Investments

AFR Wholesale announces partnership with Floify

New partnership could reduce loan processing time by 15 hours per loan
AFR Wholesale and Floify announced Wednesday both companies shook hands on a partnership, and AFR will now use Floify’s point-of-sale technology. AFR’s goal in partnering with Floify is to reduce origination time and increase broker productivity.
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Wall Street worries lead to weakening housing stocks

Analysts reduce price targets as fears of rising interest rates grow
This week, fear of interest rate spikes contributed to a decrease in housing stocks after analysts lowered ratings and price targets for several companies in the housing industry, according to an article written by Jim Bounds for CNBC.
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Former Equifax manager sentenced to eight months house arrest for insider trading

Fined $50,000 and forced to forfeit $75,979 for taking advantage of knowledge of the Equifax breach
Former Equifax Manager Sudhakar Reddy Bonthu was just sentenced to eight months house arrest following his guilty plea admitting he used non-public information to profit off of the credit reporting agency’s massive data breach. Last year, just before Equifax announced that it had exposed the data of more than 148 million American consumers to hackers, Bonthu bought 86 “put” options in Equifax stock that expired on September 15, 2017, ahead of the subsequent drop in Equifax’s stock value in the wake of the breach.
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MBA Annual Alert: Quicken, loanDepot leaders see fintech barrier to Amazon buy-in

Anthony Hsieh and Bill Emerson say mortgage space still has too much friction
Rumors have long swirled that Amazon has eyes on the mortgage business, but industry leaders say it's unlikely the company will dive in just yet. At MBA's annual convention on Tuesday, Hsieh and Emerson said there's still too much chaos in the space, but predict that fintech is on the verge of changing all that.
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Fannie Mae CEO Tim Mayopoulos: Conservatorship has been very successful

On his last day as CEO, Mayopoulos looks back and looks ahead
Despite other prominent housing figures stating earlier that morning that the GSE conservatorship is unstable and undesirable, Fannie Mae CEO Tim Mayopoulos complimented the government on its decision to bail out the companies and place them in conservatorship for 10 years. "Conservatorship has been very successful," Mayopoulos said. "What the government did worked quite well."
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FHA Commissioner Brian Montgomery hints at issues in FHA appraisals

Already seen problems in HECM, but there might be problems in forward too
The FHA has already identified issues in appraisals on reverse mortgages and is taking steps to address the problem. But now, FHA Commissioner Brian Montgomery told the crowd at the Mortgage Bankers Association 2018 Annual Conference in Washington, D.C., on Monday that the FHA is seeing some things in forward appraisals that give him "pause."
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Mnuchin’s top housing advisor says GSE charters should be removed

Craig Phillips: Trump administration working to end GSE conservatorship
Craig Phillips, Department of the Treasury Secretary Steven Mnuchin’s top housing advisor, told the crowd at the Mortgage Bankers Association 2018 Annual Conference in Washington, D.C., on Monday that the Trump administration is working to end the conservatorship of Fannie Mae and Freddie Mac. Here's the plan.
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Janet Yellen: Economy's strong run could last through 2019

Former Fed chair tells MBA crowd she's cautiously confident in economic stability
At the MBA Annual on Monday, former Federal Reserve Chair Janet Yellen told the crowd there are strong indicators that the economy is in a good place. But, she does warn of a few potential flies in the ointment, like overly zealous deregulation, shadow banking and an overheated economy.
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