Can Quicken Loans save Detroit?

Can Quicken Loans save Detroit?

Forbes: “Dan Gilbert is saving Detroit to help his business”

Suspect arrested in case of missing Arkansas Realtor

No word on Beverly Carter; suspect is on parole for theft

Monday Morning Cup of Coffee: Love or loathe – Reverse mortgages, Holder’s legacy

Plus, a week of critical housing and mortgage finance metrics ahoy
W S

Lending

Are your Facebook friends the future of your FICO score?

One financial expert thinks so
Ben Lane
“You could easily have a scenario in 10 years where a customer’s chances of credit are determined not only on their spending, but also on their friends, family members and their social profile,” Gi Fernando said. “By giving up a bit more information to the banks, you might stand to benefit in a wider choice of products.”
Read More

CFPB fines Flagstar $37.5 million for mortgage servicing violations

CFPB: “At every step in the foreclosure relief process, Flagstar failed borrowers.”
Ben Lane
"Because of Flagstar’s illegal actions and unacceptable delays, struggling homeowners lost the opportunity to save their homes,” said CFPB Director Richard Cordray. “The Bureau has been clear that mortgage servicers must follow our new servicing rules and treat homeowners fairly. Today’s action signals a new era of enforcement to protect consumers against the cost of servicer runarounds.”
Read More

Can Quicken Loans save Detroit?

Forbes: “Dan Gilbert is saving Detroit to help his business”
Ben Lane
Dan Gilbert, the founder and chairman of Quicken Loans, is still pushing to save the city of Detroit. He's invested millions in the revitalization of Detroit's downtown area and the results of his efforts are having a real impact on the recovery of the city and on Quickens Loans' business too.
Read More

Pending home sales slowed in August

NAR forecasts existing home sales to be down 3% for 2014
Trey Garrison
Pending home sales slowed modestly in August but contract signings remain at their second-highest level over the past year, according to the National Association of Realtors. All major regions experienced declines except for the West, which rose for the fourth consecutive month.
Read More

The profit-margin challenge with TILA-RESPA

Get operational processes firmed up now for Aug.1, 2015 go-live
Mark McElroy
Do you know what it fully costs you to acquire a customer? It is now critical that you know this metric today, because it’s going to change on Aug. 1, 2015. If your operational processes are not streamlined, your margins are going to suffer worse when TILA-RESPA is effective.
Read More

Inlanta Mortgage opens new office in Minneapolis

Veteran loan originator Jerry Sather chosen to manage new location
Ben Lane
“Sather’s thorough research and understanding of the housing market helps him to effectively assist his real estate partners by maximizing their sales efforts in less time,” the company said in a release.
Read More

Pierce and Associates adds to management team from within

Dave Beck and Eric Alvine promoted
Ben Lane
Dave Beck, who previously served as director of information services, has been promoted to the position of chief information officer. Eric Alvine, who has served as one of the firm’s litigation attorneys since 2012, has been promoted to the position of director of foreclosure.
Read More

Bank of America Merrill Lynch: Recovery “missing” housing contribution

Millennials key to housing comeback
Jacob Gaffney
“First time homebuyers represent the most likely group to drive an expansion of mortgage credit demand, these anticipated delays in household formation growth are also likely to result in delays in increased mortgage production,” according to the report.
Read More

Agent alert: Start-up delivers real estate brokerage for 1% commission

LevelRE utilizes technology and empowers homeowners to cut costs
Ben Lane
The site also utilizes “proprietary technology” to simplify the real estate process by giving customers the ability to list, price, search, bid, and negotiate in real time from their laptop, desktop, tablet or smartphone, with the assistance of licensed real estate agents and professional support staff, the company said in a release. And it does all of this for a commission rate of 1% of the sales price.
Read More

Lenders generated $428M modifying defaulted FHA loans

FHA missed opportunities to strengthen its insurance fund
Trey Garrison
An audit of the Federal Housing Administration’s loss-mitigation program found that lenders generated $428 million modifying defaulted FHA loans, costing Housing & Urban Development.
Read More