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The Similarities Between 2007 and Today

Appraisal Buzz

During the 2007-10 mortgage default meltdown, appraisals were a target of complaints and allegations by lenders, the GSEs, some state appraisal boards, and a few unscrupulous entrepreneurs. Appraisers’ jobs are not to facilitate mortgage lending. We are seeing that as a profession again. It is not our job to kill or make deals.

Appraisal 418
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Planet Home Lending adds new regional sales manager

Housing Wire

Kingsborough has more than 20 years of experience in mortgage lending and will be responsible for driving the company’s expansion plans in the western U.S. I’m here to build on our presence in the West by fostering an environment where mortgage loan originators and branch managers can truly thrive.”

Lending 355
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Supreme Court orders review of recession-era class action against Rocket

Housing Wire

The Supreme Court weighed in on a class action lawsuit against Quicken Loans , now Rocket Mortgage , regarding its appraisal practices during the financial crisis, delivering a procedural win for the mortgage lender. million stemming from allegedly tainted appraisals for 2,769 mortgage loans Quicken Loans originated from 2004 to 2009.

Appraisal 414
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Homepie CEO Brad Rice on making FSBO easier

Housing Wire

BR: This really came out of decades of being in the mortgage business. BR: I’m not a tech person, but when I had my large mortgage company that I grew from 1999 to 2007, we had built technology that we ran the company on, so I was very familiar with that process of hiring developers. And that’s what I did.

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Home-equity niche will benefit from a private-label lift

Housing Wire

Homeowners collectively nationwide now have more than $10 trillion in tappable equity (equity beyond a 20% cushion) tied up in their properties, according to the Black Knight Mortgage Monitor. The Towd Point deal involved HELOCs as well as CES loans originated by nonbanks Rocket Mortgage and Spring EQ.

Contracts 360
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MCS CEO Caroline Reaves announces her retirement

Housing Wire

Caroline Reaves, CEO of property services provider Mortgage Contracting Services , announced her retirement on Tuesday after leading the company for 14 years. While Reaves will be departing from one position at the company’s helm, the mortgage veteran is set to transition to MCS’ board of directors as its chairwoman.

Contracts 249
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Builders apply the brakes amid canceled contracts

Housing Wire

For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history. Now, with mortgage rates so high, I believe there is less financial incentive for builders to start on the homes they haven’t begun to build yet. We currently have 9.2

Contracts 544