2017 has been the strongest purchase-mortgage market in years and momentum didn’t slow much in the third quarter, but the first-time buyer surge may be weakening.
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Under new management, the Consumer Financial Protection Bureau this week took action that may be a harbinger of a more laissez-faire approach to regulatory enforcement.
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For the most part, the sale of bulk mortgage servicing rights has been sluggish during the fourth quarter, but dealmakers are anticipating the torpor may soon end.
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Despite industry worries that the struggle over the leadership of the Consumer Financial Protec-tion Bureau might derail congressional efforts to enact regulatory relief legislation, the Senate Banking, Housing and Urban Affairs Committee did just that this week, with 16 ayes prevailing over seven nays.
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The recent announcement that New Residential Investment Corp. will buy the New Penn mort-gage banking operation of Shellpoint Partners is fueling speculation that more publicly traded real es-tate investment trusts might dive into the business of residential lending.
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An intensive burst of lobbying helped mortgage servicers avoid adverse consequences in the tax reform bill passed by the Senate late last week. But housing-industry representatives continue to warn that the legislation would lead to home-price reductions and reduce incentives for homeownership.
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Mortgage lenders are looking at new products and new business lines to offset an anticipated 26.0 percent drop in refinance business next year.
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Guaranteed Rate is accusing a former top executive of raiding talent at the Chicago-based firm by planning a mass exodus of key employees for a newly launched competitor across town. But Joseph Caltabiano, the company’s former senior vice president of mortgage lending, denies the allegations.
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The Mortgage Bankers Association has raised concerns that new technology projects at Fannie Mae and Freddie Mac could infringe on the primary market – taboo territory for the two government-sponsored enterprises.
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