News

Stearns Lending CEO Brian Hale steps down

David Schneider, former president of Ditech Financial, takes over
Over the last the last few years, Stearns Lending saw its mortgage origination volume grow from $5.7 billion in 2011 to $26 billion last year. Overseeing that growth was CEO Brian Hale, who joined the company in 2012. But Monday, May 15, 2017 was Hale’s last day as Stearns Lending’s CEO.
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New home construction takes a blow in April

But housing starts see slight increase
Following last month’s slowdown in new home construction, April continued the slow movement as building permits fell and housing starts decreased. Starts for single family homes were up slightly from the month before, but with building permits down, the increase may not last long.
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What does the renewed CFPB RESPA investigation into Zillow mean for our industry?

In the end, no one can predict the CFPB
With a steady stream of enforcement actions and regulations coming out of the Consumer Financial Protection Bureau over the years, the industry doesn’t take the possible threat of getting a violation lightly. So with the possibility that Zillow could be violating RESPA, the industry is left to wonder what its next steps forward should be.
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Flagstar finalizes acquisition of Opes Advisors

Expands lending operations in Western part of U.S.
Flagstar Bancorp announced Monday that it closed on its acquisition of “certain assets” of Opes Advisors, a full-service mortgage bank and financial advisory firm. The acquisition, which was first announced in April, will expand Flagstar’s mortgage lending operations in the Western part of the country.
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Need a mortgage in California? Realtors say you better earn this much money

CAR gives regional and state affordability break down
While it’s only a small improvement, California still managed to record an increase in home affordability. However, a look at different counties across the states shows that geographical location makes a difference. Here’s a break down of how much home shoppers need to make in order to own a home in the top counties.
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Philadelphia sues Wells Fargo over discriminatory lending

Cites recent Supreme Court decision that gave cities right to sue lenders
Earlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove. Now, the city of Philadelphia is taking that challenge head-on and suing Wells Fargo for alleged discriminatory lending practices against minority borrowers.
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