News

Sperlonga starts reporting HOA data to Equifax

Latest step toward trended credit data
The latest news from Sperlonga, a data aggregation business for non-standard credit data sources, falls in line with recent industry events to help create a better picture of borrowers’ score. Sperlonga announced it will start reporting homeowner and condominium association payment and account status data to Equifax.
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Wells Fargo CEO, former executive forfeit millions as bank launches investigation

Bank's board answers calls to claw back executive compensation
When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank's board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Washington.
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MBA: It’s another quiet week for mortgage applications

Mortgage rates fall across the board
Mortgage applications reported a very quiet week, echoing other industry reports. As for what did change, all mortgage interest rates on mortgage products declined. Here’s what the latest news from the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey found.
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RBS to pay $1.1 billion to NCUA over mortgage securities settlement

Recoveries will offset the total costs to credit unions
The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty mortgage-backed securities sold to U.S. credit unions.
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Appraisal volume remains quiet in September

4-week average slightly edges up
There’s less than one week left in September, and so far, the month’s recorded quite the roller coaster. However, despite the drastic rise and fall, September still followed season trends, especially given the beginning of the month included the Labor Day holiday.
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CoreLogic: Cash sales hit record low in June

Hits below 30% for first time since 2007
Cash sales hit a new mark-they decreased to below 30% of total market sales for the first time since 2007. They still have some work to get to the pre-crisis average, which it will reach by mid-2018 if the decrease continues at its current rate.
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Here's how the new overtime labor law will change the housing industry

Salaried employees making less than $47K must be compensated for anything over 40 hours
Starting Dec. 1, 2016, overtime will have a whole new meaning since the White Collar Exemption salary threshold is about to jump by more than 100%. There’s just over two months until this law goes into effect, and with the housing industry projected to boom up to $2 trillion this year, the need for overtime isn’t going away anytime soon. Something will have to give.
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Labor Department launches "top-to-bottom" review of Wells Fargo

Answers call from eight senators to open investigation
Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.
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