Articles by Ben Lane

Equifax sets aside nearly $700 million for expected data breach payouts

Books $690 million for settlements, fines
It’s been nearly two years since Equifax first revealed that it had suffered a massive data breach that exposed the personal information of 148 million U.S. consumers to hackers, but the fallout from the breach is nowhere near over. In fact, Equifax just revealed how much it's expecting to pay out to deal with all of those issues – and it's a lot.
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HUD plan to end public housing aid for undocumented immigrants could lead to evictions of 55,000 children

Move could also lead to decrease in available public housing
Approximately 55,000 children could be evicted from public housing if the Department of Housing and Urban Development goes through with a proposed plan to end public housing aid for undocumented immigrants, HUD revealed in a report on the rule change’s potential impact.
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Digital mortgage company Better.com expands to five new states

Now originating in 36 states
Better.com, the digital mortgage company formerly known as Better Mortgage, is on the move again, as the company announced Thursday that it is expanding into five new states. The company added 13 states to its footprint in 2018, and already added four new states earlier this year.
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Fresh off expanding into mortgages, Reali raises millions to continue growing

Real estate startup recently acquired online mortgage lender Lenda
Just a few weeks ago, Reali, a flat-fee real estate startup that operates in California, expanded into mortgage lending when it bought Lenda, an online mortgage lender that launched in 2013 and currently operates in 12 states. And it appears the company has no plans of slowing down, as this week, Reali announced that it raised $9 million to continue expanding.
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Bank 34 abandoning mortgage lending

Plans to shutter nine loan productions offices
It’s getting harder and harder for smaller lenders to make money in the mortgage business. And those tough economic conditions are driving lenders out of the mortgage business altogether. Earlier this week, it was Live Well Financial that announced it was terminating its mortgage origination business. Now, for the second time in less than a week, another lender is abandoning their mortgage business as well.
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Senate to consider expanding fair housing protections for LGBTQ people

Bill would add gender identity and sexual orientation to protected classes
A study released last month showed that same-sex couples are more likely to be denied a mortgage and pay more for one (should they be approved) than heterosexual couples. Now, a new bill in Congress is seeking to address those disparities by adding more fair housing protections for LGBTQ people.
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Republicans move to abolish CFPB

Ted Cruz reintroduces bill to eliminate “farce” agency
If a handful of Republicans in the Senate have their way, the Consumer Financial Protection Bureau will not exist for much longer. For the third time in the last few years, Republicans are trying to kill the CFPB.
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Ginnie Mae considering changes to VA loan rules as refinances continue to soar

Requests industry input on prevalence of VA cash-out refinances
For more than 18 months, HUD, Ginnie Mae, and the VA have been investigating whether certain lenders are aggressively targeting service members and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae even went so far as to issue new rules for VA loan refinances, restricting how soon a loan could be refinanced after its original origination date. And while Ginnie Mae says that those changes have made a positive impact, the agency is also now stating that more changes may be necessary to get the pervasiveness of VA loan refinances under control.
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Cherry Creek Mortgage expands to two new states

Opens new locations in Wyoming and Montana
Cherry Creek Mortgage, one of Colorado's largest mortgage lenders, is expanding into a pair of new states. The lender announced this week that is now lending in Wyoming and Montana after opening offices in each of those states.
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