General World News

Reverse mortgage volume drops in August

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The reverse mortgage volume boom appears to have diminished for now, at least if new data is any indication. Home Equity Conversion Mortgage (HECM) endorsements fell in August, 2021 by 14.3% to 3,679 loans, with July now having marked the end of a streak of monthly volume above a threshold of at least 4,000 units […]

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The purchase mortgage market continues to pick up steam

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Mortgage loan application volume rebounded from the week prior, increasing by 0.3% for the week ending Sept. 10, according to the Mortgage Bankers Association’s weekly report. The increase in application volume was predominantly driven by purchase mortgage activity, which grew by 8% from the week prior, the trade group said.   Not surprisingly, the refi […]

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Black Knight looks to court brokers with new LOS

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Black Knight is looking to hook mortgage brokers with a new loan origination system designed specifically for them. The Florida-based mortgage tech and analytics behemoth on Wednesday unveiled “LoanCatcher” to mortgage brokers, which it described as an “end-to-end” solution that is integrated into its Surefire CRM and mortgage marketing engine. The direct integration will allow […]

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Norm Macdonald, Former ‘Saturday Night Live’ Comic, Dies

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Comedian Norm Macdonald, a former “Saturday Night Live” writer and performer who was “Weekend Update” host when former U.S. President Bill Clinton and O.J. Simpson provided comic fodder during the 1990s, has died.  Macdonald, who was 61, died Tuesday after having cancer for nine years but kept it private, according to Brillstein Entertainment Partners, his […]

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Treasury, FHFA suspend recent PSPA requirements

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The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac. Under those requirements, Fannie Mae had restricted its acquisition of loans secured by second homes and investment properties to 7% of its […]

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Is Mike Calhoun still in the running for FHFA director?

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Mike Calhoun is president of the Center for Responsible Lending This week the Biden administration announced several high-level nominations, including Alanna McCargo to lead Ginnie Mae. But missing from those announcements was the White House’s widely expected pick for the next permanent director of the Federal Housing Finance Agency(FHFA), Mike Calhoun. Sources told HousingWire at […]

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U.S. Department of Education Announces Return-to-School Road Trip to Spotlight Safe Return to In-Person Learning

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On Monday, Sept. 20, U.S. Secretary of Education Miguel Cardona will launch the “Return to School Road Trip,” a bus tour to showcase students and communities safely returning to in-person learning. Throughout the tour, Secretary Cardona, Deputy Secretary Cindy Marten, and local school leaders will join students, parents, educators, and school communities for events that […]

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Alt equity firm Point says it won’t abandon reverse mortgage space

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Point, a shared equity reverse mortgage firm that gives homeowners the ability to sell a small fraction of their equity, recently announced that it has raised over $1 billion in new capital commitments from real estate and mortgage-backed securities (MBS) investors. These companies include Atalaya Capital Management (which made a prior investment in 2018), Kingsbridge Wealth Management, […]

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Daniella Casseres to speak at HW Annual Sept. 27-28

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The regulatory environment for the mortgage industry is experiencing a period of turbulence as President Biden has ushered in a new era of regulation under his administration. That’s why HousingWire invited attorney Daniella Casseres to HW Annual to discuss just what these new regulations mean for those in the housing economy.  Casseres is a partner […]

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Servicer call volume up as borrowers exit forbearance

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After a slight lull, forbearance numbers across the board have started to lurch downwards, with the total number of loans dropping by 15 basis points to 3.08% as of Sept. 5, according to the Mortgage Bankers Association‘s latest survey. The portfolio loans and private-label securities (PLS) category, which has remained stubbornly high, saw the most […]

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U.S. Department of Education Approves Maine’s Plan for Use of American Rescue Plan Funds to Support K-12 Schools and Students, Distributes Remaining $137 Million to State

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Today, the U.S. Department of Education (Department) announced the approval of Maine’s American Rescue Plan Elementary and Secondary School Emergency Relief (ARP ESSER) plan and distributed remaining ARP ESSER funds to them. Maine’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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Disney to Debut Rest of 2021 Films in Cinemas First

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Disney announced Friday that all of its films slated for release by the end of the year will be exclusively screened in cinemas first, bringing relief to theaters anxious to reconnect with audiences after the coronavirus pandemic devastated their industry. The animated film Encanto will be released on the big screen Nov. 24 and will […]

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The future of the independent mortgage broker channel

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Currently, one in five, or roughly 20%, of consumers work with an independent mortgage broker. With their strong, personal relationships, endless loan options and access to technology, we expect that number to continue to grow as more and more consumers become educated on the value brokers add to the home-buying experience. This past year and […]

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UWM launches AMC-free appraisal program

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United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals. The Pontiac, Michigan-based wholesale lender will instead coordinate appraisals in-house, contracting with appraisers directly, offering appraisers and brokers a way to bypass AMCs altogether, which UWM CEO Mat Ishbia characterizes as “middlemen.” During […]

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U.S. Department of Education Announces New Grant Program to Provide Funding to School Districts Being Penalized for Implementing COVID Safety Measures

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Today, the U.S. Department of Education announced that it will launch a new grant program to provide additional funding to school districts that have funds withheld by their state or are otherwise financially penalized for implementing strategies to prevent the spread of COVID-19 consistent with the Centers for Disease Control and Prevention (CDC) guidance, such […]

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Mortgage rates stuck at 2.88% amid rise in COVID cases

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The average 30-year fixed-rate mortgage was stagnant at 2.88% for the week ending Sept. 9, according to mortgage rates data released Thursday by Freddie Mac‘s PMMS. The week prior, mortgage rates also held steady at 2.87%. This week’s near constant mortgage rates tracked with the 10-year Treasury yield, which rose slightly and then tapered off […]

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OCC moves to rescind 2020 version of CRA rule

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The Office of the Comptroller of Currency announced today that it is moving to gut the controversial Community Reinvestment Act (CRA) rule issued in 2020. Instead, the agency is proposing to replace the federal anti-redlining rule with rules adopted jointly by the OCC, Federal Deposit Insurance Corporation, and the Board of Governors of the Federal […]

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Maryland rule loosens credit restrictions for homebuyers

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Maryland’s state legislature has pushed through a rule that could widen the pool of eligible applicants vying to become homeowners by requiring lenders to use alternative methods of evaluating a borrower’s creditworthiness. HB 1213, which will go into effect on Oct.1, will obligate lenders to consider an applicant’s history of rent, utility payments, school attendance […]

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Mortgage applications continue downward trend

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Mortgage application volume declined by 1.9% as of Sept. 3, falling to its lowest level since mid-July, according to the Mortgage Bankers Association’s weekly survey published on Wednesday. On an unadjusted basis, MBA’s index decreased by 3% compared to the previous week. Pushing the decline was the refinance index, which dipped by 3% from the […]

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College, Pro Football Great Sam Cunningham Dies at 71

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U.S. (gridiron) football great Sam “Bam” Cunningham, whose performance against Alabama in a 1970 game is credited for prompting major college football programs in the southern United States to integrate their teams with Black players, has died at the age of 71.    The University of Southern California, where Cunningham played his collegiate years, said he died Tuesday […]

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Borrowers withdrew $63B in equity in Q2

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Homeowners withdrew $63 billion in equity in the second quarter of 2021, according to the latest numbers from Black Knight, the most in a single quarter in nearly 15 years. There is still $9 trillion in tappable equity, a 37% increase year-over-year. The driver is, of course, spiking home prices in most places. Home values […]

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Laura Brandao to speak at HW Annual Sept. 27-28

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One of the biggest challenges facing the mortgage industry is increasing homeownership in underserved communities. To discuss some of these challenges and potential solutions, HousingWire invited Laura Brandao, president and partner of American Financial Resources, to participate in the Expanding Homeownership panel at HW Annual on Sept. 27-28.  The panel will explore how the mortgage […]

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In a First, Disabled Malawi Fashion Designers Show Off Their Creations

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Disabled fashion designers have long struggled against discrimination, especially in developing countries such as Malawi. To combat the problem, Malawian fashion brand House of Xandria on Saturday organized the country’s first fashion show featuring creations by designers with disabilities.  Lameck Masina reports from Blantyre. Camera: Dan Kumwenda details ⇒ BusinessMediaguide.Com portal received this content from […]

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Pele Recovering After Removal of Tumor

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Brazil soccer great Pele said on Monday that he was recovering in a hospital from surgery to remove a tumor from his colon.  Pele, the only player to win three World Cups, did not say whether the tumor was malignant, but the 80-year-old former Santos and New York Cosmos player said he was feeling good.  […]

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Willard Scott, Weatherman on NBC’s ‘Today’ Show, Dies at 87 

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Willard Scott, the beloved weatherman who charmed viewers of NBC’s Today show with his self-deprecating humor and cheerful personality, has died. He was 87.  His successor on the morning news show, Al Roker, announced that Scott died peacefully Saturday morning surrounded by family. An NBC Universal spokeswoman confirmed the news. No further details were released.  “He […]