Up-to-the-minute breaking news covering mortgage lending, mortgage servicing, mortgage investments and real estate.
A new bill introduced Monday by Rep. Joseph Crowley, D-New York, could bring relief to renters who find themselves struggling to afford their rent. Crowley’s bill, entitled “The Rent Relief Act,” would offer refundable tax credits to people who live in rental housing. Here are more details about the bill.
Posted: August 21, 2017, 9:37 pm
In an effort to revitalize downtown business areas in small communities, the U.S. Department of Housing and Urban Development announced it will grant $500,000 to a building in a New York Community. This building will be converted into 16 affordable housing units.
Posted: August 21, 2017, 9:18 pm
The completely online end-to-end digital mortgage finally received its missing piece: the eClosing. The founder and CEO behind the notary company that made the closing process fully digital and allow a notarization to happen remotely explains what it took to get here. And, with the first fully digital closing complete, this is only the beginning.
Posted: August 21, 2017, 9:09 pm
Clarocity Corporation, a provider of real estate valuation solutions, announced recently that it launched Clarocity Valuation Services, which will serve as the distributor of Clarocity’s valuation products. According to the Clarocity Corp., ClarocityVS was formed by merging Valuation Vision and Valued Veterans.
Posted: August 21, 2017, 8:46 pm
Housing costs continue to reach new heights in the U.S., making rental affordability unachievable for many minimum wage earners. In fact, while working 40 hours a week on a minimum wage salary, only 12 counties in the U.S. are affordable.
Posted: August 21, 2017, 7:20 pm
The Department of Justice decided to end Operation Choke Point, an initiative introduced during the Obama administration, following requests from House Republicans to formally end the program. The previous administration introduced the program in order to try and cut funding from financial institutions to fraudsters.
Posted: August 21, 2017, 4:36 pm
In a recent regulatory finding, Wells Fargo revealed its latest allegation. It appears the bank is now being investigated by the Consumer Financial Protection Bureau for closing real accounts even while it was opening fake ones, and therefore allegedly leaving its customers without access to funds.
Posted: August 21, 2017, 2:44 pm
Mr. Cooper, the nonbank that officially left the name Nationstar behind on Monday, is already the most unique name in the mortgage business. As part of the company’s rebranding efforts, Mr. Cooper rolled out a number of features designed to improve its customers’ experience with the nonbank. But one of the features the company is rolling out is something almost unheard of in the mortgage business – a mortgage-linked credit card.
Posted: August 21, 2017, 1:12 pm
A process that began nearly two years ago is now complete. Nationstar Mortgage is now officially Mr. Cooper. Nationstar’s massive rebranding, which HousingWire first reported back in December 2015, became official on Monday morning, with the nonbank dropping the Nationstar name and becoming Mr. Cooper.
Posted: August 21, 2017, 1:00 pm
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