Majority of increase yet to be felt

As home prices rise and interest rates increase, potential home buyers are not the only ones affected by the affordability changes. Homeowners who previously bought their home using an adjustable-rate mortgage are now seeing an increase in their monthly mortgage and interest payments, with more increases yet to come.

Peter Persaud gets four years in prison

A former personal banker at JPMorgan Chase will spend the next four years in jail after admitting in court that he stole and sold customers’ confidential information. According to authorities, the scheme was discovered when the banker sold sensitive customer information to a confidential informant, and later to an undercover law enforcement officer.

Freddie Mac predicts strength in the multifamily market with moderate corrections to continue

It looks the multifamily housing market is going to continue its strong performance with continued gradual correction, according to Freddie Mac, which just released its mid-year multifamily outlook. Same rent, different day. Rent growth remains healthy at the national level as continued demand keeps multifamily afloat.

Launches new proprietary reverse mortgage offering borrowers greater flexibility

Longbridge Financial jumped on the proprietary reverse mortgage bandwagon Monday with the official launch of Platinum. Billed as a more flexible product than FHA's product, Platinum is a fixed-rate, full-draw loan designed to cater to borrowers with high home values who want access to cash up front at a low cost.

Also, why do real estate agents sabotage online lenders?

"We've been growing their business a while and we offer extremely competitive pricing. We thought we were doing a good job. C2’s owner, Ron Tomko, actually told us that himself, and we hadn’t heard any negative feedback until this decision," Quicken Loans CEO Jay Farner told HousingWire late Sunday night.

Employees allegedly signed documents without knowing what was in them

A major U.S. bank is being fined over sloppy mortgage documentation practices and no, it’s not Wells Fargo. The Federal Reserve announced Friday that it fined CitiGroup $8.6 million over the “deficient execution and notarization of certain mortgage-related affidavits” by its subsidiary CitiFinancial.

Fannie Mae, FHFA come to Mayopoulos’ defense

Fannie Mae CEO Timothy Mayopoulos is once again in trouble for his romantic relationship, receiving yet another rebuke from a government watchdog. While the CEO did disclose his relationship and even recused himself from any connected business decisions, this government watchdog says he did not go far enough.

This month in
HousingWire magazine

August 2018

Women of Influence 2018

Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.

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Feature

The Path to Equality

Jacob Gaffney

The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?

Commentary

Outside the classroom

Marshall Gayden

Lending

The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.

You ask, and the underwriter answers