CIVIC Financial Services announced the hiring of William J. Tessar as its new president and CEO. Tessar most recently worked with Skyline Financial Company. Tessar brings over 30 years of experience to CIVIC, and has founded and served as President of three lending companies.
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President Donald Trump nominated Pamela Hughes Patenaude to be Deputy Secretary of Housing and Urban Development on Friday. Widely considered the real position of power at HUD, Patenaude’s confirmation as Deputy Secretary would see her serve alongside Dr. Ben Carson, who was confirmed as HUD Secretary in March.
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Thomas Curry, the federal comptroller of the currency, spoke at a fintech conference Friday, where he extolled the virtues of tech innovation in banking. But he also warned of the need for secure and responsible advancements. To democratize financial services through technology is the goal, but to guard against criminals and terrorists is a necessity.
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The average American renter can now purchase a home more expensive than the nation’s median home value, while keeping their monthly housing budget the same. This was true in 37 out of 50 markets analyzed. The current national median rent is $1,416 per month—just enough to handle the monthly costs of a property valued at $289,505, including property taxes, maintenance, and insurance payments.
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According to estimates by the Bureau of Economic Analysis, GDP growth was stagnant in Q1 2017, not meeting the expectations of Wall Street, experts say that this may be an inflection point for the economy. Healthier business investment during the quarter indicated that the overall economy was performing better than the headline numbers would suggest.
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Mortgage Cadence recently reached an agreement to license FirstClose’s proprietary integration hub software platform, which provides loan services throughout the mortgage-origination process. The agreement will enable third-party service providers to integrate their services into Mortgage Cadence’s existing end-to-end loan origination product suite more quickly, providing lenders with additional one-stop loan origination capabilities.
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Alan Weinreb, Founder of the Margolin & Weinreb Law Group, is a New York-based attorney specializing in mortgage foreclosure, bankruptcy, and REO. Weinreb represented the plaintiff in a very significant case recently, which saw a federal court hand down a decision on a traditionally state-level issue: foreclosure actions. According to Weinreb, the outcome could impact future foreclosures across the state—and the nation—for years to come.
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Many expect the Federal Reserve to begin pulling back from the MBS market later this year or early next. A new analysis delves into the options the Fed has for its pullback--as well as the impact each of those options may have on the market. Whichever the Fed choose, expert say it will impact mortgage rates either way.
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According to the Census Bureau, the homeownersip rate of 63.6 percent was not statistically different from the Q1 2016 rate of 63.5 percent or the Q4 2016 rate of 63.7 percent. However, despite this unchanged data, Trulia Chief Economist Ralph McLaughlin noted that there is still surprising news out of this quarter’s report, as the number of owner occupied households grew faster than the rate of rental households for the first time in 11 years.
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The Consumer Financial Protection Bureau (CFPB) released a report outlining the Bureau’s strategies and efforts to promote diversity and inclusion within the mortgage industry. The report is a readout of an industry roundtable meeting held by the CFPB’s office of Minority and Women Inclusion (OWMI) with the Mortgage Bankers Association. Participants in the meeting included representatives from the mortgage industry, including from larger and smaller banks, as well as some nonbank financial companies.
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