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Updated: 17 min 48 sec ago
loanDepot Chairman and CEO Anthony Hsieh published a company blog to explain his thoughts on pulling its IPO, saying, "Unlike other IPO candidates, we’re already moving forward with our plans because of our capital reserves and the investor confidence we’ve earned beyond the IPO market. And while an IPO continues to be an option, perhaps one day in the future, it’s not a necessity."
Cash sales rose slightly in the month of August, but they are still on track to return to pre-crisis levels sometime in 2017, according to a new report from CoreLogic.
The clock is now ticking for borrowers eligible for payment under the Independent Foreclosure Review Payment Agreements who have not yet cashed or deposited their check. If they don’t act soon, their money is going to borrowers who already cashed their checks.
With federal agencies taking action against several large lenders, many banks are pricing FHA loans to absorb the costs associated with the hundreds of layers of federal, state and local regulatory requirements. As a result, larger lenders are choosing to leave the FHA arena, presenting a great opportunity for smaller independent mortgage lenders.
Prospect Mortgage reached an agreement with the Multi-State Mortgage Committee after an examination revealed a pattern of charging improperly disclosed and unsupported fees paid to the company’s affiliate. "This settlement allows the company the ability to continue operating while sending a strong message to the industry that this kind of behavior must be stopped," said Karyn Tierney, chair of the MMC.
NewDay Financial, already punished this year by the Consumer Financial Protection Bureau for its business practices and by the Multi-State Mortgage Committee for widespread cheating on licensing exams, is now completely banned from lending in the state of New York due to that same cheating on licensing exams.
Planning on buying a home in New York or California? The two states surpass the nation in average down payment percentages for conventional 30-year fixed rate purchase mortgage. While it’s a steep down payment, the move could be the deciding factor in securing a home in today’s competitive market.
Goldman Sachs sent an email to clients advising that growth in residential investments through 2016 will be solid, though not as strong as they originally hoped. Plus, this growth will likely curtail in the years immediately following, as the included chart notes.
Mortgage rates barely wavered after a recent upward trend. Freddie Mac’s chief economist explained that this week the market shrugged off economic data and world events and turned its attention to the minutes of the October FOMC meeting.
Sixty-two percent of appraisers are 51 and older, and as more retire over the next few years, it could mean longer waits, higher fees and even lower-quality appraisals. Will there be enough appraisers in the industry five years from now?
In this role, Klosterman will be responsible for training CoesterVMS’ national network of appraisers regarding the company’s existing and new valuation products. He also will be instrumental in the development of future applications, the company said in a release.
The House of Representatives voted Wednesday to change the definition of “Qualified Mortgage,” opening the door to a potentially seismic change in the mortgage lending landscape. But will the President play along?
Loan servicing provider Cenlar FSB announced it expanded its operations outside of New Jersey and moved into new office space in Tempe, Arizona. The new western location will be the site of Cenlar’s West Operations Center.
The latest round of meeting minutes from the Federal Open Markets Committee continued to lay the groundwork for a potential increase to the federal funds rate in December.