News

It's official: Fannie Mae moves to open credit box with trended credit data

Desktop Underwriter 10.0 arrives
After much anticipation, this weekend marked the official launch of Fannie Mae’s Desktop Underwriter Version 10.0, implementing the long-awaited use of trended credit. So what’s with the big hype around trended credit data? For starters, it's a game-changer for borrowers, helping them obtain greater access to mortgage credit.
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Political battleground states see highest rise in property values

One state saw 78% increase in past 5 years
At this point in the election cycle, eight states are now considered swing states, as they could be the keys in this year’s election. A deeper look into those states shows that home prices increased more than in traditionally Republican or Democratic states. In one battleground state, home prices increased by 78% since 2011.
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New home sales drop in August

Still up from last year
New home sales dropped in August after July witnessed its most significant increase since the housing crisis. Annually, however, new homes sales in August still increased. Industry experts talk about the report, and why it still shows positive signs for the housing market.
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Monday Morning Cup of Coffee: Wells Fargo employees file class action lawsuit

Plus a political debate that will rival Super Bowl numbers and affordable housing
The presidential candidates in Monday's debate will be asked questions on "achieving prosperity, securing America and America’s direction," which means that housing policy could theoretically be discussed, although I wouldn't create a drinking game around it. A surer bet would be attacks on "Wall Street banks" in general and one big bank in particular: Wells Fargo.
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FTC permanently bans more mortgage relief scammers

More punishment from sweeping mortgage modification fraud investigation
For the second time this month, the Federal Trade Commission announced that one of the subjects of a sweeping enforcement action from 2014 is permanently banned from operating in the mortgage loan modification and debt relief business.
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What's after HAMP? MBA proposes loan modification program

"One Mod: Principles for Post-HAMP Loan Modifications"
With the end of both the Home Affordable Modification Program and the Home Affordable Refinance Program getting close, the government is working to come up with new refinance options for borrowers. The latest program proposal comes from the Mortgage Bankers Association. The MBA's Task Force revealed a program proposal on Friday that is designed to be successor program to the Home Affordable Modification Program.
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Bernie Sanders: Wells Fargo's business model is fraud

Vermont senator joins Elizabeth Warren in skewering megabank
In what some might consider as much of a foregone conclusion as when Sen. Elizabeth Warren, D-Mass, expectedly lambasted Wells Fargo CEO John Stumpf when given the chance, Sen. Bernie Sanders took to the internet this week to share his views of Wells Fargo, and let’s just say the former Democratic presidential candidate isn’t a fan of the megabank either.
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Here's how NAMB, UWM plan to revive the independent mortgage broker channel

Announce $500,000 KickStart program
Mortgage brokers took a major hit after the financial crisis, vacating their individual businesses and fleeing to the security of working for a bigger company. However, a new initiative announced by the National Association of Mortgage Brokers and United Wholesale Mortgage is designed to regrow the mortgage broker channel. The KickStart program offers grants to loan originators aspiring to open their own mortgage shops. Looking to start your own company? Check the details inside.
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