Articles by Brena Swanson

MBA: It’s another quiet week for mortgage applications

Mortgage rates fall across the board
Mortgage applications reported a very quiet week, echoing other industry reports. As for what did change, all mortgage interest rates on mortgage products declined. Here’s what the latest news from the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey found.
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RBS to pay $1.1 billion to NCUA over mortgage securities settlement

Recoveries will offset the total costs to credit unions
The latest in a series of settlements that date back to the financial crisis will cost the Royal Bank of Scotland $1.1 billion, which it will pay to the National Credit Union Administration in order to settle claims related to faulty mortgage-backed securities sold to U.S. credit unions.
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Appraisal volume remains quiet in September

4-week average slightly edges up
There’s less than one week left in September, and so far, the month’s recorded quite the roller coaster. However, despite the drastic rise and fall, September still followed season trends, especially given the beginning of the month included the Labor Day holiday.
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Here's how the new overtime labor law will change the housing industry

Salaried employees making less than $47K must be compensated for anything over 40 hours
Starting Dec. 1, 2016, overtime will have a whole new meaning since the White Collar Exemption salary threshold is about to jump by more than 100%. There’s just over two months until this law goes into effect, and with the housing industry projected to boom up to $2 trillion this year, the need for overtime isn’t going away anytime soon. Something will have to give.
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Got tough questions about the CFPB's 900-page mortgage-servicing rule?

HousingWire gets you the answers
For those wondering if the Consumer Financial Protection Bureau’s mortgage-servicing rule is published in the Federal Register yet, the answer is no. This gives the industry a little bit of extra time to digest all the details that are in the final rule. Luckily, HousingWire is hosting a Q&A expert webinar to make sure you have all the information you need to fully comply with the rule and properly conduct business.
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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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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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California Realtors getting nervous about housing market future

CAR's 2016 housing predictions came true, now what?
Now more than half a year into 2016, and the California Association of Realtors’ predictions that a shortage of available inventory and continued high costs would limit improvements in 2016 are coming true. And looking at the latest CAR report, it appears to be getting to Realtors.
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Mortgage fraud rising most in low-downpayment loans

CoreLogic: Today's fraud takes "a lot of time" to uncover
The new low down payment programs launched as a way to loosen up the credit box for first time homeowners since the credit box tightened significantly after the financial crisis.But as the credit box loosens, the risk of mortgage fraud heightens, as seen in the report. There needs to be a balance.
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