General World News

Are you ready for the new CFPB director?

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Over the last month, two of the biggest housing regulators either changed or were rumored to change leadership. In mid-September, there were talks that the Biden administration would nominate Mike Calhoun, president of the Center for Responsible Lending, as the new FHFA director, and at the end of September, Rohit Chopra was officially confirmed as director of […]

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HW+ Member Spotlight: Tim Anderson

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For this week’s HW+ member spotlight, we feature Tim Anderson, president of the eMortgage Division at Evolve Mortgage Services. Anderson has over 35 years of industry experience having worked on both the lender and vendor side of the business, and in his current role, he is responsible for developing product and corporate strategy and strategic partner […]

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U.S. Department of Education Increases Servicer Performance, Transparency, and Accountability Before Loan Payments Restart

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The U.S. Department of Education today announced stronger standards for performance, transparency, and accountability for its student loan servicers aimed at protecting borrowers. Six loan servicing companies – Great Lakes, HESC/Edfinancial, MOHELA, Navient, Nelnet, and OSLA Servicing – will be held to these higher standards starting early next year. details ⇒ BusinessMediaguide.Com portal received this […]

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Mortgage credit-score hopeful VantageScore has a new CEO

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VantageScore Solutions announced this week its longtime CEO Barrett Burns would step down and Silvio Tavares, a financial services and fintech veteran, will fill the role. Tavares has held senior positions at Visa and FiservFirst Data, and most recently led the Digital Commerce Alliance, a global trade association which counted Bank of America, Discover, MasterCard […]

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Pan African Film Festival Begins in Burkina Faso

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The Pan-African Film Festival of Ouagadougou returns to Burkina Faso this weekend after being canceled last year due to the COVID-19 pandemic. One Burkinabe director, who has made a film documenting a nursery for the infants of sex workers, talks about the importance of telling African stories through cinema. Moumouni Sanou is a documentary film […]

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U.S. Department of Education Approves Guam’s Implementation Plan for Use of American Rescue Plan Funds to Support K-12 Schools and Students

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Today, the U.S. Department of Education (Department) announced the approval of the Guam Department of Education (GDOE) American Rescue Plan Outlying Areas State Educational Agency implementation plan. GDOE’s plan details how American Rescue Plan funds will be used to sustain the safe operation of schools and equitably expand opportunity for students who need it most, […]

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Wells Fargo reports lower origination volume in Q2

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Wells Fargo originated $51.9 billion worth of mortgages in the third quarter, down slightly from $53.2 billion in the previous quarter. The depository’s retail business made up most of its origination volume from July to September, coming in at $32.5 billion, while the correspondent channel produced $16.7 billion worth of mortgages. Despite earlier reports in […]

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Millennials struggle to compete with boomers for homes

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Young people make up a smaller share of recent homebuyers than in previous years most likely due to the increased market activity of baby boomers, a new Zillow report published on Thursday found. It’s hardly breaking news that the demand for housing has drastically increased over the past 18 months, but the report suggests that […]

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U.S. Department of Education Approves Virginia’s Plan for Use of American Rescue Plan Funds to Support K-12 Schools and Students, Distributes Remaining More Than $704 Million to State

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Today, the U.S. Department of Education (Department) announced the approval of Virginia’s American Rescue Plan Elementary and Secondary School Emergency Relief (ARP ESSER) plan and distributed remaining ARP ESSER funds to them. Virginia’s plan details how the state is using and plans to use ARP ESSER funds to safely reopen and sustain the safe operation […]

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UWM not ready to fully commit to cryptocurrency payments

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United Wholesale Mortgage is testing the waters with cryptocurrency, announcing today that it accepted its first-ever cryptocurrency mortgage payment in September. According to UWM, five more cryptocurrency mortgage payments were evaluated and accepted in October. The Pontiac-based wholesale mortgage lender said that the transactions were used as models to “better assess scaling cryptocurrency payments for […]

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Mortgage rates hit highest level since April

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The average 30-year-fixed mortgage rose seven basis points to 3.05% for the week ending Oct. 14, to its highest level since April, according to Freddie Mac’s latest PMMS survey of mortgage rates. Two weeks ago, rates rose 13 basis points to 3.01%, eclipsing the 3% mark for the first time since June. However, last week, rates fell […]

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Closing costs are up, but there’s a catch

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The average closing costs for a single-family home increased 12.3% during the first six months of 2021, according to a report published this week by analytics vendor ClosingCorp. And significantly higher home prices were the culprit. According to ClosingCorp, the average closing costs nationally came in at $6,837 including taxes and $3,836 excluding taxes. The […]

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JPMorgan Chase reports jump in mortgage profits in Q3

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JPMorgan Chase originated $46.1 billion worth of mortgages from July to September, up 5% from the previous quarter and up 43% year-over-year, the bank announced on Wednesday. Jeremy Barnum, chief financial officer at Chase, said during the company’s third quarter earnings call that the increase reflects “record purchase volume and share gains in the refi […]

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Education, Justice Departments Issue Fact Sheet on Supporting Students at Risk of Self Harm During COVID-19 Era

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In recognition of World Mental Health Day, the U.S. Department of Education’s Office for Civil Rights (OCR) and the U.S. Department of Justice jointly issued a fact sheet to support students with mental health disabilities, their families, and their schools in the era of COVID-19. details ⇒ BusinessMediaguide.Com portal received this content from this noted […]

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Homebuyers brush off higher mortgage rates

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Mortgage application activity was largely flat for the week ending Oct. 8, despite mortgage rates reaching their highest level since June. That’s according to the latest mortgage application survey from the Mortgage Bankers Association, which said applications overall increased just 0.2% from the prior week. “An increase in home purchase applications offset a slight decline […]

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PNC Bank breached COVID-19 payment deferral agreement: suit

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PNC Bank allegedly breached Fannie Mae’s COVID-19 payment deferral agreement by continuing to charge homeowners who opted for the home retention option for past-due monthly principal and interest payments. A national class action-seeking lawsuit filed in Maryland federal court claims that PNC double-charged borrowers for their past-due principal payments and thus improperly increased the amount […]

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Lenders are courting self-employed borrowers again

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Mortgage credit availability increased for the third consecutive month in September, but is still 30% below the pre-pandemic level, according to a report released Tuesday by the Mortgage Bankers Association (MBA). Much of the growth in credit availability has come from loans that cater to self-employed borrowers, who were left in the cold by most […]

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New Residential scoops up fix-and-flip lender

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New Residential Investment Corp. announced Monday that it has entered into a definitive agreement to buy Genesis Capital LLC, a fix-and-flip lender, from Goldman Sachs. New Residential said that it expects Genesis to originate close to $2 billion of loans in 2021 and that the fix-and-flip lender has originated over 12,000 loans since 2014. Michael […]

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Forbearance declines at the fastest pace in a year

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Servicers’ forbearance portfolio volume declined at the fastest rate in a year, as mortgage holders exit COVID-19 plans, according to the Mortgage Bankers Association (MBA). Exits are expected to pick up the pace in the weeks ahead due to economic improvement. The total number of loans in forbearance decreased by 27 basis points to 2.62% as of Oct. […]

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Kenyans Kipruto Kipyogei Sweep in Boston Marathon Return

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Kenya’s Benson Kipruto won the pandemic-delayed Boston Marathon on Monday when the race returned from a 30-month absence with a smaller, socially distanced feel and moved from the spring for the first time in its 125-year history. Diana Kipyogei won the women’s race to complete the eighth Kenyan sweep since 2000. Although organizers put runners […]

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Nonbanks are hiking conforming loan limits

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Earlier in the month, PennyMac Financial and United Wholesale Mortgage publicly announced that they are each raising their conforming loan ceilings by 14%, nearly two months ahead of the Federal Housing Finance Agency‘s official decree in November. They’re not the only ones getting a jump on new conforming loan limits. Rocket Mortgage and Homepoint announced […]

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Hollywood Makeover Breathes New Life into Welsh Soccer Club

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It has been described as a “crash course in football club ownership” and the two Hollywood stars who bought a beleaguered team in English soccer’s fifth tier with the lofty aim of transforming it into a global force are certainly learning on the job.  “I’m watching our PLAYERS MOP THE FIELD to continue the game,” read a tweet last week […]

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CFPB settles with reverse lender over “deceptive” home estimates

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The Consumer Financial Protection Bureau (CFPB) today settled a lawsuit against the nation’s largest reverse mortgage lender for allegedly sending consumers inflated home valuations. In a lawsuit filed today in the U.S. District Court of California’s Central District, the CFPB alleged that Irvine, California-based American Advisors Group (AAG) sent borrowers deceptive and inflated home estimates […]

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J.P. Morgan, the 800-pound gorilla in the private label space

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The private-label residential mortgage-backed securities market has been resurrected from its near-death following the global financial crisis a decade and a half ago. This year it is on track to securitize loan volume approaching or even exceeding $100 billion, and driving a healthy share of that secondary market business is J.P. Morgan, the investment bank […]

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U.S. Department of Education to Establish an Enforcement Office Within Federal Student Aid

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Today, the U.S. Department of Education announced the establishment of an Office of Enforcement within Federal Student Aid, reporting directly to the chief operating officer. The Office of Enforcement will strengthen oversight of and enforcement actions against postsecondary schools that participate in the federal student loan, grant, and work-study programs. Today’s action restores an office […]

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U.S. Department of Education Approves Wyoming’s Plan for Use of American Rescue Plan Funds to Support K-12 Schools and Students, Distributes Remaining $101 Million to State

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Today, the U.S. Department of Education (Department) announced the approval of Wyoming’s American Rescue Plan Elementary and Secondary School Emergency Relief (ARP ESSER) plan and distributed remaining ARP ESSER funds to them. Wyoming’s plan details how the state is using and plans to use ARP ESSER funds to safely reopen and sustain the safe operation […]

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Nobel Peace Prize Awarded to Two Journalists Fighting for Freedom of Expression

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The Norwegian Nobel Committee Friday awarded the Nobel Peace Prize to journalists Maria Ressa of the Philippines and Dmitry Muratov of Russia “for their efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace.” At a ceremony in Oslo, Norwegian Nobel Committee Chair Berit Reiss-Andersen announced the winners, saying, “Ms. […]

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Here’s where the FHFA is headed under Sandra Thompson

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FHFA Acting Director Sandra Thompson Editor’s note: This piece was originally featured in the Oct/Nov magazine and has been updated to reflect the latest changes and announcements at the FHFA. Nearly five years after the global financial crisis, lenders and the government-sponsored entities were still negotiating who would bear responsibility for defaulted loans. The negotiations […]

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U.S. Department of Education Approves Missouri’s Plan for Use of American Rescue Plan Funds to Support K-12 Schools and Students, Distributes Remaining $654 Million to State

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Today, the U.S. Department of Education (Department) announced the approval of Missouri’s American Rescue Plan Elementary and Secondary School Emergency Relief (ARP ESSER) plan and distributed remaining ARP ESSER funds to them. Missouri’s plan details how the state is using and plans to use ARP ESSER funds to safely reopen and sustain the safe operation […]

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KBW adds firepower with hires to mortgage tech team

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The investment bank Keefe, Bruyette & Woods (KBW), a subsidiary of Stifel Financial Corp., has bolstered its fintech and financial services group with the hire of three veterans from investment bank Berkery, Noyes & Co. John Guzzo and Jason White will be managing directors at KBW, with a focus on mortgage technology companies and related […]

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Nobel Prize in Literature Awarded to Tanzanian Novelist Abdulrazak Gurnah

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This year’s Nobel Prize in Literature has been awarded to Tanzanian novelist Abdulrazak Gurnah for his body of work detailing the refugee experience and how colonialism shaped African culture. At a news conference at the Swedish Academy’s headquarters in Stockholm, Permanent Secretary Mats Helm said Gurnah received the award for “for his uncompromising and compassionate […]

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Ex-RealFi worker sues male execs for sexual harassment

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A former marketing director at Residential Home Funding Corp. (RealFi), a nonbank mortgage lender based in New York, accused the company’s top male executives of creating a toxic workplace through repeated sexual harassment and gender discrimination. Georganne Youngclaus, the former marketing director at RealFi, filed a civil lawsuit against a group of top male executives […]