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National Mortgage News

 

Stream of Mortgage Layoffs Continues

 

In addition to some of the high-profile rounds of mortgage layoffs previously reported, a stream of less prominent staff reductions are beginning to add up for the industry.

In August, Wells Fargo & Co. disclosed that it was eliminating 638 mortgage positions. While details about impacted locations were initially sparse, reports subsequently emerged providing a clearer picture.

In a filing with the Maryland Department of Labor, Licensing & Regulation as required by the Worker Adjustment and Retraining Notification Act, Wells revealed that 43 of the layoffs were in Frederick.


Free Credit Freeze From All 3 Bureaus

 

Following last year's disclosure by Equifax that information was stolen on an estimated 143 million U.S. consumers, a provision for free credit freezes was included in legislation to roll back some of the more burdensome provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

While the Economic Growth, Regulatory Relief, and Consumer Protection Act -- which was signed into law by President Donald Trump in May of this year -- was viewed as good for financial services entities and bad for consumers, it required that the credit bureaus provide consumers with the ability to freeze their credit at no charge.


Mortgage Staffing, Servicing Grow at Alaska USA

 

Mortgage employees on Alaska USA Federal Credit Union's payroll increased from the prior quarter and a year prior, as did residential loan servicing.

At the middle of 2018, the financial institution serviced 27,385 single-family loans with an aggregate unpaid principal balance of $5.272 billion.

Anchorage, Alaska-based Alaska USA revealed the details as part of the Mortgage Daily Second Quarter 2018 Mortgage Origination Survey.


Best Mortgage Jobs

 

Among the hundred best jobs in the nation are several that are found at home lenders -- including positions in compliance and technlogy. Also making the list were loan originators.

At the top of the ranking among all industries was software developer, according to U.S. News & World Report LP's The 100 Best Jobs in America.

Software developers have a median salary of $100,800. There are a projected 253,400 positions expected to be filled in the sector over the next decade, and the unemployment rate is 1.6 percent.


Refi Declines Wipe Out Purchase Gains

 

Even though purchase-money production is expected to increase by nearly $50 billion between this year and next year, refinances are expected to decline by more than $60 billion.

When the current quarter ends, a total of $443 billion in loans that are secured by one-to-four family properties are forecasted to have been closed.

Mortgage originations are expected to sink to $370 billion in the fourth quarter then deescalate further, to $328 billion, during the first-three months of next year.


 

Capital Economics: Interest rates expected to climb much higher in 2019

 

Rising interest rates are predicted to slow consumption and investment growth in 2019, according to the latest U.S. economics data from Capital Economics. This spike in market interest rates is already contributing to higher borrowing costs for households and businesses.

Crowdfunding lending platform GROUNDFLOOR raises $4.2 million for itself, through crowdfunding

 

GROUNDFLOOR, a real estate lending platform that raises its loan funds via crowdfunding from the public, recently announced it raised an additional $4.2 million for itself in 2018, ultimately bringing its total for the last two years to $6.2 million.

Consumers can now freeze their credit for free

 

It hopefully just got a little more difficult for scammers to abuse someone’s credit information, because, as of Sept. 21, 2018, consumers can now freeze their credit at all three of the major credit reporting agencies, for free. Consider this one the “Equifax rule.”

Airbnb petitions SEC for rule change to allow hosts to become shareholders

 

Airbnb is asking the Securities and Exchange Commission for a rule change so its hosts can become part owners in the company, according to a report from CNBC’s Sara Salinas. The rule in question is Rule 701, an SEC rule governing equity awards of private companies. The changes proposed would allow “gig economy” workers to take up shares in the company.

Here are 4 "buy" cities for multifamily investment

 

Scouring the nation for your next cash cow multifamily acquisition? Look no further than these four underrated cities RealPage says have great upside. Things are a little too competitive for to be profitable for many investors in the primary markets. RealPage’s picks are not the sexiest markets, but their fundamentals are solid and their growth potential make them worthy candidates for investment.

Apartment List: Housing legislation can't make it through Congress

 

Out of the 10,222 bills introduced so far in the 115th Congress, only 115 of those had to do with housing and of those 115, not a one made it to the Oval Office. According to a report from Apartment List, despite growing national concern regarding the housing affordability crisis, what few potential solutions are being put forth, can’t make through Congress because they are not a priority.

MG Capital adds J.P. Morgan Executive Director Joanna Koutsos to its management advisory board

 

MG Capital, a private equity investment manager focused on Manhattan luxury residential properties, just added J.P. Morgan Asset & Wealth Management Executive Director Joanna Koutsos to its management advisory board.

HousingJobs: Why the job market for loan officers is promising

 

Job hunting can be frustrating. At HousingWire, we want to make the process easier for job seekers in the industry. Our new service, HousingJobs, lists the latest gigs in the housing industry for loan officers, underwriters, processors, loan servicers, and tech and marketing pros. Check out this monthly blog for the latest job postings along with some industry insight.

Restarting motor city

 

Five years ago, Detroit, the principal city in the Detroit-Warren-Livonia, Michigan Metropolitan Statistical Area, was declaring bankruptcy with debt estimates as high as $20 billion. This summer, those troubles seem comfortably in the rearview, according to the latest VeroFORECAST, which shows that real estate values in the nation's 14th most populous MSA are predicted to increase at an average of 6.8% over the next 12 months.

Maxwell launches new API to streamline loan applications

 

Tech 100 winner Maxwell just launched a new loan application and data enrichment API it has dubbed Maxwell ApplyID. According to Maxwell, the new tech enables clients to pre-populate loan application data and develop new customer intelligence capabilities with little to no hassle.

Average homeowner gained $16,000 in home equity in 1 year

 

As the economy strengthens, home values continue to appreciate, and that means homeowners are raking in the equity. A report released Thursday by CoreLogic showed that home equity rose 12.3% year over year in the second quarter of 2018, meaning that the average homeowner saw their equity increase by $16,153 in one year’s time.

Existing home sales held steady in August

 

After falling for four consecutive months, existing home sales held its ground in August, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said that the decline in existing home sales appears to have hit a plateau with robust regional sales.

Freddie Mac: Mortgage rates reach highest level since May

 

Mortgage rates inched forward for the fourth consecutive week, according to Freddie Mac’s latest Primary Mortgage Market survey. Freddie Mac Chief Economist Sam Khater said the 30-year fixed-rate mortgage increased once again to its highest level since May.

Who would make a great Vanguard?

 

As the end of 2018 quickly approaches, there’s no better time to honor those top-level company leaders who have had an incredible year. Haley Knighton, the new program manager for the HousingWire Editorial Awards programs, turned to the expert Caroline Basile, HousingWire’s online editor, to get the inside scoop on what makes a great Vanguard.

EasyKnock lands capital infusion to fuel growth

 

Sell and stay company EasyKnock is gaining some traction, reporting Wednesday that it received a sizable capital infusion to fuel its growth. Founded last year, EasyKnock is one of the many companies that have emerged to help homeowners access their home equity. The company said it plans to use the seed money to facilitate partnerships with mortgage companies, including reverse mortgage lenders, paying them a referral fee for their rejected customers.

Student debt crushes homeownership dreams

 

Student loan debt has racked up a collective $1.5 trillion bill for 44 million Americans, and its crushing people’s homeownership dreams. According to a recent survey by NeighborWorks America, people with student loans are delaying purchasing a home, with many worried about their debt most or all of the time.

Ann Song promoted to senior vice president at LRES

 

National residential and commercial mortgage services company LRES promoted Ann Song, also a winner of the HousingWire 2018 Women of Influence award, to senior vice president of operations.

Cloudvirga launches new mobile POS product

 

Cloudvirga launched a new mobile mortgage point-of-sales solution for loan originators and homebuyers in the purchase mortgage market. The Mobile POS is backed by the same tech that runs the Enterprise POS, which won Cloudvirga a HousingWire Tech100 award.

NestEgg helps senior homeowners access their equity

 

Many older Americans haven't put enough cash aside to support themselves in retirement, and that's why homeownership investment companies are popping up around the country, offering homeowners ways to access their home equity to make ends meet. New York-based NestEgg seeks to do just that with its "sell to stay" program, which hooks homeowners up with an investor, who will buy the house but let them stay there.

Ellie Mae: Refis just went positive for the first time in 2018

 

After taking an absolute beating this year, the refinance market just got its first ray of sunshine in 2018. According to Ellie Mae’s Origination Insight Report, the percentage of refinances closed went up for the first time in 2018 in August.

Housing starts climb higher in August, multifamily housing takes lead

 

Housing starts increased 9.2% in August, according to the latest report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. First American Chief Economist Mark Fleming said the continued year-over-year growth in completions means more homes.

Singapore real estate giant CapitaLand enters U.S. multifamily with $835 million acquisition

 

With rents continuing to rise with little sign of slowing, multifamily real estate in the U.S. is beginning to draw some serious international investor interest, as one of Asia’s largest real estate companies is planning a U.S. invasion of its own. Singapore’s CapitaLand announced Tuesday that it is entering the U.S. multifamily market with an $835 million acquisition of 16 apartment communities in Seattle, Portland, Los Angeles, and Denver.

Home builders group: New tariffs on Chinese goods are a tax on housing

 

New tariffs against China could add $1 billion in costs to goods involved with housing construction. According to CNBC’s Realty Check, the NAHB estimates that of the 6,000 goods under the umbrella of the latest round of tariffs, roughly 600 products, representing $10 billion in goods, are related to the construction of new apartments and homes.

Quicken Loans onboards new agency to head massive marketing effort

 

According to an article from AdAge by Adrianne Pasquarelli and Megan Graham, IPG MediaBrands’ Universal McCann will now be the agency of record responsible for Quicken Loans’ media planning and buying, which Rock Holdings, Quicken’s parent company, has already made considerable investment in.

FTC shuts down real estate websites that allegedly preyed on Section 8 renters

 

The Federal Trade Commission shut down a series of real estate websites that allegedly targeted Section 8 voucher recipients and falsely promised “exclusive” access to rental listings in exchange for a monthly or weekly subscription fee.

 

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