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Did Michael Strauss, accused of fraud, just start a new mortgage company?

Housing Wire

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills. Shocked employees didn’t receive their last paychecks.

Mortgage 393
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Housing Market Tracker: Spring inventory falls

Housing Wire

We had a lot of drama over the week between Federal Reserve meetings and banking stress, and mortgage rates and purchase applications both fell. Mortgage rates fell last week as we started the week at 6.73%, got as low as 6.43% to end the week at 6.5%. Mortgage rates fell to a low of 6.43% then ended the week at 6.5%.

Inventory 483
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ROV (Reconsideration of Value) Changes – FHA and GSEs

Appraisal Today

New FHA ROV Policy By Dave Towne, May 3, 2024 Excerpts: Up until recently, there has never been a standardized policy for mortgage loan related Reconsideration of Value (ROV) requests after an appraisal has been submitted. Now there is, per the attached PDF HUD/FHA mortgage letter. The mortgage loan officer handling the loan?

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Another lender settles redlining accusations with DOJ

Housing Wire

The complaint filed in federal court on Wednesday alleges that from at least 2015 to 2021, Lakeland failed to provide mortgage lending services to Black and Hispanic neighborhoods in Newark. Federal officials said similar banks generated five times as many loan applications from prospective Black and Latino home buyers as Lakeland.

Law 392
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“It’s math:” How mortgage solutions companies are fighting for survival

Housing Wire

With a deadly combination of low housing inventory, reduction in refis and surging mortgage rates, consolidation in mortgage tech is expected. Businesses and entire industries tanked during the pandemic, but it created an ideal environment for mortgage tech companies, some of which rode the wave to banner years and historic growth.

Mortgage 358
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WFG reports its highest volume months ever during Q2 and Q3 of 2020

Housing Wire

Behind him, the recent financial crisis still cast a cautionary shadow over new business development, but ahead he saw opportunities for a client-centric, tech-focused family of companies in the title insurance and real estate settlement services industry. Now, at WFG’s 10-year anniversary, this vision holds even more relevance.

Insurance 370
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Appraisal Risk, Reviews, and Revisions

Appraisal Today

NOTE: Please scroll down to read the other topics in this long blog post on unusual homes, mortgage origination stats, etc. NOTE: Please scroll down to read the other topics in this long blog post on Reviews and Revisions, AMC layoffs, real estate market, unusual homes, mortgage origination stats, etc. ==. Few people have it.