Citizens Bank buying Franklin American Mortgage for $511 million

Citizens Bank is about to significantly grow its mortgage business, announcing Thursday that it reached a deal to acquire Franklin American Mortgage Company in a $511 million deal. Citizens said that the deal will triple the size of its off-balance sheet mortgage servicing portfolio and more than double its mortgage origination platform.
Source: HousingWire Magazine

Movement Mortgage lays off 100 employees in anticipation of slower growth

Movement Mortgage announced it plans to lay off 100 of its employees across four locations as of June 1, 2018. The company explained it is growing slower than it expected this year as the mortgage industry faces less origination growth.
Source: HousingWire Magazine

Pacific Union International launches digital platform for exclusive property listings

Real estate brand and brokerage company Pacific Union International announced this week that it’s launching a digital marketplace that aims at securely provide buyers and sellers exclusive listings before they are marketed to the public. The new public portal already has more than $100 million in new listings for southern California.
Source: HousingWire Magazine

Is the housing market ready for another rough hurricane season?

The U.S. is still reeling from last year’s hurricanes and yet hurricane season is beginning once again, this time threatening to create even higher reconstruction costs. All of last year’s destruction leads us to wonder: are we ready for the next round?
Source: HousingWire Magazine

Lenders beware of these new fraud schemes in California

Fannie Mae issued a fraud alert to mortgage lenders in Southern California, saying it identified several employment entities that appear to be fictitious. The GSE issued a list of potentially fake employers in the area, and warned lenders to be cautious.
Source: HousingWire Magazine

National rents slow despite rapid rent growth in smaller cities

Cities in general are seeing the lion’s share of the nation’s rent growth, as the multifamily market settles into slow growth, and job growth drives people into cities big and small. Here’s a full look at what rents are doing right now nationwide.
Source: HousingWire Magazine

Comment on Tips On Marketing Luxury Homes by Heidi Bookenstock

I have a relative who recently left her real estate agency for a new one that markets luxury homes. Luxury homes is a new field for her and she isn’t totally sure what’s she’s getting into. I like the advice that it takes money to make money, so that means it would be smart to hire professional photographers to photograph the house and trying to create the right “brand.”

Source: Working RE Magazine

Washington Post: Fannie and Freddie will soon offer modern mortgages for the gig economy

As much as 43% of the U.S. workforce could be part of the gig economy by 2020. Those who work in the gig economy typically can’t qualify for home loans, which is going to be a problem for the housing market if 43% of the workforce can’t qualify for a home loan. Fannie and Freddie are working to find solutions to the issue.
Source: HousingWire Magazine

Realtors: Low supply continues to curb our home sales

After two consistent months of modest increases, pending home sales fell to their third-lowest level over the past year. NAR Chief Economist Lawerence Yun explained that the market will also experience difficulties this summer as home buyers combat gas prices, low supply and rising mortgage rates.
Source: HousingWire Magazine

Here’s where loan officers face the most competition to win borrowers

[Expert Commentary] Loan officers continue to struggle with greater competition to secure borrowers, but the contest is not all the same across the country. Some markets are more concentrated than others at the lender level and could present tougher challenges.
Source: HousingWire Magazine