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New Fed to Acquire Commonwealth Mortgage

New Fed to Acquire Commonwealth Mortgage

Monday, 31 December 2018
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New Fed Mortgage, a retail lender licensed to do business in all New England states except Vermont, will acquire Commonwealth Mortgage LLC early in 2019. Commonwealth Mortgage is a direct to consumer or internet lender. The acquisition means New Fed will have a direct to consumer channel in states where it doesn’t have a retail… Read more...
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Wells Fargo to Pay $575M to Settle Rate Lock Civil Lawsuits

Wells Fargo to Pay $575M to Settle Rate Lock Civil Lawsuits

Friday, 28 December 2018
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Wells Fargo & Co. has reached an agreement with all 50 state Attorneys General and the District of Columbia regarding mortgage interest rate lock issues, under which it will pay $575 million to settle civil claims. The company has been discussing these issues with federal regulators and is paying back consumers for their losses. Also,… Read more...
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Ex-CFO at Long Island Lender Sent to Prison for Fraud

Ex-CFO at Long Island Lender Sent to Prison for Fraud

Friday, 28 December 2018
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Edward Sypher Jr., former CFO of mortgage lender Vanguard Funding, was sentenced to 18 months’ imprisonment to be followed by three years’ supervised release. Sypher pleaded guilty in February to conspiring to commit wire and bank fraud in connection with the diversion of warehouse loans Long Island-based Vanguard had obtained to fund home mortgages and… Read more...
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'Housing Angel' Fraudster Sentenced to 30-Months in Jail

'Housing Angel' Fraudster Sentenced to 30-Months in Jail

Wednesday, 26 December 2018
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David John Dziedzic was sentenced by U.S. District Judge David Campbell to prison for 30 months because of his lead role in criminal activity related to the short sale of distressed mortgages, some of which were federally-insured. Dziedzic, 55, of Scottsdale, Ariz., had pleaded guilty to one count of communication of unregistered securities, and a… Read more...
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Home Buyers Stuck Between Higher Rates, Increased Prices

Home Buyers Stuck Between Higher Rates, Increased Prices

Thursday, 27 December 2018
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Home-value growth is slowing, price cuts are more common and for-sale inventory is up. Sounds like relief is imminent for home buyers, right? Not so fast. Mortgage rates have been steadily climbing for the past two years and could approach 6 percent by the end of 2019, dulling those factors. Rising interest rates bite into… Read more...
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Ellie Mae, Experian Integration Benefits Verifications

Ellie Mae, Experian Integration Benefits Verifications

Monday, 24 December 2018
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Ellie Mae has upgraded Encompass Consumer Connect that include identity, employment and income verification. The enhancements feature an integration of Experian’s CrossCore platform, which enables lenders to use a multi-layered approach to establish identity and assess risk. [caption id="attachment_8712" align="alignright" width="264"] Tyrrell: Partnership with Experian simplifies and speeds the verification process.[/caption] These enhancements help lenders… Read more...
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A Quick Way for Originators to Make More Money

A Quick Way for Originators to Make More Money

Monday, 24 December 2018
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By Brian Sacks We all want to close more loans, make more money and still have time to enjoy life, right? So, I want to share a very quick way for you to do exactly that. What I am about to share with you will sound very simple and that is probably why very few… Read more...
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Homes for Sale Nationwide Tumbled 4.6 Percent

Homes for Sale Nationwide Tumbled 4.6 Percent

Friday, 21 December 2018
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The number of homes for sale nationwide tumbled 4.6 percent year-over-year in the last three months of 2018 across all price categories, according to the latest Inventory and Price Watch Report from Trulia. This marks the ninth consecutive quarter of declining inventory; the last time inventory rose was in Q3 2016. However, there are signs… Read more...
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Otting to Pull Double Duty for Trump

Otting to Pull Double Duty for Trump

Friday, 21 December 2018
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President Trump has appointed Joseph Otting the Acting Director of the Federal Housing Finance Agency, a position that will begin after current Director Mel Watt leaves in early January. Otting will remain at the FHFS until a replacement is confirmed. He serves as the current Comptroller of the Currency, a role he will continue to… Read more...
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Management Spotlight: Brian Damico, President and CEO of New Fed Mortgage

Management Spotlight: Brian Damico, President and CEO of New Fed Mortgage

Wednesday, 19 December 2018
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Brian Damico, President and CEO of New Fed Mortgage in Danvers, Mass., was going to be a financial advisor, but was offered the opportunity to run a new, six-person mortgage company in 2000. He accepted the position, but the employees never materialized. That meant he had to learn the business from scratch. But Damico did… Read more...
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