Freddie Mac: Rising interest rates aren’t holding back homebuyers

Demand for purchase credit remains solid
Interest rates remained steady for the week, but even their significant increase from last year isn’t holding back homebuyers. But Freddie Mac explained the minimal movement of mortgage rates in these last three weeks reflects the current economic nirvana of a tight labor market, solid economic growth and restrained inflation.
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MBA: Mortgage apps continue slide

But VA loan apps increase
Mortgage applications continue to slide downward, falling 0.4%. However, VA loan apps continue to increase, according to data from the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey.
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Angel Oak Mortgage Solutions continues expansion, adds new executives

Additions follow strong first quarter
To keep the pace with its non-prime growth, Angel Oak Mortgage Solutions announced the addition of seven new account executives to expand its coverage nationwide. The additions come on the heels of a record-breaking first quarter for the non-agency lender, and its expansion into commercial and multifamily lending.
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Mr. Cooper announces new AI-driven mobile app for homeowners

Solution seeks to help homeowners optimize debt, save money
Nonbank mortgage lender and servicer Mr. Cooper (formerly Nationstar) announced on Wednesday it plans to launch a new mobile app that utilizes artificial intelligence to reimagine the homeownership experience with tools to help homeowners optimize their personal balance sheets.
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Stearns Lending launches app for brokers

App aims to personalize lending experience
Stearns Lending announced this week the launch of new mobile app that gives brokers and borrowers a platform to digitally streamline the lending process. bsnap, which is free and available to download on both Google Play and Apple’s App store, provides borrowers lending documentation and more.
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Former CFPB Director Richard Cordray secures Democratic nomination for Ohio governor

Trump calls Cordray’s tenure at CFPB a “big failure”
Former CFPB Director Richard Cordray secured the Democratic nomination for Ohio governor with a sizable victory over former Presidential candidate Dennis Kucinich. Cordray will face off against Mike DeWine, Ohio's attorney general, who has the support of President Donald Trump. In praising DeWine, Trump also called Cordray's tenure at the CFPB a "big failure."
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Minnesota's KleinBank reaches settlement with DOJ over redlining allegations

Bank will expand service area to include certain minority neighborhoods
The Department of Justice and Minnesota-based KleinBank reached a settlement agreement covering charges that the bank excluded minority neighborhoods from its service area and engaged in discriminatory lending. Now, despite continuing to disagree with the government’s claims, the bank is settling with the DOJ in order to move forward.
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Civil rights groups sue HUD, Ben Carson for delaying Obama fair housing effort

Groups want Affirmatively Furthering Fair Housing rule reinstated
Earlier this year, a group of 76 civil rights, housing, and community development organizations voiced their displeasure with the Trump administration moving to delay a controversial Obama-era fair housing rule. Now, some of those groups are taking the Department of Housing and Urban Development and HUD Secretary Ben Carson to court to get the rule reinstated.
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