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Author name: Ricky Vasquez

Clawbacks return as lenders sue LOs to return large bonuses

Uncategorized /

Mortgage lenders are suing their former loan officers to recoup five- and six-figure sign-on bonuses. Processing Content AnnieMac has filed clawback lawsuits against two former originators for $75,000 and $500,000, according to new case filings in federal court. CrossCountry Mortgage meanwhile is seeking to enforce an arbitration award of $120,000 against an ex-LO in a […]

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Mortgage groups urge FHFA to modernize appraisals

Appraisals, FHFA, Politics and policy, Secondary markets /

Multiple organizations in the mortgage industry sent a joint letter to the Federal Housing Finance Agency expressing support in President Donald Trump’s March executive order and asking Director Bill Pulte to update the appraisal process. Processing Content The consortiums requested Pulte and the agency to consider expanding the use of hybrid valuation methodologies, increasing the

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Fannie leads portfolio growth but Freddie ahead in acquisitions

Fannie Mae, Freddie Mac, Originations, Secondary markets /

Fannie Mae reclaimed the lead in retained portfolio growth last month, pushing to a new record after a year in which Freddie Mac had outpaced its rival.   Processing Content Fannie reported that its retained portfolio jumped to $174.84 billion in April from $168.74 billion the previous month. Freddie’s inched up to $141.81 billion from

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Minnesota mandates recording of most mortgage servicing calls

Industry News, Regulation and compliance, Servicing /

A new Minnesota bill signed into law last week will require mortgage servicers to maintain recordings of all customer telephone interactions for five years, alongside a host of tightened rules affecting escrow and account transfers.  Processing Content Under the new law, companies servicing more than 500 residential loans in the North Star State must record

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Less House, More Home: Why Smaller Homes Are Paying Off for Today’s Buyers

Less House, More Home: Why Smaller Homes Are Paying Off for Today’s Buyers

Affordability, Buying Tips, First-Time Buyers, For Buyers, New Construction /

You started shopping with a specific mental image of your future home in your mind. Then the houses in your budget came in smaller than you pictured. That’s the reality for a lot of buyers right now. Affordability is tight. But don’t let that discourage you. Going smaller might actually be a smart play in

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Watchdog warns of failures in Fed and CFPB security programs

Watchdog warns of failures in Fed and CFPB security programs

Financial regulations, Law and regulation, Politics and policy /

Processing Content Key insight: Audits of both the Federal Reserve Board and the Consumer Financial Protection Bureau found each agency’s security systems had declined. What’s at stake: The findings come at a time when banks face an unprecedented wave of sophisticated cyber threats, raising questions about data protection. Forward look: The OIG also found lag

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The strategy shift lenders are quietly making

M&A /

While both volume and gain-on-sale margins improved year-over-year in the first quarter, discussions between mortgage lenders and Boston Consulting Group revealed a heightened focus on artificial intelligence-driven transformations to permanently manage costs, strategic management company said. Processing Content Consolidation is also on the table as a way to scale operations. The company’s quarterly report tracks

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Scotiabank to buy small Dallas bank in mortgage-finance play

M&A, Mortgages /

Bank of Nova Scotia agreed to acquire Maple Financial Holdings Inc., which owns a small US commercial bank, as the Canadian firm looks to expand its structured-finance business in the American mortgage industry.  Processing Content The deal, which will see the lender take over MapleMark Bank, is subject to customary closing conditions, Scotiabank said in

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Berkshire Hathaway to buy Taylor Morrison for $6.8 billion

Homebuilders, M&A, REALTORS & HOMEBUILDERS /

Berkshire Hathaway Inc. will acquire Taylor Morrison Home Corp. in an all-cash deal worth about $6.8 billion, the first major purchase under chief executive Greg Abel and a vote of confidence in the US housing market.  Processing Content The offer of $72.50 per common share represents a 24% premium to the home builder’s latest closing

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