GE claims it reached $1.5 billion settlement with DOJ over WMC subprime loans

It appears that General Electric may finally be close to putting its shuttered subprime lending unit completely in its past. It’ll just cost the company $1.5 billion to do so. GE revealed Thursday that it reached a tentative agreement with the Department of Justice that would see GE pay a fine of $1.5 billion for the lending activities of WMC Mortgage.
Source: HousingWire Magazine

Housing market off to slow start in January

New data from Realtor.com indicates that the housing market is off to a slow start, as 15% of U.S. listings experienced a price cut in January. Realtor.com Chief Economist Danielle Hale said that although the market is slowing, “it’s important to remember that we’re coming off of four straight years of inventory declines that pushed the market to a record low availability of homes for sale.”
Source: HousingWire Magazine

FHFA names new chief of staff

The Federal Housing Finance Agency has named John Roscoe its new chief of Staff. Roscoe worked previously at the Ohio Treasurer’s Office and on the presidential campaigns for Mitt Romney and President Donald Trump.
Source: HousingWire Magazine

Better Mortgage raises $70 million, led by American Express

Digital mortgage company and 2018 HW Tech100 winner Better Mortgage already boasts one of the biggest names in financial services as one of its backers: Goldman Sachs. And now, another financial giant is jumping on board. Better Mortgage announced Thursday that it raised $70 million in its Series C funding round, which was led by American Express Ventures and the Healthcare of Ontario Pension Plan.
Source: HousingWire Magazine

Mortgage Tech Rundown: Vendorly, ComplianceEase and more

Mortgage Tech Rundown looks at the latest news in mortgage technology, featuring new product updates, integrations and announcements. This week, we take a look at announcements from Vendorly, ComplianceEase and more.
Source: HousingWire Magazine

Ginnie Mae hits loanDepot with VA mortgage restrictions

Beginning February 1, loanDepot will be restricted from including its Department of Veterans Affairs single-family loans in the Ginnie Mae guarantee pools. The action comes as part of Ginnie Mae’s continuing effort to control loan churning among VA loans. loanDepot said it will comply, though it disagrees with the action. Read for more details.
Source: HousingWire Magazine

Home Builders: Confidence in Baby Boomer home sales strengthens

Builder confidence in the housing market for those aged 55 years and older strengthened in the fourth quarter of 2018, according to the National Association of Home Builders. NAHB Chief Economist Robert Dietz said favorable demographics and solid homeowner wealth should continue to support demand for new 55+ housing.
Source: HousingWire Magazine

New home sales rose 16.9% in November, but were still down from 2017

After experiencing the longest recorded partial government shutdown in American history, the Census Bureau and HUD finally released November’s new home sales data. According to their data, new home sales rose 16.9% in November. However, Zillow Senior Economist Aaron Terrazas said that even after an autumn that proved stronger than first reported, new home sales were poised to end 2018 down decidedly from a year ago.
Source: HousingWire Magazine

Freddie Mac: Mortgage rates creep forward

After weeks of moderate increases, mortgage rates continued to creep forward this week, according to the latest Freddie Mac Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said softening house price appreciation, increasing inventory and historically low mortgage rates should give the housing market a boost come Spring.
Source: HousingWire Magazine

Watch: AIME Chair Anthony Casa divests from Garden State Home Loans

The head of the Association of Independent Mortgage Experts, Anthony Casa, is leaving his own mortgage lending business behind to better help independent mortgage brokers. In a video interview with HousingWire Editor-in-Chief Jacob Gaffney, Casa explains why he is divesting from Garden State Home Loans and why he is turning his full attention to AIME, a 42,000-member independent mortgage broker community.
Source: HousingWire Magazine