Freddie Mac: Mortgage market soaring in 2016, will fall back in 2017

Time to get while the getting's good
Freddie Mac continues to believe that mortgage lending is on track for a big year this year, but now expects the market to tap the brakes in 2017. But it won’t be purchase mortgage originations that will drag down 2017’s origination total, as purchase and home improvement mortgage activity is actually expected to rise next year. According to the Freddie Mac report, next year’s drop will be driven by a significant decline in refinances.
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First American Mortgage Trust to pay $1 million for FHA lending violations accused of knowingly submitting false claims for FHA insurance
First American Mortgage Trust, which does business as, and the company’s CEO will pay slightly more than $1 million to settle charges brought by the Department of Justice, which accused the lender of submitting false claims on mortgages insured by the Federal Housing Administration.
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HUD watchdog: Servicer foreclosure delays cost FHA $2.23 billion

Report finds FHA overpaid servicers due to foreclosure, conveyance delays
A new report from a government watchdog shows that mortgage servicers’ delays in foreclosing on properties and subsequent delays in the conveyance of those properties to the Federal Housing Administration cost the FHA as much as $2.23 billion in unnecessary payouts.
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MBA takes focus on women in real estate finance to the next level

"We struck a nerve and need that's out there"
Women in real estate finance, a small but steadily growing group, now have a place online to go to strengthen their network and exchange ideas and information about the industry, answering increasing calls for such a platform within the market. What started out informally is turning into a full-fledged, formal initiative from the MBA. And just in time for MBA Annual in Boston next week.
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EXCLUSIVE: Caliber Home Loans sued by Chronos Solutions over nearly $3 million in unpaid bills

Caliber, Lone Star Funds accused of not paying expenses on foreclosures
The New York Department of Financial Services is already reportedly looking into how Caliber Home Loans and its parent company, Lone Star Funds, after receiving complaints from consumers about how the companies handle foreclosures. But now, the companies have another fight on their hands over their foreclosure practices, and it comes from an unlikely source – one of their own vendors.
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MGIC earnings beat expectations in Q3

Net operating income increases from last year
MGIC's net income dropped significantly in the third quarter from last year's total, but the decline isn't nearly as calamitous as it may seem. The company's revenue was actually above last year and above expectations. The increase is driven, in part, by a decrease in mortgage delinquencies.
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More changes at Walter Investment: Company adds new chief compliance officer, other execs

Part of effort to make company "leaner and more effective"
Late last week, Walter Investment Management Corp. announced that David Schneider, who served as executive vice president and chief operating officer of Walter Investment and as president of Ditech Financial, abruptly left the company. The company said that Schneider’s departure was part of the company’s plan to “realign the company’s management structure” and “flatten the organization.” Just a few days later, the company provided a look at how its realignment will take shape.
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