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Did the clock just officially start ticking on Richard Cordray’s tenure as CFPB Director? CFPB announces payday lending rule; industry speculates on Ohio bid

Did the clock just officially start ticking on Richard Cordray’s tenure as CFPB Director? CFPB announces payday lending rule; industry speculates on Ohio bid

October 5, 2017-Brena Swanson-After much anticipation, the Consumer Financial Protection Bureau published its finalized rule on payday lending on Thursdsay.The rule, while outside of the mortgage world, is still a big deal and is likely to face just as much backlash as the bureau’s previously announced arbitration rule.And if the rule follows the same path as the arbitration rule at all, it’s headed straight to Congress to be debated and possibly overturned.Congre...
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Wells Fargo to refund borrowers who improperly paid mortgage fees Pinpoints borrowers who received mortgage rate lock extensions

Wells Fargo to refund borrowers who improperly paid mortgage fees Pinpoints borrowers who received mortgage rate lock extensions

October 4, 2017- Brena Swanson-Wells Fargo announced plans to refund borrowers who wrongly paid fees for mortgage rate lock extensions requested from Sept. 16, 2013, through Feb. 28, 2017.The plans to refund mortgage borrowers came out Tuesday as the U.S. Senate Committee on Banking, Housing and Urban Affairs grilled Wells Fargo CEO Tim Sloan over the its massive fake account scandal last year.During the hearing, Sloan mentioned the plans to refund borrowers amid continu...
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Fannie Mae, Freddie Mac suspend foreclosures and evictions in wake of Hurricane Harvey GSEs halt foreclosure efforts in affected areas for 90 days

Fannie Mae, Freddie Mac suspend foreclosures and evictions in wake of Hurricane Harvey GSEs halt foreclosure efforts in affected areas for 90 days

August 29, 2017-Kelsey Ramírez Hurricane Harvey hit South Texas as a Category 4 storm, the first major hurricane to make landfall in the U.S. since 2005.In addition to the lives tragically lost, estimates show the damage could total in the tens of billions of dollars, according to a report, RMBS 2.0 Exposure to Hurricane Harvey Affected Counties, released by Kroll Bond Rating Agency.CoreLogic, a leading global property information, analytics and data-enabled solutions provider, ...
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What should a buyer who wants to fix and flip houses do now?

What should a buyer who wants to fix and flip houses do now?

There are still plenty of opportunities for fix and flip buyers to reap substantial profits in California. California home prices have increased an average of 6.3 percent over the past year and they will most likely continue to increase.
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A Mortgage Mystery: What Happens to ARMs When Libor Goes Away?

A Mortgage Mystery: What Happens to ARMs When Libor Goes Away?

By Christina Rexrode Published August 07, 2017 Features Dow Jones Newswires-he Libor index is going away. For U.S. consumers, its demise is most likely to be felt in adjustable-rate mortgages.So-called ARMs -- where the interest rate rises and falls with broader indexes -- are often closely tied to Libor, or the London interbank offered rate. While ARMs are out of favor these days, they are still a sizable portion of the mortgage market, and once Libor disappears it is unclea...
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PHH reaches $75 million settlement with DOJ over False Claims Act violations Whistleblower awarded $9 million

PHH reaches $75 million settlement with DOJ over False Claims Act violations Whistleblower awarded $9 million

August 8, 2017- Brena Swanson--PHH Corp. announced it finally settled with the U.S. Department of Justice on behalf of the Department of Housing and Urban Development and separately with the DOJ on behalf of the U.S. Department of Veterans Affairs and the Federal Housing Finance Agencyin order to resolve certain previously disclosed matters regarding legacy mortgage origination and underwriting activities.As a result, PHH will pay approximately $75 mi...
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Fed elects to hold off on interest rate hike But increase still expected in December

Fed elects to hold off on interest rate hike But increase still expected in December

July 26, 2017- Kelsey Ramírez-As expected, the Federal Reserve released its decision to hold off on any increases to the federal funds rate in July.  The Federal Open Market Committee started its July meeting on Wednesday to discuss the current state of the U.S. economy. The committee voted to keep the federal funds rate at its current range between 1% and 1.25%.From the committee’s statement:In view of realized and expected labor market conditions and inflation,...
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