Lending

This is how America's housing affordability is impacting credit quality

Affordability has returned to average historical levels, and it's having a ripple effect
It's official: The era of unusually affordable housing has ended. Well, according to a recent Moody's Investors Services analysis. The organization claims that America's housing affordability has returned to average historical levels, therefore impacting credit quality across numerous housing-related sectors.
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WTF is a reverse mortgage?

So many consumers think they're a scam. Here's the truth.
Reverse mortgages may be the most misunderstood – and the most maligned – financial product out there. But for those who are certain they are simply a scam, shrug off your perceptions for a moment and consider this: Would the U.S. government really endorse a scam for the last 30 years? Not likely. While unforeseen problems with the loan have largely been resolved, the sour scent of foul play lingers. To clear the air, here is a list of facts curated specifically to address the questions of what, exactly, is a reverse mortgage.
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Colony Bank buying PFB Mortgage

Georgia bank expanding mortgage business
Colony Bank, which operates 27 branches throughout Georgia, is set to grow its mortgage business, as the bank announced this week that it plans to acquire PFB Mortgage, the secondary market mortgage business of Planters First Bank. According to Colony Bank, PFB Mortgage originated more than $100 million in mortgages last year, and the bank expects the addition to help double its mortgage business in the future.
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No-income, no-asset mortgages are back (at one lender, at least)

360 Mortgage Group plans as much as $1 billion in “NINA” loans
Back in the Wild, Wild West era of mortgage lending before the housing crisis, NINJA loans (loans given to borrowers with no income, no job, and no assets required) became quite the rage. NINJA loans have disappeared from the market, likely never to be seen again, but one lender is about to bring back a similar ghost of the mortgage market’s past: the NINA loan.
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Computer vision research led to SoftWorks AI's mortgage automation software

Trapeze for Mortgage Automation increases touchless automation with a high level of precision
Executive Conversations is a HousingWire web series that profiles powerful people in the financial industry, highlighting the operations and the people that make this sector tick. In the latest installment, we sit down with CEO of SoftWorks AI Ari Gross to discuss how his background in machine perception and computer vision research shaped the development of the company's mortgage automation software.
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Home Point Financial acquires Platinum Mortgage’s wholesale division

Growth continues for Home Point
The last few years have been a period of growth for Home Point Financial. It began back in early 2015, when Home Point announced the acquisition of Maverick Funding, with Maverick’s business becoming Home Point’s initial mortgage banking platform. And it appears Home Point has no plans to slow down.
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Ben Carson's senior advisor leaves HUD for FHFA

Adolfo Marzol to work under Calabria as principal deputy director
Adolfo Marzol, senior advisor to the Department of Housing and Urban and Development Secretary Ben Carson, has left the agency for a new gig in housing finance. The Federal Housing Finance Agency announced Tuesday that Marzol has already assumed the role of principal deputy director, reporting to the agency's new director, Mark Calabria, who was sworn in Monday.
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Republican tax bill likely curtailed 2018 home sales, Fed economists say

Housing market should have been able to “shrug off” last year’s rate gains
Republican tax reform that capped mortgage and property deductions has curtailed the housing market, according to a blog post from economists at the Federal Reserve Bank of New York. While a 7.6% decline in the sales of new single-family homes from 2017’s fourth quarter through the end of 2018’s third quarter could be attributed to a 70 basis point rise in mortgage rates, the drop was larger than periods of similar rate gains in 2013 and 2016.
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Tim Gillis joins ServiceLink as VP of capital market sales

Brings more than 25 years of industry experience to company
ServiceLink announced it has brought on Tim Gillis to serve as the company's new vice president of capital market sales. "We're thrilled to have Tim on our team. His extensive contacts and knowledge within the Capital Markets and Single-Family Rental space add additional depth to our Default Sales team," said Miriam Moore, ServiceLink's division president, default services.
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