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Replacement of LIBOR Mortgage Index Recalls Memories of Y2K Panic
National Mortgage News, May 22, 2019--Brad Finkelstein (free content)Development of a replacement index for the London interbank offered rate brought back memories for one secondary market participant of the technology disaster worries many had at the turn of the century. (MBA mention)
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‘I Went The Extra $5,000’: Despite a Cooling Housing Market, Buyers Bust Their Budgets
USA Today, May 22, 2019--Paul DavidsonHome buyers are blowing through their budgets by ever-higher amounts to lasso their dream homes, a recent survey by real estate brokerage found.
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Ellie Mae Moves Accelerated by Thoma Bravo Purchase
Mortgage Media, May 22, 2019A month after being acquired by private equity firm Thoma Bravo, Ellie Mae last week completed a restructuring that included layoffs of about 10 percent of its staff. At the MBA National Secondary Market Conference, Ellie Mae President and CEO Jonathan Corr addressed the downsizing, saying it likely would have happened even if the company had stayed public.
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Mortgage Refinances Surge 8%, As Rates Fall to the Lowest Level Since January 2018
CNBC, May 22, 2019--Diana OlickHomeowners are taking advantage of lower interest rates, rushing to refinance their mortgages before rates potentially turn higher again, according to the Mortgage Bankers Association.
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Secondary Mortgage Market: Lenders Must Embrace Digital Change
National Mortgage News, May 22, 2019--Paul Centopani (subscription)Change invariably impacts the borrowers as well and that can be hard. However, "those who are successful are those embracing change and working through it with all those affected," Todd Hougaard, product manager at Mortgage Cadence, said at the Mortgage Bankers Association's National Secondary Market Conference.
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GSEs in Favor of Retaining CRT Strategies, G-Fee Parity Post Reform
National Mortgage News, May 22, 2019--Bonnie Sinnock (subscription)Government-sponsored enterprise executives appearing at the MBA National Secondary Mortgage Conference say they want to continue to offer credit risk transfers and guarantee-fee parity after the GSEs are released from conservatorship, but they might not be able to.
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Bank of America Will Offer Mortgages Without Origination Fees for a Limited Time
MarketWatch, May 23, 2019--Jacob PassyThe bank is now offering mortgages with $0 origination fees in a bid to win the business of borrowers who don't have a ton of money squirreled away in savings to cover the myriad costs associated with buying a home. There's a catch. The promotion only applies to certain types of loan products.
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Bringing Technology to the Point of Sale
National Mortgage Professional, May 22, 2019--Rick GrantJohn Guzzo, Managing Director at Berkery, Noyes & Company LLC, offers six key attributes for evaluating a mortgage technology firm.
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Ben Carson: ‘Of Course I Know What an REO is’
The Hill, May 2, 2019--Bob CusackHUD Secretary Ben Carson defended his knowledge of government policy following a viral exchange on Capitol Hill in which he seemed to confuse a housing acronym with Oreo cookies.
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