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Industry News

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


HousingWire

This feed provides ALL content published on HousingWire.com -- from feature news, to magazine articles, to blog posts, to Ticker news items, and more. It's the complete HousingWire.com feed.
Updated: 22 min 44 sec ago

Zillow sells Market Leader for massive loss

Thu, 09/03/2015 - 16:54
Zillow Group announced that it plans to sell Market Leader, a customer relationship management system for the real estate industry, to the Perseus Division of Constellation Software, an international provider of software and services. When Trulia bought Market Leader, the purchase price was reported to be as high as $355 million. Zillow announced Thursday that it is selling Market Leader for $23 million.

Fannie Mae extends foreclosure timelines in 33 states

Thu, 09/03/2015 - 15:49
Fannie Mae announced that it is increasing the maximum number of allowable days for “routine” foreclosure proceedings for much of the country. Click here to see where Fannie Mae just changed the foreclosure timelines.

Nonbanks face increasing regulations as share of mortgage lending grows

Thu, 09/03/2015 - 15:28
The Community Home Lenders Association shows in a side-by-side chart comparison the growing divergence in both consumer and financial regulations that non-bank lenders and banks face. Guess who is getting the heavy end of the regulation stick?

eMortgage Logic becomes Morningstar-rated asset valuation vendor

Thu, 09/03/2015 - 15:10
eMortgage Logic, a provider of residential real property valuations, data and analytics, received a residential vendor ranking from Morningstar Credit Ratings. According to a release from Morningstar, the ratings agency assigned a ‘MOR RV1’ residential vendor ranking to eMortgage Logic as a residential vendor in the asset valuation market.

Dear Parents, don’t expect your homebuying Millennials to pay you back

Thu, 09/03/2015 - 14:58
More parents are helping their kids buy a home, but there is one catch for the parents: They probably won’t see that money ever again. After surveying parents and Millennials, loanDepot put together this infographic on what the financial arrangements are between parents and their kids.

NJ title company owner stole $7.7M

Thu, 09/03/2015 - 14:49
The owner of a New Jersey title firm pled guilty to stealing funds that were supposed to be used to pay off mortgages.

Michael DeVito appointed head of mortgage production for Wells Fargo

Thu, 09/03/2015 - 13:48
Wells Fargo appointed Michael DeVito as the new head of mortgage production, where he will lead the retail and correspondent teams. DeVito brings more than 26 years of experience in the financial services industry to the position, including the last 19 years at Wells Fargo.

Blackstone acquires ‘significant equity stake’ in mortgage insurer PMI Group

Thu, 09/03/2015 - 12:05
Blackstone is increasing its already substantial position in housing again, as funds affiliated with Blackstone Tactical Opportunities are set to acquire a “significant equity stake” in The PMI Group, a provider of mortgage insurance. PMI said that in connection with the purchase of a significant equity stake in PMI, Blackstone will provide PMI with a loan to be used for working capital.

Sources: loanDepot readies IPO filing

Thu, 09/03/2015 - 11:39
Industry sources close to the company said loanDepot is getting ready to file an initial public offering after making significant strides in the industry this year in an attempt to become the No. 1 nonbank consumer lender. Read on to learn about their latest move.

Trending Thursday: Banks make more on mortgages while government steals GSE profits?

Thu, 09/03/2015 - 10:00
In a scathing essay in National Review, two Yale legal/business scholars issue a pretty damning indictment of the patina of legality smeared atop the taking of shareholder profits from Fannie and Freddie. Plus, homeownership hits a half-century low while apps grow. Here's everything that's happening.

MBA: Mortgage credit ticks up in August

Thu, 09/03/2015 - 08:55
Mortgage credit availability increased in August and has increased in eight of the last nine months, mainly on jumbo loan products but also on conforming conventional mortgage loans. Here's the scorecard.

Friday’s job report doesn’t look promising

Thu, 09/03/2015 - 07:23
All the early indicators point to a weak August jobs report. Given the state of concerns over employment and the broader economy, including home sales, talk is going to move to a December rather than September rate hike by the Federal Open Market Committee. Read on.

RealtyTrac: Nearly 40m homes at high risk of natural disater

Wed, 09/02/2015 - 23:01
With California wildfires still burning and the reminder of the 10th anniversary of Hurricane Katrina here, the risk of natural disaster is on the minds of the folks at RealtyTrac. Here's what they found look at the cost and risk for housing markets. Read on.

ARMCO announces TRID mortgage data comparison tool

Wed, 09/02/2015 - 17:28
ACES Risk Management, a web-based financial services quality control software provider, announced the release of TRIDCompare, a data comparison tool specifically designed for the new TILA-RESPA Integrated Disclosure forms.

Green Tree gone; Ditech merger complete

Wed, 09/02/2015 - 17:05
Green Tree Servicing is gone. Last month, HousingWire reported that Green Tree’s days were numbered, after Green Tree’s parent company, Walter Investment, announced quietly that it planned to merge Green Tree with another of Walter Investment’s well-known subsidiaries, Ditech Mortgage Corp, to form a new company, ditech, a Walter company. Now the merger is complete.

Here's how to handle electronic delivery of mortgage disclosures

Wed, 09/02/2015 - 16:20
In a recent educational web seminar hosted by HousingWire, two industry experts discussed the legal requirements businesses need to know and best practices around satisfying requirements when moving to e-disclosure delivery of mortgage disclosures.

Exec at center of first TARP bank failure gets 8 years in prison

Wed, 09/02/2015 - 16:05
The bank executive at the center of one of the largest bank failures in recent years will spend the next 8 years in prison for his part in a scheme that cost the American taxpayers more than $300 million. Here's the tale of Ebrahim Shabudin and United Commercial Bank.

Mortgage lawsuits against BofA, Citigroup and Wells Fargo resurrected

Wed, 09/02/2015 - 15:12
A U.S. appeals court revived three lawsuits filed by the City of Miami against Wells Fargo, Bank of America and Citigroup, alleging predatory mortgage lending practices against minority borrowers.

Beige Book: Real estate activity up in all 12 districts

Wed, 09/02/2015 - 14:21
Reports from the twelve Federal Reserve Districts indicate economic activity continued expanding across most regions and sectors during the reporting period from July to mid-August, and residential real estate was solid. Read on.

Mortgage industry to CFPB: Stop normalizing bad data

Wed, 09/02/2015 - 13:18
The mortgage finance industry is still not happy with the Consumer Financial Protection Bureau and its consumer complaint narrative database, which publishes unvetted and unverified anonymous complaints against specific companies. Want to know more? Of course you do.