Pavaso CEO: CFPB eClosing mortgage pilot “historic event”

Pavaso CEO: CFPB eClosing mortgage pilot “historic event”

Makes buying a home easier for all Americans

Urban Institute: Qualified Mortgage impact overblown

New rules have only slightly slowed mortgage lending

WATCH: Former Wells Fargo CEO calls BofA fine “extortion”

Kovacevich says fine is political and has “nothing to do with justice”
W S

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CHART: Biggest bank settlements of all time

Guess which bank is on there twice?
Brena Swanson
The Bank of America settlement went on record as the biggest settlement to date. But where do the other bank settlements rank in comparison?
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HUD-OIG: Richmond, California, fails to uphold housing program requirements

City should repay almost $1 million, OIG finds
Brena Swanson

“The rehabilitation of some properties suffered significant delays, while the rehabilitation of other properties had not been completed after more than three years.”


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NAFCU responds to CFPB remittance transfer rule

Trey Garrison
The National Association of Federal Credit Unions issued the following statement in response to the Consumer Financial Protection Bureau’s announcement Friday that it finalized its remittance transfer rule.
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Is the boom era for home flipping ending?

RealtyTrac: Trends return to historical normal
Brena Swanson
"Home flipping is settling back into a more historically normal pattern after a flurry of flipping during the recent run-up in home prices in 2012 and 2013," said Daren Blomquist, vice president at RealtyTrac.
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Pavaso CEO: CFPB eClosing mortgage pilot “historic event”

Makes buying a home easier for all Americans
Brena Swanson
“This is a historic event for not only Pavaso, but for the entire industry as we establish a foundation for electronic business in mortgages and the real estate industry,” said Mark McElroy, president and CEO of Pavaso.
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Freddie Mac: 3 reasons lending will hit lows not seen since 2000

What’s the deal? Rates are at historic lows, but so are originations
Trey Garrison
Mortgage interest rates remain near historic lows and this past week they hit the lowest level of 2014. At this pace, originations will hit a 14-year low of $1.14 trillion for the year.
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National Mortgage Risk Index down slightly in July but trouble ahead

FHA not compensating for high DTI loans; GSEs only partially
Trey Garrison
AEI’s National Mortgage Risk Index for home purchase loans stood at 11.41% in July, down almost 0.25% from June.
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Labor market recovery weak and incomplete, Yellen says

Interest rate hikes may come, but depend on jobs, inflation
Trey Garrison
Interest rates and the weak labor market dominated the balance of Fed Chair Janet Yellen’s speech from Jackson Hole on Friday morning.
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Florida housing market settles into “new normal”

Property inventory up, prices up
Brena Swanson
“We are now beginning to see that the 'new normal' is really the 'old normal' with statistical patterns reminiscent of the market that prevailed prior to the frantic run-up of prices,” Florida Realtors Chief Economist John Tuccillo said.
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Huge tax bill for homeowners who receive BofA settlement?

The relief could be too good to be true
Ben Lane
There could be a huge tax bill coming for borrowers that accept relief as part of the $16.65 billion settlement between Bank of America and the U.S. Department of Justice.
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