Up-to-the-minute breaking news covering mortgage lending, mortgage servicing, mortgage investments and real estate.
MBA president calls on industry to act on NFIP reauthorization, latest GDP estimates show continued growth, Northpointe Bank introduces a private-label mortgage solution, and according to one list, Millennials are killing banking, homeownership and… fabric softener? Click on to read more in this week’s Monday Morning Cup of Coffee.
Posted: August 21, 2017, 4:01 am
The San Francisco Federal Reserve President explained the Federal Open Markets Committee is halfway there when it comes to raising rates. He explained the end goal for interest rates is around the 2.5% range.
Posted: August 18, 2017, 9:07 pm
Tapia, a 2016 HousingWire Woman of Influence, will serve as senior vice president of foreclosure operations for ServiceLink and oversee the management of all foreclosure auction services for ServiceLink.
Posted: August 18, 2017, 9:03 pm
Anthony Hsieh is the founder and CEO of one of the most prominent nonbanks in the industry, loanDepot. For a CEO of a company that has funded more than $100 billion in loans since its inception, he regularly opens up a seat at the table for others to listen in on what it’s like to be at the helm of one of the biggest mortgage companies. Anyone who follows Hsieh on LinkedIn is privy to this. This latest post, in particular, caught a lot of attention.
Posted: August 18, 2017, 7:00 pm
The exact intricacies of a credit score continue to be one of the most confusing financial concepts for Millennials. This elusive three-digital number holds the power to some of the most financially expensive purchases in a consumers life, and yet according to a recent poll from LendEDU, young American consumers only have an intermediate understanding of that all-important number. See how well you perform against the stats.
Posted: August 18, 2017, 6:29 pm
Americans’ expectations in their future soared at the beginning of August, bringing the University of Michigan’s measure of consumer confidence to its highest point since January. However, the survey did not include results from after the incident in Charlottesville, Virginia, which could bring confidence down once more by the end of the month.
Posted: August 18, 2017, 6:06 pm
Independent Settlement Services, a national provider of appraisal and title management services, announced recently that it is partnering with HouseCanary, a provider of real estate data and valuation products for the mortgage industry, to provide a new automated valuation report.
Posted: August 18, 2017, 5:58 pm
Lender TowneBank Mortgage recently completed integration with HousingWire 2017 Tech100 winner LodeStar Software Solutions. TowneBank’s recent integration with LodeStar Software Solutions now enables its employees to instantly obtain quotes through Ellie Mae’s all-in-one mortgage management solution, Encompass.
Posted: August 18, 2017, 4:53 pm
After several delays, the government’s crisis-era Home Affordable Refinance Program was finally set to expire next month, until the Federal Housing Finance Agency announced Thursday that it’s extending the HARP deadline until the end of 2018. So what’s the impact of the change? Not much, unless there’s another housing crisis, Wells Fargo said in a new report.
Posted: August 18, 2017, 4:20 pm
In his response to the hate crimes that recently took place in Charlottesville, Virginia, HUD Secretary Ben Carson revealed his family home was also recently vandalized with anti-Trump rhetoric. Dr. Carson also added that his neighbors took "the high road," stepped in and helped clean up.
Posted: August 18, 2017, 3:53 pm
With the year more than half way over, online real estate brokerage Redfin decided to reassess the hottest neighborhoods for 2017 and see what markets have stepped up their game to make the list now. Given the rapid changes in the market, here’s a new list to showcase the hottest neighborhoods for the second half of the year. The cities the neighborhoods are located in should come as no surprise.
Posted: August 18, 2017, 3:48 pm
Freddie Mac announced it is extending its program which cuts appraisers out of the mortgage process to purchase loans in order to create a better experience for lenders and homebuyers. The company estimates this could save borrowers an estimated $500 in fees and cut closing times by about 10 days.
Posted: August 18, 2017, 2:08 pm
As California moves into the second half the year, home sales are projected to cool down, according to the latest report from the California Association of Realtors. The forecast comes after a year already plagued with low housing inventory and rising home prices.
Posted: August 17, 2017, 9:48 pm
Wells Fargo is committing $4.8 million to help increase homeownership in the Denver-Aurora area as part of partnership with NeighborWorks America and its network member Community Resources and Housing Development Corporation.
Posted: August 17, 2017, 9:48 pm
In the newly created role, Marcello Mastioni will oversee growth for the company by focusing on digital experience and strategy across Altisource's consumer- and investor-focused marketplaces including Owners.com and Hubzu, a 2017 HousingWire Tech100 winner.
Posted: August 17, 2017, 9:41 pm
Home sales are being held back in 2017, however low levels of housing inventory isn’t the only thing holding originations back. Freddie Mac explained the increase in competition is pushing cash sales higher, and bringing mortgage originations down.
Posted: August 17, 2017, 9:11 pm
Jay Belson, a Beverly Hills broker and developer who specializes in luxury real estate, will pay more than $7.5 million in a settlement with the Securities and Exchange Commission, which accused Belson of defrauding investors in a series of house flips in Southern California.
Posted: August 17, 2017, 9:10 pm
The purchase market slowed slightly in July, and while the purchase market continues to take over, refinances saw an uptick. The latest origination insights report shows the percentage of adjustable rate mortgages decreased in July, but remain up from last year.
Posted: August 17, 2017, 6:40 pm
On July 14, 2017, Walter Investment Management Corp. disclosed that it received a notice from the New York Stock Exchange after the company’s shares closed at an average price of less than $1 for a consecutive 30 trading-day period. Walter’s stock closed at $0.77 that day, and since then, things haven’t gotten any better. In fact, they’ve gotten much worse – so much so that Walter is now at risk of being kicked off the NYSE.
Posted: August 17, 2017, 5:42 pm
The digital world is slowly creeping its way into mortgages, as more lenders start to unveil fully online digital mortgages. There is one caveat that’s making the “fully online digital mortgage” look not as digital as marketed: the closing process. So how long before an eClosing is the standard way of doing closings? Check out these examples to see where the industry currently stands.
Posted: August 17, 2017, 5:16 pm
Fannie Mae announced in its Economic and Housing Outlook that its growth predictions will remain unchanged during the second half of 2017. Despite mounting political tensions, Fannie Mae predicted economic growth will come in at 2% annually.
Posted: August 17, 2017, 4:28 pm
"Stacey is the right leader at the right time to take our technology and company transformation to the next level. Her strong leadership skills and in-depth knowledge of financial services technology will enable us to deliver services to our clients and operate our company as well as the very best financial institutions," Donald Layton, Freddie Mac CEO said.
Posted: August 17, 2017, 4:18 pm
The government’s Home Affordable Refinance Program was all set to end next month, September 30, to be exact, but that’s not the case anymore. The Federal Housing Finance Agency announced Thursday that it is extending HARP through Dec. 31, 2018, adding an additional 15 months onto the program’s already extended lifespan.
Posted: August 17, 2017, 3:37 pm
Mortgage rates continue to fall slightly as weak economic data brings uncertainty to the market. But while mortgage rates are down, Freddie Mac’s survey showed the Treasury Yield still increased slightly.
Posted: August 17, 2017, 2:01 pm
Home equity continued increasing in the second quarter, rising on 1.6 million properties to a total of 14 million that are now equity-rich, which means they hold a mortgaged amount that is 50% or less than the estimated market value. This now represents 24.6% of all properties.
Posted: August 17, 2017, 4:01 am
A former real estate appraiser from Kentucky will spend the next 10 months in either prison or home confinement after admitting in court that he lied on federal appraisal forms and used unlicensed individuals to do his work for him.
Posted: August 16, 2017, 9:22 pm
Qualia, a real estate title and closing platform, launched a new marketplace in order to simplify real estate closings. The company announced its new online platform will allow real estate agents to access vendors and close transactions more efficiently.
Posted: August 16, 2017, 9:21 pm
Even though it posted record results in its second-quarter earnings, Home Depot’s stock is still tanking on the market. The main culprit behind the drop is the same company that’s threatening most markets: Amazon.
Posted: August 16, 2017, 8:55 pm
The National Credit Union Administration revealed “its sweeping regulatory reform plan” on how it can honor President Donald Trump’s order to massively scale back government regulations. While the NCUA is not required by law to honor the order, the NCUA chose to do so.
Posted: August 16, 2017, 7:54 pm
Century 21 Real Estate has a new leader. The company announced Wednesday that it named Nick Bailey, a former executive at the Zillow Group, as the company’s new president and chief executive officer. Bailey joins Century 21 from Zillow, where he most recently served as vice president of broker relations.
Posted: August 16, 2017, 6:09 pm