General World News

FHFA prevention actions surpassed 52K in Q4 2022

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The Federal Housing Finance Agency (FHFA) released on Thursday its Fourth Quarter 2022 Foreclosure Prevention and Refinance Report, stating that government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac completed 52,469 foreclosure prevention actions in Q4 2022. That figure increases the total number of GSE-assisted homeowners to 6,712,833 since the start of the conservatorship in September […]

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Warehouse lenders facing fallout from industry woes

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The ongoing tumult in the banking industry brought to light by the recent failures of Silicon Valley Bank and Signature Bank — the second and third largest bank failures in U.S. history, respectively — also threatens liquidity channels for the independent mortgage banks (IMBs). Two banks that rank among the nation’s top warehouse lenders were recently singled out by Moody’s […]

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Basketball Artists School Helps Youth Development in Namibia

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In Namibia, the German-supported Basketball Artists School (BAS) has been helping develop the sport while giving hope to at-risk youth. Beyond basketball, the program teaches life skills to disadvantaged youth and offers after-school meals. Vitalio Angula reports from Windhoek, Namibia. Camera: Dantagob Geingob details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: […]

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New home sales climb in February for the third straight month

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New home sales continued to rise in February, jumping 1.1% from January to a seasonally adjusted annual pace of 640,000 homes, according to data published on Thursday by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). On a year-over-year basis, however, new home sales are still down 19.0%. “New home sales increased in February for the third […]

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The Department of Education Announces Public Hearings on Higher Education Rulemaking

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The U.S. Department of Education (Department) announced today that it will hold virtual public hearings on April 11, 12, and 13 to receive stakeholder feedback on potential issues for future rulemaking sessions. The Department’s regulatory efforts reflect our commitment to supporting students and ensuring they can access opportunities that will help them succeed. details ⇒ […]

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Mortgage prepayment rebounds as spring home buying season takes hold

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Mortgage prepayment broke a four-month streak of record lows in February, with relief likely to extend as the spring home buying season takes hold, Black Knight’s mortgage performance data showed. “Prepayment activity ticking up slightly in February is an underlying indicator that both refinance and purchase origination volumes may have reached their cyclical lows,” Andy […]

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Fed delivers a 25 bps rate hike amid bank failures 

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The Federal Reserve (Fed) has decided to forge ahead in its fight against inflation, despite several bank closures that have caused turbulence in the financial markets. On Wednesday, the Federal Open Market Committee (FOMC) announced the decision to raise the federal funds rate by 25 basis points to 4.75%-5%.  “The U.S. banking system is sound […]

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The typical down payment is 10% smaller than a year ago

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The typical homebuyer’s down payment was down 10% year over year in January 2023, according to a report released Wednesday by Redfin. The report is based on data collected by Redfin from county record across 40 of the most populous metropolitan areas. Redfin found that the typical U.S. homebuyer made a $42,375 down payment in […]

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Mortgage demand rises amid MBS volatility

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Consumer demand for home loans rose for the third consecutive week due to declining mortgage rates, following the turbulence in the financial markets caused by regional bank failures.  But the same bank crisis is bringing volatility to the mortgage-backed securities (MBS) market, preventing mortgage rates from going down even further, according to industry experts.  The 10-year U.S. […]

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HUD highlights support for expanding high-speed internet access

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The U.S. Department of Housing and Urban Development (HUD) on Monday released a new guidebook that highlights support for the expansion of high-speed broadband internet service to public housing authorities, multifamily owners and operators, and Native American tribal communities in urban and rural areas. The guidebook outlines the funding program mechanics and how these areas […]

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Daily AI mortgage CRM company rebrands to Aidium

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Mortgage CRM company Daily AI has rebranded to Aidium Mortgage CRM and launched a new CRM product, the company announced on Monday. The company’s research and analysis suggested that a rebranding, which includes updates to core products, the company’s website, marketing and communications, will represent its goals and solutions for the mortgage industry, according to […]

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Guild CEO Mary Ann McGarry announces retirement

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Retail lender Guild Mortgage announced Monday that Mary Ann McGarry is retiring from the CEO position in late June, remaining on the California-based lender’s board of directors after retirement. Terry Schmidt, Guild’s current president, is the successor.  McGarry joined Guild in 1984 as a supervisor in internal audit and held several leadership positions until promoted to president […]

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LendingPad integrates with mortgage marketing provider Aduvo

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Cloud-based loan origination system LendingPad has integrated with Aduvo, which provides mortgage marketing automation solutions. “In planning for the launch of Aduvo, our team knew that a partnership with LendingPad would be a strategic move for our company,” said Aduvo founder Josh Bopp in a prepared statement. Users can choose to sign up with Aduvo, […]

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Frontwave integrates the Black Knight digital ecosystem

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Black Knight, Inc. on Monday announced that Frontwave Credit Union will now implement Empower, Black Knight’s cloud-based loan origination system, and its integrated solutions, for the expansion of its mortgage lending operations. The integration with Black Knight’s digital ecosystem will give Frontwave access to technology, data and analytics solutions. These include its Optimal Blue PPE; […]

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Adam Sandler Receives Mark Twain Prize for Lifetime in Comedy

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A host of comedic and entertainment royalty gathered at Washington’s Kennedy Center to present comedy icon Adam Sandler with the Mark Twain Prize for American Humor.  Among those scheduled to honor Sandler on Sunday night were Jennifer Aniston, Judd Apatow, Drew Barrymore, Steve Buscemi, Dana Carvey, Luis Guzmán, Conan O’Brien, Chris Rock, Rob Schneider, David […]

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Vatican Unveils New Ethnographic Display of Rwanda Screens

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The Vatican Museums officially reopened its African and American ethnographic collections Thursday by showcasing intricately restored Rwandan raffia screens that were sent by Catholic missionaries to the Vatican for a 1925 exhibit. The display at the Anima Mundi Ethnological Museum featured a scientific presentation of the restoration process as well as the research that preceded […]

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Mortgage AI firm Candor conducts layoffs

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Candor Technology Inc., a mortgage artificial intelligence firm focused on automated mortgage underwriting decisions, has conducted layoffs as lenders rush to cut costs.  “Candor is executing a change in strategy to address the ever-changing mortgage market and to pivot along with client operations,” Tom Showalter, CEO of Candor, said in an e-mailed response.  With various […]

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Average IMB lost $2,812 per origination in Q4 

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Independent mortgage banks (IMBs) and mortgage subsidiaries of chartered banks spilled red ink in the fourth quarter of 2022 amid a jump in mortgage rates. These companies reported a net loss of $2,812 on each loan originated from October to December, an increase of more than four times the average per-loan loss of $624 in […]

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What Really Helped Michelle Yeoh Win an Oscar

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As tough as action film star Michelle Yeoh is, it still might have been hard for her to clinch the best actress Oscar and become the first Asian woman to win the coveted award in its 95-year history—if everything hadn’t fallen into place. Besides her hard work and talent, Yeoh’s history-making win Sunday is a […]

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Career Z Launch

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The Department of Education’s Office of Career, Technical, and Adult Education seeks innovative ideas to expand work-based learning opportunities. That is why they launched the Career Z Challenge, a $2.5 million multi-phase federal prize competition.   The Career Z Challenge supports the Biden-Harris Administration’s Raise the Bar: Unlocking Career Success initiative championed by the U.S. Departments […]

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Latest housing starts data is good for mortgage rates

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How is today’s housing starts data, which beat expectations, good for mortgage rates? Typically good economic data is bad for rates, especially in this environment, when a Fed member will come out and say building or buying homes is bad for fighting inflation. The answer is simple: The best way to fight inflation long-term is […]

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First Republic Bank is reportedly exploring sale: Bloomberg

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First Republic Bank, the fourth-largest non-agency jumbo lender in America, is exploring strategic options, including a sale and a capital infusion, and is expected to attract interest from larger rivals, Bloomberg reported on Wednesday, citing anonymous sources with knowledge of the matter. No decision has been made, and the bank can remain independent, people who requested anonymity […]

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Qualia adds a new product to its software offerings

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Closing software provider Qualia has announced a major update to its software offerings. On Thursday, the firm announced the launch of Qualia Atlas. According to Qualia, Atlas combines title and escrow production, as well as vendor management, along with client and homebuyer connectivity. “We originally launched Qualia almost 10 years ago with the belief that […]

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Reporter’s Notebook: FYI on Initialisms, AKA Acronyms 

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Returning to the United States seven years ago, I was puzzled how the Bureau of Land Management had seemingly become involved with race politics. Then I deciphered that the hashtag #BLM had taken on a new meaning during my quarter century abroad: Black Lives Matter. I was likewise confused when newscasters recently began speaking about […]

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FHFA delays implementation of LLPA DTI fees

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Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios. The upfront pricing fee on DTI ratios of 40% or more – part of […]

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With little competition, homebuilders are feeling better

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Despite the volatile mortgage rate environment and overall economic uncertainty, homebuilder confidence slowly continues to rise, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) report, released Wednesday. In March, homebuilder sentiment in the market for newly built single-family homes rose two points from February’s reading, to an index value of 44. This is […]

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Mortgage lenders, borrowers react to banks closures 

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The Silicon Valley Bank and Signature Bank failures that occurred over the last week have caused even more uncertainty within the mortgage industry. Still, homebuyers took advantage of declining rates provoked by the turbulence and applied for home loans. Meanwhile, mortgage lenders are still trying to calm down their investors and business partners.  The recent […]

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Is inflation or recession driving mortgage rates now?

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On Tuesday, we got more confirmation that the Federal Reserve‘s biggest fear — inflation  blowing up to 1970s levels — isn’t happening, according to the CPI data. Even with its most significant component, shelter inflation, keeping core CPI higher than it should be, it’s been hard to accelerate the core data. However, with the current […]