Lending

CoreVest steps up its bridge lending game

Company will now offer bridge lending to multifamily properties up to 150 units
CoreVest announced Monday it expanded its bridge lending platform to include multifamily properties up to 150 units. Citing customer demand for bridge lending, which likely comes from a lack of investor interest in new multifamily construction, CoreVest said it will offer loans in the $250,000 to $25+ million range.
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Monday Morning Cup of Coffee: Federal Reserve Board to vote on lifting Wells Fargo’s growth restrictions

Plus St. Louis Fed President James Bullard says further rate increases aren’t necessary
Following pressure from Sen. Elizabeth Warren, Federal Reserve Chair Jerome Powell has indicated that the Fed's Board of Governors will hold a vote to decide whether or not to lift growth restrictions placed on the megabank. Plus, here's why Capital One putting a stop to mortgage lending is good for its investors.
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LendingTree expands credit repair business, plans to acquire Ovation Credit Services

Consumer credit educator gets off the bench and in the game
LendingTree entered into a definitive agreement to acquire Ovation Credit Services, an online credit repair company, for $20.75 million. Ovation’s claim to fame is its proprietary software that smooths the process of credit repair. Up to now, LendingTree has been on the sidelines operating as an educator and facilitator for credit consumers, but this move puts them on the field and in play.
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Wells Fargo ordered to pay its loan brokers $97 million for violating labor laws

Failed to comply with California laws
A federal California judge ordered Wells Fargo to pay its California home mortgage consultants and private mortgage bankers a total of $97 million for a violation of labor laws. But the bank says it disagrees with the ruling, claiming it plans to appeal based on the court’s lack of understanding of the bank’s compensation plan.
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HUD signals changes could be coming to disparate impact rule

Invites comment on whether HUD rule is “consistent” with Supreme Court ruling
Changes could be on the way for the Department of Housing and Urban Development’s disparate impact rule. The rule, which was enacted by HUD during the Obama administration, is used as a method of enforcing the Fair Housing Act. Now, HUD is planning to invite comment from the public on whether its rule is "consistent" with a landmark Supreme Court ruling from 2015.
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CFPB to dramatically reorganize operational structure

Plans to create new offices and close existing ones
Consumer Financial Protection Bureau Acting Director Mick Mulvaney announced in an email to staff that he plans to reorganize the bureau’s operational structure. And while the CFPB denies the changes represent any practical or even functional change, critics say the restructuring sends a clear message that political appointees are infiltrating the agency with an ideology that will put consumers last.
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Mr. Cooper in the Winner’s Circle: Why we added AI to our new mobile app

Will AI replace humans?
In this episode of In the Winner’s Circle, Editor-in-Chief Jacob Gaffney talks with Kevin Dahlstrom, the chief innovation and marketing officer at Mr. Cooper, about the lending and servicing giant’s new app featuring artificial intelligence, how AI can save customers more than $500 a month, and what it was like to spearhead the company’s rebranding effort.
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