Wells Fargo sets aside $1.6 billion for new fake account payout

Oct 15, 2019By

Over the last few years, Wells Fargo has paid out nearly $2 billion in fines and settlements covering a myriad number of issues, most notably opening millions of fake accounts in customers’ names. That issue led to a hundreds of millions of dollars in payouts to regulators, affected customers, and shareholders over the affair. But it looks like Wells Fargo isn’t done paying its penance for the fake account scandal quite yet.

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U.S. homebuilder confidence rises to a 20-month high

Low interest rates and a strong job market propelled homebuilder confidence to 71 points in October, the highest reading since February 2018, the National Association of Home Builders and Wells Fargo said in this month’s Housing Market Index. Greg Ugalde, NAHB’s chairman, said a reduction in new-home inventory is helping to support the market.

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Housing market flashing recession signal

The housing market is signaling there will be an economic recession by the 2020 election, according to Benn Steil, director of international economics at the Council on Foreign Relations.

5 days ago

Mortgage

MBA: U.S. refinance activity triples on low rates

Oct 16, 2019By

Last week, the 30-year fixed-rate mortgage fell, spurring another uptick in refinance demand, resulting in mortgage applications rising by 0.5%, according to the Mortgage Bankers Association. The organization indicates that on an unadjusted basis, the index crawled forward 1% for the week ending on October 11, 2019. Despite this increase, Joel Kan, MBA’s vice president of economic and industry forecasting, said the ongoing interest rate volatility is impacting a borrowers’ ability to lock in the lowest rate possible.

Real Estate

U.S. homebuilder confidence rises to a 20-month high

Oct 16, 2019By

Low interest rates and a strong job market propelled homebuilder confidence to 71 points in October, the highest reading since February 2018, the National Association of Home Builders and Wells Fargo said in this month’s Housing Market Index. Greg Ugalde, NAHB’s chairman, said a reduction in new-home inventory is helping to support the market.

Fintech

Mortgage Tech Rundown: Finastra, Mace Innovations, and American Financial Resources

Oct 14, 2019By

This week’s Mortgage Tech Rundown focuses on the latest product and software developments, integrations and more from companies like Finastra, Mace Innovations, and American Financial Resources.

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Black Knight’s AI virtual assistant helps lenders drive efficiency

Oct 14, 2019By

We have been hearing a lot about artificial intelligence (AI) and its tremendous impact on health care, financial services, transportation, retail, energy and many other industries. The promise and possibilities of AI are extraordinary – from the ability to diagnose diseases to the development of driverless cars. On a daily basis, most of us are […]

Pulse

October Kudos: Celebrating milestones, launches and awards in the mortgage industry Oct 01, 2019By

GIVING BACK National Association of Realtors partners with Food Recovery Network In an effort to help combat hunger, the National Association of Realtors will begin donating surplus food from its events and meetings to those in need. Working in partnership with the Food Recovery Network, a college student-led hunger nonprofit organization. NAR recently asked all […]

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