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.
The highly contested leadership structure of the Consumer Financial Protection Bureau should be a bipartisan commission if it was up to voters to decide. The Consumer Bankers Association, the Independent Community Bankers of America, and the American Land Title Association teamed up to commission a poll of registered voters in key battleground states. Ever wonder what some consumers think of the CFPB?
Embrace Home Loans announced it added a new branch in Washington D.C. in order to accommodate and connect with more buyers in the area. "Our goal is to not only cultivate relationships with local real estate agents and buyers, but also to serve the diverse cultural needs of D.C. and the surrounding communities," said Margie Hennessey, the new branch manager.
More Americans want to live downtown, but the problem is there simply isn’t enough room for everyone. So who can afford to live downtown? The rich. Here's how the home building picture currently looks and what's needed.
The results are in. The House Committee on Financial Services ordered the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, on May 4 to figure out the financial impact of the Republican-led Financial CHOICE Act, which is the leading option to replace Dodd-Frank. Turns out, the act could save the government billions of dollars.
Rep. Andy Barr, R-Ky., reintroduced the Taking Account of Bureaucrats’ Spending Act on Friday in attempts to make the budget of the Consumer Financial Protection Bureau subject to congressional appropriations. As it stands, the CFPB is funded directly by the Federal Reserve, which the Trump administration supports changing.
As of late, lenders are focusing a lot more on changing the mindset behind the supposed 20% down payment requirement in order to help more potential homeowners. And the CEO of one of the largest banks is included in this new wave of thinking. And no, the change won't add a bunch of risk into the market.
Movement Mortgage may be less than 10 years old, but its imprint on the housing finance market continues to grow. In its latest venture, the billion-dollar mortgage lender announced it officially opened its new job operations center at Military Circle in Norfolk, Virginia.
A new survey of mortgage industry executives conducted by Genworth Mortgage Insurance breaks down what the industry believes is blocking new buyers from the housing market. To no surprise, the seemingly unattainable 20% down payment for first-time homebuyers continues to be one of the biggest barriers into homeownership. Here’s what else the survey found.
The massive amount of data and money that passes through the mortgage finance industry makes it extremely susceptible to attacks from hackers. Plus, it’s not a matter of if it will happen; it’s already going on, and the threat of cyberattacks is only increasing. Fitch Ratings is making sure it is staying in front of the problem and is stressing the importance of a robust information technology for servicers.
SoFi managed to be one of only two housing finance-related companies on CNBC’s fifth annual Disrupter 50 list. CNBC described its list as forward-thinking start-ups that have identified unexploited niches in the marketplace and have the potential to become billion-dollar businesses. Here’s how SoFi CEO Mike Cagney describes what’s made SoFi successful.
About a week before the November 2016 election, the U.S. Treasury market started to move lower. The cause of this increase in yield on the benchmark 10-year bond was not fear of an interest rate hike by the Federal Open Market Committee or the specter of higher inflation. No, the outlier event that shook the financial world out of years of torpor was a commercial real estate developer named Donald John Trump.
Fannie Mae’s National Housing Survey found that 37% of senior homeowners felt concern for their finances during retirement, yet only 6% of seniors are interested in utilizing home equity as a financial solution. With $6.2 trillion in home equity to bolster retirement income, why aren’t more senior homeowners taking advantage of products like reverse mortgages?
The time has come for internal workflows to be reimagined or all we’ll end up with is a shiny new chassis with a traditional, manual, cobbled-together process under the hood. I’m talking about the elements that make or break a mortgage transaction, such as valuations, investor requirements and reviews, compliance, surprises at the closing table, paper-based payment systems, onboarding, and the list goes on and on.