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Lawsuit pits PLS industry against CFPB

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A ruling late last year by a U.S. District Court judge in Wilmington, Delaware, put the structured-finance industry on high alert because of the serious legal and financial implications it poses for the private-label securities (PLS) market. The fate of the litigation is now in the hands of the U.S. Court of Appeals for the Third […]

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PennyMac notches a profitable Q1 due to servicing segment

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California-based nonbank mortgage lender PennyMac Financial Services’ net income dropped more than 50% in the first quarter from the same period in 2021, driven by lower profits from its production segment due to surging mortgage rates and a shrinking origination market. However, the company still reported a pretax net income of $234.5 million in the […]

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Guild Mortgage reports a $208M profit in Q1

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Add Guild Mortgage to the list of lenders with profitability propelled by the servicing portfolio in the first quarter — a trend that will continue in the coming months, as pressure on origination margins will remain, executives believe.   The California-based nonbank mortgage lender reported a $208 million net income from January to March, an increase of 393% […]

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U.S. Department of Education Announces Intent to Strengthen and Protect Rights for Students with Disabilities by Amending Regulations Implementing Section 504

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Forty-five years after publication of the regulations implementing Section 504 of the Rehabilitation Act of 1973, the landmark disability civil rights law, the U.S. Department of Education announced plans to gather public input on possible amendments to those regulations in order to strengthen and protect the rights of students with disabilities. Section 504 prohibits discrimination […]

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You can no longer get a mortgage at Costco

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Costco might have everything you need for a housewarming party, but as of this week it can’t help you buy the house. Homebuyers will have to look elsewhere to secure a mortgage, as the members-only big box store announced it’s no longer in the business of financing homes. The retailer recently decided to discontinue its […]

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What will happen if ICE and Black Knight join forces?

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Intercontinental Exchange, Inc. must convince regulators that the $13.1 billion mega-deal announced on Wednesday to acquire Black Knight will not harm competition in the mortgage tech solutions market.  The software and data company also needs approval from Black Knight’s shareholders to move forward with the transaction, which valued the business at $85 per share, a […]

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Mortgage delinquency rate reaches lowest level since 2019 Q4

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The cost of a home mortgage may be going up, but perhaps some good news: Fewer people who already own a home are missing payments. Mortgage delinquency rates dropped for the seventh straight quarter, hitting the lowest level since the fourth quarter of 2019, according to the Mortgage Bankers Association.  Delinquency rates for mortgage loans […]

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Freddie Mac unveils 4th CRT offering of the year

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Freddie Mac is bringing another credit-risk transfer offering to market, its fourth of the year, through the agency’s Structured Agency Credit Risk (STACR) program.  The credit risk transfer (CRT) offering, STACR 2022-DNA4, involves a $1.5 billion note backed by a reference loan pool of 118,055 residential mortgages with an outstanding principal balance of $35.4 billion, […]

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Black Knight reports $360M profit in Q1

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Black Knight, the Florida-based mortgage tech and analytics behemoth, increased its profits six fold in the first quarter of 2022, compared to the same period of 2021, propelled by the investment in the credit reporting services company Dun & Bradstreet Holdings. The company’s latest earnings became public on Thursday, less than 24 hours after Intercontinental […]

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Average mortgage rate climbs to 13-year high of 5.27%

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Mortgage rates surged to 5.27% over the last week, the highest average since 2009, according to the latest Freddie Mac PMMS. This week’s average purchase mortgage rate rose 17 basis points from the prior week’s 5.10%. A year ago at this time, 30-year fixed-rate purchase rates were at 2.96%. The government sponsored enterprise’s index accounts […]

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Censorship of Hollywood Blockbuster Films Intensifies in China  

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China is stepping up censorship of U.S. films as producers make movies with an eye toward pleasing Beijing yet without isolating the global audience, industry insiders say.     The roughly 25-year-old practice of cutting scenes that don’t conform to Communist Party ideals from Hollywood movies has expanded.   “Now it’s kind of escalated in the sense that […]

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Maradona’s ‘Hand of God’ Shirt Sets Auction Record

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The shirt worn by Diego Maradona when he scored the controversial “Hand of God” goal against England in the 1986 World Cup has sold for $9.3 million (7.1 million pounds), the highest price ever paid at auction for a piece of sports memorabilia.  Auctioneer Sotheby’s sold the shirt in an online auction that closed Wednesday. […]

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Shock to the system: ICE to pay $13B for rival Black Knight

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In a move with ramifications for an untold number of mortgage lenders and service firms, Intercontinental Exchange, Inc., a software and data company whose mini-empire includes ICE Mortgage Technology, has bought Black Knight. The $13.1 billion mega-deal was announced in a press release Wednesday afternoon. The move between what are generally regarded as the two […]

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Dolly Parton, Eminem, Richie Get into Rock Hall of Fame 

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Eminem, Lionel Richie, Carly Simon, Eurythmics, Duran Duran and Pat Benatar have been inducted into the Rock & Roll Hall of Fame, a list that also includes Dolly Parton, who initially resisted the honor. The honorees — voted on by more than 1,000 artists, historians and music industry professionals — “each had a profound impact […]

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Mortgage apps jump 2.5%, propelled by purchase activity

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Individuals across the country chasing the American dream of homeownership helped to push mortgage-application volume up by 2.5% for the week ending April 29, compared with the prior week. The uptick, as measured by the Mortgage Bankers Association‘s (MBA’s) Market Composite Index, was propelled primarily by purchase-application activity, as rates remain elevated, hovering in the […]

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loanDepot plans to launch ‘digital’ HELOC in Q3

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Nonbank heavyweight loanDepot will unveil a home equity line of credit (HELOC) product in the third quarter of 2022, the first offering of its recently launched mello business unit. Fast-rising mortgage rates, recently cresting above 5%, have reduced refinance volumes by 70% year over year as of the end of April. The lender seeks to expand its […]

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Point raises $115 million in Series C funding

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A Palo Alto, California-based fintech startup Point, which bills itself as allowing homeowners to tap into future home appreciation, closed on a $115 million Series C funding round, the company announced Tuesday. Point now says it has raised $170 million in equity capital. WestCap Group, a New York City-based investor, led the funding with existing […]

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Fannie Mae income drops amid mortgage market troubles

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Fannie Mae, the government-sponsored enterprise that backs the majority of conventional mortgages, is not immune to the sharp decline in mortgage refinances. The enterprise reported $7.5 billion in first quarter revenue, a $700 million jump from 2021. But net income income was down 12% from nearly $5 billion first quarter 2021, to $4.4 billion this […]

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Opinion: why HELOC demand will surge

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Between February 2020 and January 2022, we witnessed something in the mortgage industry that we thought we’d never see — 30-year fixed-rate mortgages under 3.5%. These rates drew a record number of people refinancing their homes, with cash out refinances reaching $1.2 trillion in 2021. Then, in what felt like an instant, in Q1 2022 […]

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CoreLogic: U.S. home-price gains hit all-time high in March

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U.S. home prices in March climbed a record 20.9% year over year, but the explosive pace of appreciation is expected to cool down to the single digits by the same time next year. The jump in March marks the 122nd consecutive month that the annual housing-price measure has increased, according to CoreLogic‘s recent national Home Price […]

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Stars Dazzle at Met Gala in New York

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Hundreds of A-listers dressed to the theme of “gilded glamour”  gathered Monday in New York for the annual Met Gala extravaganza known as “the party of the year. The fundraiser is back in its usual early May slot after the coronavirus pandemic forced the cancellation of the 2020 event and delayed last year’s edition to […]

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Sikhs of Virginia Celebrate End of Ramadan

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The Council on American-Islamic Relations (CAIR) reported there was a spike in Islamophobia and a surge in hate crimes against Muslims in the United States last year. The council recommends bringing minority communities together to try to defuse tensions. One such effort is linked to celebrations to mark the end of the Muslim month of […]

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Soccer’s Governing Body Announces More Bans on Russia

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The UEFA Champions League, soccer’s governing body, announced Monday the Russian women’s soccer team will be banned from the Women’s European Championship in July and from participating in qualifying for next year’s World Cup over Russia’s invasion of Ukraine. The Russian team will be replaced by the Portuguese team for the tournament that will be […]

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Fannie Mae unveils $952 million CRT note offering 

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Fannie Mae has priced its fifth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $952 million note offering backed by a reference pool of single-family mortgages valued at $38.5 billion.  The offering is slated to close May 11, according to a presale review by the Kroll Bond Rating Agency (KBRA). A credit-risk transfer deal involves transferring […]

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Freedom on Wheels

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Skateboarding tends to be the domain of the young and agile. But as Genia Dulot reports from Los Angeles, Tracie Garacochea finds age and limited mobility are no barriers to the sport or other aspects of her life. Videographer: Genia Dulot Produced by: Genia Dulot, Jack Lacy details ⇒ BusinessMediaguide.Com portal received this content from […]

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The last time houses were this unaffordable was 2006

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Surging interest rates and home price appreciation made March one of the most challenging months for prospective homebuyers looking to make purchases, according to a recent report.  Annual home price gains saw 19.9% annual appreciation in March, down from an upwardly revised 20.1% in February, which was the first month to see price growth greater […]

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Russia’s Bolshoi Scraps Performances by Critical Directors  

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Russia’s Bolshoi Theatre has announced it is cancelling the performances directed by Kirill Serebrennikov and Timofey Kulyabin who have spoken out against Moscow’s military campaign in Ukraine. Late Sunday, Russia’s top theatre announced that instead of the three performances of “Nureev,” a ballet directed by Serebrennikov, the audiences this week will see a production of […]

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White House to Celebrate Eid al-Fitr

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U.S. President Joe Biden is hosting a reception Monday to celebrate Eid al-Fitr, which marks the end of the Muslim holy month of Ramadan. Biden will be joined at the White House event by his wife, Jill, and Doug Emhoff, husband of Vice President Kamala Harris. “The tradition of religious freedom for all strengthens our […]

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Naomi Judd, of Grammy-winning Duo The Judds, Dies at 76

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Naomi Judd, the Kentucky-born singer of the Grammy-winning duo The Judds and mother of Wynonna and Ashley Judd, has died. She was 76. The daughters announced her death Saturday in a statement provided to The Associated Press. “Today we sisters experienced a tragedy. We lost our beautiful mother to the disease of mental illness,” the […]

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Mr. Cooper lays off workers as originations nosedive

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Add Mr. Cooper Group to the list of mortgage originators and servicers reducing staff: pink slips arrived for 250 employees in the first quarter, as the company faced declines in the earnings from loan originations. And the company is forecasting a few tough origination quarters ahead. “While the mortgage industry experienced record high origination volumes […]

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Fighting Chances

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By: Damian Archer As one of the first recipients in Maine of a Pell Grant through the Second Chance Pell Experimental Sites Initiative, I cherish these opportunities to represent education’s potential for rehabilitating the imprisoned. My education while incarcerated and my release to the “real world” holds perspective which I offer gratefully to provide more […]

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Homepoint exits correspondent following deal with Planet Home Lending

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Connecticut-based mortgage servicer and lender Planet Home Lending has entered into an agreement to acquire assets from Homepoint‘s delegated correspondent channel for $2.5 million in cash, the companies announced on Friday. The move signals Homepoint’s exit from the correspondent channel to focus on wholesale. Homepoint was the 11th biggest residential mortgage lender in the country last year, […]

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Refinance volume has “dried up,” Old Republic says

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While other “big four” title insurers discussed the “transitional period” in the housing market during their first quarter 2022 earnings calls with investors, Old Republic International Corp.’s president and CEO, Craig Smiddy decided to take a bolder stance. “I think the way we are looking at refinancing activity right now, is that it is dried […]