Lending

Monday Morning Cup of Coffee: Trump to nominate Kathy Kraninger to lead CFPB

White House confirms OMB official will be named to lead agency
On Saturday, the White House confirmed that President Donald Trump will nominate Office of Management and Budget official Kathy Kraninger to lead the Consumer Financial Protection Agency. Plus, Zillow and Trulia are hit with a patent infringement lawsuit and megabanks are set to pay out more than $170 billion to shareholders.
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Court finally approves Wells Fargo’s $142 million fake account class action settlement

It’s finally final
A federal court has finally given final approval to Wells Fargo’s $142 million class action settlement for the bank’s customers who had a fake account opened in their name. The final approval comes nearly a year after the settlement received preliminary approval by the judge overseeing the lawsuit, and more than a year after the settlement was first announced.
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Expert: Fed will cut interest rates in 2020

But expect 4 more rate hikes before then
Most experts are expecting a total of four rate hikes in 2018, followed by two or three more in 2019. In 2020, however, that could all change. One expert predicted that not only could the economy slow, but the Fed will even cut interest rates in 2020.
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MBA: Delinquencies remain at rock bottom for commercial/multifamily loans

New report shows that delinquencies remain near 0% for five major investor types
Delinquency rates for commercial and multifamily mortgage loans remain about as low as they can get, according to the Mortgage Bankers Association’s Commercial/Multifamily Delinquency Report. Five of the major investor types have delinquency rates hovering near 0%.
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HousingJobs blog: Affordable housing crisis affects the job market

The cost of living outweighs average annual income in major metropolitan cities
Job hunting can be frustrating. At HousingWire, we want to make the process easier for job seekers in the industry. Our new service, HousingJobs, lists the latest gigs in the housing industry for loan officers, underwriters, processors, loan servicers, and tech and marketing pros. Check out this weekly blog for the latest job postings along with some advice from employers, industry tips and more! 
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Equifax taps former IBM executive Bryson Koehler to lead technology efforts

Will serve as chief technology officer
Equifax is continuing to reshape its leadership in the wake of the massive data breach that exposed the personal information of nearly 148 million U.S. consumers to hackers. Back in February, Equifax added a new chief information security officer, replacing one of the executives who left after the breach. Now, the company is adding another executive to help move the company forward.
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Movement Mortgage launches innovative technology competition

Competitors could win $25,000
Movement Mortgage launched its inaugural Movement Crowdsource Challenge, a competition to develop a new mobile operating system for loan officers. Ten technology firms will have the opportunity to win $25,000 prize, and a contract to co-develop the solution into a full-scale commercial product.
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5 key tech tools to engage your modern homebuyer

Handy checklist for LOs
[Expert commentary] One in five Millennials use their smartphones exclusively to shop online for all products, not just homes and home loans. It is time for mortgage companies to recognize and update their marketing and customer experience to reach the modern consumer. Here are some valuable tools and strategies to use.
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