General World News

Dan Mugge named COO of mortgage solutions company Calque

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Calque, a company that partners with lenders to offer non-contingent mortgages to homebuyers, has appointed Dan Mugge as its chief operating officer. Mugge, a mortgage industry veteran with more than two decades in technology and business management, will lead the company’s push to secure high-profile mortgage lending partners to offer Calque’s products. “What I love […]

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FHA announces new changes to loss mitigation waterfall 

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The Federal Housing Administration (FHA) announced on Monday changes to its loss mitigation options for borrowers struggling to pay their mortgages.  The announcement follows the Biden administration’s decision to set an end date for the COVID-19 pandemic national emergency declaration.  Meanwhile, the FHA-Home Affordable Modification (FHA-HAMP) options were temporarily suspended to simplify loss mitigation options, […]

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NYCB confirms cuts to retail mortgage channel after acquiring Flagstar

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New York Community Bancorp, Inc. (NYCB) confirmed it’s closing 69% of the retail home lending offices outside of its branches after acquiring Michigan-based Flagstar Bank.  “We made the strategic decision shortly after the transaction closed to swiftly restructure the business, which occurred in January,” Thomas Cangem, NYCB president and CEO, said in a statement. “Going […]

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‘Laverne & Shirley’ Actor Cindy Williams Dies at 75

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Cindy Williams, who played Shirley opposite Penny Marshall’s Laverne on the popular sitcom “Laverne & Shirley,” has died, her family said Monday. Williams died Wednesday in Los Angeles at age 75 after a brief illness, her children, Zak and Emily Hudson, said in a statement released through family spokeswoman Liza Cranis. “The passing of our […]

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Cenlar FSB names Jim Daras as CEO and president

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Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., has appointed D. James ‘Jim’ Daras as its CEO and president. Daras’ professional career spans more than four decades in the banking and mortgage banking industry. His specializations include risk management, banking and corporate finance functions, bank restructuring, company start-ups and venture capital […]

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‘Avatar 2’ Tops Box Office for 7th Weekend

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“Avatar: The Way of Water” claimed the No. 1 spot on the domestic box office charts for the seventh weekend in a row with an additional $15.7 million, according to studio estimates on Sunday.  It was a quiet weekend overall, notable mostly for the Hindi language blockbuster “Pathaan” that broke into the top five and […]

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Top Fairway LO Dave Medina decamps for Movement Mortgage to spread his wings

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Top-producing loan officer Dave Medina and his team at the Temecula, California-based branch have left ​​Fairway Independent Mortgage to join Movement Mortgage. The move, which marks the start of Movement’s branch partnership strategy, comes four months after the South Carolina-based lender hired two top executives away from Fairway.  “In the 20 years that I’ve been […]

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Homebuilders still need lower mortgage rates

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What is happening with homebuilders and the new home sales sector as we head into the spring housing market? We have had some conflicting data points recently. On the one hand, cancelation rates have been rising. On the other hand, mortgage rates have gone down more than 1% since Oct. 20, 2022.  The builders’ stock […]

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Flagstar Bank makes big cuts to retail mortgage operation

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Two months after receiving the Federal Reserve’s approval to merge with New York Community Bank, Michigan-based Flagstar Bank is reducing its footprint in the retail channel and laying off hundreds of staffers, according to laid off employees.  “I just got news this morning that the company is scrapping retail outside of where the bank footprint […]

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Black Knight offers new servicer solutions to curb foreclosure, late-stage default

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Black Knight recently added the Collections solutions to its suite of solutions as a way for servicers to keep customers in their homes during periods of financial hardship. The Collections solutions are geared toward helping to prevent foreclosure and late-stage default by making qualified assistance options timelier and more accessible to both homeowners and servicers, […]

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Ancient Tomb Discovered in Egypt

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An excavation team in Egypt has unearthed an ancient tomb containing a mummy believed to be 4,300 years old. It is among dozens of artifacts recently discovered. After a year-long excavation, renowned archaeologist Zahi Hawass announced the findings at Gisr al-Mudir, also known as the Great Enclosure, one of the oldest known stone structures in […]

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U.S. Department of Education’s Office for Civil Rights Announces Resolution of Pregnancy Discrimination Investigation of Troy University in Alabama

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Today, the U.S. Department of Education’s Office for Civil Rights (OCR) announced the resolution of an investigation into whether Troy University in Alabama responded to a student’s requests for pregnancy-related adjustments during the 2020-21 school year in a manner that complied with Title IX of the Education Amendments of 1972. details ⇒ BusinessMediaguide.Com portal received […]

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Affordability improves, as do hopes for a good spring  

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Affordability has improved in the mortgage market since December, thanks to declines in mortgage rates and a slowdown in home price appreciation.  Here’s a spoiler: Industry experts believe this trend will continue for months, signaling that a good spring is ahead.  “It’s been the rise in prices [and] interest rates that have constrained affordability,” Doug […]

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Mortgage industry veteran Nicole Booth is QC Ally’s new CEO

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Loan quality and audit services company QC Ally appointed Nicole Booth as its chief executive officer and Melissa Peregord as its new chief growth officer. Booth served as the company’s chief marketing officer prior to this announcement. She joined the company last July. “I’ve spent the past seven months diving head-first into understanding the importance […]

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Late Poet Credited with Rescue of Kashmiri Language 

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The literary world of Indian-administered Kashmir is mourning the death of a beloved poet and champion of the Kashmiri language, which he is largely credited with rescuing from obscurity. Abdur Rehman Rahi, an acclaimed writer and professor of literature who died earlier this month at age 97, is being hailed as a living testament to […]

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Lloyd Morrisett, Who Helped Launch ‘Sesame Street,’ Dies

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Lloyd Morrisett, the co-creator of the beloved children’s education TV series Sesame Street, which uses empathy and fuzzy monsters like Abby Cadabby, Elmo and Cookie Monster to charm and teach generations around the world, has died. He was 93. Morrisett’s death was announced Monday by Sesame Workshop, the nonprofit he helped establish under the name […]

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Guaranteed Rate offering up to $8K in assistance to underserved buyers

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Chicago-based mortgage lender Guaranteed Rate launched a new program this week that will provide up to $8,000 in assistance to potential first-time homebuyers from underserved communities. The initiative, called the Special Purpose Credit Program, aims to help homebuyers with down payments, deposit minimums, and move-in repair and maintenance costs. “This program helps tear down these […]

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As mortgage rates decline, the mantra is ‘no buyers left behind’ 

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As mortgage rates continue to decline, Chad Earnest’s mantra with his referral partners in 2023 is “no buyer left behind.”  The Montgomery, Texas-based area manager, who moved from AmeriSave Mortgage Corporation to Cardinal Financial Company in November, launched in mid-2022 a platform to help their referral partners succeed.  He makes co-marketing investments and helps partners with their databases by […]

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Pope Francis: Homosexuality Not a Crime 

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Pope Francis criticized laws that criminalize homosexuality as “unjust,” saying God loves all his children just as they are and called on Catholic bishops who support the laws to welcome LGBTQ people into the church. “Being homosexual isn’t a crime,” Francis said during an interview Tuesday with The Associated Press. Francis acknowledged that Catholic bishops […]

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To root out appraisal bias, dismantle the system?

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To root out racial bias in the U.S. appraisal system, some experts say there’s no point in nibbling at the edges. Instead, they suggest tearing the system down and starting fresh.  “I think not many people understand how this byzantine system works,” Rohit Chopra, the Consumer Financial Protection Bureau (CFPB) director, said Tuesday.  Chopra spoke […]

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UWM gave brokers big discounts to play with. It could be risky

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United Wholesale Mortgage‘s (UWM) aggressive moves to gain an edge on the competition tend to provoke controversy. The ‘ultimatum’ it imposed two years ago effectively prohibited broker partners from also doing business with two of UWM’s rivals. It quickly prompted antitrust lawsuits. The lender’s price reduction by 50 to 100 basis points across all its […]

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Secretary Cardona Announces the U.S. Department of Education’s “Raise the Bar: Lead the World” Initiative

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In a major address, U.S. Secretary of Education Miguel Cardona laid out his vision for the direction the agency will follow in 2023 to promote academic excellence, improve learning conditions, and prepare our students for a world where global engagement is critical to our nation’s standing. In his address Secretary Cardona remarked that “Raise the […]

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‘Everything Everywhere’ Tops Oscar Nominations With 11

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The multiverse-skipping sci-fi indie hit “Everything Everywhere All at Once” led nominations to the 95th Academy Awards as Hollywood heaped honors on big-screen spectacles like “Top Gun: Maverick” and “Avatar: The Way of Water” a year after a streaming service won best picture for the first time. Daniel Scheinert and Daniel Kwan’s “Everything Everywhere All […]

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Doma partners with paymints.io to limit wire fraud

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Real estate technology company Doma Holdings, Inc. partnered with digital payment software-as-a-service platform paymints.io, the company announced last week. Title and closing firms use paymints.io to allow homebuyers deposit their earnest money digitally and directly from their checking account. The aim of the partnership is to reduce the risk of wire fraud by adding paymints.io […]