Ben Lane is the Editor for HousingWire. In this role, he helps set a leading pace for news coverage spanning the issues driving the U.S. housing economy and helps guide HousingWire's overall direction. Previously, he worked for TownSquareBuzz, a hyper-local news service. He is a graduate of University of North Texas.
Earlier this year, Fiserv sold more than half of its mortgage servicing business to private equity firm Warburg Pincus for $395 million. The plan was for the companies to operate the servicing business, called Fiserv Lending Solutions, as a joint venture. And that’s still the case, although the joint venture won’t carry Fiserv’s name anymore.
It hopefully just got a little more difficult for scammers to abuse someone’s credit information, because, as of Sept. 21, 2018, consumers can now freeze their credit at all three of the major credit reporting agencies, for free. Consider this one the “Equifax rule.”
It’s been a rough few years for Wells Fargo and the next few years won’t be much better, for as many as 26,500 of the bank’s employees. That’s because the bank announced Thursday that it expects to see a reduction in headcount of as much as 10% of the company’s workforce in the next three years. The company currently has approximately 265,000 employees, meaning as many as 26,500 could be out of a job by 2021.
Once rumored to be on the Trump administration’s shortlist to lead the CFPB, top Fannie Mae executive Brian Brooks is set to leave the federal government behind for the cryptocurrency industry. Brooks, who has served as Fannie Mae’s executive vice president, general counsel, and corporate secretary for almost four years, is stepping down from that position Friday to become the chief legal officer of Coinbase, one of the world’s largest digital currency exchanges.
With rents continuing to rise with little sign of slowing, multifamily real estate in the U.S. is beginning to draw some serious international investor interest, as one of Asia’s largest real estate companies is planning a U.S. invasion of its own. Singapore’s CapitaLand announced Tuesday that it is entering the U.S. multifamily market with an $835 million acquisition of 16 apartment communities in Seattle, Portland, Los Angeles, and Denver.
The Federal Trade Commission shut down a series of real estate websites that allegedly targeted Section 8 voucher recipients and falsely promised “exclusive” access to rental listings in exchange for a monthly or weekly subscription fee.
As mellohome CEO Chris Heller recently noted, there’s a race afoot to be the dominant player offering a true one-stop-shop for homebuying. There appears to be a similar sprint happening on the rental side of the business as well. Case in point, rental listings site Zumper is preparing to roll out its own end-to-end platform that will allow renters to instantly rent an apartment or a home through its site.
Fannie Mae is adding the former chairman and CEO of BBVA Compass, Manuel “Manolo” Sánchez Rodríguez, to its board of directors, the government-sponsored enterprise announced Monday. Sánchez served as president and CEO of BBVA Compass, a U.S. subsidiary of Banco Bilbao Vizcaya Argentaria, from December 2008 to January 2017.
A New Orleans landlord stands accused of discriminating against families with children after allegedly repeatedly stating that he did not want any teenagers living on the property. The Department of Housing and Urban Development announced late last week that it is charging Earmastine Nelson with housing discrimination for running a real estate ad on Craigslist that stated “NO TEENAGERS PLEASE.”
For the first time since its founding in 2012, National MI will soon be under the leadership of someone other than Bradley Shuster. Shuster, who has served as CEO and chairman of the board since founding the company in 2012, will soon be stepping down as CEO and transitioning to executive chairman. Replacing Shuster will be Claudia Merkle, who the company promoted to president just a few months ago.
When Tim Mayopoulos was vetted prior to joining Fannie Mae nearly 10 years ago in the role of general counsel, board members explained it would only take 12 to 18 months for the company to turn around. That isn’t what it took. It took putting Mayopoulos in charge, years later, to turn the company around. And that’s exactly what he did.
HousingWire began highlighting the unsung heroes of the mortgage finance industry three years ago, recognizing those who continue to make the dream of homeownership a reality for Americans nationwide. Our editorial board selected each of these 40 professionals for their ability to not only transform their companies, but the industry as a whole.
Hispanics have huge purchasing power in the U.S. and the rate of homeownership among this population has grown every year since 2014, reaching 46.2% in 2017. In fact, Hispanics are the only demographic in the U.S. to increase homeownership rates for each of the past three years and are driving gains in the real estate market overall. By understanding the unique needs and expectations of the Hispanic community and positioning yourself to fulfill those needs, real estate professionals can become an important servicer of this consumer demographic and experience related growth.