Fidelity National Financial finalizes acquisition of majority stake in Title Guaranty of Hawaii

Fidelity National Financial, the title insurance giant, announced Thursday that it closed on its previously announced acquisition of a majority ownership stake in Title Guaranty of Hawaii, the oldest title insurance company in the state of Hawaii.
Source: HousingWire Magazine

Stewart adds former Nationstar EVP David Hisey as chief financial officer

Stewart Information Services, a real estate services company, announced this week that it added David Hisey as the company’s new chief financial officer. Hisey will also serve as Stewart’s secretary and treasurer. Hisey previously worked at Nationstar Mortgage, serving as the nonbank’s executive vice president, chief strategy and external affairs officer until June 2015.
Source: HousingWire Magazine

MBA: The cost to produce a mortgage falls closer to historic lows

After a strong 2016, independent mortgage banks and mortgage subsidiaries of chartered banks recorded a slow start to the year. However, following seasonal norms, business started to pick up moving into the busy spring home buying season, the Mortgage Bankers Association latest Quarterly Mortgage Bankers Performance report found. On the positive side, this new report shows a shift in the recent rise of total loan production expenses.
Source: HousingWire Magazine

Houston's vacant apartments could house Hurricane Harvey victims

Flood waters swept through Houston this week, displacing thousands of residents, destroying homes and causing record-breaking damage. But despite the displacement of families in the area, one expert explains the cities vacant apartments could be the solution to the problem.
Source: HousingWire Magazine

Former senior execs at FHLB Dallas indicted for defrauding bank of $1.2 million

The former CEO, CIO, and CFO of the Federal Home Loan Bank of Dallas stand accused of defrauding the bank out of more than $1.2 million by allegedly seeking reimbursement for a number of lavish personal trips taken under the guise of business travel.
Source: HousingWire Magazine

Mortgage risk increases come to a halt after 7 months

Mortgage risk for defects and fraud halted in its downward trend in July for the first time after seven months of increases. First American explained one month does not create a trend, so it will be important to see if the market reached a turning point in the long-run trend of increasing defect risk.
Source: HousingWire Magazine

NYDFS cybersecurity rules now in effect for financial institutions

The New York Department of Financial Services reminded financial institutions that the first compliance date of New York’s cybersecurity regulation was on Aug. 28. Financial institutions have had since the start of the year to implement the cybersecurity regulations that are intended to keep financial institutions and their customers safe.
Source: HousingWire Magazine

Wells Fargo scandal deepens: Bank reveals up to 1.4 million more fake accounts

An internal investigation at Wells Fargo revealed that the bank’s fake account scandal is a much larger issue than anyone thought. Nearly a year ago, the bank was fined $185 million for 5,000 of the bank’s former employees opening as many as 2.1 million accounts without authorization in order to get sales bonuses. As it turns out, the number of potentially fake accounts was actually 3.5 million – 1.4 million more than first thought.
Source: HousingWire Magazine

Pending home sales decrease slightly in July

Pending home sales decreased slightly in July, marking the fourth monthly decrease in the past five months and the third annual decrease in the past four months. But the National Association of Realtors explained this drop is not due to the lack of housing demand.
Source: HousingWire Magazine

Speculation rises as CFPB Director Cordray fails to shut down Ohio governor rumors

Speculation around the intentions of Consumer Financial Protection Bureau Director Richard Cordray to run for Ohio governor are reaching a boiling point after he chose not to deny the claims in a response letter to Financial Services Chair Jeb Hensarling, R-Texas. Rather than extinguish all industry rumors, the response letter once again left the industry wondering.
Source: HousingWire Magazine