Lending

Simplifile appoints new vice president of national accounts

Moats previously served Simplifile as a regional sales director
Simplifile, a provider of real estate documentation and technologies for mortgage lenders, recently announced it has promoted Mark Moats to vice president of national accounts. Moats has worked with the company for nearly 13 years, most recently serving as a regional sales director.
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CFPB considers slapping Wells Fargo with more sanctions

Kraninger "not satisfied" with bank's overhaul
Late last month, Wells Fargo CEO Tim Sloan abruptly stepped down and the rumor mill churned with word that the board sent him packing because of his failure to convince lawmakers on Capitol Hill that the beleaguered bank had turned a new leaf. It appears the rumors were true. CFPB Director Kathy Kraninger announced she is unhappy with Wells Fargo's lackluster attempt to correct its risk management issues and that she is considering her options when it comes to the consequences.
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Non-QM lending on the rise with two more lenders expanding their offerings

NewRez and LoanStream Mortgage increase non-QM presence
Borrowers who do not fit into the Qualified Mortgage box now have an increasing number of options when it comes to finding a lender willing to help them buy a home. Recently, New American Funding and Plaza Home Mortgage increased their offerings and expanded into non-QM lending. Now, two more lenders are increasing their presence in the non-QM lending space: NewRez and LoanStream Mortgage.
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The fully digital mortgage has truly arrived as use of eNotes skyrockets by nearly 5,000%

eNotes registered on MERS system increases substantially in first quarter
For the last few years, there’s been a revolution underway in the mortgage business, as the industry moved closer to a fully digital mortgage, but new data suggests that the digital mortgage is becoming an industry-wide reality. A new report shows that the use of eNotes exploded in the first quarter of 2019, rising nearly 5,000% over last year.
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These two catalysts could spark a surge in home equity use

Here's how low interest rates and a wave of tech IPOs could affect the housing market
This year, two geysers of pent-up wealth are set to erupt, and the ripple effect just might inspire more homeowners to utilize their home equity. That's the theory proposed by Bloomberg columnist Conor Sen in a recent op-ed, in which he examines the possibility that U.S. homeowners might once again embrace debt and leverage now that memories of the financial crisis are beginning to fade. Will 2019 be the year of equity access?
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Freddie Mac: Mortgage rates rise slightly, expected to remain low

The 30-year fixed-rate mortgage averaged 4.12% this week
Mortgage rates continued to rise further for the week ending April 11, 2019, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said despite the recent rise, mortgage rates are expected to remain low, therefore boosting homebuyer demand in the next few months.
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Pulte Mortgage going digital with help from Finicity

Homebuilder’s mortgage arm will use Fincity’s income verification platform
Pulte Mortgage, the mortgage lending arm of homebuilder PulteGroup, is partnering with 2019 HW Tech100 winner Finicity to further digitize its lending process. Pulte Mortgage and Finicity announced this week that the homebuilder will begin using Finicity’s digital income verification platform, which will allow the lender to reduce its processing time for mortgages.
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Hispanics now lead the charge in U.S. household growth

In 2018, the Hispanic homeownership rate climbed to 47.1%
According to a recent report from the National Association of Hispanic Real Estate Professionals, America's Hispanic population now accounts for more than 60% of the growth of the nation’s homeownership rate within the last 10 years.
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Caliber Home Loans fined for allegedly steering struggling homeowners into risky mortgage modifications

Massachusetts claims Caliber offered interest-only loans instead of permanent mods
Caliber Home Loans will pay a $2 million fine and hand out an unknown number of mortgage modifications to borrowers in the state of Massachusetts to settle allegations that the company steered struggling homeowners into risky mortgage modifications.
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