Lending

CFPB sues Ocwen, alleges total failure of mortgage servicing process

Claims "widespread errors, shortcuts, runarounds cost borrowers money, homes"
April 20, 2017 is turning into D-Day for Ocwen Financial. Earlier, a group of state banking regulators issued a series of cease-and-desist orders prohibiting the acquisition of new mortgage servicing rights. Now, the Consumer Financial Protection Bureau is suing the nonbank for "failing borrowers at every stage of the mortgage servicing process."
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Mild winter gives spring home remodeling a head start

NAHB says remodelers may struggle to meet rising demand
A new report from NAHB shows remodeling is on the rise, getting an early start this spring after a mild winter. Many homebuyers are taking out HELOCs for remodeling purposes as the loan rises in popularity with the fall of refinances. However, experts explain there is one problem blocking the new trend.
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State banking regulators crush Ocwen's business with sweeping new restrictions

Mortgage business obliterated by state banking regulators
Citing numerous issues with consumer escrow accounts and a “deficient financial condition,” a consortium of state banking regulators just put Ocwen Financial’s mortgage business on life support. A bombshell announcement from the North Carolina Commissioner of Banks claims that more than 20 state mortgage regulators issued cease-and-desist orders to Ocwen, which prohibits the acquisition of new mortgage servicing rights and the origination of mortgages.
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MBA to Congress: Here’s the roadmap you need to tackle GSE reform

60-page white paper breaks down transition process to reform
On Sept. 6, 2008, the Federal Housing Finance Agency placed Fannie Mae and Freddie Mac into conservatorship. Nearly nine years later, the largest trade group in the mortgage finance space, the Mortgage Bankers Association, released a white paper to stay in front of the housing reform conversation and address one of the thorniest issues: how to transition to a new system.
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MGIC net income grew 23% in Q1 2017

Company CEO says new insurance drop expected
MGIC saw an increase of nearly 23% in the first quarter of 2017. New insurance written saw losses of nearly 30% from the last quarter, however it is still up from last year, and the company CEO explained this drop was expected.
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Freddie Mac: Mortgage rate falls below 4% mark

Drops for fifth consecutive week
Mortgage rates fell below to 4% mark and landed at their lowest point since November 2016. As international relations grow more tense, investors are pulling out of more risky investments, bringing interest rates down further as they follow the Treasury yield.
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Mortgage Cadence to provide one-stop-shop mortgage platform

Will license FirstClose integration software
Mortgage Cadence announced its license with a new software, FirstClose, that will allow third parties to integrate with the company’s current mortgage program. Mortgage Cadence explains what this means for its platforms, for lenders and what new services it will offer.
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Ellie Mae: Average closing times now sit at lowest level in two years

Purchase market heats up
The average time to close a loan spent a lot of 2016 fluctuating around the high 40s, but this is no longer the case. The survey found that the average time now sits at the lowest level in two years. The report also found that the purchase market is heating up, as March ushers in the start of the spring home-buying season.
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Get ready: Congress fires up Dodd-Frank, CFPB overhaul

Committee hearing date set for Financial CHOICE Act 2.0
The Dodd-Frank doomsday clock just ticked a little closer to midnight. The Republican-crafted plan to overhaul the country’s financial regulatory system and overturn many provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act is now one step closer to becoming a reality, as the House of Representatives is set to consider the Financial CHOICE Act.
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