General World News

loanDepot makes more changes to C-suite

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loanDepot continues to make changes to its top management as it navigates a sharp workforce reduction in a shrinking mortgage market. The California-based mortgage lender announced on Wednesday it has hired Gregory Smallwood, former general counsel and executive vice president of Caliber Home Loans, to be chief legal officer and corporate secretary. The announcement comes […]

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Cenlar FSB hires VP of transfer services

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Cenlar FSB, the nation’s second-largest mortgage servicer and largest sub-servicer, hired Gary Gaskin as vice president of transfer services.  Gaskin will be responsible for areas of loan boarding, acquisitions and transfers as well as improving operation efficiencies, the firm said.  The executive brings more than 22 years of experience in servicing. He was most recently […]

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A Population of Heartbreak

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By: Cori Walls, International Baccalaureate film & Digital Video Production teacher for Palm Beach County School District in Delray Beach, FL Why is it that so many films have a backstory of a child losing a parent? Or that many superheroes are vindicating the death of their parents? This is where art is the reality for […]

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Mortgage demand falls as rates soar past 6%

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Demand for mortgage loans declined last week as mortgage rates reached their highest level since 2008, crossing the 6% threshold.  The market composite index, a measure of mortgage loan application volume by the Mortgage Bankers Association, fell 1.2% for the week ending Sep. 9, compared to the previous week. It was also down 64% compared […]

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MBA urges White House to cut MI premiums

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With housing affordability at an all-time low and accelerating consumer prices disproportionately affecting lower- and middle-income families, the Mortgage Bankers Association this week called on the White House and the Federal Housing Administration to reduce annual mortgage insurance premiums. In a letter addressed to the National Economic Council, the mortgage trade group said the combination […]

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U.S. Department of Education Disperses Funds to Support Parents of Children with Disabilities

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Today, the U.S. Department of Education is announcing an additional $2.5 million investment to centers that serve a critical role for parents and families of students with disabilities across the nation. These supplemental grants to Parent Training and Information Centers (PTIs) ensure that all families have the information and training they need to participate effectively […]

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‘Squid Game,’ ‘Succession,’ ‘Ted Lasso’ vie for Emmy Awards

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Emmy Awards host Kenan Thompson and the ceremony’s producers are promising a feel-good event — a phrase not applicable to several of the top nominated shows. The best drama contenders include the violently dystopian “Squid Game,” bleak workplace satire “Severance” and “Succession,” about a powerful and cutthroat family. Even comedy nominee “Ted Lasso,” the defending […]

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loanDepot names Joseph Grassi as chief risk officer

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California-based mortgage lender loanDepot has named Joseph Grassi, an industry veteran who spent two decades at Fannie Mae, as its chief risk officer, the company announced Monday. The executive will enhance the mortgage lender’s risk management program, aligning loanDepot’s initiatives with those of Fannie Mae, Freddie Mac and the Federal Housing Finance Agency (FHFA), according to the company.  Starting immediately in […]

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Inflation, home prices headed downward: Fed report

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Inflation is expected to continue “to decline across all horizons” over the next year while home prices, too, are projected to decline “sharply” to the lowest level since July 2020, according to the most recent Survey of Consumer Expectations (SCE) released by the Federal Reserve Bank of New York. The median one-year inflation expectation, the August SCE […]

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Spielberg Confronts His childhood as ‘Fabelmans’ Premieres in Toronto

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Steven Spielberg finally turned the camera on his own childhood — from his parents’ troubled marriage to anti-Semitic bullying — as his new movie “The Fabelmans” received its world premiere on a star-studded Saturday at the Toronto film festival. Considered one of Hollywood’s greatest living directors, with classics from “Jaws” to “E.T.”, Spielberg told a rapturous audience […]

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Opioid Epidemic Documentary Wins Top Prize at Venice Festival

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“All the Beauty and the Bloodshed,” Laura Poitras’s epic documentary about photographer Nan Goldin and her activism against the Sackler family and their art connections has been awarded the Golden Lion for best film at the 79th Venice International Film Festival.  Poitras thanked the festival for recognizing that “documentary is cinema” at the ceremony Saturday […]

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NEXA, the country’s biggest brokerage, cuts ties with AIME

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NEXA Mortgage, the largest mortgage brokerage in the country, this week cut ties with the Association of Independent Mortgage Experts (AIME), claiming the trade group fails to address bullying and lacks proper governance.  Mike Kortas, the controversial CEO and co-founder who himself is no stranger to starting online scraps, said other community members, including smaller […]

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Legacy Home Loans launches SPCP for Black borrowers

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Ben Slayton’s Legacy Home Loans, the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country. The SPCP, called “closing the gap,” permits a 1% down payment with a free appraisal, free home warranty program, free homebuying counseling and financial […]

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Pennymac the latest lender to raise conforming loan limits

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Pennymac followed the tracks of Rocket Pro TPO and United Wholesale Mortgage in raising conforming loan limits ahead of the Federal Housing Finance Agency‘s (FHFA) decision to do so in November. The country’s third-largest purchase mortgage lender, according to Inside Mortgage Finance, will be increasing conventional loan limits to $715,000 across all channels, Pennymac said […]

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Private-label MBS market facing strong headwinds

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The pace of mortgage-backed securities (MBS) issuance in the nonagency market slowed considerably in July and August as rising interest rates and Federal Reserve MBS-purchase policy have combined to dampen the momentum exhibited in the private-label space in 2021 and over the first half of this year. In July and August of this year, there was a […]

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Purchase mortgage rates rise closer to 6% mark

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Mortgage rates rose 23 basis points this week, even closer to the 6% mark, as the market reacts to the Fed’s ongoing aggressive policies to combat persistent inflation. According to the latest survey from Freddie Mac, the 30-year fixed-rate mortgage rose to an average of 5.89%, up from last week’s 5.66%. A year ago this time, […]

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Xactus and Truv partner on enhanced income, verification process

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Verification provider Xactus and income and employment data solution firm Truv teamed up to court more mortgage lenders that will speed up the mortgage approval process. Xacuts’ current verification capabilities will be augmented with Truv’s income and employment data, Truv, formerly known as Citadel API, said. The firm expects the partnership to allow mortgage lenders […]

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Data hack prompts lawsuit against KeyBank, vendor 

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Cleveland-based KeyBank, a mortgage lender and servicer with $187 billion in assets, is facing a lawsuit filed in federal court in Ohio stemming from a recent data breach that compromised its customers personal information, including social security numbers. The litigation, which seeks class-action status, alleges that a KeyBank vendor, Kennesaw, Georgia-based Overby-Seawell Co. (OSC), was the target of […]

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Expect more price corrections to the housing market 

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Price corrections are coming to housing markets across the United States, Black Knight said following July’s home price decline from June. Relatedly, tappable home equity is expected to pull back in the third quarter as equity-rich markets already saw declines in July.  Home prices in July slipped 0.77% from June, marking the largest single-month decline […]

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Ukrainian Musicians Play Mozart’s Personal Instruments in Tribute

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One of history’s most famous composers, Wolfgang Amadeus Mozart, has a Ukrainian connection. His son lived in Lviv for three decades. So Ukrainian musicians, with a bit of help from the caretakers of Mozart’s legacy, put together a very special tribute. Omelyan Oshchudlyak has the story. Camera: Yuriy Dankevych        details ⇒ BusinessMediaguide.Com portal received this content […]

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Mortgage demand continues to fall amid pressure on rates

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Demand for mortgage loans declined last week as the markets continue to exert pressure on rates. With the 30-year fixed-rate hovering above the 6% level again, there’s no sign of a rebound in applications yet, despite a robust job market and growing housing inventory. The market composite index, a measure of mortgage loan application volume, […]

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NewRez debuts 40-year non-QM mortgage product

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Top mortgage lender NewRez has added to its line of “Smart Series” non-QM products, launching a 40-year fixed-rate interest-only mortgage loan. With the 40-year IO mortgage, borrowers make interest-only payments for the first 10 years, which NewRez says increases their purchasing power and allows for more affordable monthly payments. (It also slows the amount of […]

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Citi trims mortgage workforce amid reorganization

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Depository bank Citi has trimmed staffing levels in its mortgage business, following surging rates and a reorganization of its operations.  “Citi has made a small number of staffing reductions within our mortgage team due to internal streamlining of functions,” a spokesperson said in a statement. Bloomberg News first reported on the layoffs and reported that […]