Lending

Fannie Mae warns of raft of fake employers being used on borrowers’ mortgages

10 new potentially fake companies are showing up in mortgage documents
A few months ago, Fannie Mae issued a warning to lenders, cautioning them of more than 30 employers that were showing up on borrowers’ mortgage documentation that appeared to be fake. Those potentially fake companies were generally located in the Southern California and Los Angeles County areas, but it appears that the fake company problem is now moving north.
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Trump administration to cut 40 government finance employees

Looks to cut Office of Financial Research budget by 25%
The Trump administration announced Wednesday to 40 government employees of the Office of Financial Research they would be laid off. The office, which is charged with identifying looming financial risks, told the employees the layoffs are part of a broader restructuring of the agency.
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Celebrity Financial finalizes mortgage company acquisition

Midwest Equity Mortgage purchase completed
Celebrity Financial has finalized its acquisition of independent mortgage lender Midwest Equity Mortgage. When the purchase was announced in June, Celebrity said it was going on an acquisition tear, starting with its purchase of Midwest Equity Mortgage, with additional plans to purchase companies in several industries, including banking, fintech, insurance and capital markets, over the next 12 to 24 months.
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[VIDEO] My experience at the Ellie Mae Classic

Celebrities and mortgage execs hit the links for a good cause
I landed in San Francisco on Monday to report at the fourth annual Ellie Mae Classic, a celebrity golf tournament that supports the Mortgage Bankers Association's Opens Doors Foundation. I spent the day connecting with industry players at TPC Stonebrae, where the lush golf course rolled into breathtaking views of the San Francisco Bay.
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Gateway Mortgage to acquire Oklahoma's Farmers Exchange Bank

The acquisition will create one of the top five banks in Oklahoma
With an eye on long-term growth posturing, Gateway Mortgage Group has entered into an agreement to acquire Oklahoma’s Farmers Exchange Bank. With the acquisition, Gateway anticipates the ability to expand the resulting bank’s suite of services and lower the costs of those services for consumers.
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Would a reverse mortgage by any other name smell… sweeter?

Maybe the name is holding the product back
It comes as a surprise to…well, no one, that reverse mortgages come with some deep-seated negative connotations attached, which is why the industry has long debated the so-called “name problem.” Unfortunately, an issue like this is kind of a hard one to get around.
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CFPB joins global fintech regulation effort

Regulators look to trial cross-border solutions
The CFPB announced it will begin working with other regulators across the globe on fintech regulation efforts. The bureau will be working in collaboration with 11 other financial regulators across the world in their new initiative to create the Global Financial Innovation Network.
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Inside look: Freddie Mac's new affordable rent program and its effect on the multifamily market

Here's how the new program addresses affordable housing and return on investment
In a multifamily market struggling to stem the affordable housing crisis, Freddie Mac rolled out a new financial product for multifamily properties that is meant to keep rents affordable for 10 years. HousingWire brings you an inside look at the program, courtesy of its designers at Freddie Mac.
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