General World News

US Justice Department Renews Inquiry Into FBI’s Failures in Larry Nassar Probe

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The U.S. Justice Department has launched a fresh inquiry into the FBI’s botched handling of its sex abuse investigation into disgraced former USA Gymnastics doctor Larry Nassar, after previously declining to prosecute the agents involved, Deputy Attorney General Lisa Monaco said on Tuesday. “The recently confirmed assistant attorney general for the Criminal Division is currently […]

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Finance of America debuts refi-ADU product

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Finance of America Mortgage (FAM), the multichannel lender, announced today that it is offering a refi product for homeowners with accessory dwelling units (ADUs). According to a statement issued by Finance of America, the refi option will allow homeowners to refinance the costs of the ADU by consolidating the ADU’s financing with their primary mortgage […]

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French Catholic Clergy Sexually Abused Over 200,000 Children Since 1950, Probe Finds

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French Catholic clergy sexually abused more than 200,000 children over the past 70 years, according to an investigation by an independent commission. The panel’s report, released Tuesday, said the Catholic Church covered up a “massive phenomenon” with decades of a “veil of silence.” “Until the early 2000s, the Catholic Church showed a profound and even […]

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GSE forbearance rate now at just 1.38%

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Servicers’ forbearance portfolio volume declined at a faster pace last week, as mortgage holders exit COVID-19 plans, according to the Mortgage Bankers Association (MBA). And exits are expected to pick up the pace even more over the next few weeks. The total number of loans in forbearance decreased by seven basis points to 2.89% as […]

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Still many refi opportunities out there, new report claims

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There is still ample opportunity in the market for lenders to rope in refi business, according to a quarterly report published Monday by Sales Boomerang. And the reason for this is two-fold. The report – which is compiled using data sourced from more than 150 residential mortgage lenders –  found that one in 12 borrowers saw “significant […]

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‘Captain Kirk’ Heading to Space

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Actor William Shatner, best known for his portrayal of space explorer Captain James T. Kirk in the “Star Trek” television series, announced he will travel to space later this month. Shatner, 90, will blast off October 12 aboard a Blue Origin rocket. Blue Origin is the space travel company of Amazon founder Jeff Bezos. If […]

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When will mortgage rates get over 4%?

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In several previous articles I have opined that an increase in mortgage rates may be our only hope for slowing the escalation of home prices that we’ve been experiencing for the past year. With mortgage rates hitting above 3% last week for the first time since June, it’s a good time to revisit this conversation […]

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Market for MSRs revs up as year-end approaches

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The secondary market for mortgage servicing rights, or MSRs, has been heating up recently as interest rates tick up, increasing the value of MSR assets, and as other revenue streams for lenders begin to slow — such as loan refinancing. It’s also the time of year that many nondepository lenders, also called nonbanks, typically will […]

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PennyMac, UWM raise conforming loan limit ceiling

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PennyMac announced this week that it is upping conforming loan limits by almost 14% through broker and correspondent channels. According to PennyMac, for a one-unit property a borrower could receive $625,000, an increase of almost $75,000 from the maximum loan limit dictated by the Federal Housing Finance Agency (FHFA). The 2021 baseline national conforming loan […]

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Reviving the Arts Amid a Pandemic 

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When the COVID-19 pandemic took hold early last year, artists such as Patricia Boyer of Charlotte, North Carolina, were panic-stricken. Who would see — not to mention purchase — her creations when much of America was on lockdown?    “It was really bad, because here you are with all this art, and you’re like ‘what […]

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HousingWire Magazine: October/November 2021

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Brena NathHW+ Managing Editor 2021 has been a year of transition. We’ve been transitioning to a new White House administration, transitioning away from a refinance market and cautiously transitioning back to meeting in person. And now, the year is almost over, with only one more magazine issue left until we cross over into 2022. But […]

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VA extends deadline for loan deferment

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The Department of Veterans Affairs announced this week that it is extending the timeframe for borrowers to request loan deferment. According to the VA’s circular, servicers may continue offering loan deferment until July 1, 2023, thus pushing the deadline nearly two additional years. The original expiration of this option was supposed to occur on Oct. […]

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Regulation, forbearance leaves mortgage servicers in a bind

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The COVID-19 pandemic has caused historic, unprecedented challenges for mortgage servicers. Forbearance deadlines get pushed back seemingly in perpetuity, and an unproven, inconsistent technology infrastructure has the potential to result in a series of foreclosure and loss mitigation crises. This was one contention made during a panel featuring leaders in the mortgage servicing profession held […]

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Mortgage rates finally eclipse the 3% mark

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The average 30-year-fixed mortgage rate rose 13 basis points to 3.01% for the week ending Sept. 30, according to Freddie Mac’s latest PMMS survey. Mortgage rates had been roughly flat for seven weeks, and this is the first time it rose above 3% since June. Sam Khater, Freddie Mac’s chief economist, said in a statement that rates […]

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Oral Statement by Miguel Cardona Secretary of Education On School Reopening During COVID-19: Supporting Students, Educators, and Families

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Good morning, Chair Murray and Ranking Member Burr. I’m honored to be alongside my colleague and friend, Secretary Becerra, speaking about the critical work of safely reopening our nation’s schools for in-person learning. President Biden made clear on this Administration’s first day that getting all students safely into the classroom is a top priority. That […]

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How to hire more operational players in the mortgage space

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Agnes Standowicz, vice president, underwriting leader at United Wholesale Mortgage This year’s list of HousingWire Insiders radiate influence well beyond the walls of their individual companies, providing the infrastructure that upholds the whole industry. HousingWire decided to dive deeper into a few of our award winners to get a peek behind the curtain on what defines […]

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Why mortgage companies must focus on cybersecurity

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Mortgage companies must focus on bolstering cybersecurity infrastructure, and should report any and all incursions from bad actors who seek access to sensitive information or who plan to encrypt systems to hold for ransom. This was a core part of the thesis presented by Selim Aissi, cybersecurity expert and former CISO of ICE Mortgage Technologies […]

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Rags to Riches: Boxing Great Pacquiao Announces Retirement

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Boxing legend Manny Pacquiao is officially hanging up his gloves. The eight-division world champion and Philippine senator on Wednesday announced his retirement from the ring. “I would like to thank the whole world, especially the Filipino people, for supporting Manny Pacquiao. Goodbye boxing,” the 42-year-old said in a video posted on his Facebook page. “It […]

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Mortgage applications fall as rates begin to rise

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Mortgage application volume declined by 1.1% for the week ending Sept. 24, after a rebound in the previous week, according to the Mortgage Bankers Association (MBA). Pushing the decline was the purchase index, which dipped by 1.2% from the previous week. Meanwhile, the refi activity decreased by 0.9% from the prior week, the trade group […]

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Statement from Federal Student Aid Chief Operating Officer Rich Cordray Regarding Loan Servicers

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“Federal Student Aid has been monitoring the contract negotiations between Navient and Maximus for some time and now is considering a formal proposal for Maximus to assume Navient’s contract with FSA to service Department-held student loans. This substitution, called a “novation,” by law requires FSA approval. FSA is reviewing documents and other information from Navient […]

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Tim Mayopoulos on the limits of GSE innovation

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Housing Market Crash image ” data-image-caption=”” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ loading=”lazy” width=”1200″ height=”713″ src=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?w=1024″ alt=”Housing Market Crash image” class=”wp-image-283329″ srcset=”https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png 1200w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=150,89 150w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=300,178 300w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=768,456 768w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=1024,608 1024w, https://www.housingwire.com/wp-content/uploads/2020/11/house-row-HW.png?resize=600,357 600w” sizes=”(max-width: 1200px) 100vw, 1200px”> Investing in technology is not the be-all end-all when it comes to efficiency in mortgage origination. Lenders who adopt technology but don’t […]

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Forbearance rate finally hits pre-pandemic levels

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Servicers’ forbearance portfolio volume dropped last week to a level below 3.00% for the first time in 18 months. The total number of loans in forbearance decreased by four basis points to 2.96% as of Sept. 19, according to the Mortgage Bankers Association (MBA).       The most notable decline was in the portfolio loans and private-label securities (PLS) category, dipping […]

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New USA Golf Era Message Sent in Ryder Cup Romp

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A new era of American golfers sent a message Sunday with a record-setting Ryder Cup blowout of Europe, their young, talented core players looking ready to dominate for years. With eight under-30 players and six Ryder Cup rookies, the Americans completed a 19-9 rout of Europe at Whistling Straits that signaled a generational change to […]

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China Tells Effeminate Male Celebrities to Man Up

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Macho men are in and effeminate male performers are out as Beijing expands its crackdown on China’s entertainment industry, blaming the rise of unmanly men on U.S. influence in Japan.  Male celebrities, even top moneymakers, are changing their images seemingly overnight now that China’s National Radio and TV Administration and other government agencies have made […]

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UWM announces Bolt underwriting system for brokers

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United Wholesale Mortgage announced several new initiatives at the AIME Fuse conference on Saturday. In a keynote session about the future of mortgage, UWM CEO Mat Ishbia previewed Bolt, an underwriting system that he said would enable brokers to underwrite a loan in 15 minutes or less, which will go live on Monday, Sept. 27. […]

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Interactive Broadway Exhibit Opens in NYC

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Showstoppers! – a bright and colorful exhibit of Broadway theatre has opened in New York City. Vladimir Lenski visited the exhibit which displays designs that are always in sight but seldom get the spotlight. Anna Rice narrates his story. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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US Returns Ancient Gilgamesh Dream Tablet to Iraq

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An ancient tablet displaying parts of the Epic of Gilgamesh that was stolen from Iraq 30 years ago was returned to that country on Thursday. The handover ceremony took place in Washington. VOA’s Sirwan Kajjo has more in this story. Camera:  Mohammed Warmzyar  Produced by: Sirwan Kajjo details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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Dems propose 20-year mortgage for first-gen homebuyers

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The raft of legislation designed to spur first-time homeownership in America seems to grow by the minute. Another bill joined the fray, and its sponsors propose creating a new 20-year-fixed-rate mortgage program through Ginnie Mae. The legislation, dubbed the “Low-income First Time Homebuyer (LIFT) Act,” would create a program through the Department of Housing and […]

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FHFA extends multifamily forbearance indefinitely

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Multifamily property owners who are struggling to make mortgage payments due to the COVID-19 pandemic now will have access to forbearance programs indefinitely in the case of loans backed by Fannie Mae and Freddie Mac, the Federal Housing Finance Agency (FHFA) announced today. Forbearance options for multifamily mortgages backed by the GSEs were set to […]

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Alex Kutsishin to speak at HW Annual Sept. 27-28

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Knowing where borrowers are at in their home-buying journey is key to any successful lending strategy, but it’s often overlooked in the busy operations of an origination shop. That’s why HousingWire invited Alex Kutsishin, CEO and co-founder of Sales Boomerang, to HW Annual Sept. 28 to discuss the easiest ways to keep borrowers on your radar, […]

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Homeowners gain $2.9 trillion in equity in Q2 2021

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Homeowners with mortgages gained $2.9 trillion in equity in the second quarter of 2021, a 29.3% year-over-year increase, according to a new report by CoreLogic released Wednesday. This marks an average gain of $51,500(!) per borrower since the second quarter of 2020. The amount of equity for a property is determined by comparting the estimated […]

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Ex-loanDepot COO: Tony Hsieh cut corners to boost volume

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A former executive at loanDepot dropped a bombshell on the mortgage industry late Wednesday, alleging in a lawsuit that the California-based nonbank lender, in a ploy to drum up money during the refi boom and in preparation for its initial public offering, closed thousands of loans without proper documentation. The suit, filed by Tammy Richards, […]

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Washington’s Kennedy Center Marks 50th Anniversary

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The Kennedy Center for the Performing Arts in the U.S. capital began its 50th anniversary season in mid-September with musicians back on stage and spectators in their seats. But some COVID-19 measures remain in place for the new season. Karina Bafradzhian reports. Camera: Sergey Sokolov details ⇒ BusinessMediaguide.Com portal received this content from this noted […]

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U.S. Department of Education Awards Project SAFE Funds to Florida School District Following State-Imposed Penalty for Implementing COVID-19 Safety Measures

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Today, the U.S. Department of Education awarded the School Board of Alachua County $147,719 in funding under the new Project to Support America’s Families and Educators (Project SAFE) grant program. This is the first award under Project SAFE, and funding will support the Florida school district’s efforts to protect students as they return to safe, […]

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Mortgage rates continue to idle at 2.88%

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The average 30-year-fixed mortgage rose, ever so slightly, to 2.88% for the week ending Sept. 23, according to Freddie Mac‘s latest PMMS survey. Mortgage rates have been roughly flat for months now. “The slowdown in economic growth around the world has caused a flight to the quality of the U.S. financial markets,” said Sam Khater, […]

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U.S. Department of Education Announces Fiscal Year 2021 Grant Awards to Showcase Commitment to Equity, Excellence, and Opportunity

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Today, the U.S. Department of Education (Department) Office of Postsecondary Education (OPE) announced it is on track to award more than 5,100 grants, totaling around $2.6 billion dollars, to new and existing grantees by September 30, 2021. Grants provided by the Department under these programs will directly serve more than 1.3 million students and millions […]

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Melvin Van Peebles, Godfather of Black Cinema, Dies at 89

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Melvin Van Peebles, the groundbreaking filmmaker, playwright and musician whose work ushered in the “blaxploitation” wave of the 1970s and influenced filmmakers long afterward, has died. He was 89. In a statement, his family said Van Peebles, father of the actor-director Mario Van Peebles, died Tuesday evening at his home in Manhattan. “Dad knew that […]

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Tai Christensen to speak at HW Annual Sept. 27-28

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The Biden administration recently announced its efforts to address the lack of affordable housing in America by increasing funding for existing programs geared toward producing, financing and rehabilitating affordable housing. HousingWire invited Tai Christensen, director of government affairs for CBC Mortgage Agency, to HW Annual Sept 27-28 to discuss these recent efforts by the Biden […]