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Industry News

The latest news on issues impacting the mortgage market is provided below:


HousingWire

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Updated: 45 sec ago

Oregon warns residents about 'fraudulent' loan modifications

Fri, 02/05/2016 - 18:31
Oregon residents should avoid doing any kind of business with Liberty One Mortgage because the company is unlicensed, unregistered, and is engaging in mortgage fraud, the Oregon Department of Consumer and Business Services said. During an investigation, it was discovered that the Studio City, California address Liberty One provided on documentation to Oregon homeowners was actually the location of an Indian food restaurant.

[Video] 3 key points to conquer lending in February

Fri, 02/05/2016 - 18:27
The latest 3 points with Mat Ishbia, CEO of United Wholesale Mortgage, gives three quick snippets of advice that most lenders are concerned about: Relators and TRID, Millennials and Refinancing.

SMS Assist expands into single-family rental property management

Fri, 02/05/2016 - 17:27
SMS Assist, a mobile and cloud-based multisite property management company, announced its expansion into residential real estate with the creation of its residential service team. According to a release from the company, SMS Assist is launching its residential division with "major clients" already on board, including Colony Starwood Homes, Home Partners of America and others.

MBA: Mortgage credit slightly loosens in January

Fri, 02/05/2016 - 17:17
While small, mortgage credit availability fell in January, dropping 0.4% to 123.8. The decrease was driven by a decline in some FHA and conventional offerings as compared to the previous month.

Appraisal Institute, RESNET partner to increase green home education

Fri, 02/05/2016 - 16:22
The Appraisal Institute, the nation’s largest professional association of real estate appraisers, and Residential Energy Services Network, also known as RESNET, announced the signing of a "cooperation agreement" to promote education, research and data standards surrounding energy efficient homes.

National MI, Capital Markets Cooperative announce partnership

Fri, 02/05/2016 - 14:29
National Mortgage Insurance Corporation, a provider of private mortgage insurance, announced that it formed a “strategic partnership” with Capital Markets Cooperative, a nationwide alliance of mortgage bankers that provides exclusive offerings and value-added services to its members. As part of the partnership, National MI will be named a “preferred provider” of private mortgage insurance.

HSBC reaches $601M settlement over charges of 'abusive mortgage practices'

Fri, 02/05/2016 - 12:41
HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses. The massive settlement with HSBC was jointly announced Friday by the Department of Justice, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau, 49 states and the District of Columbia.

December job creation 'remains healthy,' grows by 151,000

Fri, 02/05/2016 - 12:01
Job creation increased by 151,000 in January, and while the increase came in somewhat weaker than market expectations, details pointed to a solid labor market. Meanwhile, the unemployment rate fell below 5% for the first time in nearly 8 years.

SoFi bets big on the Super Bowl to win borrowers

Fri, 02/05/2016 - 12:00
SoFi has shattered the typical lending model ever since it broke into the mortgage world two years ago, so its big move in this year’s Super Bowl 50 only make sense. The company's garnering a lot of attention on its big, and even risky to some, move in advertising during the big game. Watch the video here.

News Corp CEO: Realtor.com makes us 'world's largest player in digital real estate'

Thu, 02/04/2016 - 18:31
News Corp reported its fiscal 2016 second quarter results on Thursday, but the headline story wasn’t that the worldwide conglomerate saw its revenue drop from $2.26 billion to $2.16 billion from the previous year. Rather, more focus is on the success of its Realtor website.

Veros offering 'advanced quality control check' for FHA appraisals

Thu, 02/04/2016 - 16:57
Veros Real Estate Solutions, which already serves as the vendor for the Federal Housing Administration’s electronic portal for appraisal reports and data submissions, announced this week that it is now offering an “advanced quality control check” for FHA loan appraisals.

Feds charge two more in widespread foreclosure auction bid rigging scheme

Thu, 02/04/2016 - 16:20
A federal grand jury in Atlanta indicted two real estate investors on charges that they allegedly took part in a widespread foreclosure auction bid rigging scheme in Georgia, the Department of Justice announced this week.

Service First Mortgage hires two sales executives

Thu, 02/04/2016 - 15:45
Service First Mortgage recently announced that it hired two mortgage industry executives, Joe Treinen and Ian Kimball, who will take on the positions of national sales director and director of sales development, respectively.

Flint water crisis now impacts mortgage lending

Thu, 02/04/2016 - 14:18
The severity of the Flint, Michigan, water crisis continues to plague residents, and now there are questions about whether people will be able to sell their homes if they want to, as their homes may not meet livability standards required for a mortgage.

First Savings Mortgage ranked top lender in D.C.

Thu, 02/04/2016 - 13:20
Making waves in one of the hottest cities in America, First Savings Mortgage Corporation was once again ranked as the top lender in Washington D.C., taking the title for the second consecutive year.

Computershare continues mortgage growth, acquires Capital Markets Cooperative

Thu, 02/04/2016 - 13:13
Computershare, an Australian tech company that expanded into the U.S. mortgage market in 2011 when it acquired Specialized Loan Servicing for $113.6 million, announced last week that it was further growing its U.S. mortgage business with the acquisition of Altavera Mortgage Services. But that move appears to be just the first step in a larger expansion.

Share of cash sales fell in October to 34%

Thu, 02/04/2016 - 12:45
Cash sales accounted for 33.9% of total home sales in the month of October, compared to 36.4% in October 2014, according to CoreLogic. At that rate of decline, cash sales could return to pre-crisis levels by 2018.

Freddie Mac: Mortgage rates fall below expectations

Thu, 02/04/2016 - 10:00
Mortgage rates sank even further below 4%, marking the fifth consecutive week of declines amid ongoing market volatility. Mortgage rates now are in the neighborhood of early-2015 lows.

Zillow: Mortgage rates drop to lowest level since 2013

Wed, 02/03/2016 - 18:04
Despite some predictions that mortgage interest rates would rise in the aftermath of the Federal Open Market Committee’s December announcement of an increase to the federal funds rate for the first time since June 2006, the exact opposite has happened, with interest rates falling to a two-year low, according to a new report from Zillow.

Zillow Group bolsters New York real estate business, buys Naked Apartments

Wed, 02/03/2016 - 17:16
Zillow Group, the parent company for online real estate portals Zillow and Trulia, is growing its operations in New York City with the acquisition of Naked Apartments, which bills itself as "New York City's largest rentals-only platform." Naked Apartments is "dedicated to simplifying the rental process" for renters, brokers and landlords in New York City, where, according to Zillow-provided data, approximately 70% of the population rents their home.