The Lede

Top National News

Big Drop in Mortgage Rates Juices Refinances, But Doesn’t Seduce Buyers
CNBC, May 24, 2017--Diana OlickTotal mortgage application volume increased 4.4 percent last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association. The gain was driven entirely by refinancings.
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Freddie, Fannie Could See Reduced Role if U.S. Starts Guaranteeing Certain Mortgage Securities
The Street, May 24, 2017--Tony OwusuTreasury Secretary Steve Mnuchin said the Trump administration is considering adding a government backstop to the mortgage market, allowing the government to guarantee certain mortgage securities, reducing the role of federal home loan financiers Fannie Mae and Freddie Mac.
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Guild Mortgage Launches Nationwide 1% Down Mortgage Program
HousingWire, May 24, 2017--Brena SwansonGuild Mortgage announced a new, nationwide 1% down mortgage product to cater to the upcoming surge in Millennial homebuyers.
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Mixed Signals on CFPB Constitutionality from Appeals Court Justices
National Mortgage News, May 24, 2017--John Heltman (subscription)Appeals court justices appeared divided on whether the structure of the Consumer Financial Protection Bureau is constitutional during oral arguments Wednesday, with some judges suggesting the court had no power to decide otherwise while others said the current system was illogical and illegal.
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Fannie Mae Rolls Out Healthier Housing Rewards for Multifamily Properties
HousingWire, May 24, 2017--Ben LaneFannie Mae this week rolled out a new program designed to boost the development of healthy living options for residents of affordable, multifamily rental properties.
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San Francisco Goes From First to Worst in U.S. Home-Price Gauge
Bloomberg, May 24, 2017--Prashant GopalSan Francisco, which in recent years had the biggest home-price gain in the U.S., was the country's weakest market in the first quarter, with values falling for the first time since 2011, the Federal Housing Finance Agency said.
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L.A. County Median Home Price Ties Record High as Housing Market Sizzles
Los Angeles Times, May 24, 2017--Andrew KhouriThe median home price in Los Angeles County has reached the record high set in 2007, a milestone that follows five years of steady recovery but comes amid renewed concerns over housing affordability.
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Damon Paxson: When It Comes To The HOA/COA Lien Process, Misconceptions Abound
Mortgage Orb, May 24, 2017--Patrick BarnardWorking with homeowners associations and condo owners associations often leads to confusion among servicers--and that confusion may lead to problems during the lien process.
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Freddie Boosts Refinance Outlook on Lower Rates
Mortgage Daily, May 24, 2017Freddie Mac significantly upped its forecast for refinance production has been made by Freddie Mac thanks to falling rates. Even expected purchase lending increased.
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Non-Performing Mortgages Offered for Sale
Mortgage Daily, May 24, 2017The offering is for 44 non-performing single-family loans that have a collective unpaid principal balance of $4.3 million.
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TX Mortgage Firm Accused of Deceiving Investors
Dallas Morning News, May 24, 2017--Jill CowanFederal authorities have ordered a Frisco, Texas, mortgage lender to stop running what they call a fraudulent scheme that funneled investors' money to several people he shouldn't have -- including $1.4 million to a man who claimed to be a booking agent for singers Drake and Taylor Swift.
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Could Wells Fargo Scandal Boost Mortgage Discriimination Lawsuits? L.A., Others Hope So
Los Angeles Times, May 25, 2017--James Rufus KorenA recent Supreme Court decision that will allow mortgage discrimination cases against Wells Fargo and other banks to proceed is more than just another bad headline for the San Francisco financial giant.
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How Experian Is Using Big Data And Machine Learning To Cut Mortgage Application Times To A Few Days
Forbes, May 25, 2017--Bernard MarrLarger datasets give a more accurate picture of whatever they represent, leaving less margin for error. This leads to analytics, simulations and insights which more closely reflect real-world outcomes--such as whether someone will repay a loan.
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Today in MBA Insights
New in today's issue of MBA Insights: in a new series, MBA President and CEO Dave Stevens, CMB, outlines not only why reform of Fannie Mae and Freddie Mac must take place now, but also why some suggested alternative approaches are simply unacceptable.
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