Articles by Ben Lane

Senior execs at Vanguard Funding admit to embezzling $8.9 million

CFO and COO plead guilty to using warehouse loans for personal expenses
The former chief operating officer and chief financial officer of a New York mortgage lender admitted in court this week that they conspired to misappropriate more than $8.9 million from warehouse lines of credit that were meant to fund mortgages. Each now faces up to 20 years in prison.
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House approves changes to TRID rule, loan originator licensing rules

Bill brings changes to SAFE Act rules for nonbank originators
The House of Representatives last night approved a bill that could bring big changes to the mortgage industry, including making it easier for loan originators to move from a traditional bank to a nonbank. The bill would also bring changes to the CFPB’s TRID rule. Here are the full details.
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Roostify raises $25 million to fund growth of digital lending platform

Powers digital mortgage process for JPMorgan Chase, others
Roostify, which powers the digital mortgage process for lenders like Guild Mortgage and will soon serve as the backbone of JPMorgan Chase’s digital mortgage process, announced Thursday that it raised $25 million in its Series B funding round. The company plans to use the money to accelerate its growth.
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Mobile digital mortgage platform StreamLoan raises $2 million in seed capital

Company founded in 2015
StreamLoan, a tech company that provides a mobile-focused digital mortgage platform, announced this week that it raised $2 million in seed capital to fund its growth. According to the company, its seed round investors included Acorn Pacific Ventures, Whitespace Capital, Steve Weston, the former CEO of Barclays Mortgage Bank, and Rajiv Krishnarao, the director of finance at Uber.
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CoreLogic hires Quicken Loans’ Pete Carroll to boost lobbying efforts

Will serve as executive for public policy and industry relations
CoreLogic, the property information, analytics and data-enabled solutions provider, announced this week that it hired Pete Carroll to join the company’s government affairs team. Carroll joins CoreLogic from Quicken Loans, where he was an executive vice president of mortgage policy and counterparty relations.
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Fannie Mae needs billions from Treasury for the first time since 2012. What happened?

Credit the Republican tax plan, and much more
If you’ve been playing close attention, you knew this day was coming, but that doesn’t make it any less shocking. Fannie Mae needs money from the government for the first time since 2012. So, how did we get here? The easy answer is to blame the Republican tax plan, and in many ways, that’s correct… but it’s far more complicated than that.
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Real estate technology company Homesnap secures $14 million in funding

Money will be used to boost offerings for real estate agents
Homesnap, a real estate technology company that provides a mobile productivity app and marketing platform for real estate brokers, agents and clients, announced this week that it plans to grow its offerings thanks to $14 million in new funding. The new investment brings the total capital raised by Homesnap to more than $32 million.
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Radian shakes up sales team to push for more business

Adds former MBA Chair David Kittle, former FHLB of Des Moines VP Shelly Schwieso
Private mortgage insurer Radian Group is making some changes to its sales team as it seeks to increase its market share in the mortgage space. Radian, which also offers risk management products and mortgage and real estate services to financial institutions, announced this week that it "reconfigured its sales team to create a unified focus on selling all Radian products and services."
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Fannie Mae selling more than $1 billion in non-performing loans

Sale includes two Community Impact Pools located in Florida
Fannie Mae is continuing to shed non-performing loans from its books, announcing Tuesday that its plans to sell off more than $1 billion in delinquent loans. According to the government-sponsored enterprise, this sale includes three larger pools that include approximately 5,900 loans totaling $1.04 billion in unpaid principal balance.
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Nationstar (aka Mr. Cooper) merging with WMIH Corp. in $3.8 billion deal

WMIH is former parent company of Washington Mutual
For more than 11 years, Fortress Investment Group controlled Nationstar Mortgage, the nonbank now known as Mr. Cooper, via majority ownership in the company’s shares. But that’s about to change. Nationstar announced Tuesday morning that it is merging with WMIH Corp., the former parent company of Washington Mutual in a $3.8 billion deal.
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