REwired

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

Monday Morning Cup Of Coffee: Mulvaney's CFPB losing interest in payday lenders?

Are you surprised?
Is Mick Mulvaney's CFPB easing up on payday lenders? The agency has dropped its case against one such lender and is mulling over dropping the cases of three more. Also, JPMorgan Chase predicts the turbulent market will calm down heading into the second quarter while S&P Global Ratings notes that falling housing profits over the last four quarters may be a side effect of fewer lenders easing credit standards.
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Ask the Underwriter: Can personal property be included on the sales contract?

It varies by loan type
Your borrower finally found the perfect house! They send you a copy of the executed sales contract and everything is great…until you notice that the window treatments are listed as personal property to be included in the sale. Suddenly, you’re having flashbacks of your underwriter losing their $^!# because the last sales contract you sent included a lengthy list of personal items from the seller’s “Custom Man Cave” to be included in the deal. These are just window treatments though… no big deal… or is it?! Keep reading to find out!
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Dear Lenders: Social media is all or nothing

Brand building takes time
Investing in a social media strategy is an all or nothing play if you are in real estate or lending. It is especially important if you are in this business for legacy because brand building takes time. Either you are going to take the time to brand yourself correctly, or you are just wasting your time and, by extension, money.
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What would happen to mortgage lending if interest rates doubled?

It happened once before in the 80s, remember?
[Op-ed] At its most extreme point in 1980, mortgage rates experienced a 50% year-over-year increase. What would happen to home sales if the same, albeit unlikely, scenario were to occur again? First American Chief Economist Mark Fleming answers that question for our readers.
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Monday Morning Cup of Coffee: Gloves come off in Warren vs. Mulvaney

CFPB architect accuses acting director of being evasive and misleading about agency
The battle between Sen. Elizabeth Warren, D-Mass., and CFPB Acting Director Mick Mulvaney just hit a whole other level. Warren, the architect of the CFPB, accused Mulvaney of ignoring or providing “evasive, misleading, or incomplete answers” to more than 100 questions asked of him by Democrats about the CFPB's activities. But Warren’s letter isn’t just tough talk. As the kids say, she’s got receipts.
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Here's how loan officers can gauge the aggregate level of price competition in the mortgage market

New index from LendingTree measures the spread in the APR of the best offers
More competition is the theme for 2018 and LendingTree has created a way for loan officers to gauge the aggregate level of price competition in the market in real time. Released weekly, LendingTree's Mortgage Rate Competition Index measures the spread in the APR of the best offers available on LendingTree relative to the least competitive.
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Don’t be a headline reader

Read the whole story
[Op-ed] We're all short on time but don't let that deter you from reading the whole story. Headlines are great for short attention spans and cliff notes, but not for understanding the importance of the details. You are going to have to take the time to dive deeper into subjects if you want to grow your business and hit that next level.
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Nonbank mortgage lenders still misunderstood in mainstream media

United Wholesale Mortgage CEO speaks up for our community
[Op-ed] Mortgage lending is still often maligned in the mainstream press. When will coverage begin to accurately reflect all the hard work we, as lenders, put into getting Americans into homeownership? Here, Mat Ishbia, the CEO of United Wholesale Mortgage, calls out a CNN report that gets it so wrong.
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