Articles by Ben Lane

Navy Federal Credit Union names Mary McDuffie president and CEO

McDuffie promoted from chief operating officer
Navy Federal Credit Union is about to have a new leader. The world’s largest credit union announced Thursday that it is promoting Mary McDuffie to serve as its new president and CEO. Previously, McDuffie served as the credit union’s chief operating officer.
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Vacation rental management company Vacasa raises $64 million

Company manages portfolio of more than 10,600 vacation homes
Vacasa, which bills itself as the “largest vacation rental company” in North America, recently raised $64 million to power its future growth. According to the company, despite its size, the company only represents 2% of the total vacation rental market. And it views that as a big opportunity moving forward.
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Former LandCastle Title CEO Nat Hardwick found guilty of embezzling $26 million

Hardwick accused of taking $26 million from now-bankrupt law firm’s accounts
Nathan (Nat) Hardwick, the former chief executive officer of LandCastle Title and former managing partner of Morris Hardwick Schneider, was found guilty late last week of embezzling more than $25 million from his former companies, bringing an end to a massive scandal that destroyed a prominent real estate firm and left hundreds of people without a job.
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Nomura paying $480 million in settlement over pre-crisis mortgage bonds

Accused of misleading RMBS investors, including Fannie Mae and Freddie Mac
Nomura Holding America and several of its affiliates will pay $480 million in a settlement with the Department of Justice over the companies’ mortgage bond activities in the run-up to the financial crisis. The DOJ claimed that Nomura misled investors, which included university endowments, retirement funds, federally insured financial institutions, Fannie Mae, and Freddie Mac, about the quality of the underlying loans between 2006 and 2007.
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RealPage to pay $3 million to settle FTC allegations of faulty tenant screenings

FTC claims RealPage screenings could have returned incorrect criminal records
RealPage will pay $3 million in a settlement with the Federal Trade Commission, which accused the real estate tech and data company of providing landlords and property managers with faulty tenant screening results over a five-year period. According to the FTC, RealPage’s screening reports could have shown incorrect criminal records for a prospective tenant because of the company’s limited filtering system on its screenings.
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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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Wells Fargo to begin buying eNotes

Digital mortgage revolution takes big step forward
Wells Fargo, which began accepting digital mortgage applications earlier this year, is about to take an even bigger step into digital mortgages, as the megabank announced Monday morning that it is going to begin buying eNotes (electronic promissory notes). To facilitate this expansion of its mortgage business, Wells Fargo is partnering with eOriginal, a digital solution provider for the mortgage industry and a HousingWire Magazine Tech100 winner in 2018.
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