Lending

Trump appointee resigns from CFPB after blog posts spark investigation

Eric Blankenstien will leave the bureau at the end of the month
A senior official at the CFPB whose racially charged blog posts sparked outrage last year is resigning. In an email to colleagues, Eric Blakenstein said he is stepping down from his post to pursue an unnamed opportunity elsewhere, and the news has some on the other side of the aisle cheering.
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U.S. economic growth may be casualty in trade war with China, Fannie Mae says in new forecast

Mortgage rates will probably average 4.2%, higher than the 4.1% forecasted last month
Fannie Mae, the largest mortgage financier, boosted its forecast for mortgage rates and lowered its prediction for GDP growth for the remaining quarters this year, citing the tariff war with China as a primary reason. GDP growth in the U.S. will probably be 1.7% for the current quarter, down from the 2.1% growth the mortgage giant predicted last month before negotiations over a trade pact with China veered off-course.
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[Pulse] We must improve the QM standard, and this is why

With the GSE patch set to expire in less than 2 years, we need reforms that will even the playing field
The industry should pay attention to bipartisan legislation that would permit lenders to move away from outdated, static requirements and instead document borrower income and debt through the government-approved methodologies already in place in the GSE guides or the FHA, VA, and USDA handbooks.
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Freddie Mac: Mortgage rates hold steady despite mounting economic tension

The 30-year fixed-rate mortgage averaged 4.07% this week
Despite mounting global economic tension, mortgage interest rates are holding steady, according to the latest Freddie Mac Primary Mortgage Market Survey. However, Freddie Mac Chief Economist Sam Khater said modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve.
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How partnering with Compass Analytics helped VanDyk Mortgage to streamline their secondary department

More control led to better incentives and communication with investors
How did VanDyk make sweeping changes to their business while maintaining their commitment to exemplary customer service? To answer this question, we first went back in time to look at a typical day in the life of the company before they implemented the Compass solution.
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Bank of America raises minimum wage to $17 per hour

Bank plans to boost wages to $20 per hour by 2021
When Bank of America’s employees received their bi-weekly paychecks this week, the lowest dollar amount that any of them earned per hour was $17 after the bank officially increased its minimum hourly wage from $15 to $17 this month.
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Want your homebuyer to be able to afford more?

Three reasons why a mortgage broker is your best option
Helping buyers purchase the best home for their hard-earned money has always been the key to real estate success—whether that’s discovering the perfect neighborhood or negotiating the final sale price. The ability to stretch buying power is more crucial than ever, and savvy agents are encouraging buyers to partner with independent mortgage brokers. Here's why choosing a mortgage broker is your best option.
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