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Mortgage News Daily

Real estate brokerage sues Oregon for “unlawful surtax on homebuyers”

Real estate brokerage REX has filed a lawsuit against the State of Oregon for its antitrust practices and anti-rebate policies. The company filed the lawsuit on Monday alleging that the state’s anti-rebate policies prevent homebuyers from “receiving discounted real estate fees [which] harms consumers and stifles competition.” Following its launch in Oregon last year, REX …

Mortgage News Daily

As Congress weighs new stimulus, senators spar over old one’s demise

WASHINGTON — Senators sparred on Tuesday over the termination of several of the Federal Reserve’s emergency lending facilities as Congress continues to debate additional coronavirus stimulus legislation. At a Senate Banking Committee hearing, Treasury Secretary Steven Mnuchin defended the termination of emergency lending facilities authorized by the Coronavirus, Aid, Relief, and Economic Security Act, as …

Mortgage News Daily

Why this former marine thinks he can help mortgage pros improve

Alan Shumate (pictured) has seen almost every side of this industry. The former US Marine Corps staff sergeant found his home in the mortgage and financial services business in about the most innocuous way possible: meeting a broker at a cookout. That broker thought Shumate had the “gift of the gab” and offered him an …

Mortgage News Daily

Flagstar Bank’s mortgage fintech accelerator backs Stavvy, RealKey

Flagstar Bank’s latest mortgage accelerator program is supporting technologies that predict the likelihood of home-loan approval for borrowers, automate document processing and analysis, and manage vendor interactions in the closing process. As a part of the program, startups Home Lending Pal, RealKey and Stavvy will get access to experienced mentors and potential customers over three …

Mortgage News Daily

NYC Black and Hispanic people pay more for home loans – analysis

The total cost of acquiring home purchase loans in New York City is higher for Black and Hispanic borrowers than for other races, even when allowing for differences in down payment and home value, according to a recent analysis of the city’s housing data using artificial intelligence (AI) technology by analytics firm SAS. SAS teamed …

Mortgage News Daily

Home prices rose 7.3% in October, CoreLogic reports

Home price growth has continued to accelerate, as October’s annual appreciation rate of 7.3% was the fastest since April 2014, according to CoreLogic. Supply and demand remain the biggest drivers of price growth, with the reluctance of potential sellers to list during the pandemic remaining a leading constraint on housing market activity, CoreLogic pointed out. …

Mortgage News Daily

Credit union in Colorado receives national award from DOC

The US Department of Commerce has awarded Colorado mortgage lender Elevations Credit Union with the 2020 Malcolm Baldrige National Quality Award. The award was established in 1987 to recognize outstanding US organizations setting high-level standards in competitiveness and outcomes as measured by the “Baldrige Excellence Framework,” which focuses on seven key areas: leadership; strategy; customers; …

Mortgage News Daily

Mortgage forbearances are up across loan types: MBA

The rate at which borrowers suspended payments on their home loans rose for a second week in a row between Nov. 16 and 22, rising 6 basis points to 5.54%, according to the Mortgage Bankers Association. Even government-sponsored enterprise loans, which have seen forbearance rates drop for 24 weeks in a row, saw a slight …

Mortgage News Daily

Mortgage Rates Surprisingly Steady Despite Market Drama

Like many industries, housing finance has a superficial layer that’s fairly easy to understand for the average consumer.  A person wants a home.  They don’t want to pay cash.  They get a loan.  Lower rates = lower payments. The end. Shortly below that superficial layer of understanding, where a surprisingly high percentage of mortgage professionals …

Mortgage News Daily

Mortgage And Refinance Rates Today, Dec. 1

Today’s mortgage and refinance rates Average mortgage rates inched lower again yesterday. And conventional loans started out this morning at 3.063% (3.063% APR) for a 30-year, fixed-rate mortgage. I’m expecting mortgage rates to move a little higher today. However, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin are testifying on Capitol Hill later. …