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CFPB report highlights outliers doing a poor job servicing

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The Consumer Financial Protection Bureau (CFPB) published a report this week looking at how servicers fared in the second half of 2021. The report said that on average, servicers improved their call metrics, but that some servicers continue to lag behind in assisting borrowers. According to the report, which examined data provided from 16 undisclosed […]

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Mortgage apps decline 11% amid economic uncertainty

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Individuals across the country put the American dream of homeownership on standby for the week ending May 13, reducing mortgage application volume by 11% compared to the prior week, as measured by the Mortgage Bankers Association‘s (MBA’s) Market Composite Index.  “Mortgage applications decreased for the first time in three weeks, as mortgage rates — despite declining […]

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Narrow Gauge Capital acquires Inco-Check

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Private equity firm Narrow Gauge Capital (NGC) acquired Inco-Check, LLC, a provider of quality control audit mortgage software and fraud prevention services. Founded in 2000, Irvine, California-based Inco-Check leverages its proprietary web-based platform to support GSE, regulatory agency, and investor requirements. With NGC’s acquisition of Inco-Check, the company aims to enhance loan quality and prevent […]

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U.S. Department of Education’s Office for Civil Rights Announces Resolution of Sexual Harassment Investigation of San Juan Bautista School of Medicine

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Yesterday, the U.S. Department of Education’s Office for Civil Rights (OCR) resolved two complaints against San Juan Bautista School of Medicine, a private medical school in Puerto Rico. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education

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Orchard provides cash offers for first-time homebuyers

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Orchard, which operates a home-buying and selling platform, wants to expand its customer base of first-time homebuyers by helping them to make a cash-backed offer.  Buy with Orchard is the firm’s first product targeted to first-time buyers that provides home shoppers with the cash needed to compete with equity-rich homeowners and investors, the company said.  […]

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FHA Commissioner Julia Gordon gets to work

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Julia Gordon made a habit of stopping by Ed Golding’s office when he ran the agency that she now leads. During her visits, one thing stood out to Golding, who served as the Department of Housing and Urban Development’s principal deputy assistant secretary from 2015 to 2017.  Gordon already possessed a vast knowledge of the […]

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Forbearance rate drops below 1%, lowest level since June 2020

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Servicers’ forbearance portfolio volume dropped in April to a level below 1%, with fewer than half a million borrowers remaining with an active plan, according to the monthly Loan Monitoring Survey conducted by the Mortgage Bankers Association (MBA). That’s good news after the economic impacts of the Covid-19 pandemic hit borrowers hard, making it difficult for Americans to pay […]

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Snapshot of lenders’ Q1 earnings: Profitable players leverage servicing portfolio against origination drop

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As banks and non-bank lenders recently released earnings for the first quarter of 2022, two things became clear: Origination volume plummeted across the board, but those that managed to muster up a good quarter benefited from servicing portfolios. As refinancing became less appealing, lenders also sold off a large portion of mortgage servicing rights (MSRs), […]

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Polly teams up with mortgage insurance providers to streamline service

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Polly, a software-as-service mortgage technology firm that operates a loan-trading platform, integrated with six mortgage insurance providers to streamline the mortgage process for loan officers and mortgage lenders.   The San Francisco-based fintech will embed quoting capabilities of Arch MI, Enact, Essent, MGIC, National MI and Radian to Polly’s product and pricing engine to streamline the […]

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Education Department to Host Summit to Spotlight Strategies to Support Students with Disabilities, Students with Mental Health Needs

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Today, the U.S. Department of Education announced plans for a first-of-its-kind virtual summit, Recovery to Thriving: Supporting Mental Health & Students with Disabilities, to highlight steps schools, colleges and communities can take to support students with disabilities and students with mental health needs. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: […]

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Selfie Museum Visitors Create Art on Social Media

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At Colorado’s Adventure Room Selfie Museum, it’s the visitors who make the art, shooting social media videos and photos in a variety of colorful settings. For VOA, Svitlana Prystynska went to have a look. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: VOANews.Com

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Iranian Film Workers Arrested, Homes Raided

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A renowned Iranian filmmaker has said that the offices and homes of several filmmakers and other industry professionals were raided and some of them arrested in recent days. Mohammad Rasoulof made the comments on Instagram late Saturday, posting a statement signed by dozens of movie industry professionals. The statement also claimed that security forces confiscated […]

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Russia Artist is 76-year-old Voice of Protest on Ukraine

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Yelena Osipova barely slept ahead of Russia’s pomp-filled Victory Day celebrations on May 9. The 76-year-old artist was up late, making placards to protest about the conflict in Ukraine. But the moment she stepped out of her home in St. Petersburg on her way to demonstrate, two unknown men snatched the work from her and […]

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Former Test Cricketer Andrew Symonds Dies in Auto Accident

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Former Australian test cricketer Andrew Symonds has died after a single-vehicle auto accident near Townsville in northeast Australia. He was 46. Cricket Australia reported Symonds’ death on its website on Sunday, citing a police statement with details of the accident late Saturday night. It described Symonds as “a cult hero during the peak of his […]

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Ukraine’s Kalush Orchestra Wins Eurovision Song Contest

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Ukrainian band Kalush Orchestra won the Eurovision Song Contest in the early hours of Sunday in a clear show of support for the war-ravaged nation. The six-man band that mixes traditional folk melodies and contemporary hip hop in a purposeful defense of Ukrainian culture was the sentimental and bookmakers’ favorite among the 25 bands and […]

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The mission behind Movement Mortgage’s ‘Grab the Key’

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Movement Mortgage was founded in 2008 with a mission to create a “movement of change” in the mortgage industry after one of the hardest financial episodes in American history. This mindset is still present today, as they continue to move forward to tackle some of the biggest problems in the industry today. Montell Watson, director […]

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Opinion: Use data to scale your mortgage servicing business

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Mortgage servicing is a scale business, meaning the economics of scale can be achieved with larger servicing portfolio by spreading the fixed costs among more loans being serviced. Such scaling; however, hasn’t achieved the expected results as indicated by both the increase of servicing cost on a per-loan basis and on loans serviced on a […]

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Opinion: Is the lending market overcorrecting toward tech? Maybe

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Rates are rising. Refinances are falling. Inventory is contracting. Application fallouts are worsening. It’s getting harder out there. Worsening market conditions are only going to accelerate an already hyper-competitive mortgage lending industry that is still learning to adapt to post-pandemic homebuying behaviors. Technology has been the focal point of that evolution more out of necessity […]

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MSR sales played a key role in nonbank profits in Q1

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An ebullient market for mortgage-servicing rights (MSRs) helped to buoy the profitability of at least three major nonbank lenders that are publicly traded and abated losses for a fourth, based on their recently announced first-quarter financial results. Those lenders are UWM Holdings Corp., the parent of United Wholesale Mortgage; Rocket Companies Inc., the parent of Rocket Mortgage; Home Point Capital, the […]

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Homepoint profits $12M in Q1 after selling operations and assets

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Home Point Capital, the parent company of wholesale lender Homepoint, continues to turn profits based on the selling of operations and assets as management adjusts the company to the shrinking mortgage market. The wholesaler reported on Thursday morning it notched a $12 million profit from January to March, a sequential decline from the $19.3 million in […]

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Purchase mortgage rates increase to 5.30%

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Purchase mortgage rates this week averaged 5.30%, up three basis points from a week ago, causing homeowners’ monthly payments to increase by about one-third year-over-year, according to the latest Freddie Mac PMMS. Borrowers are showing resilience, but higher rates expected in coming months may reduce their appetite for mortgage loans.   “In the months ahead, we expect monetary […]

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Caliber sues CrossCountry after 80 employees left for rival

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Texas-based multichannel lender Caliber Home Loans is accusing Ohio-based CrossCountry Mortgage of executing an “illegal scheme of unfair competition” by targeting its employees, stealing trade secrets and diverting customers.  The accusations are part of a lawsuit filed in May in the U.S. District Court for the Western District of Washington in Seattle. National Mortgage News first reported the case. Caliber […]

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Homepoint lends homebuyers the power of all-cash offers

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In this hot housing market, Michigan-based wholesale lender Homepoint understands the key to originating more home loans is ensuring more sellers accept offers made by its buyers. To do that it relies on the two words sellers increasingly want to hear: “All cash.” But how does an all-cash offer benefit a mortgage lender? Dubbed the […]

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Education Department Announces 161 Students to be Honored as 2022 U.S. Presidential Scholars

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U.S. Secretary of Education Miguel Cardona today announced the 58th class of U.S. Presidential Scholars, recognizing 161 high school seniors for their accomplishments in academics, the arts, and career and technical education fields. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education

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Mortgage applications rise despite higher rates

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Prospective homebuyers aren’t deterred by the skyrocketing mortgage rates amid a slow start to the spring home-buying season this year. The Market Composite Index, a measure of loan application volume, rose 2 percent on a seasonally adjusted basis for the week ending May 6, from the previous week, according to the Mortgage Bankers Association. Conventional, […]

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Despite rising rates, Rocket delivers $1B profit in Q1

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Detroit-based Rocket Companies, the parent of Rocket Mortgage, generated a whopping $1 billion profit in the first quarter, up from $865 million the previous quarter.  Compared to its main competitors, the lender seems to be in a comfortable place. United Wholesale Mortgage (UWM) reported a much lower profit of $453.2 million from January to March, buoyed by adjustments in […]

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MSR offerings selling like hotcakes so far in Q2

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The mortgage-servicing rights (MSR) market went on a tear at the start of 2022, and that hot streak has continued into the second quarter as interest rates on 30-year fixed mortgages continue to rise — now up 2 percentage points since the start of the year and still seemingly upward bound. As rates rise, MSR prepayment speeds […]

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loanDepot reports loss of $91.3M in Q1

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Nonbank heavyweight loanDepot reported an unprofitable quarter largely due to a steep decline in origination volume and expense reductions that did not keep up with the rapidly changing environment. The firm said it doesn’t expect to have a profitable fiscal year, citing pressures on margins and lower market volume.  The California-based company reported a net […]

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Finance of America cut 600 jobs in Q1

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Fast-rising interest rates hit Finance of America Companies hard in the first quarter of 2022 and the company cut almost 600 jobs compared to one year ago.   Like many of its competitors, the lender reported that its traditional mortgage business saw reduced originations and margins from January to March, mainly due to a drop-off in refinance volumes […]

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Mortgage rate locks tumble amid sharp rate rise

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Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates, reflecting home affordability concerns, reports from Mortgage Capital Trading and Black Knight showed.  Total mortgage rate locks by dollar volume were down 5% in April from the previous month, according to MCT’s monthly Mortgage Lock Volume Indices report. Compared […]

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First-time homebuyers feeling squeezed out of the market

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Budget-tightening constraints of inflation, higher mortgage rates, and housing price gains are constraining consumers from buying houses. Fannie Mae‘s Home Purchase Sentiment Index, which tracks the housing market and consumer confidence to sell or buy a home, dropped by 4.7 points to 68.5 in April, marking the lowest level since May 2020. Compared with the […]

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U2’s Bono Gives ‘Freedom’ Concert in Kyiv Metro 

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Irish rock group U2’s frontman Bono and his bandmate The Edge performed a 40-minute concert in a metro station in the Ukrainian capital of Kyiv on Sunday and praised Ukrainians fighting for their freedom from Russia. “Your president leads the world in the cause of freedom right now … The people of Ukraine are not […]

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Bob Dylan Museum Opening in Tulsa

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Elvis Costello, Patti Smith and Mavis Staples will be among the dignitaries expected in Tulsa, Oklahoma, this weekend for the opening of the Bob Dylan Center, the museum and archive celebrating the Nobel laureate’s work. Dylan himself won’t be among them, unless he surprises everyone. The center’s subject and namesake has an open invitation to […]