HousingWire, Sept. 15, 2020–Julia FalconiBuying platform Opendoor said it will merge with Social Capital Hedosophia Holdings Corp. II. to become a public company using the special purchase acquisition company in …
Category: Top National News
U.S. Industrial Production Points to Slowing Manufacturing Recovery
Wall Street Journal, Sept. 15, 2020–David Harrison (subscription)U.S. industrial production rose for the fourth consecutive month in August but at a much lower rate than earlier in the summer, a …
Changes to the Qualified Mortgage Rule are Coming; Be Prepared
National Mortgage News, Sept. 15, 2020–Colgate Selden (subscription)With origination volumes skyrocketing due to historically low interest rates, it would be an understatement to say lenders have been preoccupied in 2020. …
Ex-Owner of Florida Mortgage Firm Freed After 9 Years of 30-Year Term for Massive Fraud
Associated Press, Sept. 15, 2020A judge on Tuesday ordered the release of Lee Farkas, 67, chairman of the now-defunct Florida-based mortgage company Taylor, Bean and Whitaker.https://www.orlandosentinel.com/news/crime/os-ne-financial-exec-serving-30-years-for-fraud-released-20200915-vq3hnfxkibeu7kcc45ssqqw4da-story.html
New Home Purchase Applications Jump 33.3 Percent Year-Over-Year
National Mortgage Professional, Sept. 15, 2020–Navi PersaudThe Mortgage Bankers Association’s Builder Application Survey data for August reported a 33.3% increase in new home purchase applications compared to the same period …
Citigroup to Resume Job Cuts After Pausing for Pandemic
Bloomberg, Sept. 14, 2020–Jennifer SuraneThe reductions will come as Citigroup is facing a likely revenue drop and another increase to loan-loss reserves this quarter as the pandemic drags on, as …
Why on Earth Haven’t 19 Million Homeowners Refinanced Their Mortgage Yet?
Bankrate.com, Sept. 14, 2020–Jeff OstrowskiWhy are so many homeowners still locked into above-market rates? “The same reason people don’t go to the dentist regularly even though they should – it’s …
Eviction Filings by Big Landlords Surged After Trump Issued Ban
Bloomberg, Sept. 14, 2020–PAtrick Clark, Prashant GopalBig landlords increased the number of eviction cases they filed after President Donald Trump announced his recent moratorium, signaling the struggle tenants face getting …
New Data Shows Decreasing Confidence in Commercial Real Estate Market
Mortgage Professional America, Sept. 14, 2020–Clay JarvisIn yet another example of COVID-19’s lingering impact on commercial real estate, LightBox’s most recent Market Confidence Index for the commercial sector found the …
Servicers Intensify Retention Efforts as Rate of Success Declines
National Mortgage News, Sept. 14, 2020–Brad Finkelstein (subscription)Only 18% of refinance borrowers returned to the same lender in the second quarter, the second lowest rate since 2005, said Black Knight.https://www.nationalmortgagenews.com/news/servicers-intensify-retention-efforts-as-the-rate-of-success-declines