the field. It’s time to fix this. HousingWire’s Rising Stars are the perfect example of young industry professionals who are moving the market forward. And they’re here to share their thoughts on how to help others get there too.

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Kushner Companies skipping out on Chinese property investment event

After coming under fire for its last event with Chinese investors, Kushner Companies, owned by the family of the president’s son-in-law and senior advisor, is sitting this weekend’s event out. The company announced it does not plan on making an appearance at the event in China this weekend that will offer U.S. immigration visas in exchange for investments.

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New York regulators expand NMLS to broaden authority

The New York Department of Financial Services announced it is expanding its use of the Nationwide Multistate Licensing System and Registry. The department currently employs NMLS to manage and regulate mortgage providers licensed in New York. But now, it plans to use the NMLS for additional financial services industries.

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More and more Americans think they are due for a raise

Consumer confidence increased slightly at the beginning of May, and Americans are now more optimistic about income expectations than they have been in 12 years. One economist explains the state of consumer optimism, and some of the underlying trends.

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RBS in talks with FHFA to settle multibillion-dollar lawsuit over mortgage-backed securities

Royal Bank of Scotland continues to try and clean up the aftermath of the financial crisis, but it’s not happening easily. While the bank is reportedly in talks to finally settle one of the two major U.S. investigations into mortgage-backed securities it sold during the financial crisis, its case with the Department of Justice is at a standstill due to a number of empty key positions at the DOJ.

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They're back: Wells Fargo prepares to issue private-label mortgage bonds

Wells Fargo is preparing to jump back into the private label securitization market for the first time since the housing crisis. While previous practices caused investors to lose interest and even forced the company to pay up to the FHFA, Wells Fargo is now seeking to bring back confidence in private mortgage-backed securities.

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Thursday, May 11, 2017

Freddie Mac explores credit-risk transfer idea to gain more REIT investors

Freddie Mac announced that it’s contemplating making a change to the structure of its Structured Agency Credit Risk (STACR) transactions in order to try and gain more investors. “From our preliminary analysis, which we’ve laid out in an accompanying fact sheet, we believe the potential enhancement to STACR would not disrupt the To Be Announced market,” said Mark Hanson, senior vice president of securitization with Freddie Mac.

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Docutech hires Amy Brandt as president and COO

Docutech, a provider of document and compliance technology for the mortgage industry, named Amy Brandt as its new president and chief operating officer. Brandt brings more than 20 years experience to the position, including executive positions at New Penn Financial and Prospect Mortgage.

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Homebuilders switch gears, look to starter homes

Homebuilders are moving away from building luxury homes and looking towards catering to the growing market of Millennial homebuyers. While previously the housing recovery has been divided, focusing on higher end real estate, that is now starting to change.

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Industry response: CFPB should proceed with caution on small business lending rule

The Consumer Financial Protection Bureau is gearing up to assess the problems small businesses face, starting with a request for information from interested parties. The request falls under a requirement of Dodd-Frank that the bureau must uphold. And so far, industry response is mixed, advising the bureau to proceed with caution.

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Urban Institute: Demand for institutional SFR financing will grow

Fannie Mae recently peeked into the single-family rental space, and the FHFA began to examine the possibility of GSE involvement in the SFR market. The Urban Institute published a report, explaining why Invitation Homes was a good place for Fannie to begin, and what the GSEs should focus on when deciding their future role in the market.

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Fannie Mae makes plan to draw more REIT investors into credit-risk transfers

Fannie Mae proposed a new structure to its benchmark Connecticut Avenue Securities credit risk transfer program to potentially help draw in more Real Estate Investment Trust investors. If done well, the move should avoid any disruption of the To-Be-Announced Mortgage Backed Security market.

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HUD rental assistance capital investment doubles from last year

The U.S. Department of Housing and Urban Development is celebrating its most recent milestone of reaching $4 billion in capital for its Rental Assistance Demonstration. This is double where the program stood this time last year. HUD explains what these funds will be used for, including much-needed repairs to affordable housing stock.

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Housing affordability slightly improves despite market headwinds

Housing affordability managed to slightly improve in the first quarter of 2017, overcoming rising interest rates and other market headwinds. And despite barriers to the housing recovery, builders are reporting confidence and solid traffic in many markets.

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Freddie Mac: Mixed economic reports hold average mortgage rate at 4% mark

Mortgage rates increased slightly this week, but remained close to the 4% mark. Freddie Mac’s chief economist explained rates were holding steady after a week of mixed economic reports.

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FHFA Director: Next year, taxpayers will foot any Fannie, Freddie losses

In a testimony before the U.S. Senate Committee on Banking, Housing and Urban affairs, the FHFA director explained the urgent need for GSE reform. He calls the 0% buffer irresponsible, and says taxpayers could feel the burden of the decision next year.

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Wednesday, May 10, 2017

Texas orders Ocwen to stop acquiring new mortgage servicing rights

The Texas Department of Savings and Mortgage Lending recently ordered Ocwen Financial Corporation to cease and desist. The state is adding its name to a growing list of states and regulators coming after the mortgage servicer over alleged violations of state and federal law.

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Foreclosure activity drops to lowest level since 2005

Foreclosure activity plummeted in April by a full 23% from last year to its lowest level since 2005. And foreclosure starts dropped in April as well, remaining at levels far below even the pre-crisis years.

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North Carolina officially completes first-ever eClosing

North Carolina passed a major milestone in the housing finance industry this month, performing its first ever eClosing. With the help of North State Bank, North Carolina hopes to make 100% electronic mortgage closings the new standard. This is major news for a state that is known to have a more stringent eNotary law.

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Despite relief, independent mortgage bankers say Financial CHOICE Act still needs work

The Financial CHOICE Act that recently passed the House Financial Services Committee provides regulatory relief for independent mortgage bankers. But one additional provision is needed to ensure that small IMBs are treated the same as banks are under the bill. Why can’t independent mortgage bankers have the same exemptions as other banks?

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Fannie Mae announces latest non-performing loans sale

Fannie Mae began marketing new pools of non-performing and reperforming loans, with bids due by various dates in June. In the non-performing loans category, the company designated its seventh and eighth Community Impact Pool designed to help small investors. Here is more on the company’s new offerings.

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Bond traders grow more confident in September rate hike

With a June rate hike all but decided upon by bond traders and other industry experts, the attention is now on September. Since last week, the chances of a September rate hike doubled, according to bond traders, meaning 2017 could indeed see three rate hikes.

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Chase Mortgage offers new credit card award program for Millennial mortgage customers

There are about to be a wave of Millennial homebuyers, and Chase Mortgage is stepping up to serve them. The bank is trying something new to create added incentive for young homebuyers to secure a mortgage through the bank. Already have a Sapphire credit card with Chase? This announcement is for you.

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Here are the best places for college grads to live

Just in time for graduation season, a new study conducted by Trulia shows the most promising housing areas for those new graduates. The study compares affordability with the number of jobs available to recent grads, and the salaries they are paid, to find the six areas that rank as the best metros for college grads to live.

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Black Knight updates LOS to align with upcoming HMDA requirements

Black Knight Financial Services announced updates to its flagship loan origination system, LoanSphere Empower, which includes updates to support the Consumer Financial Protection Bureau’s expanded data collection requirements under the Home Mortgage Disclosure Act. As it stands, most of the provisions of the HMDA final rule will take effect on Jan. 1, 2018.

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MBA: Mortgage applications post slight uptick

Mortgage applications marginally increased from one week earlier thanks to a boost in purchase demand. Both the seasonally adjusted Purchase Index and the seasonally adjusted Conventional Purchase Index reached new highs in the latest report.

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CFPB director: Small business lending should mirror mortgage regulations

CFPB Director Richard Cordray announced the first step towards new regulation at the Small Business Lending Hearing in Los Angeles. He explained there is a lack of accessible credit for small business owners, and plans to create new regulation that would require lenders to report more info regarding their lending habits to small businesses. In the meantime, he calls upon lenders to respond to the CFPB’s request for information.

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Tuesday, May 9, 2017

Ocwen and Radian Guaranty showdown in court for alleged breach of contract

Radian released its 10-Q filing which disclosed an ongoing battle with Ocwen Financial. While Ocwen attempts to sue over an alleged breach of contract and other failings, Radian says these claims are without merit, and vows it will fight back.

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Here’s how to expedite REO disposition and reduce holding costs

Financial institutions of every size are trying to accelerate REO asset disposition, reduce holding costs and limit liability. Chronos Solutions recently tackled this problem and shows how in this case study.

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SEC probes single-family rental bonds

The Securities and Exchange Commission is said to be investigating whether bonds backed by single-family rental homes are using overvalued property assessments. Green River Capital revealed in a regulatory filing that it was one of the market participants that received a request for information. However, it probably wasn’t the only one and probably won’t be the last.

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CoreLogic: Foreclosures sink to lowest level since 2007

Foreclosures and serious delinquencies continued to drop in February, hitting its lowest point since 2007. However, while foreclosures are down nationally, the East Coast continues to lag. And even nationally, February saw an uptick in early stage delinquencies.

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Trump administration: Dodd-Frank reform will take longer than originally planned

The Trump administration is going to need more time to review Dodd-Frank, extending the timeline beyond its original June target. And when it does start to announce changes, don’t expect it come all at once. So what will be the first priority of changing Dodd-Frank?

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Financial Services Committee: Democrats made the case for firing CFPB Director

House Financial Services Committee Chairman Rep. Jeb Hensarling, R-Texas, is on record plenty of times urging President Donald Trump to fire Consumer Financial Protection Bureau Director Richard Cordray. This latest take, in a post on Medium by the Financial Services Committee, however, presented the case for firing Cordray in a different way. Instead, they said that Democrats unintentionally created a case to fire Cordray.

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Treasury: Mnuchin never claimed Fannie, Freddie profits specifically funded Obamacare

In an interview last week with FOX Business Network’s Maria Bartiromo, Treasury Secretary Steven Mnuchin mentioned that profits of Fannie Mae and Freddie Mac may be used to fund non-housing Federal programs. This lead some to [wrongly] assume he meant specifically funding Obamacare. He didn’t. This is what he really meant.

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Here are the top 10 metros for empty nesters

As the Baby Boomer population continues to age, the population of empty nesters is growing larger, hitting 15.5% of all households in 2015. But where these empty nesters choose to live may actually surprise you. Using data from the U.S. Census Bureau, Zillow names the top 10.

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Banks petition Mnuchin for help in fighting new loan rule

A new rule from the Financial Accounting Standards Board is set to take effect in 2019, but some regional banks are fighting back. In fact, they even sent a letter to Treasury Secretary Steven Mnuchin, asking him to review the rule and explaining it could make borrowing more expensive.

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Monday, May 8, 2017

Kushner family tells Chinese property investors: Welcome to America

Kushner Companies came under fire after an event in Beijing with Chinese investors. The company told investors about the opportunity for a visa to the U.S. if they invested at least $500,000. While this tactic is nothing new, the company has been criticized for name dropping Jared Kushner, the president’s son-in-law and White House senior adviser, in its marketing materials. Here’s what the company said about the allegations.

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MERS wins in four Pennsylvania county lawsuits

MERS announced it locked in another court victory on Monday. The Commonwealth Court of Pennsylvania, by a majority opinion, ruled in MERS’ favor in four lawsuits filed by the recorders of four Pennsylvania counties. This is the latest in a string of lawsuits that have cropped up since the financial crisis.

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Fannie, Freddie release official strategy to serve underserved markets

Fannie Mae and Freddie Mac released their three-year plans for Duty to Serve Underserved Markets. Now, the FHFA is asking for feedback from the industry. The Duty to Serve program, mandated by the Housing and Economic Recovery Act of 2008, requires the GSEs to lay out their plans to serve three specified, underserved markets to deliver more affordable housing.

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Former Ginnie Mae president says Fannie and Freddie reform takes "real work"

The former Ginnie Mae president recently told the Mortgage Bankers Association in an interview that he is pretty confident the 115th Congress can finally tackle GSE reform. But to what extent and how effective the Trump administration can be in conquering the reform of Fannie Mae and Freddie Mac remains to be seen.

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Fannie Mae: Consumer housing optimism rebounds in April

After the slight dip in confidence in March, consumer optimism rebounded in April, even hitting a new survey high regarding the ease of getting a mortgage. Only one section of the survey saw a decrease in optimism – less Americans reported that now is a good time to sell.

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Here’s how brokers can reach Millennials

Mortgage brokers have a great opportunity to do more business with home-buying Millennials in 2017, and it will be an easier task than one might have expected. It comes down to educating them on the mortgage process and why brokers are the best option, as opposed to overhauling their mindset.

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Monday Morning Cup of Coffee: Impact of GOP healthcare bill on finance market

Billionaire Warren Buffet explained what GOP’s healthcare bill could mean for business owners, saying it could have an even greater impact on the economy than Trump’s proposed corporate tax cut. Also, D.C. is forfeiting millions of dollars for affordable housing because it can’t meet its deadlines, so there’s that. And speaking of losing millions of dollars, here’s the latest in the Wells Fargo fake accounts scandal.

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CBO: Here's when Fed will stop raising interest rates

The Congressional Budget Office published its economic forecast for the next few years, which included several interest rate hikes. According to the forecast, the federal funds rate will continue to increase several times each year before it levels out at 3%. Here’s their prediction of how high rates will rise, and for how long.

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Friday, May 5, 2017

Radian kicks off 2017 with higher net income and new mortgage insurance written

Mortgage insurer Radian Group started the year off with success in several key parts of its business, including increasing its net income from last year. The other two key areas of growth were Radian’s book value and new mortgage insurance business written. Radian’s new CEO, Rick Thornberry, gives his thoughts on the earnings.

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Trulia: Majority of homes remain priced below pre-recession peak

Many reports show home values soaring to new heights and surpassing pre-crisis peaks, however Trulia’s new study shows while the median home price is up, the majority of homes are still lagging behind their pre-recession levels. In fact, all homes may not regain their full pre-recession value until about 2025.

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2017 poised to be landmark year for e-notarization adoption

The prevalence of digital technology, the trend to reduce paperwork, the goal to save time and money and the need to increase security have converged in the growth in e-notarizations. For proof, look no further than all the national organizations that are increasingly endorsing e-notarizations and remote notarizations. And this is only the beginning.

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Should servicers still be outsourcing REO disposition?

As the foreclosure crisis continues to shrink in the rearview mirror, many in the mortgage industry are starting to breathe easier. Default rates have been dropping steadily and most forecasters expect that trend to continue. By all accounts, our industry is moving well into the recovery. However, for some players, including the nation’s banks and capital markets investors who have invested heavily in distressed loan portfolios, this is misleading.

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Ben Carson responds to letters from soon-to-be ghost town

Subsidized housing in the small town of Cairo, Illinois, has seen its final days and will soon be demolished, sending about 200 households packing. Despite the complexes’ horrendous living conditions, many residents are opposed to leaving their homes. Here is how HUD Secretary Ben Carson responded.

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Aaron Hernandez home listing claims most weekly views

Just a week after NFL star and convicted murderer Aaron Hernandez was found in his prison cell after an apparent suicide, his former home gathered the most views for the week on an online website. What’s more, after being on the market for more than a year at $1.3 million, the house is now under contract.

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Experts weigh in: Positive jobs report fails to fix what’s wrong with housing

Economists agree that the April jobs report proved the economy is moving along at a healthy pace despite the disappointing job numbers in March. But when it comes to the housing market specifically, this positive report does little to help the factors that are really blocking growth in the industry. Here, top housing economists explain what the news means for the bottom line in housing.

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Economy adds 211,000 jobs in April

After the previous jobs report came in below expectations, April job report bounced back up, getting close to the strong levels posted in February. Meanwhile, both the unemployment rate and the number of unemployed persons barely moved.

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Interest rates slightly dent Fannie Mae's first quarter profits

Fannie Mae started off the year off profitable but still struggled to compete with the gains witnessed at the end of 2016. According to its first-quarter earnings, Fannie Mae’s net income came in at only a little more than half of what it posed in the fourth quarter. Regardless, the government-sponsored enterprise expects to pay Treasury a $2.8 billion dividend in June 2017.

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Thursday, May 4, 2017

CFPB begins process to review the mortgage servicing rule

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB must review some of its rules within five years after they take effect. So which rule is up for review next? The 2013 RESPA Servicing Final Rule. If you have thoughts or feedback on this rule, now is the time to tell the CFPB.

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NMI Holdings' net income rises to $5.5 million in first quarter

NMI Holdings, the parent company of National MI, posted a stronger quarter compared to a year ago, with its net income increasing to $5.5 million, or $0.09 per share. This is a significant improvement from its net loss at the start of 2016.

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Zillow revenue hits record highs in first quarter

Zillow reported its first quarter earnings, showing revenues hit record highs. Site traffic also hit new highs, and the company updated its forecast for its full-year revenues. Now, if revenues hit the midrange of Zillow’s new forecast, it will represent an increase of 25% from 2016.

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United Wholesale: Closing times are still too long

In his monthly 3 Points video, which examines the latest trends in the real estate and mortgage industry, United Wholesale’s CEO pointed out that while time to close a loan is dropping, it is still too long. He talks about how brokers can capitalize on the longer closing times.

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Financial CHOICE Act narrowly passes committee, next stop House

After three days, the Financial Services Committee passed the Financial CHOICE Act, H.R. 10. The act faced a lot of opposition from committee Democrats, including a forced three-hour delay during the mark up session. But despite all the political theatre, the CHOICE passed out of the committee and is headed to the full House of Representatives.

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Black Knight adds Dave Hurt to Data & Analytics division

“Dave’s knowledge of secondary mortgage markets and his extensive and trusted relationships with key market players will help us to strengthen and expand Black Knight’s industry position,” said Kevin Coop, president of BKFS’ Data & Analytics division.

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[Video] Bank of America CEO: Don't break up the big banks

The Trump Administration recently stated that they are actively considering splitting giant banks. So, coming from the leader of one of the biggest banks, Bank of America CEO Brian Moynihan explained why this idea would harm the financial system.

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Think your 6-digit salary is enough to live in San Francisco?

With home prices in the San Francisco area reaching new heights, higher incomes are needed to live in the city. In fact, now even a six-digit salary could land you in the low-income category in one of the U.S.’s most expensive cities.

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Freddie Mac: Mortgage rates hover near 4% mark

Mortgage rates held steady this week as the 30-year mortgage changed by only one basis point. Freddie Mac explained the market is erring on the side of caution after last week’s weak GDP growth and the Fed’s decision against raising interest rates.

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Stonegate Mortgage sees 555% increase in revenues in first quarter

Stonegate Mortgage reported a significant increase in revenues during the first quarter, and a drop in its net losses. The company explains the reason for the drop from last year’s revenues, and reports the latest on its origination and servicing portfolios.

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Nationstar revenues plummet in first quarter

Nationstar’s income in the first quarter was led by its servicing department, however it still came in as a significant loss from last quarter. Net income, in fact, barely broke even as it came in at just $2 million, or $0.02 per diluted share.

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Wednesday, May 3, 2017

Seriously delinquent mortgages drop by 1.2 million homes annually

While delinquencies are down from last quarter, they are significantly lower from last year. ATTOM Data solutions released its latest report, showing serious delinquencies in the first quarter were influenced by events such as catastrophic flooding in Baton Rouge, Louisiana.

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Freddie Mac announces settlement of Seasoned Credit Risk Transfer offering

Freddie Mac announced on Wednesday the settlement of its second Seasoned Credit Risk Transfer offering. The move shifts even more credit risk to investors as part of a plan to reduce the overall risk of the government-sponsored enterprises.

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Experts agree: Chances of recession are rising

First American’s chief economist explained the significance of the Fed’s quantitative easing program, and explains what the chances really are of a recession in the next 12 months.

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Parents, here’s how Fannie Mae’s new student debt relief programs will work for you

Last week, Fannie Mae unveiled three new programs to help current homeowners and future homebuyers who are blocked from eligibility and refinancing by the burden of student debt. Here’s how it will work for you.

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Here's how Fannie Mae is transforming itself for customers

Fannie Mae looks to improve the user experience for its own customers with its Lender Journeys initiative. It increased the number of its agile teams from 90 to 145 and brought in design thinkers to make the process as intuitive as possible. The company also brought lenders into the development lifecycle so that it gets feedback in every part of the process.

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FOMC unanimously votes against raising interest rates

The Federal Open Market Committee unanimously voted to hold off on raising interest rates in May after announcing a rate hike the previous meeting. The FOMC’s decision in its last meeting in March to raise rates marked the second time in three months and the first time in 2017.

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Houston becomes latest metro to add big data for Realtors

The Houston Association of Realtors signed a contract with a data and analytics provider to bring its services to the Houston area. This game-changing technology will help more than 36,000 Realtors market to potential home sellers.

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Comptroller of the Currency Thomas Curry to step down May 5

Thomas Curry will officially step down as comptroller of the currency on May 5 after more than five years at the helm. Curry completed his five-year term on April 9, and rumors started to spread as early as March on who the possible replacement would be. In the meantime, Keith Noreika will serve as acting comptroller of the currency.

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ADP predicts moderate job increase in April

ADP’s employment report shows April will see an increase in jobs. While it is much lower than March’s prediction, it is also significantly higher than the job increase in March. The bad news, however, is the report predicts a decrease of about 2,000 construction jobs.

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Ellie Mae report shows most popular metros for Millennial homebuyers

Millennials are flocking to one part of the country, according to Ellie Mae’s Millennial tracker. The tracker released this month’s latest trends as the credit box opened for Millennials and refis continued to drop.

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Democrats force delay in Financial CHOICE Act mark up

Financial Services Committee Democrats continue to retaliate against the Republican-led Financial CHOICE Act, the leading act to replace Dodd-Frank. In their latest move to block the act, Democrats stalled the mark up on Tuesday for more than three hours in a little a little-used parliamentary maneuver.

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Ocwen posts first quarter net loss

Ocwen Financial Corporation executives prepped investors at the end of last year to expect this latest loss at the start of 2017 as it continues to digest regulatory charges. But despite the predicted loss, Ocwen still managed to beat earnings expectations. The news, however, is clouded by even greater regulatory concerns that cropped up in April.

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MBA: Mortgage applications stagnant as April wraps up

It was a quiet week on the mortgage front, with applications decreasing from one week earlier, according to the latest Mortgage Bankers Association Weekly Mortgage Applications Survey. Meanwhile, refinance volume dropped back down after increasing in the previous report.

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Tuesday, May 2, 2017

Massachusetts sues Ocwen for "abusive" mortgage servicing practices

Massachusetts recently put Ocwen Financial out of business in the state as part of a wave of state regulators that placed various business restrictions on Ocwen for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank, but it looks like the state isn’t done with Ocwen yet. Massachusetts Attorney General Maura Healey also announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.

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MBA comes out in support of Financial CHOICE Act, with some conditions

The Republican-led Financial CHOICE Act, H.R. 10., is currently under review by the Financial Services Committee as it begins the process to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act. Democrat and Republican committee members are already at war over of the details of the act, and now, the Mortgage Bankers Association, the largest trade group in the mortgage finance space, is weighing in on the discussion.

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SEC: Barclays Capital to pay $16.5 million to settle RMBS fraud charges

Barclays Capital will fork over more than $16.5 million as part of a settlement stemming from allegations that the company did not properly supervise two of its former mortgage bond traders who allegedly lied to and overcharged clients, the Securities and Exchange Commission announced this week.

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Goldman Sachs nearing $650 million in consumer relief in $5 billion settlement

Goldman Sachs recently passed the one-third mark in its $1.8 billion consumer relief obligation that is part of the company’s $5 billion settlement reached in April 2016 over toxic mortgage bonds, the settlement’s monitor said in a new report. Part of Goldman Sachs’ most recent consumer relief is $240 million in donations to facilitate the construction, rehabilitation or preservation of affordable low-income rental or for-sale housing in seven states

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Freddie Mac CEO: 0% capital buffer does not factor into daily operations

Freddie Mac CEO Donald Layton is perfectly comfortable with allowing some Federal Housing Finance Agency executives to express concerns with the government-sponsored enterprise’s 0% capital buffer requirements; but it is an emotional response he does not share. And this is the reason why.

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CoreLogic: Home prices continue upward trend in March

Home prices, to no surprise, continued their upward trend in March, increasing both year over year and month over month. And looking ahead, the CoreLogic HPI Forecast indicates this isn’t changing anytime soon. Here’s added perspective from Frank Nothaft, chief economist for CoreLogic, on how it compares to past.

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Is the current political environment too risky to open affordable housing discussion?

During a panel at MBA secondary in New York City, panelists explained the risks of putting topics such as affordable housing reform through the legislative process during the current political environment. One panelist explained affordable housing reform stands to lose more than it would gain, and that new legislation may not be the best path forward.

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Fannie Mae: There are more potential home buyers out there

It’s not an easy time to be a lender, or a servicer. Leaders of Fannie Mae and Freddie Mac addressed the challenges the mortgage industry is facing in the rising rate environment at a session Tuesday at the MBA’s Annual Secondary Conference.

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Here’s the real state of the housing market

Three of the mortgage industry’s leading economists joined together at MBA Secondary in New York City to discuss the current state of the housing market. They addressed key issues such as, is a recession on the horizon? How many times will the Fed raise rates this year? And is San Francisco in a housing bubble?

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Freddie Mac first quarter profit withstands impact of rising interest rates

Freddie Mac started 2017 slightly down as the market adjusted to lower refinance volumes and rising interest rate levels in the first quarter. The government-sponsored enterprise is less than one year away from the start of 2018 when its capital reserve amount is supposed to be zero. As it reaches that point, Freddie Mac’s dividend obligation to Treasury in June 2017 will be $2.2 billion, based on Freddie Mac’s net worth of $2.8 billion at March 31, 2017.

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