The now defunct First Guaranty Mortgage Corporation (FGMC) and former employees – who sued the mortgage lender in a class-action suit after an abrupt layoff – are seeking a Delaware bankruptcy judge to settle a Worker Adjustment Retraining Notification (WARN) Act lawsuit for $1.75 million. In June 2022, laid off employees filed two separate district […]
Millions around the world turn to Wikipedia when they want to better understand the world around them, and that apparently includes artificial intelligence — the most searched topic on the online encyclopedia in 2023. “ChatGPT is one of the generative AI tools that is trained on Wikipedia data, pulling large amounts of content from Wikipedia […]
Industry veteran Adam O’Daniel is transitioning to Guild Mortgage as senior vice president and chief marketing officer, a newly created role, after about two years at Open Mortgage, the company announced on Tuesday. “We’re going to expand Guild’s brand presence nationally, deliver best-in-class marketing tools, technology and support for our sales teams, and infuse a culture of creativity and collaboration […]
An arbitrator conclusion issued last week caps a four-year legal battle over allegations of trade secret theft involving two of the biggest companies in the housing industry, Black Knight Servicing Technologies and PennyMac Financial Services. In a 2019 lawsuit, Black Knight accused Pennymac of copying its mortgage servicing platform, MSP, to create its Servicing Systems Environment (SSE) platform. […]
As part of the Biden-Harris Administration’s ongoing work to address academic recovery, including supporting student success in math and reading, the U.S. details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education
When individual mortgages are originated by lenders like banks or credit unions, they maybundle groups of these mortgages together into financial vehicles called mortgage-backedsecurities (MBS) that are then sold to investors on a secondary market. This allows investors to gain exposure and returns from the mortgage market, while the lenders gain immediate capital to issue […]
The Netherlands returned six artefacts including a cannon, a ceremonial sword and two guns taken from Sri Lanka more than 250 years ago on Tuesday, as part of efforts by the former colonial power to redress historical wrongs, officials said. Sri Lanka asked the Netherlands to return the artefacts after the Dutch government approved the […]
FirstHome IQ, a nonprofit focused on homeownership and financial literacy education, has expanded its ambassador program and now has 60 mortgage and real estate professionals who donate a portion of every loan to further this mission. The nonprofit, founded by industry leaders Kristin Messerli, Dave Savage and Todd Bookspan, launched the beta version of its ambassador program in […]
Freddie Mac rolled out standardized subordinate lien documents for subordinate mortgages offered by down payment assistance (DPA) providers to facilitate easier and greater use of DPA program Historically, subordinate-lien documents for various DPA programs have been housing finance agency (HFA)-specific and worded differently, leaving room for confusion when interpreting terms and payment plans. “Saving for […]
The Biden-Harris Administration today took another step in its continued efforts to provide financial relief to significant numbers of student loan borrowers with the release of an updated copy of proposed regulatory text. The proposals build on the Biden-Harris Administration’s actions to date to provide student loan borrowers with much-needed breathing room. Already the Administration […]
Digital mortgage automation solution provider Floify launched a lending platform for mortgage brokers built on the foundation of the Floify point-of-sale (POS) platform. Florfy Broker Edition is designed to provide an intuitive loan management portal for borrowers and make managing loans simpler at an accessible price point while boosting operational efficiency, the company said. The […]
We’re writing today to address the unintended consequences that may result from the real estate agent commission dilemma stemming from recent lawsuits. As leaders of a non-profit, the Association of Independent Mortgage Experts (AIME), we advocate for over 65,000 wholesale mortgage brokers and homebuyers nationwide. There are multiple lawsuits challenging the prevailing structure of real […]
Rising home prices have pushed the third quarter’s tappable home equity amount near its 2022 peak, but interest rates are making homeowners reluctant to extract that wealth. Mortgage holders withdrew a mere 0.41% of tappable equity in Q3, about 55% below the average withdrawal rate seen in the 12 years leading up to the Federal […]
The newest group of Kennedy Center honorees, including comedian Billy Crystal and actor Queen Latifah, are being feted Sunday night at a star-studded event marking their lifetime achievement in arts and entertainment. Opera singer Renee Fleming, music star Barry Gibb and prolific hitmaker Dionne Warwick also are being honored at the black-tie gala. Each will […]
Beyoncé ruled the box office this weekend. Her concert picture, “Renaissance: A Film by Beyoncé,” opened in first place with $21 million in North American ticket sales, according to estimates from AMC Theatres Sunday. The post-Thanksgiving, early December box office is notoriously slow, but “Renaissance” defied the odds. Not accounting for inflation, it’s the first […]
On Saturday night, Kiss closed out the final performance of their “The End of the Road” farewell tour at New York City’s famed Madison Square Garden. But as dedicated fans surely know — they were never going to call it quits. Not really. During their encore, the band’s current lineup — founders Paul […]
What a week! Mortgage rates almost fell below 7%, the 10-year yield is below 4.25% again, and people are seriously talking about Fed rate cuts in 2024. Times can change quickly, which is why we created the weekly tracker so you have the information you need in real-time. Purchase application data Hello, early Christmas present! […]
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra has made the rounds this week on Capitol Hill, providing testimony to Congress in their semi-annual reviews of the CFPB. On Thursday, Chopra took questions from members of the U.S. Senate Committee on Banking, Housing and Urban Affairs, including one on the controversial topic of mortgage trigger […]
The latest baseline increase in conforming loan limits has enabled loan originator Dave Krichmar’s client to make a 5% down payment instead of 10%. The self-employed homebuyer found an $800,000 home in Texas, but with the conforming loan limit for 2023 being $726,200, the buyer needed a jumbo loan or a bank statement loan. Those […]
Thank you, John Wood, for that kind introduction. John is a senior in high school. He’s going to be studying music, economics, and public relations. If anyone has any questions about whether our public schools are hitting it out of the park, I’d like to introduce you to John Wood. I’m honored to have been […]
As the housing market continues to undergo a seismic shift, technology leaders like this year’s Tech Trendsetters stand as beacons, guiding the industry toward a future where innovation is not an option but an imperative for success. From cutting-edge fintech solutions to revolutionary proptech platforms, these leaders have demonstrated the ability to harness technology in […]
The U.S. Department of Education (Department) announced today that Gladeo, a minority- and women-owned public benefit corporation based in Los Angeles, California, has been selected as the grand-prize winner of the Future Finder Challenge, a $1 million challenge to reimagine career navigation for adult learners. Workbay, a woman-owned business based in Franklin, Tennessee, has been selected as the […]
Mortgage originators will pay more to access consumer credit reports in 2024, reigniting complaints from mortgage lenders and trade associations. In 2024, Fair Isaac Corp. (FICO), the company that retains the rights to the market’s adopted methodology to measure consumer credit risk, will charge one price – higher than the current price – to all mortgage […]
Developers at the University of Maryland are using a holographic camera to capture people’s movements in three dimensions for what could be high-impact training, education and entertainment. It is technology with the power to transform how we learn and entertain ourselves. VOA’s Julie Taboh has more. VOA footage by Adam Greenbaum. details ⇒ BusinessMediaguide.Com portal received this […]
A new campaign for Myanmar led by the son of imprisoned democratic leader Aung San Suu Kyi, Kim Aris, is using tattoos as a publicity tool to raise humanitarian aid for the millions displaced following the 2021 military coup. People in Myanmar’s diaspora are getting tattoos of a Burmese water dragon as a symbol of […]
After about a week of chaos at Fidelity National Financial (FNF) due to a cybersecurity attack, the firm said the incident was contained on Sunday, November 26. In an updated filing with the Securities and Exchange Commission on Thursday, Fidelity disclosed the company became aware of a cybersecurity incident that impacted some of its systems […]
Mortgage rates headed lower this week as the 10-year Treasury yield dropped below 4.3% for the first time since September, according to new data from Freddie Mac. The 30-year, fixed mortgage rate averaged 7.22% for the week ending Nov. 30, according to Freddie Mac‘s Primary Mortgage Market Survey. That’s down significantly from last week’s 7.29% […]
Editor in Chief Sarah Wheeler sat down with Kenon Chen, executive vice president of strategy and growth at Clear Capital, to talk about appraisal modernization and how technology is just part of the solution. Sarah Wheeler: What are some of the biggest challenges right now? Kenon Chen: The challenge that’s in front of everyone continues […]
Shane MacGowan, the boozy, rabble-rousing singer and chief songwriter of The Pogues, who infused traditional Irish music with the energy and spirit of punk, died Thursday, his family said. He was 65. MacGowan’s songwriting and persona made him an iconic figure in contemporary Irish culture, and some of his compositions have become classics — most […]
Government-owned corporation Ginnie Mae announced on Wednesday that it has revised its definition for high-balance loans, conforming to new limits announced earlier this week by the Federal Housing Finance Agency (FHFA), according to All Participants Memorandum (APM) 23-13. “Under the new definition, effective for pools or loan packages submitted on or after Jan. 1, 2024, […]
British Prime Minister Rishi Sunak has accused his Greek counterpart Kyriakos Mitsotakis of public “grandstanding” over the ownership of Parthenon sculptures. The two leaders have been at odds with one another after Sunak canceled a scheduled meeting between the two just hours before it was set to take place. In a weekly question period with […]
Today, the U.S. Department of Education (ED) and the Administration for Strategic Preparedness and Response (ASPR), a division within the U.S. Department of Health and Human Services (HHS), announced a partnership to distribute free COVID-19 tests to schools across the country. In a letter sent to local education agencies (LEAs) today by ED, school districts […]
Lower mortgage rates have brought increased mortgage demand. Total home loan applications increased 0.3% for the week ending Nov. 24 compared to the previous week, according to data from the Mortgage Bankers Association (MBA). Mortgage rates for the 30-year fixed loan averaged 7.29% as of Nov. 22, falling 15 basis points in one week, according […]
In another odd twist for 2023, the ability to split up after a divorce seems to be another casualty of the high mortgage rate environment. Couples who may have locked in a very low mortgage rate in previous years — but who are now seeking to end their marriages — are finding themselves needing to […]
The Federal Housing Administration (FHA) is increasing the “floor” and “ceiling” FHA loan limits in 2024 to $498,257 and $1,149,825, respectively, the FHA announced Tuesday. The new FHA loan limits apply to forward mortgages for a one-unit property and take effect on Jan. 1, according to the publication of FHA Mortgagee Letter (ML) 2023-21. In […]
The U.S. Department of Education (Department) announced today that it will publish a notice in the Federal Register establishing a negotiated rulemaking committee that will meet to rewrite regulations that address some of the “nuts and bolts” of Title IV program integrity and institutional quality under the Higher Education Act. In the notice, the Department […]
Nonbank mortgage companies increased their profitability as a group in the third quarter of 2023, compared to the previous quarter, due to the performance of their servicing and origination businesses. It’s good news in the current shrinking market. Analysts at the credit rating firm Moody’s Investors Services wrote in a report on Monday that they don’t expect […]
Rapidio, a mortgage underwriting technology provider, on Monday released the income assessment component of its underwriting product, FlexStack Component System. The new tool is an automated income verification feature, which is available across various types of loans, including conventional loans, FHA and VA loans. It validates, verifies, calculates and assesses guideline eligibility before presenting the […]
A new America House is celebrating its opening in Odesa, making it the third major cultural and educational center in Ukraine supported and financed by the U.S. Embassy. America House Odesa was supposed to open in early 2022, but Russia’s invasion changed those plans. Anna Kosstutschenko visited the center and found out how the war altered its program. Camera — Pavel Suhodolskiy. details ⇒ BusinessMediaguide.Com portal received […]
CubiCasa, a Finland-based proptech company, partnered with OneKey MLS – a major mortgage licensing system (MLS) serving the New York Metropolitan area – to provide user-friendly floor plan creation tools. Under the motto “scan a floor plan in five minutes” CubiCasa focuses on providing value for real estate professionals through the digitization of properties. The […]
The U.S. Department of Education today announced nearly $74 million in new, five-year Full-Service Community Schools (FSCS) grants to support an additional 30 local educational agencies, nonprofits, and other public or private organizations and institutions of higher education working to expand community schools including by making awards in four new states: Idaho, Missouri, New Hampshire, […]
In the wake of the landmark Sitzer/Burnett commission lawsuit case, the real estate world is in turmoil. As industry players scramble to assess the fallout, there’s a silver lining for the astute – opportunity amidst chaos. The savvy real estate agents and loan officers see this not a crisis but a golden opportunity. Now is […]
The Mortgage Bankers Association (MBA) this week appeared to relay caution to its members about the announcement from the Federal Housing Finance Agency (FHFA) last week that it had published a new, final rule on the Enterprise Regulatory Capital Framework (ERCF) related to commingled securities. “The final rule includes modifications of certain provisions of the […]
Mortgage rates have pulled back in recent weeks giving consumers and loan originators some breathing room, but headwinds in the industry are far from over. The decline in the 10-year Treasury yield and agency mortgage-backed securities (MBS) yields — due to a soft jobs report in late October — led to a slight pick up […]
The Walt Disney Co.’s “Wish” had been expected to rule the Thanksgiving weekend box office, but moviegoers instead feasted on leftovers, as “The Hunger Games: The Ballad of Songbirds and Snakes” led ticket sales for the second weekend, according to studio estimates Sunday. Neither of the weekend’s top new releases — “Wish” and Ridley Scott’s […]