Investments

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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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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Hey banks! Survey says you’re too confident in your cybersecurity efforts

The average bank faces 85 serious attempted cyber breaches annually
Cybersecurity experts are working in overdrive to caution the mortgage finance industry that cyber attacks are a matter of when, not if. However, according to a new report from Accenture, banks are still too confident about their protection efforts. Are you overestimating your company’s ability to withstand the onslaught?
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Houzz allegedly raising up to $500 million

Looks to value company at more than $5 billion
Houzz, which provides online services for remodeling and design, is now allegedly looking to raise about $500 million, which would value the company at more than $5 billion. While Fortune’s sources confirmed the new venture funding rumors are true, Houzz itself denies it.
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Ex-NJ mayor sent to prison for kickbacks involving HUD funds

Low-income housing developers provided money to Passaic mayor Alex Blanco
The former mayor of Passaic, New Jersey will spend the next two years in prison after being convicted of soliciting and accepting bribes from developers who wanted to build low-income housing in the city. According to the U.S. Attorney’s Office for the District of New Jersey, Alex Blanco accepted $110,000 in corrupt payments, much of which was money from the Department of Housing and Urban Development.
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Impac Mortgage raises $56 million to expand non-QM production, servicing portfolio

CEO on future growth for Impac
Impac Mortgage Holdings announced its second stock offering in roughly seven months as it plans to continue fueling its already growing servicing and non-qualified mortgage production. Impac’s involvement in non-QM production and servicing isn’t new, but as Joseph Tomkinson, chairman and CEO of Impac Mortgage, stated, both are growing.
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HousingWire's 2017 Women of Influence nominations are now open!

It's our honor to recognize the most influential women in housing
HousingWire is proud to announce that we are now accepting nominations for the 2017 Women of Influence, our opportunity to honor the housing industry’s most influential women leaders. Here is much more information on one of our favorite award programs.
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MortgageHippo raises $2.25M in seed funding led by CMFG Ventures

Triples original funding expectation
MortgageHippo is working to stay at the forefront of the recent growth in digital mortgages. The mortgage technology company announced it closed $2.25 million in seed capital, with which it plans to further expand its software development and sales team. And this time, the company is looking at one specific lending sector.
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Bank of America net income soars 40% in first quarter

But drop in mortgage income pulls down noninterest income
Bank of America saw tremendous growth in its net income in the first quarter with an increase of 40%. The company’s earnings per share also increased 46% from last year. However, a decrease in mortgage income created a drag on noninterest income for consumer banking.
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