The Lede

Top National News

Mortgage Industry Layoffs are Picking Up
Scotsman Guide, Oct. 9, 2018--Victor WhitmanJPMorgan Chase & Co. and Movement Mortgage this month were the latest companies to announce layoffs of hundreds of mortgage workers due to a downturn in business. Many more people in the industry can expect to lose their jobs in the coming months, Fannie Mae says.
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Mortgage Rates Jump Past 5%, Signaling More Home Price Cuts Ahead
CNBC, Oct. 9, 2018--Diana OlickMillennials are in their prime homebuying years, and they're used to cheap credit. So they might be in for a rude awakening as mortgage rates jump.
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Lennar Is in Advanced Talks to Sell Its Real-Estate Lending Unit, Rialto Capital
Wall Street Journal, Oct. 9, 2018--Craig Karmin, Laura Kusisto, Dana Mattioli (subscription)Lennar Corp. is in advanced talks to sell its real-estate lending unit, looking to offload the business at a time when the nation's largest home builder and its peers are struggling alongside a stagnant housing market. The Miami-based company is in discussions with the private-equity firm Stone Point Capital LLC for the sale of Rialto Capital.
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Home Sales and Cancellations are Rising at D.R. Horton
National Mortgage News, Oct. 9, 2018--Bonnie Sinnock (subscription)D.R. Horton is selling more homes, but its cancellation rates also are higher in the company's preliminary quarterly results, a sign that rising mortgage rates may be affecting the market.
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HSBC Finalizes Large Subprime RMBS Settlement
Mortgage Daily, Oct. 9, 2018On Tuesday, the Justice Department announced it agreed to a settlement with HSBC that includes a $765 million civil penalty involving subprime residential mortgage-backed securities.
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Serious Mortgage Delinquency at 11-Year Low
Mortgage Daily, Oct. 9, 2018CoreLogic said mortgage delinquency and foreclosure rates fell again in July to lows last seen before the financial crisis.
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Sears Hires Advisers to Prepare Bankruptcy Filing
Wall Street Journal, Oct. 9, 2018--Suzanne Kapner, Lillian Rizzo, Soma Biswas (subscription)Sears Holdings Corp. has hired M-III Partners LLC to prepare a bankruptcy filing that could come as soon as this week, as the cash-strapped company that once dominated American retailing faces a debt payment deadline.
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23K New Construction Jobs in September
National Mortgage Professional, Oct. 9, 2018--Phil HallThe construction industry added 23,000 net new positions in September, according to the Associated Builders and Contractors' latest analysis of Bureau of Labor Statistics data.
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Rent-to-Own Innovator Divvy Raises $30 Million to Fund Growth
HousingWire, Oct. 9, 2018--Ben LaneThe company announced Tuesday morning that it completed a $30 million Series A equity and debt round, which was led by Andreessen Horowitz (a16z) with participation from Caffeinated Capital, Scifi Ventures and DFJ.
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MBA News

MBA Recognizes Premier Members
These MBA members provide a variety of valuable products and services, including legal, insurance, technology, consulting, communications and more that help to grow your bottom line.
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MBA Education School of Mortgage Banking Course III Dec. 4-7 in Dallas
MBA Education presents its School of Mortgage Banking Course III from Dec. 4-7 at Mr. Cooper in Dallas.
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