Lending

Cloudvirga appoints new chief customer success officer

Jesse Decker previously served as Roostify's vice president of client services
Cloudvirga announced that Jesse Decker has joined the company as its chief customer success officer. Decker comes to the company with more than two decades of experience overseeing enterprise technology transformations and customer success programs.
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Wells Fargo eliminating 900 mortgage jobs

Cutting approximately 1,000 positions overall
A few months ago, Wells Fargo revealed that it is planning to cut as many as 26,500 of its employees over the next few years as the bank works to reorganize itself amid the shifting landscape surrounding the financial services industry. And now, the first of those cuts are hitting home, right in the mortgage division.
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FHA: No PLF changes for reverse mortgages

Report reveals HECM’s drain, but FHA says it’s moving in the right direction
The Federal Housing Administration released its 2018 Report to Congress on Thursday, revealing that the HECM program continues to be a drain on its flagship Mutual Mortgage Insurance Fund to the tune of $13.63 billion in the last fiscal year. But FHA Commissioner Brian Montgomery said the program is benefiting from policy changes made last year, and that the agency remains "optimistic that the quality of the book will continue to improve."
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Fannie Mae expands post-disaster relief services

GSE offers homeowners personalized support
Natural disasters have been extremely tumultuous for many homeowners across the country, navigating a year full of hurricanes, fires and tornadoes. In response to these threats, Fannie Mae has now teamed up with Clearpoint Credit Counseling Solutions to expand its current relief options for homeowners.
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FHA will not cut mortgage insurance premiums

Actuarial report reveals insurance fund is in good health, but Montgomery says premiums will stand
The Federal Housing Administration released details on the health of its flagship Mutual Mortgage Insurance Fund on Thursday, revealing a positive economic net worth of $34.86 billion and an acceptable ratio of capital reserves at 2.76%. The numbers are markedly better than last year, but FHA Commissioner Brian Montgomery said that doesn’t mean the agency will be reducing mortgage insurance premiums any time soon.
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Freddie Mac: Mortgage rates gradually increase

Stability attributed to economic pressure and subdued wage growth
Mortgage rates held steady this week, moderately increasing, according to Freddie Mac’s latest Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said despite recent market volatility, mortgage rates remained steady this week.
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Figure Technologies debuts sale lease-back product

Billed as a reverse mortgage alternative, the Figure Home Advantage targets the Boomer market
Figure Technologies, led by former SoFi Founder and CEO Mike Cagney, just launched a sale lease-back product to give homeowners another way to access their home equity. The company said the Figure Home Advantage, which it calls an alternative to reverse mortgages, is ideal for those looking to bolster finances in retirement.
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