Tribune News Service, Aug. 16, 2018–Jessica R. TowheyThe company created NewDay University to teach the material in-house with their own instructors, their own textbook, and their own classes. They hire about 200 people per year, breaking that up into monthly cohorts of no more than 50 people per class. The average age of new hires is 23.
Category: Top National News
Housing Tipping Back to a Buyer’s Market as Sellers Cut Prices
CNBC, Aug. 16, 2018–Diana OlickAfter several years of rich home price gains, the market appears to have found a limit to what people can afford. Sellers are finally responding by lowering prices more often.
New Low for GSE Refinances
Mortgage Daily, Aug. 17, 2018Monthly refinances of government-sponsored enterprise loans sank to the lowest level on recent record. Refinances of Freddie Mac suffered most.
MBA: Loan Delinquencies, Foreclosures Remain Low
Scotsman Guide, Aug. 16, 2018–Victor WhitmanForeclosure starts on residential mortgages dropped to the lowest point in 31 years at the midway point of 2018, but mortgage delinquencies have ticked up compared to last year, the Mortgage Bankers Association reported.
FHA Revises Loss Mitigation Options for Hurricane Victims
National Mortgage News, Aug. 16, 2018–Hannah Long (subscription)The Federal Housing Administration is revising its foreclosure prevention options to assist struggling borrowers in Puerto Rico and the U.S. Virgin Islands affected by last year’s hurricanes.
Ditech Financial to Close South Dakota Call Center
HousingWire, Aug. 16, 2018–Caroline BasileMortgage lender Ditech Financial announced on Thursday it is closing its Rapid City, S.D.-based call center at the end of 2019, leaving more than 450 of its employees without jobs.
A Little Less Regulation from the CFPB, a Little More Action from the States
HousingWire, Aug. 16, 2018–John VongThe author, with ComplianceEase, says recent action by the California Department of Business Oversight is one more example of state regulators filling the void left by the Consumer Financial Protection Bureau.
Weekly Mortgage Applications Drop as Homebuyers Drop Out
CNBC, Aug. 15, 2018–Diana OlickMortgage application volume fell 2 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 19 percent lower than the same week one year ago, when interest rates were lower.
Frozen Credit Files Can Slow the Mortgage Process
Washington Post, Aug. 15, 2018–Kenneth R. HarneyNearly a year after the catastrophic Equifax hack exposed 147 million Americans’ personal and financial data to cybercriminals, consumers are about to get a break–something especially useful for home buyers and owners.
U.S. Pursues One of the Biggest Mortgage-Fraud Probes Since the Financial Crisis
Wall Street Journal, Aug. 15, 2018–Cezary Podkul (subscription)At issue is whether income from apartment complexes was falsified to support larger loans–which often became part of mortgage securities.