Mortgage Daily, Apr. 12, 2017Monthly loan performance significantly improved at the Federal Housing Administration. Endorsements, meanwhile, sank–though they could bounce back.
Category: Top National News
Balancing High-Tech And High-Touch Customer Experience: Why It Matters
Mortgage Orb, Apr. 12, 2017–Sandeep HindujaIn lending, there is no doubt that digital transformation is required to remain relevant, and there is an abundance of new apps and portals available today. However, because many lenders still rely heavily on relationships and referrals, complete replacement of physical with digital simply isn’t sustainable.
Cook County Judge Indicted on Mortgage Fraud Charges
Chicago Tribune, Apr. 12, 2017–Steve SchmadekeJudge Jessica A. O’Brien, who presided over a Cook County, Ill., small-claims courtroom and had served in prominent roles on numerous bar association boards, allegedly lied and concealed relevant facts from lenders to obtain more than $1.4 million in mortgages on two South Side Chicago investment properties that she purchased and sold between 2004 and 2007.
Teachers, Police Priced Out of America’s Big Metro Areas
Wall Street Journal, Apr. 12, 2017–Laura Kusisto (subscription)Rising home prices are putting America’s largest metropolitan areas out of reach for teachers, police officers and other big slices of the U.S. workforce.
Waters: Republican Proposal to Overhaul Dodd-Frank Kills Most Important Parts
HousingWire, Apr. 12, 2017–Brena SwansonRep. Maxine Waters, D-Calif., ranking member of the Committee on Financial Services and one of the biggest defenders of the Consumer Financial Protection Bureau, said, “The so-called Financial Choice Act is a piece of legislation that will essentially kill the most important aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was designed to prevent another financial crisis.”
Banks Lend Aggressively on CRE Despite Downturn Fears
The Real Deal (Los Angeles), Apr. 11, 2017Banks are aggressively lending on commercial properties even as developers and equity investors are starting to pull back amid fears of a downturn. Total U.S. commercial real estate lending volume decreased slightly to $491 billion in 2016–down 3 percent from 2015, according to the Mortgage Bankers Association.
Former Redfin Employees Aim to Simplify the Mortgage Process with New Start-Up
GeekWire, Apr. 11, 2017–Nat LevyOnce someone’s found that dream home, finishing the process remains a challenge. That’s the problem a pair of former Redfin employees are trying to solve with their new startup, Approved. The San Diego company announced Tuesday a $1 million pre-seed round to help build out the service. The round was led by Social Capital and Precursor Ventures.
Office Tower on Billionaires’ Row Snags a Low-Rate Loan
Wall Street Journal, Apr. 11, 2017–Peter Grant (subscription)Carnegie Hall Tower, the Manhattan office skyscraper that helped shore up the finances of the fabled concert hall, refinanced its debt with a $325 million loan from Metropolitan Life Insurance.
Chicago Entices Companies to Return Downtown
Wall Street Journal, Apr. 11, 2017–Shibani Mahtani, Andrew Tangel (subscription)The tide of companies moving back to big cities in search of talent and better transportation links is rising, reviving many downtowns at the expense of suburbs and smaller communities.
Vacation Home Sales Drop, Investment Home Sales Rise
National Mortgage Professional, Apr. 11, 2017–Phil HallVacation home sales took a serious fall in 2016 while investment home sales were on the rise, according to new data.