CFPB shuts down California credit repair company for lying to consumers

Prime Marketing Holdings, a California credit repair company, was already on the radar of the Consumer Financial Protection Bureau, as several of its associated companies were fined earlier this year by the Bureau for misleading consumers and charging illegal fees for credit repair services. Now, the CFPB is doling out its punishment against Prime Marketing and banishing the company from the credit repair business.
Source: HousingWire Magazine

Direct homebuyer Opendoor getting into mortgage business

Late last year, Opendoor, an online marketplace that buys homes directly from homeowners, announced that it raised $210 million to fund the company’s expansion beyond the two markets where it initially launched. The company currently operates in Phoenix and Dallas-Fort Worth, but back said that it planned to expand to 10 new markets this year. As it turns out, that’s not the only way that Opendoor plans to expand; the company is also getting into the mortgage business.
Source: HousingWire Magazine

How the increasing nonbank origination share is changing the housing market

The share of nonbank originations in the housing market increased significantly to 60% over the past five years. And this increasing share of nonbanks is changing the housing market by opening the credit box.
Source: HousingWire Magazine

CFPB announces annual dollar thresholds under TILA regulations

The Consumer Financial Protection Bureau announced on Wednesday its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act regulations. While the changes go beyond just mortgage finance, they are a part of the annual changes. The changes go into effect on Jan. 1, 2018.
Source: HousingWire Magazine

Hey lenders, are you ready for 5.2M more homeowners?

By 2025, it is predicted that there will be 5.2 million more homeowners. And of this number, people born in the 80s and 90s, also known as Millennials, are expected to dominate the home-buying market. So what does the mortgage industry need to do to meet the upcoming demand? A recent HousingWire webinar asked three experts to talk about what the future looks like for the industry.
Source: HousingWire Magazine

Here are the top 10 metros where Millennials are moving

Data from the U.S. Census Bureau shows Millennials do not move as often as young people from previous generations. In fact, data from the U.S. Census Bureau shows the mobility rate for young people currently sits at the lowest rate in 50 years. But for Millennials who do choose to migrate, here are the top 10 metros where they are moving.
Source: HousingWire Magazine

Former Michigan housing commission exec admits to stealing Section 8 funds

The former executive director of an affordable housing commission in Michigan admitted in court this week to stealing more than $336,000 in federal funds, including $162,000 that was meant for the Section 8 housing program. Additionally, Lorena Loren admitted to using the commission’s two credit cards to make unauthorized purchases of personal items for herself and relatives from Amazon, Walmart and Sam’s Club stores, to the total of $166,000.
Source: HousingWire Magazine

Executive Conversation: Javid Jaberi on a healthy real estate marketplace

As market conditions change, marketplaces should provide an accurate read on pricing and the efficiency of selling. In a healthy marketplace like Auction.com, buyers continue to find the opportunities they seek, sellers receive market prices and qualified bids early and often, and the process of transferring ownership through the marketplace remains effective and risk-free.
Source: HousingWire Magazine

What do HUD's reverse mortgage changes mean for FHA mortgage insurance premiums?

Since the suspension of mortgage insurance premium cuts back in January, the Trump administration has been silent on any plans to ever bring it back. But that silence finally broke on Tuesday when HUD discussed updates to its reverse mortgage program. From the outside, the updates don’t involve FHA mortgage insurance premiums, but do provide an overall assessment of the health of the FHA’s Mutual Mortgage Insurance Fund, which is essential to any future cuts.
Source: HousingWire Magazine

Comment on Lenders (and AMCs) Responsible for Appraisal Quality? by Tim In Fla

Mr. Bassi is correct on all counts. The AMC goal is to find the cheapest and fastest as long as there is a valid license and E&O they are good. BTW, I don’t submit work samples to anyone. By the time I redact all the info that would be required under the The Confidentiality Requirement they would be useless. When the system backs up on a poor report and sent back to the lender the lender kicks it to the AMC and the AMC kicks it to the appraiser with the stated issues found. Likely selection of comparable properties is also on the list as the author notes. So now its on the appraiser who was just following the Assignment Conditions and Requirements of the AMC in the first place. Provide two sales within a mile, sold within 90 days, one sale within a mile can be over 90 days and one comparable listing that a Realtor priced that is way over the opinion of value. Low fee, quick turn. This makes it through the AMC check and the appraiser doesn’t have to fight for days trying to make this stupid requirement work. Even if there is a model match either over 90 days or over 1 mile, same builder, same model same type lot, verified sale. Somehow this doesn’t make it into the report but is caught in QC somewhere. Field appraisers should remember its there responsibility to provide sufficient data to solve the problem. Know this, the AMC will throw you under the bus. They will claim their set of criteria is not “hard and fast” and they rely on the appraiser. So if your churning out round peg in the round hole, low fee, quick turn, check box appraisals you do so at your peril. No one will come to your aid. Post closing QC reviews are a very real thing even months or years past closing. I have done that type of work and the fee’s and turn times are more than gracious. Way above the original appraisers fee and typical double or even triple time for completion. Buy backs happen all the time. The AMC will simply remove you from their list and find the next cheap and fast appraiser to fill the void. Apparently there remain plenty out there.

Source: Working RE Magazine