General World News

Low-rate mortgages are making a dent in job recruitment efforts 

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Job recruiters in the South are facing hurdles to attract skilled professionals from the Midwest despite offering competitive compensation packages, according to a Bloomberg report published Friday. That’s because many of these potential hires are locked into super-low 30-year mortgages. During the fourth quarter of 2023, the proportion of job seekers in the U.S. who […]

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Industry experts detail the benefits, challenges of AI

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As artificial intelligence continues to grow in prominence, mortgage professionals “must carefully evaluate and manage” their use of AI and “focus on deriving the benefits while avoiding potentially catastrophic risks.” That’s one of the key conclusions reached by the BlackFin Group in a recently published white paper, “Artificial Intelligence (AI) in Mortgage Banking.” The paper […]

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USA Mortgage’s Chelsea Vonder Haar on staying agile to meet loan officer needs

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The HousingWire award spotlight series highlights the individuals and organizations that have been recognized through our Editors’ Choice Awards. Nominations for HousingWire’s 2024 Marketing Leaders are open until April 30, 2024. Click here to nominate someone from your organization today. If there’s one word to describe today’s successful marketers in mortgage and real estate it’s […]

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Foreclosures are rising, but it’s not yet alarming

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The real estate market is experiencing a slight rise in foreclosure activity following an extended period of moratoria that paused any foreclosures during the pandemic. The uptick in foreclosures could signal homeowner distress due to recent difficult economic circumstances but also account for foreclosures that were in the pipeline prior to the pandemic. However, the […]

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Argentinian’s tiny invention changed pizza delivery forever

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Sometimes it’s the little ideas that can make the biggest difference. And that definitely goes for delivery pizza. From Buenos Aires, Gonzalo Bañez Villar has the story of a little idea that had a big impact, in this report narrated by Veronica Villafañe. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: […]

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Clouds gather over Japan’s ambitious Osaka World Expo

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Osaka, Japan — One of the largest wooden structures ever built is taking shape in Osaka but hopes that Expo 2025 will unite the world are being dogged by cost blowouts and a lack of public enthusiasm. The imposing circular centerpiece will be crowned by a 20-meter-high sloping canopy, designed by top architect Sou Fujimoto, known […]

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CMG acquires Norcom Mortgage’s retail assets

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California-based multichannel mortgage lender CMG Financial announced on Thursday that it acquired Norcom Mortgage’s retail assets, expanding its operations in the Northeast with the addition of 25 branches from Maryland to Maine. The financial details of the deal were not disclosed. “Norcom Mortgage has made the strategic decision to focus on and continue to grow our wholesale platform […]

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Biden-Harris Administration Announces Additional $7.4 Billion in Approved Student Debt Relief for 277,000 Borrowers

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The Biden-Harris Administration announced today the approval of $7.4 billion in additional student loan debt relief for 277,000 borrowers. These discharges are for borrowers who signed up for President Biden’s Saving on a Valuable Education (SAVE) Plan and are eligible for its shortened time-to-forgiveness benefit and as a result of fixes made by the Administration […]

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U.S. Department of Education’s Office for Civil Rights Announces Resolution of Pregnancy Discrimination Investigation of Hinds Community College

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The U.S. Department of Education’s Office for Civil Rights (OCR) today announced that the Hinds Community College in Mississippi entered into a resolution agreement to address a student’s pregnancy discrimination complaint. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education

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Jamie Dimon calls for “mortgage regulatory simplification”

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Jamie Dimon evidently believes in the KISS principle when it comes to mortgage — keep it simple, stupid. In his annual letter to shareholders, the influential head of JPMorgan Chase wrote that “we can fix the housing and mortgage” markets. “For example, mortgage regulations around origination, servicing and securitization could be simplified, without increasing risk, in […]

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U.S. Department of Education Office for Civil Rights Resolves Restraint and Seclusion Compliance Review of Denton Independent School District in Texas

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Today, the U.S. Department of Education’s Office for Civil Rights (OCR) announced that the Denton Independent School District in Texas has entered into a resolution agreement to ensure that its restraint policies and practices do not deny students with disabilities a free appropriate public education (FAPE). details ⇒ BusinessMediaguide.Com portal received this content from this […]

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Chief information officer Brian Woodring to leave Rocket

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Rocket Mortgage Chief Information Officer Brian Woodring is departing the company to pursue other opportunities, multiple sources told HousingWire. The decision comes as the lender shifts its business strategy to embrace artificial intelligence (AI).  Woodring joined Rocket in 2017 as chief technology officer to lead the product engineering team. As CIO, he was responsible for the strategy […]

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FAR parent updates investors on AAG integration, business performance

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Finance of America Companies (FOA), parent company of industry-leading reverse mortgage lender Finance of America Reverse (FAR), released a new “investor update” this week to update shareholders and other stakeholders on different elements of its reverse mortgage business including its strategic initiatives, business model and an update on its integration of American Advisors Group (AAG). […]

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Spotlighting HousingWire’s Marketing Leaders

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Nominations for the 2024 Marketing Leaders award are open now through April 30. This prestigious accolade recognizes the visionaries, innovators and strategists who have set new standards of marketing excellence in mortgage and real estate. HousingWire is proud to have recognized a slew of industry heavyweights since the program started. We’re taking a look back […]

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Mortgage demand increased for the first time in a month

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Mortgage demand increased slightly for the first time in four weeks, with a modest uptick in refinance applications leading the way. But don’t expect it to continue. Mortgage applications increased by 0.1% on a seasonally adjusted basis during the week ending April 5, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.  “Mortgage […]

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State financial regulators and FHFA enter mortgage information sharing agreement

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The Conference of State Bank Supervisors (CSBS) and the Federal Housing Finance Agency (FHFA) have signed onto a memorandum of understanding to formally share information between each other related to nonbank mortgage companies. “The [MOU] establishes substantive information sharing protocols between state financial regulators and FHFA, improving the ability to coordinate on market developments, identify […]

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UWM offers legal support to brokers, accuses Rocket of ‘connections’ with Hunterbrook report

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In a message to mortgage brokers, United Wholesale Mortgage (UWM) defended itself from the Hunterbrook Media report that claims the lender orchestrated a scheme to steer loans. The wholesale lender said it’s offering legal support to partners in case they are sued and once again accused Rocket Mortgage of being behind the report, which the rival denies. On April 2, Hunterbrook […]

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The opportunity cost of modern-day redlining

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Modern-day redlining persists, and it’s costing lenders millions in legal fees. Recently, the Department of Justice (DOJ) has taken a strong stance on redlining, taking direct legal action against bad actors and thrusting the topic into the national spotlight. Last October, Ameris Bank had to pay $9 million to settle a redlining case. More recently, […]

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Secretary of Education Miguel Cardona Touts Progress In Multilingual Education at the National Association for Bilingual Education (Remarks As Prepared)

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Thank you, Evelyn, for that introduction. It’s a joy to be back here.  I look forward to NABE every year . . . because when I’m here, I know I’m preaching to the choir.  Me siento que estoy entre familia. Espero la sopa ahorita. I don’t have to tell this group that being bilingual, biliterate, and […]

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MBA advocates for remote reverse mortgage counseling in Mass.

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The Mortgage Bankers Association (MBA)’s policy advocacy group, the Mortgage Action Alliance (MAA), is urging its members in the state of Massachusetts to support the continued use of remote telephone and video counseling for reverse mortgages in the state following the lapse of an exemption allowing for remote counseling. “The provision in state law which […]

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Community Colleges: Building Pathways to the Future

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BY: Amy Loyd, ED.L.D., Assistant Secretary, OCTAE The American postsecondary education system has seen many transformations, but none so democratic and revolutionary as the founding of the first community college in Joliet, Illinois in 1901. Then-president of the University of Chicago William Harper Rainey, and several other influential university presidents, were convinced that for America […]

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Premise of the Hunterbrook Media thesis on UWM is ‘misplaced:’ BTIG analysts

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United Wholesale Mortgage’s (UWM) revenue margins “don’t stand out like” one would expect if the company was overcharging borrowers, analysts at BTIG said on Monday. The comments follow a Hunterbrook Media report from last week stating that UWM pressures brokers to send loans its way, resulting in higher costs to customers.  “We think the premise of the thesis […]

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Ginnie Mae warns issuer partners about faster prepayments

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Ginnie Mae this week issued a public notice to its issuer partners warning of an observation of higher prepayments in some of its mortgage-backed securities (MBS) programs, reminding issuers that a violation of its requirements could result in punitive action. In a prior All Participants Memorandum (APM) issued in December 2017, Ginnie Mae described how […]

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Republicans look to codify tri-merge credit model into law

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Rep. Scott Fitzgerald (R-Wis.) has introduced a bill to the U.S. House of Representatives that would codify the “tri-merge” credit model into law, a rebuke to the Federal Housing Finance Agency (FHFA)’s recent efforts to transition to a “bi-merge” model that would require only two credit reports to be pulled instead of three. This is […]