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  • Do You Really Want to Be a Successful Originator?
    Every crisis provides an opportunity for mortgage managers to put everything on the table and re-examine their LOs’ selling models as they determine the best path forward. One manager recently said to me that the pandemic has changed everything and “inmates are no longer running the asylum in mortgage banking.”… Read more »
  • Two Big Mortgage Lenders Are Going on a Hiring Spree
    Quicken Loans and United Shore Financial Services have revealed that they are planning to add thousands more employees. So reports The Detroit News. The two metro Detroit companies said the hiring will include roles in mortgage banking, operations, customer service and technology. Quicken and United Shore cited rising demand, as… Read more »
  • Home Prices Keep Rising Despite Pandemic, Unemployment
    An economy wracked by the coronavirus pandemic and the highest employment since the Great Depression has not yet led to bargains in the housing market. So reports Realtor.com. Median home prices for the week ending May 23 were up 3.1% from the same period a year ago, according to Realtor.com… Read more »
  • Ex-Mortgage Broker Gets 3 Years in Prison for $1M Scam
    A judge in Canada has sentenced a former mortgage broker to three years in prison for his role in a fraud and money laundering plot totaling $1 million. So reports the Calgary Herald. Justice Scott Brooker ruled that Kalim Khan must serve another 18 months if he doesn’t pay a… Read more »
  • Share of Mortgages in Forbearance May Be Leveling Off
    The percentage of mortgages in forbearance has continued to increase, but at a lower level than earlier in the pandemic, according to data from the Mortgage Bankers Association. So reports FOX Business. The share of homeowners in forbearance rose 20 basis points to 8.36% in the week ending May 17,… Read more »
  • Ask The Expert: Succeeding Now and Post-Pandemic
    Last week I answered a question I have received from many loan officers about succeeding now and once the pandemic is over. Here is part 2 of my response. Dave Hershman As a reminder, here is the question: “My lender has tightened restrictions, real estate sales have fallen, and rates… Read more »
  • Florida Lawyer Indicted for Defrauding Fannie Mae, Much More
    A Florida man has been charged with conspiracy, bankruptcy, and wire fraud, facing decades in prison if convicted. That’s according to federal prosecutors. James Lee Clark, who is 59, is accused of conspiring with his paralegal to defraud Fannie Mae and other mortgage companies. Clark, who was a licensed attorney,… Read more »
  • Fannie Mae Chief Economist Offers Insights on Unemployment Report
    Doug Duncan, Chief Economist at Fannie Mae, shared his perspective on last week’s unemployment figures. Initial claims for unemployment insurance were 2.1 million for the reporting week (May 23), a drop of 300,000 from the previous week. “While the initial claims figure continues to trend downward from a peak of… Read more »
  • Mortgage Rates Dive to Third All-Time Low of 2020
    The mortgage market has tumbled to another record low for interest rates, the third so far this year amid the coronavirus pandemic. So reports MarketWatch. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 3.15% in the week ending May 28, down from 3.24% the week before. The previous low… Read more »
  • Digital Mortgage Platforms Raise Funds As COVID-19 Rocks Industry
    The coronavirus pandemic has jolted the mortgage industry, resulting in more remote deal-making. As such, firms that help with digital transactions are ramping up to do more. So reports Cheddar. States Title, a digital title and closing provider, recently landed $123 million in Series C funding. Similarly, Spruce, which also… Read more »
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