Lending

Did Mick Mulvaney just drastically change how the CFPB enforces fair lending laws?

Reportedly strips Office of Fair Lending of its enforcement powers
The way the CFPB enforces fair lending laws could be about to significantly change after CFPB Acting Director Mick Mulvaney reportedly stripped the bureau’s Office of Fair Lending of its enforcement powers. Former CFPB Director Richard Cordray, Sen. Elizabeth Warren, and fair housing groups bemoaned the move.
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Fifth-Third Bancorp elects new chairman of the board

Greg Carmichael to take over effective immediately
Fifth-Third Bancorp announced it elected its next chairman of the board of directors, Greg Carmichael. Carmichael will take over as chairman effective immediately, and will replace Marsha Williams, who will move into the position of lead director.
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Walter Investment CEO resigning, next CEO will be company’s 5th in 2 years

Company also plans to change name to Ditech Holding Corp.
For the fifth time in just over two years, Walter Investment Management Corp. is looking for new CEO. The nonbank announced late Thursday that Anthony Renzi, who took over in September 2016, is leaving the company. The company also disclosed Friday that it is leaving the name Walter Investment behind as well.
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Employment surges in January lead by construction jobs increase

Average hourly earnings increase at fastest pace since 2009
Jobs increased in January, lead in part by gains in construction employment. But experts were especially interested in this month’s wage growth, which posted the highest annual increase since 2009. However, not everyone saw January’s wage growth as a positive sign.
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Redfin Mortgage now available in Virginia

Online real estate brokerage continues expansion of lending operation
Redfin is expanding its mortgage lending operation again. Initially, Redfin Mortgage was available in Texas. Then, the company expanded to Illinois, Washington, D.C., and Pennsylvania. Redfin announced Thursday that it is now offering mortgages in Virginia as well.
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How social enterprise is going to rebuild homeownership

Nonprofits touch hundreds of thousands of potential first-time homebuyers
Everyone from homebuilders to mortgage lenders and real estate professionals want to see the homeownership rate increase. These traditional pillars of the market are retooling their products and services and hoping for success. But another, often overlooked, player in the market is reconfiguring its business in order to put more wind in the sales of homeownership.
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