5 things mortgage lenders need to do before TILA RESPA goes into effect

Monday Morning Cup of Coffee: Home price and wage divergence raise alarms

Plus the endgame for two billion-dollar R&W settlements?

The 15 hottest markets for homebuyers and sellers this spring

California dominates list
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News

Redwood Trust turns in “disappointing” first quarter

Net income falls from $27 million to $15 million
Ben Lane
Low interest rates sent Redwood Trust's net income down again in the first quarter of 2015, falling from $27 million in the fourth quarter of 2014 to $15 million in the first quarter. In a letter to shareholders, Redwood’s CEO, Marty Hughes, and president, Brett Nichols, said they were “disappointed” by the results of the first quarter.
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Quicken Loans raises $1.25 billion with debt issuance

Majority will flow to Dan Gilbert’s Rock Holdings
Ben Lane
Quicken Loans raised $1.25 billion last week with a bond issuance, according to a report from Bloomberg. Per the report, the vast majority of the money will go to Rock Holdings, Quicken’s parent company, and Dan Gilbert, the founder and chairman of Quicken and majority owner of Rock Holdings.
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Fed: Loan demand surges as standards ease heading into Spring

5 charts show what bankers think
Brena Swanson
The housing market started off on a strong foot this year as lenders said they witness an increase in mortgage lending demand while credit standards eased simultaneously. These 5 charts show just how bid of an increase it was.
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Fidelity National revenue rises for fourth straight quarter

Low interest-rate environment yields results
Ben Lane
For the fourth straight quarter, Fidelity National Financial saw its revenue rise over the previous year’s total. The title insurance giant reported total revenue of approximately $1.6 billion in the first quarter of 2015, up from $1.4 billion in the first quarter of 2014.
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Investor gets 4 years in $21.8M flipping scheme

Found guilty of federal wire fraud
Trey Garrison
A real estate investor was found guilty of wire fraud and ordered to pay $21.8 million in restitution plus forfeit another almost $4 million in proceeds. Here's how they got him.
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Zillow: Lowest paid workers in 1/3 of markets can’t afford cheapest homes

Homeownership remains very affordable for high earners
Trey Garrison
Incomes among the lowest third of U.S. workers have risen 15% since 2000, while home values are up 41%. The divergence is growing and so is the problem.
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Inlanta Mortgage expands in Greater Chicago area

Veteran Rob Speight to run new branch
Brena Swanson
Inlanta Mortgage continues to expand and announced its latest branch opening in the greater Chicago area.
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Parkside Lending begins offering FHA loans

Opens the door for more qualified borrowers
Brena Swanson
Parkside Lending is now offering Federal Housing Administration loans, helping the lender reach a larger percentage of its clients and broaden homeownership opportunities for qualified borrowers.
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Warren Buffett and Clayton Homes: The real vulture capitalists

Progressive icon’s mobile home business looks like a loan shark operation
Trey Garrison
Warren Buffett likes to pose as the billionaire champion of progressive politics. And you have to hand it to him: he is that, in fact — a poser.
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Las Vegas lawyer disbarred for mortgage fraud

Currently serving 87 months in federal prison
Ben Lane
The Nevada Supreme Court stripped a prominent Las Vegas attorney of his right to practice law in the state as part of the punishment for his place in a mortgage fraud scheme that defrauded financial institutions of more than $30 million.
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