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Could Low Rates Be an Incentive for Upward-Bound Homeowners?
Mortgage Professional America, May 31, 2019--Kimberly GreeneSustained low interest rates are tempting homeowners to move into bigger homes--with larger mortgages--instead of staying put and refinancing their current property.
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Defect Risk Index Down for the First Time in Eight Months
National Mortgage Professional, May 31, 2019--Phil HallThe frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications during April decreased by 4.2 percent from March, according to new data from First American Financial Corp.'s Loan Application Defect Index.
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One Important Piece of GSEs’ Transformation Ready for Launch
National Mortgage News, May 31, 2019--Hannah Lang (subscription)The Federal Housing Finance Agency is about to take the biggest step to date toward reforming Fannie Mae and Freddie Mac by combining the two mortgage giants' securities platforms. But questions remain about how the uniform system will work in the practice.
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SEC Accuses Chicago House Flipper of Running $20 Million Real Estate Fraud Scheme
HousingWire, May 31, 2019--Ben LaneThe Securities and Exchange Commission accused the owner of a real estate investment company of perpetrating a $20 million real estate fraud scheme by convincing more than 600 investors to give money under the auspices of flipping houses in the Chicago area.
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Don’t Overreact to Quarterly Market Share Shifts Among MIs: Essent CEO
National Mortgage News, May 31, 2019--Brad Finkelstein (subscription)Investors shouldn't overreact to the first-quarter shift in private mortgage insurer market share, said Mark Casale, Essent's chairman, president and CEO the company, which benefited most from the change.
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Urban Institute to FHA: Fix Your Reverse Mortgage Servicing Problems
HousingWire, May 31, 2019--Jessica GuerinPolicymakers have long struggled with how to fix the Federal Housing Administration's reverse mortgage program to prevent it from draining the agency's mortgage insurance fund. But researchers are the Urban Institute have an idea: Fix the program's servicing problems, which they call "one of the biggest drivers of losses in the HECM program."
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Fannie-Freddie Revamp Poses Risk to Trump: Higher Mortgage Costs
Bloomberg, June 3, 2019--Austin WeinsteinFannie Mae and Freddie Mac's watchdog has a vision for ending U.S. control of the mortgage giants that hinges on the companies holding more capital. But that dream could run into a cold political reality of making home loans more expensive as President Donald Trump ramps up his re-election bid.
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Kevin Hassett, Chairman of Council of Economic Advisers, to Leave Post
Wall Street Journal, June 2, 2019--Nick Timiraos, Alex Leary (subscription)The White House's chief economist said his departure from the role had "been in the works for a good long time."
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From Financing to Flooring, Customer Service is Lacking
UEXpress, May 31, 2019--Lew SichelmanAt a recent business dinner in New York City, Rosalie Berg said she was wondering what had become of service in the mortgage sector. Seemed like too many loan officers had forgotten what the word meant.
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