loanDepot opens direct-lending production center in Michigan

Sees excellent hiring potential in area
Another lender is eyeing the Detroit area for its employee potential. The city is already home to companies such as Quicken Loans and United Wholesale Mortgage. And now, loanDepot announced it is opening a new direct-lending production center in the area. The Detroit comeback continues.
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Don't move on too quick, TRID isn't over yet

Not enough TRID at MBA Annual? Here’s what you need
Last year, TRID was everywhere. You couldn’t get away from the Consumer Financial Protection Bureau’s new Know Before You Owe rule. But while you likely have a better handle on TRID one year later, don’t forget that the news on TRID isn’t over. The Mortgage Bankers Association’s annual convention this year featured only one panel session on TRID, a significant change from all the hype surrounding it last year. Here's what you still need to know.
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FHA lowers owner-occupancy requirements for condos

Changes part of Housing Opportunity through Modernization Act of 2016
When President Obama signed the "Housing Opportunity Through Modernization Act of 2016" into law a few months ago, many celebrated because it changed the Federal Housing Administration’s rules for condominium financing, among other changes. Wednesday, the FHA delivered, lowering its owner-occupancy requirements on certain condo developments.
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SIGTARP moves to hold top brass accountable for bad bank behavior

End the era of the "insulated CEO"
Former Wells Fargo CEO John Stumpf and other Wells Fargo executives could still face criminal charges over how much the bank’s management knew about the more than 2 million fake accounts that 5,000 of the bank’s former employees opened in order to get sales bonuses. Even if Stumpf and the others don’t end up facing criminal charges, the Wells Fargo situation could still prove to be a tipping point as one financial regulator is proposing big changes that would hold executives personally responsible for the actions of their companies.
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New home sales increase nearly 30% in September

Home supply gets slightly better
Home sales increased in September after dropping the month before. However, although many economists expected this increase, noting that it showed strength in the economy, not everyone agreed. One thing they did all agree on: there is still room for more growth.
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Consumer confidence tumbles in October

Many say business conditions are bad
After hitting post-recession highs in September, consumer confidence dropped in October. According to one economist, the upcoming elections could be putting many consumers slightly on edge. Here’s more about where Americans say the economy sits, and where it’s headed.
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MBA: Mortgage applications reverse course, drop

Posts meager decline
While it’s not a significant decline, mortgage applications still reversed course and dropped in the latest mortgage application survey from the Mortgage Bankers Association. However, it’s not like the last report’s increase was any greater.
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More Wells Fargo fallout: Feds to look into sales practices at other Wall Street banks

CFPB, OCC, other agencies to conduct reviews of big banks
Federal regulators are preparing to conduct reviews of the nation’s biggest banks, aiming to root out any of the aggressive cross-selling practices that led to Wells Fargo being fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses.
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Wells Fargo launches ad campaign to earn back customer trust

Fallout from fake account scandal continues
Over the last few weeks, the bad news came fast and furious for Wells Fargo. New reports suggest that it’s going to get worse for Wells Fargo before it gets better, but the bank is taking a proactive approach to try to earn back some of the goodwill lost through this scandal.
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