HousingWire, Apr. 10, 2017–Ben LanePreviously, the company focused on the refinance market, but now the company is continuing its push into purchase mortgages by rolling out a “verified” pre-approval letter for borrowers.
Category: Top National News
California Fines United Shore $1.4M for Interest Overcharges
National Mortgage News, Apr. 10, 2017–Brad Finkelstein (subscription)United Shore Financial Services has agreed to pay a total of $1.4 million to consumers and California regulators to settle allegations it collected interest payments it was not entitled to.
MBA: Jumbo Loan Programs Help Loosen Mortgage Credit
HousingWire, Apr. 7, 2017–Brena SwansonMortgage credit availability increased in March led by a jump in jumbo loans, according to the latest Mortgage Credit Availability Index, a report from the Mortgage Bankers Association.
Commercial, Multifamily Mortgage Originations in U.S. Total $491 Billion in 2016
World Property Journal, Apr. 7, 2017–Michael GerrityAccording to the Mortgage Bankers Association’s 2016 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation, U.S. commercial and multifamily mortgage bankers closed $490.6 billion of loans in 2016.
The Next Big Amenity
UExpress, Apr. 7, 2017–Lew SichelmanCrystal Lagoons bills itself as a technology company that offers developers a system for building and maintaining bodies of water of unlimited size, in clear condition, at a low cost. And it can help turn landlocked, otherwise non-viable properties into successful projects, says the company’s U.S. president, Uri Man.
Proxy Advisers Tell Bank of America to Split Chairman-CEO Roles
Wall Street Journal, Apr. 7, 2017–Christina Rexrode (subscription)Two influential proxy-advisory firms, Institutional Shareholder Services Inc. and Glass Lewis, have recommended shareholders vote in favor of a proposal that would split the roles of chairman and CEO at the bank.
Zillow: Renters Will Need to Earn More to Cover Housing Costs
National Mortgage Professional, Apr. 7, 2017–Phil HallRenters will need to raise their incomes by an average of $168 a year to keep up with expected rent increases over the next 12 months, according to a new forecast from Zillow, which added that median rent prices are predicted to be $1,420 at this time next year.
Nonbank Mortgage Jobs Fall for Second Month
National Mortgage News, Apr. 7, 2017–Brian Collins (subscription)Nonbank mortgage companies cut 1,400 jobs in February, bringing total employment in the sector to 331,700, the Bureau of Labor of Statistics reported Friday.
PACE Industry Responds to Congressional Efforts to Change Programs’s Rules
HousingWire, Apr. 7, 2017–Ben LaneTwo of the nation’s largest PACE lenders, Renovate America and Renew Financial, issued statements in response to the introduction of the PACE Act and the rhetoric surrounding it, stating that the bill is actually a Trojan horse designed to destroy the PACE industry.
Rising Prices Reduce Consumer Confidence in Housing: Fannie
National Mortgage News, Apr. 7, 2017–Brad Finkelstein (subscription)Home price increases combined with rising rates drove consumer confidence in the housing market off of its record high.