Lending

MBA boosts commercial/multifamily team with pair of hires

Adds Sharon Walker as AVP, Andrew Foster as director
The Mortgage Bankers Association recently enhanced its commercial/multifamily team with a pair of experienced hires. Sharon Walker joined the MBA in late January as the associate vice president of multifamily. Also joining the MBA is Andrew Foster, who will serve as director, commercial/multifamily.
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Fed’s Powell reportedly names two senior advisers

Names monetary policy specialists Jon Faust and Antulio Bomfim to senior adviser roles
Recently confirmed Federal Reserve Chairman Jerome Powell has reportedly made his first staff moves, naming monetary policy specialists Jon Faust and Antulio Bomfim to senior adviser roles. Both Faust and Bomfim have previously held roles at the central bank.
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UWM launches virtual eClosings for purchases in 16 states

Expects it will be how all closings are done in near future
United Wholesale Mortgage announced it is expanding its virtual eClosings to borrowers in 16 states, and making the option available to purchase borrowers. The company explained its virtual eClosing is available in 16 states now and it expects this will be the way all closings are done in the near future.
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New Penn Financial expands into Nevada with launch of Synergy Home Mortgage

Launches joint venture with Reno real estate agencies
New Penn Financial, a mortgage lender that is owned by Shellpoint Partners, announced Monday that it is expanding into Nevada by launching Synergy Home Mortgage. Synergy Home Mortgage is a joint venture between New Penn and local real estate firms Dickson Realty and Ferrari-Lund Real Estate.
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Monday Morning Cup of Coffee: Countrywide, LandSafe accused of fraudulent appraisals during housing boom

Plus, Mueller says Manafort committed mortgage malfeasance
In today's Monday Morning Cup of Coffee: A federal judge recently granted class-action status to a lawsuit alleging that Countrywide Financial used LandSafe to conduct “sham” appraisals to increase the number of loans Countrywide originated during the mid-2000s. Plus, former Trump campaign manager Paul Manafort was accused of some mortgage misconduct. Click the headline for more.
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Democrats call out Mulvaney’s reported changes to CFPB fair lending enforcement

53 Democrats, including Warren, Waters, Brown, Menendez, want answers
A group of more than 50 Congressional Democrats are questioning the motivation of Consumer Financial Protection Bureau Acting Director Mick Mulvaney’s reported decision to strip the agency’s Office of Fair Lending and Equal Opportunity of its enforcement powers. The Democrats want to know what exactly Mulvaney is planning to do when it comes to fair lending.
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Hensarling blames Watt for GSEs needing Treasury money, demands answers

Criticizes Watt for ordering Fannie, Freddie to contribute to Housing Trust Fund
One of the top Republicans in Congress lays the blame for Fannie Mae and Freddie Mac needing money from the government for the first time since 2012 not on the Republican tax plan’s reduction of the corporate tax rate, but rather, squarely at the feet of Federal Housing Finance Agency Director Mel Watt.
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Morningstar Credit Ratings names Brian Grow president

Previously served as the managing director of residential mortgage-backed securities and asset-backed securities
Morningstar Inc., the parent company of Morningstar Credit Ratings, announced this week that Brian Grow has been named president of the credit rating agency. He will now oversee the day-to-day operations of Morningstar’s credit ratings business.
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