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Get used to the FHA mortgage insurance life-of-the-loan premium

February 12, 2016

Despite recent calls to eliminate it, the Federal Housing Administration said it is not considering any changes to the mortgage insurance life-of-the-loan policy. However, the explicit rejection of a life-of-loan pricing policy change is a positive for the private mortgage insurance industry since the ability to cancel mortgage insurance has a direct impact on borrow decision-making.

Move/News Corp legal battle drags down Zillow Group earnings in 2015


The Zillow Group family of websites, which includes Zillow and Trulia, announced its 2015 financial results on Thursday, with the company reporting a pro forma net loss of $91.1 million in 2015. According to Zillow, a large portion of the net loss was driven by the legal fees associated with Zillow’s legal battle with Move, which is now owned by News Corp, over claims of allegations of trade secret theft involving Errol Samuelson, who was once Move’s chief strategy officer.

Ellie Mae earnings once again beat expectations


Ellie May not only surpassed 2014′s fourth-quarter earnings, but also their own expectations for the fourth quarter of 2015. The revenue increase was driven by the continued ramp of Encompass users.

Financial purge: Big bank stocks plunge

February 11, 2016

The DOW is not looking good at all as financial names take a big hit Thursday. Reeling off a 400-point loss, oil prices dropped below $27 a barrel for the second time in recent weeks. It settled at $26.21, the lowest point since 2003.

KB Home to pay at least $23.5M in settlement with Florida over building violations


After a three-year investigation of KB Home for violations of the Florida Deceptive and Unfair Trade Practices Act, KB Home and its Florida subsidiaries reached a multi-million dollar settlement with the Florida Attorney General’s Office. Click the headline to read more.

Realtors: Florida housing set to get 2016 boost


The Florida housing market for 2015 increased by 12.4% from 2014 in single-family home sales. Year-over-year growth in 2015′s final quarter was more subdued, signaling a possible return in 2016 to more stable rates of sales growth.

MBA: New home purchases soared in January


Even though new home purchases dropped 6% in December, for the month of January the Mortgage Bankers Association’s Builder Application Survey shows mortgage applications for new home purchases, increased by 14%.

These are the top 5 most vacant cities in the U.S.


The housing market continues to recover from the recent financial crisis. For the month of February, a recent RealtyTrac report shows that vacancy and “zombie foreclosures” are down 4% from a year ago nationwide. However, there are still some minority markets where its increasing.

Here’s why the Fed chair keeps getting drilled on negative interest rates


Despite so much talk about rising interest rates, a whole new idea is making its way around Washington D.C. that would reverse the projected course of the Federal Reserve. So what would a negative interest rate policy look like? America wouldn’t be the first county to venture in.

Here’s why the Fed chair keeps getting drilled on negative interest rates


Despite so much talk about rising interest rates, a whole new idea is making its way around Washington D.C. that would reverse the projected course of the Federal Reserve. So what would a negative interest rate policy look like? America wouldn’t be the first county to venture in.

Redwood Trust shifts away from Fannie, Freddie conforming loans


Seeking to rid itself of two business segments that are dragging on the REIT’s bottom line, Redwood Trust announced recently that it will be discontinuing the acquisition and aggregation of conforming loans for sale to Fannie Mae and Freddie Mac, and will also discontinue commercial loan originations for distribution in commercial mortgage-backed securities.

Morgan Stanley settles for $3.2 billion over ‘deceptive’ mortgage bond practices


Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday. Click the headline to read more.

Morgan Stanley settles for $3.2 billion over ‘deceptive’ mortgage bond practices


Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday. Click the headline to read more.

Morgan Stanley settles for $3.2 billion over ‘deceptive’ mortgage bond practices


Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday. Click the headline to read more.

Freddie Mac: Mortgage rates drop six weeks straight


The downward trend in mortgage rates continued for the sixth consecutive week amid ongoing market volatility. As a result, the average 30-year fixed is now hovering just above its 2015 low of 3.59%.

Survey: 45% of non-homeowners say finances keep them from buying


Nearly half of all non-homeowners say that their financial situation is preventing them from buying a home, a new report from Bankrate.com showed. According to Bankrate’s survey, nearly 30% of all non-homeowners say that they can’t afford a down payment, despite only needing to save 3%.

Mason-McDuffie Mortgage helps San Francisco nuns threatened with eviction


Mason-McDuffie Mortgage Corporation set up a GoFundMe account to help two San Francisco Bay Area nuns that are being threatened with eviction from the residence they use to feed the homeless due to a rent increase. At the time of publication, the account already raised $6,505 of its $24,000 goal.

Manager of ‘predatory’ loan modification law firm sent to jail


A San Diego businessman will spend the next nine months in prison after being convicted for his role in a fraudulent mortgage loan modification business that presented itself as a “law firm” in order to con more than 1,000 struggling homeowners out of more than $3 million total.

Interactive Mortgage Advisors purchased by Blackstone portfolio company


Incenter will acquire assets of a mortgage company in order to offer a broader array of services to their clients. IMA’s main focus will continue to be as a mortgage servicing rights brokerage and asset valuation firm.

Despite falling oil prices, Houston’s housing market keeps rising


Strains in the energy industry did not hinder the housing market as January 2016’s sales were 2% off the January record.