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  • Trump budget surprise: Gutting the CFPB

    The impact of President Donald Trump’s 2018 federal budget proposal would certainly be felt in the housing industry via the 13% cut to HUD's budget, but that’s hardly the only impactful move that the budget proposal holds. Buried on the second-to-last page of Trump’s budget is a move that is sure to please Trump’s fellow Republicans and many in the housing industry as well – gutting the Consumer Financial Protection Bureau.

Articles by Brena Swanson

Consumer survey: Voters say CFPB should be run by a bipartisan commission

What would a commission would do for the bureau?
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?
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Embrace Home Loans adds new branch in Washington D.C.

Team fluent in American Sign Language and Spanish
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.
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CBO: Here's how much money Financial CHOICE will save the country

Most savings come from how the CFPB is funded
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.
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Rep. Barr reintroduces act to make CFPB spending accountable to Congress

First introduced March 2015
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.
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[Video] BofA CEO: Introduction of standard 10% down payment mortgage would increase homeownership

And won’t introduce a ton of risk
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.
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Movement Mortgage opens new operations center in Virginia

Will add 750 financial services jobs in area
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.
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Genworth: First-time homebuyers just don’t understand down payments

Top factors blocking first-time homebuyers
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.
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Fitch Ratings to servicers: It’s imperative you maintain robust IT security

The standard for servicers rated by Fitch
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.
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[Video] SoFi CEO on growing appeal of the fintech model

A billion-dollar disruptor?
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.
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