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Loan buybacks haven't disappeared, but they are trending down

The loan repurchase trend that began to sting many mortgage originators in 2022 appears to finally be winding down.

Dane-smith , Alan-qureshi , Alexander-suslov , Nick-volpe , John-levonick , Brett-ludden , Freddie-mac , Pamela-hamrick , Incenter-diligence-solutions , Fannie-mae , Garris-horn , Sterling-point-advisors

Loan officers are dramatically cutting their pay to win clients. It's often illegal.

HousingWire interviewed more than a dozen loan officers, mortgage executives, attorneys to shed light on the practice of LOs falsifying lead sources to gain a pricing edge on competitors.

Washington , United-states , Wisconsin , North-carolina , California , Colgate-selden , Raul-cisneros , Troy-garris , Mayer-brown , Kris-kully , Victor-ciardelli , Garris-horn

CFPB might be over its anti-discrimination skis in Townstone case

CFPB might be over its anti-discrimination skis in Townstone case
americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.

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RESPA enforcement is back — are you ready?

The CFPB takes action against alleged mortgage kickbacks, adding more confusion to the boundaries of RESPA. And many firms are unprepared for increased scrutiny.

United-states , Gretchen-pearson , Francis-riley , Holly-bunting , Troy-garris , Steve-murray , Jerra-ryan , Colgate-selden , Rohit-chopra , Mayer-brown , Mike-golden , Ken-trepeta

Sailing New Seas

Sailing New Seas
nationalmortgageprofessional.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgageprofessional.com Daily Mail and Mail on Sunday newspapers.

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FDIC suing 14 lenders to pay for Washington Mutual-brokered loans

FDIC suing 14 lenders to pay for Washington Mutual-brokered loans
nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.

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Townstone wants CFPB's appeal of a redlining case dropped

Townstone wants CFPB's appeal of a redlining case dropped
nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.

Illinois , United-states , Chicago , American , Richard-horn , James-doty , Franklin-valderrama , Consumer-financial-protection-bureau , Supreme-court , District-court , Us-district-court , Garris-horn

DSCR, HELOC, Automation, Outsourcing, Processing Products; Disaster Updates; Mortgage Apps Drop for 4th Consecutive Week

If I am not borrowing money, the impact of higher rates isn’t a big direct hit to my lifestyle or spending. But if I had a credit card from Kohl’s, paying 30 percent would sure dissuade me from buying something and putting it on “layaway.” Lowe’s? 28.99 percent. Nordstrom’s is over 31 percent! With credit card debt moving about $1 trillion for the first time ever, something has to slow down, right? Today I head to Las Vegas, forecast 103 degrees, and I have already been fielding emails about lenders are selling servicing, busy further cutting costs, or making sure they collect money that is due them (like appraisal fees, as noted in this STRATMOR piece). Some companies are looking to acquire or be acquired. Mergers and acquisitions don’t only happen with lenders. For example, yesterday, in the compliance consulting biz, Firstline Compliance announced that Mark Wilson, Managing Partner, and Dustin Pfluger, Partner and Mortgage Banking Practice Leader at mortgage banking audit, accounting, and tax specialists, CWDL, made a significant strategic investment in the company, joining Troy Garris, Co-Managing Partner of Garris Horn, LLP, and Josh Weinberg, President of Firstline Compliance, as investors in the company. (Today’s podcast can be found here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. Hear an interview with Richey May’s Seth Sprague on the servicing retain versus release decisions and the current environment.)

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Marketing, Database, Cost Reduction Products; UBS MBS Settlement; Webinars This Week; Consumer Spending

Sorry the commentary is a little late this morning. I received an email from my IT department that I needed to change my username and password. It took me a few minutes to remember that I didn’t have an IT department. Beware of those phishing expeditions! Technology… if it weren’t for my pets or grandparents, I don’t know what I’d do for passwords. There are obviously pluses from technology, of course, and thank you to Steve Richman who told me about Canva, a marketing website that appears darned easy to use. How about the darker side of tech, even including today’s “joke” about how card shuffling machines can be influenced and hacked into. (Do you really think virtual Wonder Woman slot machines are random?) Thank you to those who passed along this story about the aftermath of a cyberattack on a Southern California data host for property listing information, Rapattoni Corporation, freezing up real estate transactions and valuations. (Today’s podcast can be found here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services to the mortgage industry for almost four decades. Hear an interview with Servbank’s Sherri Higuera on how the servicing industry is investing in technology and innovation.) Lender and Broker Software, Products, and Services FHA proposes to eliminate face-to-face default requirements…. Driven by the success seen during the COVID-19 pandemic, HUD introduced a rule to align “electronic communication technology and mortgager engagement preferences” while eliminating loss mitigation requirements that entail face-to-face borrower engagement. Read our recent blog, “Digitizing Mortgage Default,” to find out how you can experience the future of borrower-centric communications with CLARIFIRE®. Offering a powerful servicing solution, bridging modern communication tools and borrower engagement, CLARIFIRE modernizes your servicing operations and reshapes your organization’s future. Access game-changing capabilities that incorporate personalized borrower interactions delivered through mobile process automation technologies and accessed 24/7 through a user-friendly self-serve portal. CLARIFIRE® is Truly BRIGHTER AUTOMATION®.

Michigan , United-states , Washington , California , Melissa-langdale , Mitch-kider , James-brody , Freddie-mac , Jim-deitch , Robbie-chrisman , Lawrence-yun , Steve-richman

HELOC, Servicing, PPE, Relationship, DPA Products; Events and Webinars This Week

Lending continues to be intertwined with legal and compliance issues. Here’s a story from overnight that is catching a lot of attention: “Equifax stock falls after saying it received a CID from the CFPB.” The Federal Trade Commission (FTC) agreed to drop its challenge to Intercontinental Exchange Inc.’s (ICE) proposed deal with Black Knight Inc. in a joint stipulation that allows them to work toward a settlement. Lender ToolKit is suing Celebrity Home Loans and MLD. and Meanwhile, lenders and vendors are doing what they can to increase business and tap into new markets, and with that in mind National MI is sponsoring a weekly podcast beginning today focused on offering mortgages to people in their 20s and 30s (Mortgages with Millennials). (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Listen to an interview with Bank of Oklahoma’s Chris Maloney on volatility and spreads, the money supply, and bond over/underperformance.) Lender and Broker Software, Products, and Services Everyday expenses are rising for millions, including many prospective homebuyers saving for a down payment. Mosi Gatling, a top producer at loanDepot, leaves no homeowner behind in the Las Vegas market as she assists mainly first-time, military and low-income buyers moving forward with mortgages supported with down payment assistance. Down Payment Resource shares her story and how her team of six does nine figure volume by working closely with Diane Arvizo of the Nevada Rural Housing Authority in Doing Well While Doing Good. We think this is a great example of one thing happening in Vegas that shouldn’t stay there. Read the full story here.

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