Republican lawmakers move to slash CFPB employees pay

One of Mick Mulvaney’s first actions after he took over as acting director of the Consumer Financial Protection Bureau was to institute a hiring freeze, stipulating that the bureau could not hire any new employees for at least 30 days. But if two of Mulvaney’s former Congressional colleagues have their way, the CFPB’s current employees could be left feeling a freeze of their own – vastly reduced salaries.
Source: HousingWire Magazine

New Mexico wants damages from Wells Fargo over fake accounts

The states of California and Ohio aren’t quite ready for things with Wells Fargo to go back to normal in the wake of the bank’s fake account scandal – and it looks like New Mexico isn’t either. The state’s attorney general wants damages from the bank on behalf of the state’s residents that were affected by Wells Fargo’s actions.
Source: HousingWire Magazine

Beyoncè, Jay-Z take out $52 million mortgage from Goldman Sachs

The world’s highest paid celebrity couple just took out a loan of $52 million from Goldman Sachs for the purchase of their mansion in Los Angeles. This means monthly payments higher than even the median home prices in some areas of the U.S. Here’s a picture of the couple’s new $88 million mansion.
Source: HousingWire Magazine

Democrats say fight over acting director of CFPB isn’t over

A federal judge recently sided with President Donald Trump, affirming his right to appoint the acting director of the CFPB. However, Democrats are not happy with the decision, and vow that the fight isn’t over yet. They’re calling on Acting Director Mick Mulvaney to step down and allow Cordray’s pick for acting director to “do her job.”
Source: HousingWire Magazine

Trump taps “impeccable conservative” Marvin Goodfriend to serve as Fed governor

President Donald Trump’s reshaping of the Federal Reserve continued this week when he nominated economist Marvin Goodfriend to serve on the Fed’s board of governors. Here’s more on Goodfriend and what he would bring to the Fed.
Source: HousingWire Magazine

Comment on Adjustments: Sample Size, Relevance and Credible Solutions by AdV

It’s my understanding that the external obsolescence (if any) displayed in the depreciation grid in cost approach is that amount attributable to the improvements. The opinion of site value should already consider the external obsolescence. So if there is external obsolescence there should be loss in value to land and improvements.

Source: Working RE Magazine

Optimal Blue significantly improves data transparency and availability

With Optimal Blue’s Enterprise Analytics, originators finally have an intuitive and convenient centralized reporting mechanism to quickly and efficiently gather information for better decision-making. Originators can measure and compare expectations against their results, to accurately determine if performance is truly aligned with organizational goals. Secondary marketing managers can also benchmark their business channels to easily compare lock volume by product type, loan purpose, note rates, FICO score, and more.
Source: HousingWire Magazine

Freddie Mac: Mortgage rates set to surge as December rate hike looms

Mortgage rates decreased slightly this week, but won’t stay that way for long. Freddie Mac explained the survey concluded just before a surge in interest rates following the latest GDP estimate. Plus, the probability for a December rate hike from the Fed nears 100%.
Source: HousingWire Magazine

Nextdoor expanding real estate listings into new cities

Earlier this year, Nextdoor, the neighborhood social network, expanded into real estate by launching a real estate section that featured property listings in the user’s neighborhood and nearby areas. The company initially launched its real estate service in ten major markets, then added five more. And now it’s expanding again.
Source: HousingWire Magazine

Fannie Mae transfers $16 billion in credit risk for last transaction of 2017

Fannie Mae announced its final risk transfer transaction for 2017, transferring credit risk on $16 billion in single-family loans. The company also announced it is now making its credit risk transfer program more transparent going forward, and will continue to transfer risk next year.
Source: HousingWire Magazine