Housing Wire

APRIL 9, 2024

In February, Fannie Mae issued a Selling Guide update describing unacceptable appraising practices, offering that prohibited language includes the “development of a valuation conclusion based […] on the sex, race, color, religion, disability, national origin, familial status, or including a reference to any protected class[…].”

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Appraisal Valuation Law Lending 379

Housing Wire

JULY 31, 2023

Mike Cagney’s Figure Technologies laid off 20% of its staff and plans to take its profitable lending business public next year, Bloomberg reported. Figures’ lending business hit a record $900 million in origination and generated $2.7 The layoff came as a surprise to many as Figure has been hitting financial milestones.

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Housing Wire

JULY 6, 2023

The Consumer Financial Protection Bureau (CFPB) released its 2022 Fair Lending Annual Report to Congress last week, which illustrates how it took aim last year at redlining and appraisal discrimination in pursuit of its enforcement and supervision, guidance and rulemaking, interagency coordination, and outreach and education missions.

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Housing Wire

JUNE 30, 2021

The ideal real estate agent-lender relationship is symbiotic: the agent earns trust with their borrowers by connecting them with a great lending resource, while the lender receives a steady stream of business from the agent. As a lender, you know that most lending institutions actually charge around the same rates. Simple, right?

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Housing Wire

MAY 23, 2024

Editor in Chief Sarah Wheeler sat down with Christos Bettios, chief information officer at NFM Lending , to talk about the company’s private, proprietary GPT that is making his whole team more efficient. Bettios has been at NFM Lending for seven years and previously worked at US Bank Home Mortgages and First American Mortgage Solutions.

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Housing Wire

DECEMBER 14, 2023

This can lead to an onslaught of calls to that consumer vying for their lending business. The senators introduced the bill into the Senate on Wednesday, which then referred it to its Committee on Banking, Housing and Urban Affairs. That committee will need to approve the measure before it can come to the Senate floor.

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Housing Wire

JANUARY 2, 2024

It wasn’t immediately clear what restructuring Mosiello was referring to. However, two former employees said the company communicated it’s shutting down its mortgage lending business. . “As money comes in during the restructuring, it is RealFi’s intention to make all employees whole.”

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Housing Wire

FEBRUARY 7, 2024

In the realm of rural housing, the coalition recommends that the GSEs address what it calls the “Section 515 preservation crisis,” referring to the rural rental housing loan program established by the Housing Act of 1949.

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Housing Wire

AUGUST 30, 2021

The DOJ opened its investigation after the OCC referred the matter, the department noted.). Per the agreement, the bank is also expected to dedicate at least four mortgage LOs to majority- Black and Hispanic neighborhoods in Houston and employ a director of community lending and development who will oversee these efforts, the DOJ said.

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Lending Loan Officers Advertising Development 378

Housing Wire

DECEMBER 14, 2021

In a blog post, Fannie Mae and Freddie Mac ’s regulator and conservator said it found examples of “overt references to race, ethnicity, and other prohibited bases under federal fair lending laws,” which FHFA said indicate the “continued presence of valuation bias.”.

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Appraisal Valuation Finance Training 424

Housing Wire

MAY 4, 2022

The Federal Housing Finance Agency will now require lenders to provide data on borrowers’ language preferences in order to sell loans to Fannie Mae and Freddie Mac , a move which could invite fair lending lawsuits. The disclosure requirements could potentially be another data point for fair lending lawsuits. FHFA declined to comment.

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Housing Wire

MARCH 27, 2024

The company recently hired reverse mortgage industry veteran Ken Krajewski to serve as its managing director and head of reverse mortgage lending. Business alignment Krajewski most recently served as vice president and head of reverse mortgage lending at University Bank , and he joined US Mortgage earlier this month.

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Business Mortgage Loan Officers Training 365

Housing Wire

JUNE 2, 2023

District Court for the Eastern District of Pennsylvania , ESSA “failed to provide mortgage lending services and did not serve the credit needs of majority-Black and Hispanic neighborhoods in the Philadelphia metropolitan area” from 2017 to 2021. According to a complaint filed by DOJ in the U.S.

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Housing Wire

MAY 14, 2024

Rubio was referring to the Federal Housing Administration (FHA), which sponsors government home lending programs. “Young families looking to purchase starter homes with Federal Housing Agency [sic] mortgages will bear the brunt of this impact.”

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Housing Wire

SEPTEMBER 28, 2021

Largely driven by record-low mortgage rates, lending volume surpassed everyone’s expectations in the past year. In the wake of this unparalleled volume, companies across the housing industry have been working to increase the efficiencies of the entire lending process – including getting closings correct the first time around.

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Housing Wire

JUNE 30, 2023

For reference, you can look at how much has shifted from the 2023 forecasts until now, though I’d argue Logan Mohtashami has been steadily keeping us all ahead of the curve. With 100 days until we’re all gathered at the Hyatt Lost Pines in Austin, Texas, we are fully aware that a lot can happen in the industry between now and then.

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Housing Wire

OCTOBER 8, 2021

Growing and investing in relationships and communities in the long term is one of the many opportunities presented by stricter fair lending regulations. AAG would also have to stop advertising the allegedly inflated estimated home values to consumers, and would have to refer its customers to certain CFPB materials on reverse mortgages.

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Advertising Home Value Lending Valuation 393

Housing Wire

MARCH 6, 2023

Celebrity’s retail channel, former employees said, was in a tailspin only six months after the company shut down its correspondent lending division. According to the lawsuit, the unpaid compensation for many employees refers to the entire month of January and the first half of February. 14, citing multiple sources.

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Loan Officers Retail Legal Lending 366

Housing Wire

JUNE 16, 2023

A series of contentious exchanges between lawmakers and Chopra led to the CFPB director being accused of being an “extortionist” and practicing “McCarthyism,” a reference to Sen. A resolution previously introduced by House lawmakers to block CFPB small business lending rule was also discussed. Joseph McCarthy’s (R-Wis.)

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Lending Government Business 275

Housing Wire

FEBRUARY 16, 2022

The following are some helpful suggestions for vetting a private money lender: Request a list of references for other real estate investors who have recently completed transactions with the lender. If your state requires a lending license, make sure a the lender is licensed. Establish a private money lending network for real estate.

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Real Estate Investing Investors Renovations 382

Housing Wire

APRIL 8, 2024

Usage of discount points were especially prevalent among low-credit borrowers also using Federal Housing Administration (FHA) lending programs, CFPB said.

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Investors Mortgage Law Lending 412

Housing Wire

NOVEMBER 11, 2021

(The Title I program insures mortgage loans made by private lending institutions to finance the purchase of a new or used manufactured home.). FHA’s property improvement program provides financing that “improve livability of utility of a property through a secured on unsecured loan,” the press release said.

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Finance Valuation Insurance Lending 441

Housing Wire

JANUARY 10, 2024

million into Pennymac Loan Services, its mortgage lending subsidiary, to establish a mortgage fulfillment production center in Cary, North Carolina. Pennymac referred to the letter sent to the North Carolina Economic Investment Committee and declined to comment. Pennymac invested more than $1.5

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Housing Wire

FEBRUARY 24, 2023

The number of borrowers 30-days late decreased by 46,000, or 4.8%, from the previous month, while serious delinquencies – which refer to 90-plus days past due – improved again, falling by 4,000, or 0.7%, during the same period. As purchase and refinance lending continue to face interest rate headwinds, the monthly prepayment rate dropped 19.5%

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Mortgage Inventory Lending Marketing 372

Housing Wire

JUNE 16, 2022

The company also announced Thursday it will acquire Accept.inc, a Denver, Colorado-based lending startup, in an all-stock transaction for an undisclosed amount. In the first quarter of 2022, HomeLight and Accept.inc represented more than $3 billion in combined referred transaction volume, according to Uher.

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Brokerage Real Estate Lending Clients 300

Housing Wire

AUGUST 18, 2023

It’s natural to want to lend a hand to others who have been affected by an emergency,” CFPB said in an announcement distributed on Friday. And, refer to our tips for avoiding scams and fraud that can entrap people trying to help.” CFPB warns that some bad actors typically aim to take advantage of these inclinations.

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Housing Wire

DECEMBER 23, 2021

The lawsuit claims Perez, on one occasion, asked McCart’s work acquaintance if “he’d hit that,” referring to having sex with McCart. McCart also alleged the company’s COO, Jason Callan, repeatedly referred to her as “my b h,” and made lists of female co-workers he would have sex with. 23, denied any wrongdoing.

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Mortgage Human Resources Insurance Lending 377

Housing Wire

AUGUST 26, 2021

For example, capital markets participants do not refer to a Chase -issued government MBS as a Chase MBS – they refer to these securities as Ginnie Mae MBS. And a strong and efficient government lending industry is critical to closing the wealth gap in America and assuring everyone has a fair shot at the American dream of homeownership.

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Government Lending Investors Finance 402

Housing Wire

DECEMBER 17, 2021

Fair lending laws and regulations have 60% of respondents very or somewhat concerned. The CFPB has made it clear, already, that fair lending enforcement is a top priority. Brainard spearheaded a 2020 notice of advanced rulemaking that included an overt reference to racial equality. It’s no mystery why.

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Appraiserblogs

MAY 15, 2023

CU-2)i this always dubious product of Fannie Mae is increasingly being referred to by some, if not many American Appraisers as The Fraudulator / Underwriter 2.0 (FU-2). Dear representative, waiving/eliminating property appraisal for lending purposes is wanton recklessness. Related Posts: Dear Representative, FNMA Has Gone Rogue!

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Valuation Property Appraisal Lending Appraisal 138

Housing Wire

FEBRUARY 17, 2021

Non-QM lending is poised for growth in 2021. HousingWire recently spoke with Mike Fierman, managing partner and co-CEO of Angel Oak, about the non-QM lending outlook for 2021 and how Angel Oak’s “originate to hold” model benefits originators. Presented by: Angel Oak. .

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Finance Lending Business Technology 404

Housing Wire

JULY 11, 2022

“We intend to change how lending is going to be done fundamentally – behavior, market dynamics, products,” Kumar said. “We are trying to create an API economy,” Kumar said, referring to exposing a firm’s digital services and assets through application programming interfaces (APIs).

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Mortgage Architecture Technology Clients 303

Housing Wire

AUGUST 5, 2022

Numerous organizations criticized the agencies for not proposing to grade banks based on data about their minority lending. Above all, we are extremely disappointed to see the lack of the explicit consideration of lending by race in a lender’s CRA rating,” wrote the St. Louis Equal Housing and Community Reinvestment Alliance.

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Lending Development Mortgage Retail 384

Appraisal Buzz

APRIL 15, 2024

In their software, appraisers have historical files that they may want to refer to, they have extensive template language already developed, and frankly they’re just used to it. Appraisers will want to make sure that their software vendors can accommodate non-lending work in their new platforms.

Appraisal 397

Appraisal Design Lending Technology 397

Housing Wire

JANUARY 2, 2024

Nowhere was this more visible than in the entrance and abrupt exit of a lender like Cardinal Financial , and the shuttering of the reverse mortgage lending division at Open Mortgage. We made a public announcement today that we are shuttering the reverse division,” Gordon said, referring to an all-hands call on Nov.

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Mortgage Government Business Lending 337

Housing Wire

OCTOBER 18, 2022

For reference, the unemployment rate was 3.4% Ravi Correa is Chief Financial Officer at Angel Oak Lending and responsible for all financial aspects for Angel Oak-related mortgage lending entities. As of August, the rate stood at 3.7%, representing a minor uptick from the 3.5% seen in July.

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Mortgage Marketing Lending Finance 344

Housing Wire

JULY 25, 2022

Foreclosure starts increased due to a modest rise in the share of serious delinquencies being referred to foreclosure,” said Walden. Prepayment activity fell by 7% in June from May with prepays now down 64% from the same time last year as rising rates put downward pressure on both purchase and refinance lending.

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Mortgage Training Inventory Lending 351