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Mortgage Applications Rise 2% as More Buyers Hit the Spring Market
CNBC, May 10, 2017--Diana OlickThe gains are slow and small, but mortgage volume is beginning to improve again, as more homebuyers sign on the dotted line. "Continuing strength in the job market and improving consumer confidence drove overall purchase applications to increase last week," said Mortgage Bankers Association Economist Joel Kan.
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Is Commercial Real Estate Prepared for a Cyberattack?
Commercial Observer, May 10, 2017--Elyssa KatesMany people do not think of commercial real estate when they think about cyberattacks. But they should.
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Borrowers Benefit from Crowded Field of Bridge Lenders
National Real Estate Investor, May 10, 2017-Beth Mattson-TeigLenders chasing higher yields have crowded into the bridge lending space. And borrowers are cashing in on that competition with more favorable rates, and in some cases, more aggressive underwriting.
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Warren Pushes Trump Administration on Plan to Break Up Megabanks
Bloomberg, May 10, 2017--Elizabeth DexheimerSen. Elizabeth Warren, D-Mass., is eager to pursue legislation that would break up Wall Street megabanks and has pushed the issue with members of the Trump administration.
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Deutsche Bank’s Big Shareholder Heavily Financed Its New Stake
Wall Street Journal, May 10, 2017--Jenny Strasburg (subscription)Deutsche Bank AG's new biggest shareholder, Chinese conglomerate HNA Group, used more than $2.8 billion in financing to help buy its nearly 10 percent stake in the lender.
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FinTech and the Mortgage Industry: Replacing Roadblocks with New Lending Models
GoRion, May 10, 2017--Sam Bourgi From peer-to-peer lending to instant applications, financial technology is revolutionizing the mortgage industry. Once the exclusive purview of the major financial institutions, mortgage lending has been upended by a new breed of companies looking to simplify the loan process.
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New Regs for Thursday: Drug Tests and Mortgage Lending Rules
The Hill, May 10, 2017--Lydia WheelerThe Consumer Financial Protection Bureau is reviewing the mortgage servicing rules under the Real Estate Settlement Procedures Act that was amended under the Dodd-Frank Act.
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Texas Orders Ocwen to Stop Acquiring New Mortgage Servicing Rights
HousingWire, May 10, 2017--Brena SwansonThe Texas Department of Savings and Mortgage Lending recently ordered Ocwen Financial Corp. to cease and desist, adding its name to a growing list of states and regulators coming after the mortgage servicer over alleged violations of state and federal law.
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PHH Corp Loss Widens as Mortgage Company Restructures
Burlington County Times (N.J.), May 10, 2017--Crissa Shoemaker DeBreeMount Laurel mortgage company PHH Corp. reported a first-quarter net loss of $67 million, or $1.26 a share. The loss was double the $30 million loss reported a year ago and comes as the company continues to restructure its business.
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North Carolina Hosts Its First All-Electronic E-Closing
Mortgage Orb, May 10, 2017--Patrick BarnardNorth Carolina made history last week when it hosted its first paperless, all-electronic e-closing in the state. What's more, it was only the fifth all-electronic e-closing in the U.S.
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Over $3.6 Billion in GSE Loans For Sale
Mortgage Daily, May 10, 2017One offering has 3,600 non-performing Fannie Mae loans with a collective unpaid principal balance of $613 million. Bids are due by June 1.
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Credit Union Settles Over Maternity Discrimination
Mortgage Daily, May 10, 2017Years after home lenders began settling charges of discrimination against women on maternity leave, one credit union didn't get the message it's illegal.
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Trump Administration, Senators Put Fannie, Freddie Overhaul Back in Play
Wall Street Journal, May 11, 2017--Andrew Ackerman (subscription)The Senate Banking Committee has begun behind-the-scenes work on the issue of how, exactly, to revamp the companies. The senators want to develop a framework to decrease the government's outsize role backstopping the nation's $10 trillion mortgage market.
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Today in MBA Insights
In today's issue of MBA Insights: MBA Past Chairman Bill Cosgrove, CMB, led an executive panel discussion at the recent MBA National Secondary Market Conference & Expo on a wide variety of topics, including industry regulation, the future of securitization and technology.
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