REwired

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Open commentary on everything impacting the U.S. housing economy. The opinions expressed here represent the author's alone.

Bank of America’s problem with loan officers (and vice versa)

Toxic work culture is not the bank's only mortgage troubles
So BofA is still doing mortgages, just the way in which they’re now categorized is “immaterial”? Such language comes as no surprise to loan officers. It didn’t take me long to find one who has a problem with Bank of America. In a message on LinkedIn, the LO tells me that, as a loan officer who has been on both sides — wholesale and retail — she’s never had a good experience with Bank of America. Here's why.
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Trend spotting: Appraisers take issue with Fannie Mae's Collateral Underwriter

Still several mortgage lender benefits to using this tool
[Op-ed] Is it fair to have 10 different appraiser's reports on a property and then for the lender to use that knowledge against an individual appraiser and question their ability to provide an accurate report? Appraisers seem to think it is unfair or perhaps altogether irrelevant. As an underwriter, here's one trend I'm seeing.
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Monday Morning Cup of Coffee: Goldman Sachs buys startup Clarity Money to bolster Marcus

Plus, more on the AIME/Blend partnership for brokers
It's the start of a new week, but the news couldn't wait for Goldman Sachs, which announced on Sunday it purchased personal finance startup Clarity Money (and its 1 million users) to boost its consumer-lending business Marcus. Plus, more on the Blend and AIME partnership for brokers and a new mortgage servicing rule goes into effect this week.
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For loan officers who want steady business in 2018, it’s time to embrace cash-out refinances

Lenders hoping to boost their refi business this year need to change the way they sell
Remember when it was easier to sell homeowners on refinances? Mortgage interest rates were low enough that most owners could save money each month with a traditional rate and term refinance. As interest rates have risen, that has changed and lenders hoping to boost their refi business this year need to change the way they sell. Instead of promoting the savings homeowners can get from lower interest rates, they may consider trying a new angle...
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Reimagining the mortgage lending experience

Loan Officers: It's about more than your mortgage app!
Are you talking about your new mortgage app, or your new digital mortgage app, going paperless, or portals? A lot of LOs are, which is why I believe they are completely missing the point.
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Should borrowers be charged AMC fees and appraiser fees separately?

There are two sides to mortgage lending valuations at play here
The appraisers I speak to paint the AMCs as part of some large conspiracy to nickel-and-dime their way to big profits. The AMCs I speak to believe they are vital to maintaining the arms-length regulatory requirements set forth by Dodd-Frank. Are the AMCs hiding something? Maybe, maybe not. But, there is certainly something missing.
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HW's Women of Influence nominations are now open!

Applications open through April 27
HousingWire is now accepting nominations for its annual Women of Influence awards. First introduced in 2010, this award honors women in the housing and mortgage finance industry who are changing the game. The women chosen for this award are movers and shakers in the housing economy. They may all work in different areas, such as lending, servicing, real estate and investing, but they all have one thing in common: excellence.
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King County is king, and counting

Seattle continues to lead in home price growth
Seattle's rate of real estate appreciation has topped the national charts for more than a year and, based on the latest quarterly forecast from Veros Real Estate Solutions, will stay there for the next 12 months. Here is a breakdown on real estate growth in Washington's King County.
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