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What Beyoncé and These Billionaires Have in Common: Massive Mortgages
Wall Street Journal, Sept. 20, 2018-Katherine Clarke (subscription)Entertainers Beyoncé and Jay-Z and billionaire hedge-fund executive Ken Griffin have something in common: They are among a small but growing number of ultraluxury home buyers who are borrowing tens of millions of dollars for home purchases.
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Fiserv Lending Rebrands Following Sale to Warburg Pincus
National Mortgage News, Sept. 20, 2018--Elina Tarkazikis (subscription)Fiserv Lending Solutions rebrand to Sagent Lending Technologies reflects the company's focus on a more efficient process for mortgage and consumer lenders. The move comes after Fiserv agreed to sell a majority stake of its mortgage and consumer loan origination and servicing business to private-equity firm Warburg Pincus in February.
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HousingJobs: Why the Job Market For Loan Officers is Promising
HousingWire, Sept. 20, 2018--Alyssa StringerEmployment of loan officers is expected to grow 11% from 2016 to 2026, faster than the average for all occupations.
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Wells Fargo Plans to Cut Staffing Up to 10% in Three Years
Bloomberg, Sept. 20, 2018--Hannah LevittWells Fargo & Co. plans to trim its workforce by about 5 percent to 10 percent within the next three years as Chief Executive Officer Tim Sloan works to pull the bank clear of a series of customer-abuse scandals and prop up a lagging stock price.
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In Deregulaory Era, Trump Picks a Throwback for Fed Board
American Banker, Sept. 20, 2018--Neil Haggerty (subscription)At a time when the Trump administration is mostly appointing regulators eager to roll back post-crisis regulations, the nomination of Nellie Liang to a seat on the Federal Reserve Board is something of a throwback.
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Refi Declines Wipe Out Purchase Gains
Mortgage Daily, Sept. 21, 2018Mortgage originations are expected to sink to $370 billion in the fourth quarter then deescalate further, to $328 billion, during the first-three months of next year, the Mortgage Bankers Association said.
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FHA Delinquency Tumbles, Endorsements Edge Up
Mortgage Daily, Sept. 20, 2018FHA reported a monthly up tick in new business, though a dip will likely follow. Single-family delinquency tumbled 48 basis points.
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U.S. Household Net Worth Almost $10 Trillion in Second-Quarter 2018
Reuters, Sept. 20, 2018--Lindsay DunsmuirU.S. households added nearly $2.2 trillion to their wealth from April to June this year, the Federal Reserve said on Thursday.
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