20 September 2017

San Diego mansions at the center of $50 million mortgage fraud scheme




A senior executive at a real estate investment company and a real estate broker stand accused of playing key roles in a $50 million mortgage fraud scheme involving a handful of multi-million dollar mansions in the San Diego area. Here are all the details. Source: Housing Wire News

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20 September 2017

Here’s what quantitative un-easing could mean for the housing market




The Federal Reserve announced it will begin the normalization of its balance sheet starting in October with a max of $4 billion mortgage-backed securities per month. But what does this mean for the housing industry? For interest rates? Experts provide the answers. Source: Housing Wire News

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20 September 2017

Texas brokerage closes state's first-ever bitcoin home purchase




Taking real estate purchases in the Lone Star state to a new level, Kuper Sotheby’s International Realty said it finalized the first-ever home in Texas that was purchased entirely with the cryptocurrency, bitcoin. Located in the capital of Texas, the luxury home sold for an undisclosed amount this summer. Source: Housing Wire News

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20 September 2017

CFPB finalizes amendments to Equal Credit Opportunity Act




The CFPB finalized amendments to Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The CFPB also said it is seeking comment on the Home Mortgage Disclosure Act. Have any thoughts to share on the HMDA data the bureau proposes to make available […]

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20 September 2017

Senate Democrats press FTC for review of data security at Experian, Transunion




The Federal Trade Commission is already investigating the massive data breach at Equifax that exposed the personal information of 143 million U.S. consumers to hackers, but a number of top Democrats in the Senate want the agency to extend its investigation to the other big credit reporting agencies. Source: Housing Wire News

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20 September 2017

Fed makes it official: Quantitative un-easing process to begin in October




As expected, the Fed announced it will soon begin its quantitative un-easing plan in October. It will begin selling off its $4.5 trillion portfolio of bonds with just $4 billion in mortgage-backed securities per month, and increase it by $4 billion each quarter after that. As for the federal funds rate, the committee voted to […]

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20 September 2017

Navy Federal Credit Union falls victim to home equity loan fraudster




Navy Federal Credit Union got caught in the middle of a home equity loan fraud scheme, causing the credit union to lose $2.7 million. According to an announcement from the United States Attorney’s Office for the Eastern District of Virginia, an Atlanta man pleaded guilty to bank fraud and making false statements to Navy Federal […]

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20 September 2017

Existing home sales drop to lowest point since last year




Existing home sales decreased for the third consecutive month to the lowest point since last year. While some experts point to hurricanes Irma and Harvey, others say these happened too soon to affect the data in August. One thing they agree on: the lack of housing inventory continues to hold back home sales. Source: Housing […]

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20 September 2017

When is the best time of year to buy a starter home?




One time of year stands above the rest as being the best time for first-time homebuyers to buy a home. During this time, starter home inventory increases about 7%, which leads to listing prices falling between 3.1% and 4.8% lower than in other parts of the year, a new report from Trulia shows. Source: Housing […]

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20 September 2017

MBA: Mortgage applications tumble amid Labor Day holiday




Mortgage applications dropped from one week earlier amid the Labor Day holiday, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 15. Meanwhile, following recent trends, the refinance share of mortgage activity increased above half of all applications. Source: Housing Wire News

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19 September 2017

Allied Home Mortgage ordered to pay $296 million for widespread FHA fraud




Nearly six years ago, the government sued Allied Home Mortgage for $834 million, claiming the company engaged in repeated fraud against the FHA over a 10-year period. Last year, a federal jury unanimously found Allied Home Mortgage liable for civil mortgage fraud and awarded the United States nearly $93 million. But the case wasn’t done […]

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19 September 2017

Ocwen reaches $17.5 million settlement for allegedly calling consumers without consent




Ocwen Loan Servicing, a subsidiary of Ocwen Financial, reached a $17.5 million settlement that covers a pair of lawsuits that accused Ocwen of calling consumers’ cellphones without their consent, in violation of the Telephone Consumer Protection Act. The settlement was first reported by Law360, which stated that the putative class includes more than 1.6 million […]

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