General World News

Freedom Mortgage dominates the MSR market

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Another large mortgage-servicing rights bulk offering is on the market this week on the heels of a $10 billion MSR package that went out to bid earlier this month.  The latest deal is being marketed by New York-based Mortgage Industry Advisory Corp., or MIAC. It is a $6.23 billion bulk-sale offering of agency MSRs, with bids […]

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Mortgage rates see sizable increase

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The average 30-year fixed rate mortgage increased to 3.45% during the week ending Jan. 13, up from 3.22% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.79%. The 15-year fixed rate mortgage averaged 2.62% last week, up from 2.43% the week prior. A year ago […]

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US Charges Man With Giving Illegal Drugs to Athletes for Tokyo Olympics

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U.S. prosecutors have charged a man with supplying performance-enhancing drugs to athletes at the Tokyo Olympics, a first under a federal law allowing criminal charges against doping conspirators at events involving U.S. athletes, broadcasters and sponsors.  The U.S. Attorney’s Office in Manhattan said Eric Lira, 41, distributed drugs, including human growth hormone, “for the purpose […]

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Guaranteed Rate closes Stearns wholesale channel

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Chicago-based Guaranteed Rate will discontinue its third-party wholesale channel, Stearns Wholesale Lending, just one year after it acquired the multichannel lender. “Guaranteed Rate will continue to thrive and win market share by having a laser focus on leveraging our industry-leading purchase platform augmented by the best loan officers in the business,” Guaranteed Rate CEO Victor […]

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FHFA’s loan-fee bump buoys PLS market

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The Federal Housing Finance Agency’s announcement last week that it will hike upfront fees for high-balance and second-home loans effective April 1 will provide a boost for the private-label securities market, according to executives at one of the leading sponsors of private-label securities. In fact, FHFA’s new fee structure for government-sponsored enterprises (GSEs) Fannie Mae and […]

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FACT SHEET: Biden-Harris Administration Increases COVID-19 Testing in Schools to Keep Students Safe and Schools Open

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This Fact Sheet was originally posted by The White House and is available here: https://www.whitehouse.gov/briefing-room/statements-releases/2022/01/12/fact-sheet-biden-harris-administration-increases-covid-19-testing-in-schools-to-keep-students-safe-and-schools-open/ details ⇒ BusinessMediaguide.Com portal received this content from this noted web source: Website of U.S. Department of Education

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Purchase loans drive mortgage applications higher

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Mortgage applications climbed 1.4% for the week ending Jan. 7, 2022, according to a survey published by the Mortgage Bankers Association this week. The growth was buoyed by a 2% increase in the trade group’s seasonally adjusted purchase index, the MBA said. Per the report, the unadjusted purchase index increased 51% compared to the previous […]

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Novak Djokovic Says He Made Mistakes in His Travel Documents Before Arriving in Australia

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Novak Djokovic, the world’s top-ranked male tennis player, says errors were made on his entry documents about his activities in the weeks before traveling to Australia, adding another layer of controversy in his fight to compete in the year’s first major “Grand Slam” tennis tournament.  The Serbian star issued a statement Wednesday saying his assistants […]

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Redfin acquires Bay Equity, pink slips 121 staff

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Redfin announced Tuesday layoffs of 121 employees as it shakes up its mortgage department, including purchasing a lending company. The real estate company entered into an agreement to acquire mortgage lender Bay Equity Home Loans for $135 million, two-thirds in cash and one-third in stocks, Redfin said in a press release and public filing. The […]

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Fannie plans $15B in CRT deals in 2022

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Fannie Mae opened 2022 with its 45th credit-risk transfer (CRT) deal through its Connecticut Avenue Securities (CAS) real estate mortgage investment conduit, or REMIC, bringing the collective value of notes issued through the conduit to nearly $52 billion since the first offering in 2013. The 45 CAS deals involved credit-risk transfer (CRT) notes issued to private investors […]

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Award-winning Ugandan Writer Charged for Offending Museveni and Son

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A Ugandan author who wrote critical comments about President Yoweri Museveni’s son has been charged with offensive communications. Kakwenza Rukirabashaija’s lawyer says he was tortured in detention.   Award-winning writer Kakwenza Rukirabashaija appeared before a court Tuesday and was charged with two counts of offensive communication. Rukirabashaija was arrested on December 28 and taken from his Kampala […]

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Mortgage delinquency rate reaches prepandemic levels

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Mortgage delinquency rates hit pre-pandemic levels in October due to labor market improvements and home equity increases, according to the most recent CoreLogic Loan Performance Report. The expectation is that rates will continue to decline during 2022. In October, 3.8% of mortgages were delinquent by at least 30 days, including foreclosure, close to the 3.7% […]

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PennyMac launches new tech platform in broker channel rebrand

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PennyMac Financial Services announced today that it’s launching a new technology platform for its broker channel, and it has rebranded its broker division from PennyMac Broker Direct to Pennymac TPO. The California-based wholesale lender claimed the new tech offering, called POWER+, would give brokers “speed, control and access to expert advice,” as well as “guidance […]

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Marilyn Bergman, Oscar-Winning Composer, Dies at 93

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Marilyn Bergman, the Oscar-winning lyricist who teamed with husband Alan Bergman on The Way We Were, How Do You Keep the Music Playing? and hundreds of other songs, died at her Los Angeles home Saturday. She was 93. She died of respiratory failure not related to COVID-19, according to a representative, Jason Lee. Her husband […]

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Unemployment rates and mortgage rates both under 4%

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Today, the Bureau of Labor Statistics reported that 199,000 jobs were created in December — a miss from estimates. They also reported we had 141,000 in positive revisions to the previous jobs report. The unemployment rate is currently at 3.9% and we had another big print from the household survey which showed 651,000 jobs gained. […]

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Consumer direct mortgage lender lays off 35 LOs

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Pink slips arrived for nearly three dozen loan officers at Wyndham Capital Mortgage on Wednesday, HousingWire has learned. The consumer direct mortgage lender, headquartered in Charlotte, North Carolina, said it laid off 35 LOs across its offices in Dallas, Charlotte, Salt Lake City, Kansas City, and Phoenix. In a statement, Jeff Douglas, CEO of Wyndham […]

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In Photos: Egyptians Celebrate Coptic Christmas

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In Egypt, Christmas celebrations are officially sanctioned by Islamic clerics for people of all faiths, despite objections from some conservative Muslims. On Friday, January 7, the holiday season concluded with Coptic Christmas, observed by the vast majority of Christians in Egypt. For VOA, Hamada Elrasam has this photo essay, with words by Elle Kurancid.  details […]

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U.S. Department of Education Approves Florida’s Plan for Use of American Rescue Plan Funds to Support K-12 Schools and Students, Distributes Remaining $2.3 Billion to State

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Today, the U.S. Department of Education (Department) announced the approval of Florida’s American Rescue Plan Elementary and Secondary School Emergency Relief (ARP ESSER) plan and distribution of the remaining funds. Florida’s plan details how the state is using and plans to use ARP ESSER funds to sustain the safe operation of schools and equitably expand […]

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HW+ Member Spotlight: Joe Langner

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This week’s HW+ member spotlight features Joe Langner, CEO at ReverseVision. Langner has more than 30 years of senior leadership experience, driving growth at marquee mortgage technology and software companies. As a former executive vice president and chief sales officer at Ellie Mae, Langner helped execute the firm’s initial public offering in 2011. His other […]

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Beauty is Only Skin Deep in China ‘Micro-procedure’ Craze

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Midday queues snake out to the street in an upmarket Shanghai neighborhood, but it’s not lunch at the city’s hottest restaurant that people are lining up for — it’s cosmetic “micro-procedures”, which are surging in popularity in China.     The “lunchtime facelift” and other “medical aesthetics” procedures are booming as a new generation of Chinese consumers […]

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Peter Bogdanovich, Director of ‘Paper Moon,’ Dead at 82 

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Peter Bogdanovich, the ascot-wearing cinephile and director of 1970s black-and-white classics like The Last Picture Show and Paper Moon, has died. He was 82. Bogdanovich died early Thursday morning at his home in Los Angeles, said his daughter, Antonia Bogdanovich. She said he died of natural causes.  Considered part of a generation of young “New Hollywood” directors, […]

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2022 opens with a big MSR bulk-sale offering

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Denver-based Incenter Mortgage Advisors is in the market with a $10 billion bulk-sales package of mortgage-servicing rights (MSRs) tied to Fannie Mae and Freddie Mac loans. The MSR offering involves 36,185 loans that are fairly evenly split between Fannie- and Freddie-backed mortgages. The weighted average age of the loans is 10.8 months, with an average interest rate of 2.898%, according to […]

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New CEO for Rocket Mortgage

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Rocket Companies announced this week that its CEO Jay Farner has stepped away from his role as Rocket Mortgage CEO, to assume the role of CEO of Rocket Central, the mortgage company’s fintech platform. Farner assumed his new role Jan. 1, according to a press release from the Detroit-based company, and will retain his role […]

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FHFA to GSEs: Back to the drawing board on Duty to Serve

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A federal law mandates that Fannie Mae and Freddie Mac help households on moderate, low, or very low income. The government-sponsored enterprises must do this by setting a plan every three years, dubbed Duty to Serve, that provides lending liquidity and preservation goals for manufactured, rural, and affordable housing. But according to the Federal Housing […]

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Mortgage rates start 2022 with an increase

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The average 30-year fixed rate mortgage increased to 3.22% during the week ending Jan. 6, up from 3.11% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed rate mortgage averaged 2.65%. The 15-year fixed rate mortgage averaged 2.43% last week, up from 2.33% the week prior. A year […]

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SitusAMC creating safety net for the private-label market

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SitusAMC President Michael Franco SitusAMC subsidiary Securent is expanding its reach into the private-label market with plans to soon introduce a loan-defect insurance product for residential mortgage-backed securities (RMBS) transactions, according to executives from both companies.  The initial focus of Securent, which was launched late last year, has been to provide loan-level loan-defect insurance for third-party mortgage originators […]