General World News

Retirement plans need major changes: NY Times

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Even as a federal law designed to protect income for retirees turns 50 this year, the cry to reform retirement benefits seems to be growing louder than ever. This rising chorus includes The New York Times, which recently published an article titled, “The $25 Trillion System of Retirement Savings Needs Fixing.” It offers expert opinions […]

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Iran’s Shiite Muslims mark Ashoura with mourning, processions

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TEHRAN, Iran — Iranian Shiite Muslims on Tuesday commemorated Ashoura, a remembrance of the 7th century martyrdom of the Prophet Muhammad’s grandson, Hussein, that gave birth to their faith. More than 1,340 years after Hussein’s death, Tehran and other cities across the country were adorned with symbols of Shiite piety and repentance. Red flags represented Hussein’s […]

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HUD accuses Rocket, appraisal companies of discrimination

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The U.S. Department of Housing and Urban Development (HUD) announced on Monday that it has charged lender Rocket Mortgage, two appraisal companies and one appraiser with allegedly issuing a biased valuation and denying a refinance loan to a Black homeowner in Denver.  The HUD accused appraiser Maksym Mykhailyna and his company, Maverick Appraisal Group, appraisal […]

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Dominion Financial adds Dustin Wells to head up wholesale division

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Baltimore-based Dominion Financial Services, a nationwide private lender that specializes in financing for real estate investors, announced the hiring of Dustin Wells as the president of its newly launched wholesale lending division. Wells has more than 20 years of experience in the financial services arena. Most recently, he served as co-president of Stronghill Capital, an […]

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Rocket Pro TPO waives origination fee for home equity loans 

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Rocket Pro TPO, the wholesale arm of Rocket Mortgage, announced Monday that it has decided to waive the $795 origination fee charged to broker partners on home equity loans. “When you think about what home equity looks like or represents across the country, there’s a record-breaking home equity, with homeowners sitting on almost $17 trillion,” […]

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Shannen Doherty, ‘Beverly Hills, 90210’ star, dies at 53

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Los Angeles — Shannen Doherty, the “Beverly Hills, 90210” star whose life and career were roiled by illness and tabloid stories, has died at 53. Doherty died Saturday, according to a statement from her publicist, Leslie Sloane. She had had breast cancer for years. “The devoted daughter, sister, aunt and friend was surrounded by her loved […]

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6 injured while running with bulls in Spain

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Pamplona, Spain — Six people were hurt Sunday in Spain’s traditional annual San Fermin bull running festival, with one participant gored and five suffering bruising, local government sources said.  A 37-year-old Spanish man emerged from his goring with slight injuries, officials said.  The curtain went up on nine days of festivities Saturday as thousands of revelers […]

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2023 HMDA data: IMBs up to 69% market share

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The latest 2023 Home Mortgage Disclosure Act (HMDA) data is in, and it confirms a few key trend lines for the mortgage industry: there was significantly less interest in mortgage loans in 2023, and fewer banks thought it worth participating in the market. The full dataset from Consumer Financial Protection Bureau (CFPB) and the Federal […]

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Nutter Home Loans scores a win in case brought by DOJ

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Former reverse mortgage lender James B. Nutter & Co., aka Nutter Home Loans, recently scored what an attorney has characterized as a win in a case brought against it by the U.S. Department of Justice (DOJ). The DOJ initially sued Nutter in September 2020 in a federal court in Missouri under the Financial Institutions Reform, […]

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CFPB’s authority affirmed in appeal against Townstone Financial

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The Consumer Financial Protection Bureau (CFPB) has broad authority under the Equal Credit Opportunity Act (ECOA) to prohibit discrimination against credit applicants and from discouraging prospective applicants for credit. This reinforces the bureau’s enforcement authority as it wages a war against redlining, including in a case against Chicago-based Townstone Financial, according to court documents reviewed […]

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Rocktop, LiquidFi make progress in quest for ’seamless’ digital mortgage exchange

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Fintech firms Rocktop Technologies and LiquidFi on Thursday announced a milestone in their business partnership that was formed earlier this year. Rocktop — a software-as-a-service (SaaS) company that works to improve yields for institutional investors, asset managers and other participants in the fixed-income and mortgage markets — has now placed more than $60 billion in […]

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FHFA releases VantageScore historic data to prepare for new credit reporting requirements

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Despite concerns from housing and mortgage industry trade groups, the Federal Housing Finance Agency (FHFA) on Thursday announced the release of VantageScore 4.0 historic credit data, a step that is designed to ease the transition to new credit reporting requirements by the end of next year. The datasets released Wednesday are tied to single-family mortgages […]

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New sports minister promotes South African car ‘spinning’

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South Africa’s newly-appointed minister of sports – a self-described former gangster – wants to promote a sport that has associations with South African gangster culture. The sport of “spinning” involves fast-moving cars and dangerous stunts, and as Kate Bartlett reports from Johannesburg, the way it’s conducted is not always legal. details ⇒ BusinessMediaguide.Com portal received […]

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CFPB proposes new servicing rules that would focus on foreclosure assistance

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The Consumer Financial Protection Bureau (CFPB) on Wednesday announced a newly proposed rule that would amend Regulation X and require mortgage servicers to emphasize borrower assistance and loss-mitigation options over foreclosure when a borrower struggles to make their required mortgage payments. “The proposed changes would also make it simpler for servicers to offer assistance by […]

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Tepid housing market conditions persist: Optimal Blue

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Signs of a “stagnant late-spring housing market“ emerged in June as U.S. home prices declined for the first time this year and purchase mortgage locks fell by 8% year over year. That’s a key takeaway from the June 2024 Market Advantage report released Wednesday by Optimal Blue. The report, which covers the 20 largest U.S. […]

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Building resilience: Acra Lending’s blueprint for Non-QM lending success

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The complexities of Non-QM lending demand a strategic approach that combines innovation, efficiency, and resilience. Acra Lending has positioned itself at the forefront of this sector by investing in its workforce, optimizing processes, leveraging cutting-edge technology, and building a robust infrastructure. In this executive conversation, we delve into how Acra Lending is enhancing its operations […]

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British-born guitarist revels in Ghanian sounds

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John Collins visited Ghana as a child with his father. But life brought him back years later, and the musician never left. VOA’s Isaac Kaledzi met him in Accra and Anthony Labruto narrates. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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The Career Journey: Who Do You Want to Be?

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I love talking to people about their career journeys. While each person’s story is unique, I often find that there’s a pattern in the way they tell them. They usually start with a childhood dream job that first inspired them, followed by their educational history, eventually leading them to their field of study.   Many people […]

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Powell: ‘The best thing we can do for housing is to succeed in getting inflation down to 2%’

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As expected, Federal Reserve Chairman Jerome Powell did not set a timeline for lowering interest rates during his semiannual monetary policy report to Congress on Tuesday morning when participants complained about the effects of a tightening monetary policy in the housing market.  Powell indicated that Fed officials are not there yet, but suggested a better […]

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Hallelujah! HUD finally updates, expands 203(k) program

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The U.S. Department of Housing and Urban Development (HUD) on Tuesday announced that it has published updated policies for its 203(k) Rehabilitation Mortgage Insurance Program, in an effort to “modernize the program and enhance its usefulness for individuals and families seeking affordable financing for renovating or rehabilitating a single-family home when purchasing or refinancing it.” […]