General World News

The month in reverse mortgage rates: April 2024

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Because we use the nearest 1/8%, HECM proposals often don’t change from week to week unless the 10-year CMT moves enough to push expected rates beyond a rounding threshold. Higher or lower expected rates impact principal limits Higher expected rates reduce borrowing capacity, while lower expected rates increase borrowing capacity. So, it is understandable that […]

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Federal agency members voice support for new CRA rules 

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This week in Washington, D.C., representatives at federal agencies reinforced their support for the new rules that would modernize the Community Reinvestment Act (CRA), a few days after a federal judge in Texas granted a preliminary injunction to banking associations that seek to halt its implementation. Meanwhile, community-focused trade groups and associations, although feeling that […]

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Chinese Indonesian Muslims find haven in Lautze Mosque

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Discrimination dating back decades has often meant Chinese Muslims living in Indonesia have had a difficult time blending in with others of their faith. Several mosques in the country now aim to bridge that gap, as VOA’s Ahadian Utama reports. VOA footage by Gregorius Giovanni. details ⇒ BusinessMediaguide.Com portal received this content from this noted […]

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Barr: Fed is taking ‘thoughtful approach’ to Basel III rules

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Federal Reserve vice chair for supervision Michael Barr said the central bank is taking “a very thoughtful approach” to the Basel III rules (aka the Basel endgame), which would significantly increase bank capital requirements and, if implemented, affect the mortgage industry. “We gave the public extra time to comment on the rule because it was really complex. We’re analyzing those […]

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Liberty Reverse parent Ocwen seeks to rebrand this year

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Ocwen Financial Corp., the parent company of top five reverse mortgage lender Liberty Reverse Mortgage and PHH Mortgage Corp., announced on Wednesday that it is undergoing a rebranding effort and will be known as Onity Group Inc. This is according to a company spokesperson and a subsequent announcement issued on Wednesday. The only entity to […]

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UWM sued over ‘corrupt’ scheme with brokers to steer loans

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Top U.S. mortgage lender United Wholesale Mortgage (UWM) is the target of a class-action-seeking lawsuit alleging it orchestrated a scheme with mortgage brokers to apply excess fees and costs to borrowers. The wholesale lender called the accusations a “sham.” The lawsuit was filed on Tuesday in a Michigan district court by Therisa D. Escue, Billy […]

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Mortgage demand drops despite slightly lower rates

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Mortgage demand receded for the third consecutive week despite slightly lower mortgage rates. Mortgage applications decreased by 0.6% on a seasonally adjusted basis during the week ending March 29, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.  “Mortgage rates moved lower last week, but that did little to ignite overall mortgage application […]

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Fairway’s reverse leadership talks course change and business in 2024

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Last month, Madison, Wisconsin-based mortgage lender Fairway Independent Mortgage Corp. announced the appointment of reverse mortgage industry veteran Dan Ventura to serve as its new vice president of reverse mortgage operations. The hiring came after a series of announcements in February, including the addition of new reverse mortgage investments and the company rejoining the National […]

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Highlands Residential Mortgage adds top Texas producer

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Josh Moody “I feel the experienced and trustworthy executive team at Highlands will enable us to offer a broader and more comprehensive product suite for our customers and allow our team to adapt rapidly to a constantly shifting mortgage environment,” Moody said in a statement. Moody is licensed in 32 states and his team includes […]

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Mortgage rates stabilize prior to Friday’s jobs report

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Mortgage rates remained stable this week as the personal consumption expenditures (PCE) inflation report matched economists’ expectations.  As a result, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.17% on Tuesday, up from 7.16% one week earlier. At the same time one year ago, the 30-year fixed rate averaged […]

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Aidium Mortgage CRM raises $19M in Series A funding

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Mortgage technology company Aidium Mortgage CRM has closed a $19 million Series A funding round, led by growth equity firm PeakSpan Capital. Boulder, Colorado-based Aidium offers originators a customer relationship management platform that integrates sales and marketing automation to drive origination volume and enhance borrower engagement.  The platform allows mortgage professionals to engage, convert, close and nurture borrowers in purchase […]

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NEXA’s Grella sues Kortas over “secret, unauthorized” aircraft-related purchases

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Former NEXA Mortgage president Mat Grella has accused his partner at the firm, Mike Kortas, of making aircraft-related purchases with company money without his consent, resulting in his “abrupt” termination from the company. Kortas denies his partner’s allegations. “I had grown frustrated with our partnership, coupled with Mike’s fixation on aircraft-related purchases. I had some concerns […]

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Longbridge Financial marks two years of national field sales

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In March 2022, reverse mortgage lender and servicer Longbridge Financial announced the launch of its national field sales (NFS) division, appointing reverse mortgage industry veteran Melanie Parks to lead the channel as vice president and national field sales leader. Two years later, the division has proven to be a key player in the business at […]

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Equity surge boosts homeowner net worth by $208K: John Burns 

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Mortgage rate buydowns and a limited supply of existing homes have buoyed housing demand for many months despite elevated interest rates. As home prices rose steadily, homeowners also accumulated significant equity.   The typical homeowner who purchased a median-priced home in January 2020, assuming a 10% down payment and the prevailing 30-year fixed mortgage rate at that […]

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Flyhomes looks to grow via wholesale channel

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While many proptech companies have struggled to adapt to the slower housing market conditions and challenging venture capital environment, Flyhomes is viewing this as a time to grow. In October 2023, the firm — which is known for its “buy before you sell” product that enables a mortgage lender to treat the client’s current home […]

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‘Godzilla x Kong’ Roars to $80 Million Box Office Debut

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Los Angeles — The Godzilla-King Kong combo stomped on expectations as “Godzilla x Kong: The New Empire” roared to an $80 million opening on 3,861 North American screens, according to Sunday studio estimates.   The monster mash-up from Warner Bros. and Legendary Pictures starring Rebecca Hall and Brian Tyree Henry brought the second-highest opening in what […]

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Pope Francis Presides Over Easter Sunday Mass

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Vatican City — Pope Francis on Sunday celebrated Easter Mass with tens of thousands of Catholics at Saint Peter’s Square in Vatican City before his traditional blessing, as concerns persist over his health. The 87-year-old arrived in a wheelchair to preside over the Mass from 10 a.m. (0800 GMT) in cloudy and windy weather, with the […]

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US Powerball Jackpot Jumps to $975 Million

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DES MOINES, Iowa — The Powerball jackpot climbed to an estimated $975 million after no one matched the six numbers drawn Saturday night, continuing a nearly three-month stretch without a big winner. The winning numbers drawn were: 12, 13, 33, 50, 52 and the red Powerball 23. No one has won Powerball’s top prize since New […]

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Pope Presides Over Easter Vigil, Delivers 10-Minute Homily

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ROME — Pope Francis presided over the Vatican’s somber Easter Vigil service on Saturday night, delivering a 10-minute homily and baptizing eight people, a day after suddenly skipping the Good Friday procession at the Colosseum as a health precaution. Francis entered the darkened, silent St. Peter’s Basilica in his wheelchair, took his place in a chair […]

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Vatican Confirms Pope Will Preside Over Easter Vigil

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ROME — The Vatican confirmed Pope Francis would preside over the Easter Vigil service Saturday night, after he decided at the last minute to skip his participation in the Good Friday procession at the Colosseum as a health precaution. The Vatican’s daily bulletin confirmed Francis would lead the lengthy vigil in St. Peter’s Basilica, one of […]

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CFPB takes a closer look at consumer mortgage complaints

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The Consumer Financial Protection Bureau (CFPB) this week released its 2023 Consumer Response Annual Report, offering an overview of consumer complaints in a variety of industries overseen by the bureau. While much of the report suggests “a continued increase in credit or consumer reporting complaints, with more than one million of these complaints being sent […]

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Rocket Companies names chief accounting officer

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Rocket Companies, the parent of Rocket Mortgage, promoted Noah Edwards as the firm’s chief accounting officer. Edwards will replace Brian Brown, who had assumed the CAO position in addition to being the company’s chief financial officer and treasurer. As chief accounting officer, Edwards will receive a base salary of $358,000. He will be eligible for […]

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Guaranteed Rate appoints new branch manager in Atlanta

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Guaranteed Rate appointed Carlos Mata as its Atlanta branch manager, the company announced on Thursday. Mata was recognized as one of the top 250 Latino mortgage originators in 2024, according to the National Association of Hispanic Real Estate Professionals (NAHREP).  “I have deep roots in Atlanta, strengthened by an active role with the NAHREP and […]

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How to empower your team to spot cybersecurity risks

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When it comes to reducing cybersecurity risks, your team plays a crucial role. To ensure the safety of your digital assets and sensitive information, it’s important to make sure all users are well-informed about cybersecurity and receive periodic training. To reduce risks, we’ll explore why empowering your team through education and training is essential to […]

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DOL accuses PrimeLending of violating whistleblower provisions

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Investigators at the U.S. Department of Labor announced on Wednesday that they found that PrimeLending, a Texas-based retail mortgage bank, violated whistleblower provisions in a case involving two employees who raised consumer fraud concerns. According to the DOL, the company terminated two California-based employees after they reported to a regional manager and the vice president of Human Resources that […]

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Opinion: Reformed FHA program will offer lenders new business opportunities

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Modern manufactured homes are an unusual feature of today’s housing market, the rare homeownership opportunity that is both lower-cost and high-quality. Thanks to the efficiencies baked into the construction processes of manufactured homes, these factory-built houses are both faster and less expensive to build than site-built homes, saving buyers between $50,000 to $100,000 per unit. […]

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NAR, MBA ask for clarification on underwriting rules

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The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) are asking federal housing officials to confirm their treatment of interested party contributions (IPCs) to home purchase transactions. In a letter addressed to Federal Housing Finance Agency (FHFA) director Sandra Thompson, Fannie Mae CEO Priscilla Almodovar, Freddie Mac CEO Michael DeVito, and Federal […]