Are record-low interest rates masking high-cost mortgage lending?

Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you

Auction.com partners with Google to predict housing trends

Nowcast will predict in real time

The New York Times rambles, and mangles mortgages along the way

Mortgage finance and mortgage regulation aren’t the paper’s strong suits
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News

Citi 3Q earnings revised down

Adds in $600M increase in legal costs
Brena Swanson
Citigroup lowered its third-quarter net income due to a $600 million increase in legal accruals.
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How much offshore staff do the top mortgage servicers use?

Fitch shines a light on offshoring and its potential consequences
Ben Lane
Several of the country’s largest mortgage servicers already have as much of a third of their mortgage servicing staff offshore. A new report from Fitch Ratings details the rise of offshoring and what it means for the future of mortgage servicing.
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Ellie Mae’s earnings overcome mortgage industry declines

AllRegs buy will reflect on next quarter's results
Brena Swanson
“Revenue grew 30% over last year’s third quarter to a record $42.8 million, despite a 27% decline in industry mortgage origination volume, and our active user base crossed the 100,000 mark for the first time,” said Sig Anderman, CEO of Ellie Mae.
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$8M for Holly Golightly’s Upper East Side townhouse

That iconic green door and everything behind it could be yours
Trey Garrison
Own a piece of cinematic history and a nice little Upper East Side townhome to boot for the bargain price of $8 million.
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Are record-low interest rates masking high-cost mortgage lending?

Five leading economists weigh in and the answer may surprise you
Trey Garrison
The cost of originating mortgages and loan production is officially ridiculous and a question that arose at the Mortgage Bankers Association’s convention and expo last week was “Are record low mortgage rates masking from borrowers the high cost of mortgages?”
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California man jailed for foreclosure rescue scam

Sentenced to 10 years in prison
Brena Swanson
A Huntington Beach man who was involved in a nationwide foreclosure scam that included several Sacramento-area homeowners among its victims has been sentenced to 10 years in prison, according to an article in The Sacramento Bee.
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Ocwen’s servicer ratings downgraded…again

Morningstar becomes latest to weigh in on Ocwen’s issues
Ben Lane
"The forecast for the residential mortgage servicer, residential vendor, and residential prime mortgage servicer rankings is 'Unfavorable,'" Morningstar said. "Morningstar believes that continuing regulatory scrutiny could have further negative consequences for OFC’s residential mortgage servicing business."
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Borrowers find refuge in nonbank mortgage loans

But concerns persist over nonbank risk
Levi Shultz
Nonbank lending continues to fill the gap for borrowers rejected by other banks, even as concerns about nonbanks persist.
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Freddie Mac: Mortgages rates rise from yearly lows

Rates increase across the board.
Brena Swanson
Mortgage rates moved away from last week’s yearly lows and slightly increased across the board, with the 30-year, fixed-rate mortgage averaging 3.98% for the week ended Oct. 30.
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Jobless claims tick up by 3,000 filings

Still remains at historic lows
Brena Swanson
Although initial jobless claims ticked up by 3,000 filings to 287,000 for the week ended Oct. 25, levels still remain at historic lows.
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