Brena Swanson is the Digital Reporter for HousingWire.com, providing expert coverage on Millennials, lending and housing. Brena joined the HousingWire news team in February 2013, also serving in the roles of Reporter and Content Specialist. Brena graduated from Evangel University in Springfield, Missouri. Follow Brena on twitter at @BrenaSwanson.
loanDepot hasn’t let up on the gas since it launched into the housing finance market after the financial crisis. Now the company announced it promoted Dan Hanson to chief retail production officer, where he will be charged with fulfilling the team’s mission to become America’s lender of choice.
Thanks to companies like JPMorgan Chase donating millions of dollars to Detroit to help it recover, it's made steady progress since the financial crisis. But, since it fell so low after the crash, there remains a long way to go. Here's the latest positive news for the Motor City.
CoreLogic wrapped up 2016 with double-digit revenue growth for the fourth quarter and full year due to success in two of its key segments. And looking ahead to 2017, the company is very positive about what the future holds.
Regardless of whether Millennials want to buy a home or not, there first must be a home available to purchase. In an interview with HousingWire, Daren Blomquist, senior vice president at ATTOM Data Solutions, identified three key factors keeping housing inventory in a drought, barring entrance for aspiring young homeowners.
This week’s mortgage application data looked similar to the previous week’s report as applications fell once again due to a drop in refinance demand. This time around the refinance share of mortgage activity sank even lower, falling to the lowest level since November 2008.
Even though PHH’s battle with the Consumer Financial Protection Bureau takes up the majority of the discussion around the fate of the bureau, it’s not the only entity fighting against the independent agency. Battling alongside PHH is State National Bank of Big Spring, Texas. The bank harbors a similar grudge against the CFPB, with a lot of its fate resting in the outcome of the PHH case. But will it be able to fight its own battle?
The first mortgage default report is out for the year, and so far, rates are only slightly increasing. The report comes off the heels of a low default rate environment in 2016, which is likely to be tested in 2017 as interest rates start to rise.
The U.S. Court of Appeals for the District of Columbia Circuit finally ruled on the landmark case between the Consumer Financial Projection Bureau and PHH in favor of the CFPB. The decision significantly lengthens the timeline for knowing the fate of the bureau and its director, Richard Cordray. So what’s likely to happen now? Alan Kaplinsky, partner and leader of Ballard Spahr’s Consumer Financial Services Group, explains what he thinks will happen.
The Consumer Financial Protection Bureau is joining the growing chorus of groups trying to expand access to credit for consumers who lack enough credit history to obtain a credit score, also known as the credit invisible. During a field hearing in Charleston, West Virginia on Thursday, CFPB Director Richard Cordray said the bureau is officially is seeking public feedback on the benefits and risks of tapping alternative data sources. Do you have any comments you want to submit?
In the aftermath of the financial crisis, low interest rates and strict capital requirements combined to make servicing a losing proposition for many banks. The sharp glare of regulators didn’t help either, as banks and nonbanks navigated the already thankless waters of servicing with a new target on their backs. But all that changed abruptly in the fourth quarter of 2016 with the one-two punch of a Trump win and a rate hike by the Federal Reserve.
Singling out the law that created the CFPB generated a backlash from Congressional Democrats, but it remains to be seen what Democrats can do to stop the Trump juggernaut. See what Mike Jones of Navigant advises servicers to do in this uncertain environment.
Portfolio managers and investors also have a vested interest in the expansion of the non-QM market. They have an appetite for non-QM assets as they represent an attractive yield opportunity. That’s why we’re seeing more “hold” strategies at work with current non-QM production.