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Top National News

How Will AI Affect the Mortgage Lending Process?
BizTech, Nov. 30, 2018--Phil GoldsteinLenders that take advantage of artificial intelligence primarily use it to improve operational efficiency or enhance the consumer/borrower experience.
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NFIP Gets Seven-Day Extension
National Mortgage Professional, Nov. 30, 2018--Phil HallCongress passed a seven-day extension of the National Flood Insurance Program, hours before its scheduled expiration.
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Affordability Divides America’s Cities
HousingWire, Nov. 30, 2018--Alcynna LloydIn November, while home sales in large U.S. metros cooled off, smaller affordable markets continued to heat up.
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McHenry Elected Top GOP Member of House Banking Panel
American Banker, Nov. 30, 2018--Neil Haggerty (subscription)Rep. Patrick McHenry, R-N.C., the current vice chairman of the House Financial Services Committee, was elected Thursday to be the committee's lead Republican when Democrats assume control in the next Congress.
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SoFi Is Said to Cut 7% of Staff and Revamp Ailing Mortgage Unit
Bloomberg, Nov. 30, 2018--Julie VerhageThe 100 job cuts are happening in the company's mortgage department. SoFi has said it plans to dramatically expand its mortgage business in 2019. As part of that effort, the company is now undertaking a wholesale restructuring of how that division operates--including a shift away from underwriting loans directly.
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Hometown Lenders Acquires TotalChoice Mortgage to Add Origination Scale
National Mortgage News, Nov. 30, 2018--Paul Centopani (subscription)Financial terms of the deal were not disclosed. The deal will help Hometown, a Huntsville, Ala.-based mortgage lender, giving it a foothold in the Midwest. TotalChoice, which expects to originate $240 million in mortgages this year, is headquartered in Columbus, Ohio.
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FHA Automates Reverse Mortgage Second-Appraisal Process
HousingWire, Nov. 30, 2018--Jessica GuerinHECM lenders can enter their loan data into FHA Connection and receive an immediate, automatic response on whether or not a second appraisal will be required before the loan can proceed, curbing some concerns about how much time a second appraisal would add to the loan process.
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