General World News

The economics behind a permanent forbearance plan

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Foreclosures cost a lot of money. A conservative estimate of the financial toll on the borrower, the creditor, the guarantor and the surrounding community shows a foreclosure can cost upwards of $65,000. Letting borrowers skip monthly payments for a period, through a permanent forbearance option, could help avoid that financial loss. Researchers at the Urban […]

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Rocket gets into home equity game, joining rival nonbanks

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Rocket Mortgage, the nation’s largest lender, is expanding its product portfolio to home equity loans amid a significant slowdown in mortgage origination volume. After getting an appraisal on the home, homeowners can access between $45,000 and $350,000 of their home’s equity in a 10- or 20-year, fixed-rate loan, while maintaining at least 10% equity in […]

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HousingWire Magazine: August 2022

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Brena Nath, Director of HW+ and Events Over a year ago, Sarah Wheeler, who serves as our HW Media editor-in-chief, and I got to work on a passion podcast together: GirlFunds. These interviews with top female leaders were special since we were able to go to a deeper level with them as they opened up […]

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Pat Carroll, Emmy Winner and Voice of Ursula, Dies at 95

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Pat Carroll, a comedic television mainstay for decades, an Emmy-winner for “Caesar’s Hour” and the voice Ursula in “The Little Mermaid,” has died. She was 95.  Her daughter Kerry Karsian, a casting agent, said Carroll died at her home in Cape Cod, Massachusetts, on Saturday. Her other daughter Tara Karsian wrote on Instagram that they […]

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Women’s Soccer Energizes England in a League of Their Own

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Izzy Short, 13, struggles to pick her favorite England player as she anticipates the team’s appearance in Sunday’s final of the European soccer championships. There’s forward Ellen White. Defender Lucy Bronze. Midfielder Georgia Stanway. Captain Leah Williamson. The whole team basically. “I just look up to them really,” the high school player from Manchester said, […]

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Fannie Mae launches eighth CAS note offering this year

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Fannie Mae has unveiled its eighth Connecticut Avenue Series (CAS) credit-risk transfer deal of 2022, a $626.3 million note offering backed by a reference pool of single-family mortgages valued at $20.4 billion. The offering is slated to close Aug. 5, according to a presale review by the Kroll Bond Rating Agency (KBRA). This latest CAS transaction, CAS 2022-R08, […]

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Congressional report finds Invitation Homes downplayed evictions to Fannie Mae

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Imagine getting a $1 billion, interest-only loan and later lying to your creditor. That’s what a congressional subcommittee said happened between Fannie Mae and Invitation Homes, the single-family rental landlord that in 2017 got a $1 billion interest-only 10-year loan from the government-sponsored enterprise. The Select Subcommittee on the Coronavirus Crisis found that from March […]

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Fact Sheet: Biden-Harris Administration Announces Two New Actions to Address Youth Mental Health Crisis

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Our nation’s young people are facing an unprecedented mental health crisis. Even before the pandemic, rates of depression, anxiety and suicidal thoughts among youth were on the rise. The pandemic exacerbated those issues, disrupting learning, relationships, and routines and increasing isolation—especially among our nation’s young people. details ⇒ BusinessMediaguide.Com portal received this content from this […]

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Cost cutting is the top priority for mortgage lenders

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As mortgage origination volume continues to fall from the heights of the pandemic-spurred boom, many lenders see cost-cutting as their top priority this year. About 39% of 210 senior mortgage executives representing 189 lending institutions said cost-cutting was the most important agenda item, the first time that has happened since 2017, according to Fannie Mae‘s […]

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U.S. Department of Education Announces $215 Million in American Rescue Plan Funds to Support Students in Puerto Rico, Boost Teacher Pay Ahead of Academic School Year

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Today, U.S. Secretary of Education Miguel Cardona and Puerto Rico Secretary of Education Eliezer Ramos Parés announced that $215 million in previously awarded American Rescue Plan (ARP) funds would be disbursed to schools across the island ahead of the new school year. These funds will help meet the needs of students and educators and can be used […]

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Fannie Mae hauls in $4.7B net income for Q2 2022

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Fannie Mae reported $4.7 billion in net income for the second quarter of 2022, up from $4.4 billion in the first quarter. Net revenues increased by $200 million in the first six months of the year compared to last year, thanks to higher base guarantee fee income, an increase in the size of Fannie Mae’s […]

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UWM rolls out another jumbo ARM product

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United Wholesale Mortgage (UWM) rolled out a new adjustable-rate mortgage (ARM) product for jumbo loans in an effort to provide brokers more options in a highly competitive mortgage origination market.  UWM’s Prime Jumbo Max pricing offers a seven- or 10-year ARM with a rate/term and cash-out refi for a maximum loan amount as much as […]

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Verification solutions provider Xactus acquires MassiveCert

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Xactus will add flood services to its list of verification solutions with the acquisition of MassiveCert, a software company that provides flood zone determinations for insurance, lending and real estate. With the acquisition, Xactus will offer flood zone determinations to its clients by using its proprietary flood data and technology products, the firm said Wednesday. […]

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Freddie Mac reports net income of $2.5B in Q2 2022

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Freddie Mac’s net income for the second quarter slipped to $2.5 billion, a 33% year-over-year decline, as it grapples with the mortgage sector’s vulnerability to fluctuations in interest rates. Freddie Mac’s net income for the year so far has decreased to $6.3 billion compared to $6.4 billion in 2021. But while Freddie Mac’s net income […]

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U.S. House passes remote online notarization bill

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The U.S. House of Representatives passed a bill late Wednesday creating federal minimum standards, which would allow notaries nationwide to perform remote online notarizations. The legislation passed the House with a vote of 336-90. A key to advancing the universal adoption of fully electronic mortgages is the creation of remote online notarization (RON) standards across […]

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Purchase mortgage rates fall same week as Fed’s rate hike

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Purchase mortgage rates dropped after climbing for two consecutive weeks, reflecting increased recession risk and declining consumer confidence in a higher interest rate environment. Purchase mortgage rates declined this week to average 5.30%, down from last week’s 5.54%, according to the latest PMMS survey from Freddie Mac. A year ago this time, rates averaged 2.80% […]

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Celebrating the U.S. Department of Education Green Ribbon Schools and Sustainability Efforts Across the Department

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By: Andrea Suarez Falken, Special Advisor for Infrastructure and Sustainability, U.S. Department of Education. On July 26, the U.S. Department of Education (ED) recognized 27 schools, five school districts, and four postsecondary institutions, as well as one state education agency official, at a Washington, D.C. ceremony for their efforts to cultivate sustainable, healthy facilities, wellness […]

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Fed hikes rate by 75 bps, back to 2018 level

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The Federal Reserve (Fed) on Wednesday raised the federal funds rate by another 75 basis points, to 2.25%-2.50%, delivering what was expected by most investors and economists in recent weeks.  Designed to control persistent inflation, the decision will likely increase the cost of mortgage borrowing and further slow home sales, as the housing sector is […]

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Mortgage demand reaches lowest level in two decades

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Borrowers’ demand for mortgage loans decreased for the fourth consecutive week to the lowest level in more than two decades, according to the Mortgage Bankers Association (MBA). The market composite index, a measure of mortgage loan application volume, declined 1.8% for the week ending July 22 compared to the previous week. The refinance index dipped […]

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New Wave sues Sprout for defaulting $32M loans purchase

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California-based wholesale/correspondent lender New Wave Lending Group filed a lawsuit against Sprout Mortgage, accusing the company of defaulting on a pool of $32 million in loans it agreed to purchase.  Sprout has been sued by former employees, vendors and business partners since it shut down its operations in early July, laying off its entire staff […]

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Guild Mortgage loan program replaces credit score review with payment history

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Guild Mortgage rolled out a new program, aimed at first-time homebuyers, which will accept rental payment records and residual income history in place of credit scores. If the borrowers’ report from financial tech company FormFree, which provides the rental payment history and residual income analysis, shows consistent payment records, the borrowers may qualify to receive […]

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Education Department Releases Proposed Regulations to Protect Veterans and Service Members, Increase College Oversight, and Increase College Access for Incarcerated Individuals

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Today, the U.S. Department of Education (Department) released proposed regulations that would implement critical changes in the American Rescue Plan Act of 2021 that better protect veterans and service members from being subject to aggressive targeting practices by requiring private for-profit institutions to obtain at least 10 percent of revenue from non-federal sources. This is […]

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The nation’s housing market is on a correction course

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Rising interest rates and a slowing economy overall are already taking some of the air out of the rapid home-price appreciation the housing market has experience over the past year, according to the recently released Federal Reserve Beige Book for July. Several leading housing-market economists also are projecting the deceleration in home prices will continue in near […]

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Texana Bank to trim workforce in California

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Pink slips will arrive for 58 employees working in the mortgage business at Texana Bank in California, according to a Worker Adjustment Retraining Notification (WARN) sent to the state’s Employment Development Department.  Lauren Witherspoon, director of human resources, wrote: “Circumstances will force Texana Bank to conduct layoffs,” taking place Sept. 5, according to the document reviewed by […]

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Tomorrow’s ‘Top Gun’ Might Have Drone Wingman, Use AI

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Maverick’s next wingman could be a drone. In the movies, fighter pilots are depicted as highly trained military aviators with the skills and experience to defeat adversaries in thrilling aerial dogfights. New technologies, though, are set to redefine what it means to be a “Top Gun,” as algorithms, data and machines take on a bigger […]

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HW+ Member Spotlight: Omar Ennabe

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This week’s HW+ member spotlight features Omar Ennabe, who serves as president at Ennkar, a reverse mortgage lender. Below, Ennabe answers questions about the housing industry: HousingWire: What is your current favorite HW+ article and why? Omar Ennabe: I enjoy reading anything Chris Clow writes. Chris Clow helps keep me apprised of what’s going on in my unique niche […]

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Fannie Mae notches two more CIRT deals  

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Fannie Mae has executed two new Credit Insurance Risk Transfer (CIRT) deals — the seventh and eighth of 2022 — dubbed CIRT 2022-7 and CIRT 2022-8.  The two transactions convey a combined $1 billion in mortgage credit risk to private insurers and re-insurers as part of the agency’s ongoing effort to share risk with the private […]

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Secretary Cardona Congratulates 2022 President’s Education Awards Program Recipients

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U.S. Secretary of Education Miguel Cardona today congratulated the 2022 President’s Education Awards Program (PEAP) recipients, recognizing hundreds of thousands of elementary, middle, and high school graduates from public and private schools across all 50 states, the District of Columbia, Puerto Rico, Outlying Areas, and American military bases abroad on their educational accomplishments. details ⇒ […]

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Non-QM lenders are racing to stay ahead of rates

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Non-QM lender First Guaranty Mortgage Corp. (FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Sprout Mortgage imploded in early July, leaving its employees out in the cold. The lender so suddenly shuttered its doors it failed to file […]

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House votes to increase HUD budget by $12.6B

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The U.S. House of Representatives voted this week to give the Department of Housing and Urban Development an 18% increase in funding for information technology. The Transportation, Housing and Urban Development appropriations bill, which was lumped in with five other bills, would set aside $73 billion in gross appropriations for the department. That is $12.6 […]