The Lede
Top National News
Why Be a Broker When You Can Be a Mortgage Banker?
National Mortgage News, Dec. 7, 2016--Bode, Jeff
For the entrepreneurial-minded mortgage broker, there has never been a better time to make the transition to mortgage banking.
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IKEA Adapts to Growing Urban Populations
Wall Street Journal, Dec. 7, 2016--Chaudhuri, Saabira
IKEA plans to incorporate more of its stores into larger developments containing hotels, homes and offices as it works to adapt to growing urban populations by locating its stores more centrally, its chief executive said Wednesday.
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Plunge in Mortgage Applications Stalls, Down Just 0.7 Percent
CNBC, Dec. 7, 2016--Olick, Diana
The mortgage business bleeding appears to have slowed following a sharp rise in mortgage rates postelection. "Over the last month, going back to the week prior to the election, mortgage rates on 30-year loans have increased 50 basis points and refinance application volume has dropped by 28 percent," said Mortgage Bankers Association Chief Economist Michael Fratantoni.
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Mortgage Defects Fall for First Time in a Year as TRID Issues Subside
Housing Wire, Dec. 7, 2016--Lane, Ben
New report shows regulatory/compliance defects falling in second quarter.
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Higher Volume and Lower Costs Buoyed 3Q Profits: MBA
National Mortgage News, Dec. 7, 2016--Passy, Jacob
Loan volume and balances increased in the third quarter as costs stabilized, according to data from the Mortgage Bankers Association.
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CFPB Fines Three Reverse Mortgage Lenders Over Deceptive Advertising
HousingWire, Dec. 7, 2016--Swanson, Brena
American Advisors Group, Reverse Mortgage Solutions and Aegean Financial are the latest names to face the wrath of the Consumer Financial Protection Bureau due to deceptive advertisements in reverse mortgage lending.
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Mortgage Firm Offers Loans that Don’t Require Borrowers to Set Up Escrow Funds
Washington Post, Dec. 7, 2016--Harney, Kenneth R.
Michigan-based United Wholesale Mortgage, which has a network of 7,000 participating brokerage firms nationwide, has begun offering mortgages with no requirement for escrow accounts--and no penalty for the privilege.
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U.S. Bancorp Predicts Stable 4Q Margins, Lower Mortgage Fee Income
American Banker, Dec. 7, 2016--Broughton, Kristin
U.S. Bancorp in Minneapolis has raised its expectations for its net interest margin in the fourth quarter, citing the recent increase in benchmark rates.
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Fannie Mae, Freddie Mac Hike Mortgage Modification Interest Rate for First Time in 2016
HousingWire, Dec. 7, 2016--Lane, Ben
The market mortgage interest rates aren't the only ones on the way up, as Fannie Mae and Freddie Mac announced Wednesday that they are increasing the benchmark interest rate for standard mortgage modifications to a level not seen in 10 months.
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AAA Grades Return for Securities Backed by Riskier Mortgages
Bloomberg, Dec. 7, 2016--Scully, Matt
Fitch Ratings and DBRS Inc. are giving ratings to more than $210 million of bonds backed by loans made by Caliber Home Loans, a unit of Lone Star Funds, and by mortgages from Sterling Bank & Trust and LendSure Mortgage Corp.
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Mind the Gap Between Asking and Sale Prices
Wall Street Journal, Dec. 7, 2016--Friedman, Robyn A.
Home sellers in Chicago set asking prices that are very close to the final sale price, but sellers in the suburbs miss the mark.
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Here’s the Shortlist for the Real Power Position at HUD: Deputy Secretary
HousingWire, Dec. 7, 2016--Wheeler, Sarah
The HUD secretary, like many other Cabinet positions, is the public face of the department--meeting with housing leaders around the country, listening to local concerns and celebrating milestones. Most of the day-to-day operations are handled by the deputy secretary.
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America’s First Real Estate Presidency
Politico, Dec. 7, 2016--Shafer, Jack
The White House has been home to lawyers, generals, professors and career politicians, but never a real estate sharpie like Donald Trump.
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