Fannie Mae warns Northern CA mortgage lenders about child support income scheme
fannie mae has issued a mortgage fraud alert to lenders in Northern California, warning of an increased incidence of misrepresenting child support income in “many loans” that have originated in the region over the past few months. GSE highlighted four features of such a plan. These include, “the equality of real estate agents involved in […]
Mortgage rates will hold steady this week
Mortgage rates were little changed this week as investors assessed Federal Reserve Chairman Jerome Powell’s latest comments on rate hikes. To summarise: A very strong labor market remains the main driver behind the Fed’s rate setting decisions and further tightening is yet to come. Freddie Mac’s The Primary Mortgage Market Survey, which focuses on conventional […]
Most Mortgages Foreclosed On In March 2021 Are Either Present Or Closed: CFPB
Most borrowers who had mortgage waivers in March 2021, including disproportionately affected borrowers of color, were either on or off by March 2023. This is according to data released this week consumer financial protection bureau (CFPB) Office of Research. Shortly after the start of the COVID-19 coronavirus pandemic, the Coronavirus Aid, Relief, and Economic Security […]
House Republicans pass bill to block LLPA changes
Last week, US House of Representatives The “Middle Class Borrower Protection Act of 2023” passed legislation sponsored by Representative Warren Davidson (R-Ohio), designed to repeal controversial changes to loan-level pricing adjustments (LLPAs). LLPA changes were announced earlier this year federal housing finance agency (FHFA). Measures – which recently received support national association of mortgage brokers […]
Marketing leaders will take the stage at the HW Annual October 10-12
What does marketing look like in 2023 and beyond? It’s a question we’ve started asking our marketing leaders every year because the changing landscape requires top leaders to be agile in their strategies. In this year, with top social media platforms rolling out frequent updates, ChaptGPT seems to be open on everyone’s desktop and we’re […]
Former Chief of Staff Accuses The Change Company of “Misusing Loans”
A former high ranking employee in a nonbank Change Company CDFI (TCC) filed a lawsuit in California accusing the company of retaliation after it reported employees to executives for “misappropriating loans” for apparently skirting federal reporting requirements. The lawsuit, filed in Orange County, alleges that Adam Levine, chief of staff to CEO Steven Sugarman, began […]
LenderPulse Q3 2023 Survey: Mortgage professionals looking to cut marketing spend
The rest of the professionals surveyed were evaluating or planning to purchase lead generation services, loan origination systems including Encompass and Arrive, customer relationship management (CRM) and services such as Homebot that maximize repeat and referral business for lenders. While respondents were divided on whether to invest in technology or spend money, nearly 39% of […]
Eviction cases have increased by more than 50% in some cities compared to pre-pandemic levels
Eviction filings have soared more than 50% in some cities compared to pre-pandemic levels, as the end of relief measures and economic instability play havoc with renters’ finances in some parts of the country. This is according to data from extraction lab But Princeton UniversityAs reported by the Associated Press. “The protections are gone, the […]
Home prices continued to rise in April: Case-Shiller
After poor forecasts for the housing market over the winter, the housing market has caught up again this spring, with home prices increasing month-on-month for the third month in a row in April, according to S&P CoreLogic Case-Shiller National Home Price Index, which released on Tuesday. This increase has come after seven consecutive months of […]
Share of borrowers delaying mortgage payments fell in May
The mortgage delinquency rate fell 11 basis points to 3.10% in May, the second lowest national mortgage delinquency rate ever seen. In May, the number of borrowers behind only one payment improved by 94,000, erasing nearly half of April’s increase, according to Black Knight., (The number of defaults spiked in April because the month ended […]
