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FSOC recommends more regulation and liquidity for nonbank servicers

Housing Wire

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. The attention on nonbank mortgage companies have increased since their expansion following the financial crisis of the late 2000s.

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Fannie Mae’s chief economist on housing market outlook

Housing Wire

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Kim: Spreads in the mortgage space are wide. level, mortgage rates will probably run to 4.5%

FHA loan 446
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Figure partners with NovaWulf on proposed reorg of crypto lender Celsius

Housing Wire

Fintech Figure Technologies will partner with NovaWulf Digital Management to provide blockchain technology solutions for a proposed reorganization of troubled crypto lender Celsius. Cagney’s attempt to bring blockchain technology to mortgage lending at scale dates back to August 2021. Figure Acquisition Corp.,

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

Housing Wire

The loan repurchase trend that began to sting many mortgage originators in 2022 appears to finally be winding down, according to a recent report by Sterling Point Advisors and Augment Analytics. A&D Mortgage is one example of an originator that is committed to prefunding quality control reviews.

Loans 417
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Rocket lost money last year, so why are its shares up?

Housing Wire

Rocket Companies , the parent of Rocket Mortgage , lost money in 2023 , but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability. The company doesn’t break out purchase business versus refinances in its earnings reports.

Equity 417
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Cenlar FSB names Michelle DeHart VP of loan operations, escrow

Housing Wire

Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., My objective is to strengthen Cenlar’s escrow area by leveraging technology and automating wherever possible to enhance operational efficiencies and deliver the best outcomes for Cenlar, our clients and their homeowners.” territories.

Loans 370
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Non-QM lenders are racing to stay ahead of rates

Housing Wire

Non-QM lender First Guaranty Mortgage Corp. FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Sprout Mortgage imploded in early July, leaving its employees out in the cold. It has since been sued by its former employees.

Lending 383