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Senate to consider wide-ranging bill to address zombie foreclosure "crisis"

June 24, 2016

Mortgage lenders and servicers could soon have a whole new set of responsibilities for maintaining foreclosed homes, as Sen. Bob Menendez, D-NJ, introduced a new bill on Friday that would address what his office calls the “zombie foreclosure crisis.”

Here’s the No.1 thing Americans sacrifice to pay for their home


Americans are making sacrifices to ensure they are able to stay in their homes despite whatever may change in their lives. And whether it’s a mortgage or rent, paying for their home is a top priority when it comes to bills, creating a domino effect in other parts of their lives.

Consumer sentiment down even before Brexit news


Just hours after the news that British voters decided to leave the European Union, the U.S. released its monthly consumer sentiment report for June, revealing that consumers already had a slightly dimmer view of the economy before the Brexit news.

Quicken Loans now offering 1% down mortgages


While megabanks like Bank of America, Wells Fargo, and JPMorgan Chase grabbed the headlines earlier this year by separately announcing plans to offer mortgage loans that only require a 3% down payment from the borrower, there is another major lender that is quietly requiring even less from borrowers. Unbeknownst to many in the market, Quicken Loans began offering an even better deal for borrowers late last year – a 1% down mortgage.

Ditech Financial hires new chief information officer


Ditech Financial just hired Brad Goedken as its new chief information officer. Ditech says Goedken’s experience in mortgage technology will be invaluable.

[Factsheet] How much $$$ do mortgage banks make?


Mortgage brokers eagerly welcomed a bigger paycheck at the start of this year after the end of 2015 significantly shorted the income of many in the business. To show exactly how mortgage banker profit has changed, this week’s factsheet shows mortgage banker profit over the course of the past two years, using data from the Mortgage Bankers Association’s Quarterly Performance Report.

[Factsheet] How much $$$ do loan officers make?


Mortgage brokers eagerly welcomed a bigger paycheck at the start of this year after the end of 2015 significantly shorted the income of many in the business. To show exactly how mortgage banker profit has changed, this week’s factsheet shows mortgage banker profit over the course of the past two years, using data from the Mortgage Bankers Association’s Quarterly Performance Report.

All banks passed their stress tests


The stress test results just came in, and 33 banks shows they could undergo the Fed’s tests. For some banks, this is a welcome result after failing the tests several times before. Here’s how they all fared in the tests.

Zillow + Fannie Mae: Brexit vote will likely lower mortgage rates


Many experts have come together to predict that interest rates will actually be lowered even further in July, despite previous predictions that rates could raise. The reason for the sudden change? The Brexit vote.

Fair Chance at Housing Act offers solutions for people with criminal records


Too frequently, people with criminal records are refused housing or are precluded from rejoining their families, as most plan to do. That’s because housing providers have broad discretion in deciding who is permitted to live in their properties. As a result, formerly incarcerated individuals looking to make the most of their second chance instead find themselves at risk of becoming homeless or recidivating.

#Brexit: Here is the immediate impact on U.S. mortgage and housing finance


There remains much speculation surrounding the U.K.’s recent vote to leave the European Union. While some say that the decision could take years to go into effect, and no major economic impact is likely, other quick economic reactions are already in play. Here is a summary of the opinions that impact the U.S. housing and mortgage finance industry. Click the headline to read more.

Are 3% down mortgages the new normal?

June 23, 2016

In a recent interview with HousingWire, Mat Ishbia, CEO of United Wholesale Mortgage, explained why low down payment mortgages are growing in popularity, especially among Millennial buyers. Are 3% down mortgages going to be the new normal?

Chaka Fattah, mortgage relief pioneer, resigns from Congress after fraud convictions


Rep. Chaka Fattah, D-PA, who was once one of the faces of the government’s mortgage relief efforts, said Thursday that he plans resign from the House of Representative immediately after being convicted earlier this week on a host of fraud and corruption charges.

Starkey Mortgage hires new senior vice president


Starkey Mortgage hired Donald Jarrett as its new senior vice president of process management. Here is what he brings to the table, and what his new responsibilities will be.

Real estate agents get new code of ethics


The National Association of Exclusive Buyer Agents released a new code of ethics and standards of practice by which its members must adhere. Because its agents represent only buyers, its rules can be stricter than other organizations. Here are some of the new rules.

FSOC: Congress must take on housing finance reform


The Financial Stability Oversight Council, which includes the leaders of the government’s top financial regulatory agencies, believes that it is time for Congress to take on housing finance reform, stating that regulators are “approaching the limits” of their ability to enact housing reforms.

CoreLogic: Fewer buyers paying cash for properties


The share of cash sales for properties continue to drop, now 13.6 percentage points down from their peak in 2011. At this pace, they’re on track to hit their pre-crisis levels within the next two years.

Ocwen to pay $30 million in settlement over alleged FHA, HAMP violations


Ocwen Financial disclosed Thursday morning that it will pay $30 million to settle a pair of lawsuits that accused the nonbank of falsely certifying that it was in compliance with Federal Housing Administration and Home Affordable Modification Program rules.

Slowdown in home sales ends spring homebuying season


In contrast to the sharp increase in April, new home sales fell from April. However, despite the monthly drop, sales were still up year-over year. Experts say this drop is not surprising. Here’s why.

Freddie Mac: 30-year mortgage rate inches up


After two straight weeks of decreasing mortgage rates, the average 30-year and 15-year fixed-rate mortgages inched up this week. That being said, the still-low rates continue to be good news for the housing market. Here’s why.