Secondary Market All-Stars 2015

The secondary mortgage market is staging a determined, if quiet, recovery. Our list of Secondary Market All-Stars spotlights companies at the heart of the industry who are delivering solutions and services in both the GSE and private-label market, and forging a path for others to follow.

Changes in FHA multifamily lending requirements squeeze lenders, owners

Recent FHA changes to the reserve requirements for multifamily lenders are putting the squeeze on apartment owners at the nexus of stagnant wages, rising rents, and a shortage of affordable rental housing. Here's why it's bad for the very people FHA is supposed to be helping.

Fannie, Freddie could cost taxpayers $157.3 billion in a crisis

The results of the stress tests are in and the findings are still a concern for taxpayers. Fannie Mae and Freddie Mac could require up to $157.3 billion if another crisis were to occur.

Ellie Mae continues upward trend; reports strong first quarter

If the first quarter is a sign of things to come, Ellie Mae could indeed be headed for another record year. After reporting record revenue in fourth quarter of 2014, with its net income rising 153% from the same period in 2013, the company reported revenue of $54.2 million in first quarter of 2015, up 68% from $32.2 million in same time period last year.

Lenders ask CFPB to require disclosures of mortgage originator qualifications

The CHLA are asking CFPB to require consumer disclosures on each and every mortgage loan that indicate whether the mortgage loan originator has the credentials to get the job done right. Here's what they want.

HarborOne Bank acquires Merrimack Mortgage Company

HarborOne Bank will acquire Merrimack Mortgage Company, assuring that the mortgage business will continue to be a significant component of its long-term strategy.

Survey: TILA-RESPA impact riles most mortgage bankers

The majority of mortgage bankers are focused on the looming TILA-RESPA rule changes and worry about its impact on their business operations, according to a new survey from Lenders One. What else are they worried about?

Freddie Mac: Mortgage rates reverse course, move higher

Mortgage rates increased for the first time in several weeks amid mixed housing industry reports.

Iranian incident with rogue cargo vessel has logistics management implications

The recent Iranian seizure of a cargo vessel in the Strait of Hormuz has created a national security problem for the United States

Former CFPB senior counsel Richard Andrew Arculin joins Venable LLP

Venable LLP announced the addition of Richard Andrew Arculin as counsel in its Washington, D.C. office. Arculin joins from the the Consumer Financial Protection Bureau, where he recently led a CFPB-wide effort to support implementation of the TILA-RESPA Integrated Disclosures rule.

Assurant exits health insurance; focus shifts to housing

Assurant is planning to exit the health insurance and employee benefits business and will shift its focus instead to its housing insurance programs, which include renters/apartment insurance, flood insurance, manufactured housing and force-placed insurance.

Redfin: Sara Stevens’ new take on homeownership

A year ago Lorraine Woellert was a reporter for Bloomberg and she told the story of Sara Stevens, daughter of a guy who knows a little about homeownership and mortgages. Now that Woellert is at Redfin, she revisited the issue and the daughter to look at what's really happening in housing.

CFPB, Maryland AG take action against pay-to-play mortgage kickback scheme

The Consumer Financial Protection Bureau and the Maryland Attorney General took action against the participants in a mortgage-kickback scheme, penalizing and banning several loan officers and title executives from the business. Here's the low-down.

Ocwen, Assurant to pay $140 million to settle force-placed insurance suit

Ocwen Financial and Assurant agreed to pay $140 million to settle a massive class-action lawsuit, which accused Ocwen of artificially inflating the cost of force-placed insurance in exchange for kickbacks from Assurant. The settlement agreement, which is awaiting final approval from federal court in Florida, resolves claims of 399,843 homeowners who allege they were overcharged for insurance.

In defense of Ocwen: Servicer’s track record deserves a second look

When you have a coalition of housing advocates, investors and investment managers singing your praises about how you act as a servicer, there's got to be a silver lining to the clouds. At least, that's probably what Ocwen is thinking right now.

Cornerstone Home Lending surrenders Georgia mortgage license

Cornerstone Home Lending voluntarily surrendered its mortgage lender license in Georgia for violating the Georgia Residential Mortgage Act.

HomeStreet sees easy earnings beat in 1Q

HomeStreet saw an outstanding first quarter with an easy earnings beat after it closed the Simplicity merger, saw net interest income expanded, posted a big fee income boost, and saw its efficiency ratio improved again.

XPO Logistics expands global reach, agrees to acquire Norbert Dentressangle SA for $3.53 billion

Since its inception in September 2011, non asset-based 3PL XPO Logistics has made several acquisitions. And that process it has established itself as a player in myriad markets through its growth by acquisition strategy. Yesterday, it took things on the acquisition front to a new level, announcing it plans to acquire Lyon, France-based 3PL Norbert Dentressangle SA for $3.53 billion.

Pending home sales continue upward trajectory in March

Once again, pending homes sales increased, staying at the their highest level since June 2013. While demand appears to be increasing, the market is still suffering from a shortage of inventory.

Mortgage applications decline 2.3%

Despite low rates, refinancings dropped off last week, pulling down mortgage applications all around. Here are the details of what's happening.

A2Z Field Services promotes Amie Sparks-Beebe to president/CEO

Ohio-based A2Z Field Services announced the promotion of Amie Sparks-Beebe to president and chief executive officer.Sparks-Beebe replaces Bill McMullen, who is retiring as A2Z’s president.

Hey Millennials — You know nothing about housing finance

Millennials are on a trajectory to rule the housing market, and yet they know nothing about housing. And apparently, they are completely okay with that. Well. They shouldn’t be.

Walker & Dunlop close $152M loan portfolio

Walker & Dunlop has closed a $152,944,000, eight-property loan portfolio with a long-time repeat borrower based in Arizona. Here’s what they accomplished.

Asset manager and mortgage servicer pleads guilty to $5M fraud scheme

A special servicer for mortgages has pleaded guilty to a mortgage and wire fraud scheme and now faces 20 years in prison.

Too much of a good thing: U.S. airport real estate investors thrive, tenants pay

With congestion issues and seaport gridlocks plaguing the transportation industry, air freight volumes are back on the rise. According to JLL’s annual Airport Outlook Report, global air cargo saw a 4.5 percent annual increase in 2014 and the forecast calls for 5 percent growth in 2015.

Diesel prices are up for second week in a row, reports EIA

With a 3.1 cent increase, this week’s average price is $2.811, following last week’s 0.26 cent boost. The gains over the last two weeks come on the heels of a cumulative 16.3 cent decrease over the previous five weeks.

Obama: Here are 8 lucky communities chosen to build prosperity

After 123 applications from 36 states, the official list of chosen communities is out. Here’s Obama Administration’s eight new Promise Zone communities.

FHFA: Mortgage interest rates slightly rise in March

Interest rates on conventional purchase-money mortgages slightly increased from February to March. But despite the slight rise, rates are still significantly down from a year ago.

DOT, FRA, and PHSMA issue crude oil-related emergency orders

Last week, the United States Department of Transportation took further steps to address various issues identified in recent train accidents involving crude oil and ethanol shipped by rail. The announcement was made by DOT with other DOT agencies, including the Federal Railroad Administration (FRA) and the Pipeline and Hazardous Materials Safety Administration (PHMSA).

Coming soon: The Tesla home battery

Tesla Motors, the company that plans to revolutionize automobiles with its electric car, is planning a new revolution that aims to transfer how we power the rest of our lives. How will the home battery impact mortgages?

Auction.com adds Lawrence Yuan as senior director of engineering

Auction.com announced the addition of Lawrence Yuan as the online real estate marketplace’s new senior director of engineering. In this role, Yuan will oversee the development of web and mobile products and applications.

Freddie, FHFA loans hit risk highs in March

FHFA and Freddie Mac loans hit series highs but the really interesting thing is what's happening with first-time buyers - and why. Here's a look at March's numbers.

Tricon American Homes joins burgeoning single-family rental securitization market

There’s a new face in the single-family rental securitization market — Tricon American Homes. The company began acquiring U.S.-based single-family rentals in April 2012, and is preparing its first single-family rental securitization.

Moody’s: Super-priority lien warning positive for Freddie Mac’s latest securitization

The FHFA issued a statement warning last week that federal law prohibits state courts from involuntarily extinguishing Fannie and Freddie liens to give precedence to so-called “super-priority” liens. This will have an impact, but maybe not on everything you want it to. Read on to find out the limits.

Transportation at the Strategic Crossroads

During this webcast our presenters will apply the findings of the 23rd Annual Trends & Issues in Transportation and Logistics Study to the world of shipper-carrier decision making. They'll examine the primary aspects that will influence the future direction for shipper-carrier decision-making.

FTR’s SCI points to looming headwinds for shippers

For February, the month for which most recent data is available, the SCI dropped to -1.0 from January’s 2.6, with FTR explaining that the short term positive impact from one-time adjustments for rapidly dropping diesel prices and the suspension of the 2013 motor carriers hours-of-service expires later this year.

Realtor kidnapped at gunpoint in Arkansas

In a case chillingly similar to one from fall 2014, an Arkansas Realtor was lured to a property by a suspect posing as a buyer, who then kidnapped the Realtor at gunpoint.

Black Knight: Home prices tick up slightly in February

Colorado leads in gains while Connecticut saw the biggest decline. How did your housing market fare? Read on to find out.

Monday Morning Cup of Coffee: What’s the diagnosis for the "sick" housing market?

With 1.2 million buyers missing from the marketplace, something is wrong. But where is the real problem? Also, the interest rate and mortgage bond outlook, home prices, industry confidence and more.

Investors still bullish on single-family rental market

While some recent downward pressure on yields experienced by the much larger institutional investors has somewhat tempered the enthusiasm surrounding single-family rentals, investors are still bullish on the performance of the new asset class.

NASDAQ to delist Home Loan Servicing Solutions

The next shoe has dropped in New Residential Investment’s acquisition of Home Loan Servicing Solutions. The company announced late Friday that it received a letter earlier in the week from NASDAQ, which stated that the stock exchange is delisting Home Loan Servicing Solutions, effective at the opening of business April 29, 2015.

BAML hosts 24th annual low-income housing challenge in California

In May, Bank of America/Merrill Lynch is holding its 24th Annual Low Income Housing Challenge in California challenging students to come up with a business plan to meet the needs of those most in need of affordable housing. Here's why this matters.

MBA: Here’s the trend for purchase applications by loan size

Modest-size mortgage applications shrink even as mid-level and jumbo applications have seen growth in the first quarter of 2015.

March trucking tonnage sees gains, reports ATA

Seasonally-adjusted (SA) for-hire truck tonnage in March was up 1.1 percent on the heels of a revised 2.8 percent (from 3.1 percent) February decline, with the SA index at 133.5 (2000=100). This is off 0.3 percent from the all-time high for the SA of 135.8 from January 2015 and is up 5 percent annually.

Carload and intermodal volumes are mixed for week ending April 18, reports AAR

Intermodal volume was up 8.1 percent annually at 280,016 containers and trailers. This outpaced the week ending April 11 at 270,463 and the week ending April 4 at 271,127. AAR said this tally marks the second highest weekly output it has ever recorded as well as the first time container and trailer traffic was higher than carloads for a one-week period.

Dr. HousingBubble: Return of the broke homeowner

Homebuyers burned in the housing crash are itching to buy again and the pressure is on from the industry to get them in there. It’s been seven years – so what housing crash, Dr. HousingBubble asks sarcastically.

First-time buyer GSE mortgage loans are getting far riskier

Agency loans for first-time buyers are as risky as they’ve been since the AEI started tracking mortgage risk. With pressure on to loosen credit standards even more, are you worried?

Whalen: Why the Fed must raise interest rates, but it won’t

For more than a year almost everyone in and around the industry have been saying that the Federal Reserve will be raising interest rates by mid to late 2015. One man in the know thinks everyone is wrong.

Radian now offering an industry first – job loss insurance

Radian Guaranty is offering a new program that’s the first of its kind in the industry – job loss insurance. The new program, called Radian MortgageAssure, will pay a borrower’s mortgage if they suffer an involuntary job loss and fall behind on their mortgage payments. And it comes at no cost to the borrower.

Impac first-quarter origination volume skyrockets 106%

Impac mortgage turned around its financial situation in its latest first-quarter earnings report. Key drivers of the growth? For starters, higher origination volume.

Will former risky borrowers ever get back into homeownership?

“Not only do owners of formerly distressed homes have damaged credit for an extended time, but to purchase again, mortgages must now be obtained amidst an abundance of new, more stringent credit restrictions,” said Piegza.

U.S. sues Quicken Loans for FHA loan violations

The United States government is suing Quicken Loans, accusing the lender of improperly originating and underwriting loans that were insured by the Federal Housing Administration. According to an announcement from the Department of Justice, the government alleges that from September 2007 through December 2011, Quicken “knowingly submitted, or caused the submission of, claims for hundreds of improperly underwritten FHA-insured loans.”

DocMagic launches TRID compliance solution

DocMagic launched a new compliance tool for the mortgage industry to help lenders comply with the new TILA/RESPA Integrated Disclosure rule that goes into effect on Aug. 1.

Servicers, don’t let your lawyers handle all the legal work

It’s critical to let lawyers review proposed industry rules when comments are sought, but don’t rely on them to handle it alone because they don’t know the business.

Altisource Portfolio Solutions' net income plummets 91%

Altisource Portfolio Solutions saw its net income plummet by 91% in the first quarter of 2015. According to Altisource’s CEO, William Shepro, the drop in income was due in part to $13.6 million in expenses “related to terminated employees and contractors and other out-of-the-ordinary items.”

New homes sales tumble 11.4% in March

Sales of new single-family houses in March 2015 tumbled back down after last month's positive news that the market was ready for this years spring buying rush.

Fannie Mae: Lenders expect boost from GSE 97% LTV products

The latest lender sentiment survey from Fannie Mae shows that mortgage lenders expect they will get a boost in business from changes at the GSEs and at FHA. Here’s what they think.

Lender Privlo moves into Illinois

Once again, Los Angeles-based Privlo announced it is expanding into a new state. This time around the lender is working to help Illinois’ small business owners, self-employed workers, entrepreneurs and contractors.

RealtyTrac: Share of seriously underwater homes rises

The share of seriously underwater homeowners increased 0.4 percentage points from fourth quarter 2014, and while it is only a slight increase, it marks the first quarterly increase since the second quarter of 2012.

Agent Ace adds Jason Nierman as head of business development

Santa Monica, California-based Agent Ace announced the addition of Jason Nierman as the company’s new head of business development. At Agent Ace, a startup that uses data to match homebuyers and sellers with the best agent for their deal, Nierman will work to forge new strategic partnerships, as part of an effort to drive revenue and growth.

CoreLogic first-quarter revenue jumps 12%

Due to sustained growth in its data and analytics division, CoreLogic reported net revenue of $364.8 million in the first quarter, up 12% over the same time period last year. According to CoreLogic, the revenue growth was primarily driven by higher demand for property data, analytics and underwriting solutions.

Auction.com: April existing-home sales forecasted to continue rising

Existing-home sales for April are forecasted to continue to increase. However, this time around, the increase might not be as grand.

Here's proof California's housing market is now booming

California is finally ramping up for the spring homebuying season. After a tepid start to the year, this new report from PropertyRadar shows that pent-up demand, mild winter weather and attractive interest rates have created a wellspring of California housing market sales.

Existing home sales explode as spring homebuying season officially arrives

Spring has indeed come in like a lion. In what should come as welcome news at a critical time of year, existing home sales exploded in March, hitting the highest level in 18 months.

FHFA house price index nearly flat for February

House price gains weren't strong on a monthly basis, and one of the biggest declines came in the South, so it’s unlikely weather played a part. But the annual gain was 5.7%.

Mortgage applications tick up in latest MBA survey

Purchase applications increased for the fourth time in five weeks as we proceed further into the spring home buying season, but refis are lagging. Here's what's happening.

Black Knight: March foreclosure starts skyrocket 18% from February

The March delinquency rate dropped 12% month-over-month, the largest monthly decline in nine years, but at the same time foreclosure starts skyrocketed 18% in March. Here’s what happened.

Bombshell: Treasury now claims Fannie, Freddie bailout wasn’t loan

In a letter that’s going to raise more questions than it answers, the Treasury Department replied to an interrogatory from a U.S. Senator on its “third amendment sweep” of profits from Fannie Mae and Freddie Mac.

Freddie Mac targets smaller investors with new non-performing loan sales

Freddie Mac announced a new program for auctioning off pools of deeply delinquent non-performing loans from its mortgage investment portfolio. The new program will target smaller investors by making smaller pools of non-performing loans available.

Exclusive: Mortgage lender loanDepot will soon offer personal loans

loanDepot CEO and founder Anthony Hsieh's goal to be the number one nonbank consumer lender might not be too far from reality. The lender announced it will begin offering personal loans in the next month, marking the beginning of more growth outside the world of housing. Is this the new way of nonbank lenders?

Forum: If housing is to break stagnation, it needs regulatory reform

Home prices are rising roughly twice as fast as wages, putting pressure on potential homebuyers and heightening the risk that any uptick in interest rates could be a setback. What can be done to fix this?

CFPB and FTC fine Green Tree $63 million for “mistreating borrowers”

The Consumer Financial Protection Bureau and the Federal Trade Commission are taking action against Green Tree Servicing for “mistreating borrowers” who were attempting to save their homes from foreclosure. According to the CFPB and the FTC, Green Tree failed to honor modifications for loans transferred from other servicers, demanded payments before providing loss mitigation options, delayed decisions on short sales, and harassed and threatened overdue borrowers. Here is Green Tree's response.

New FICO program reveals credit score to risky borrowers

FICO isn’t done making waves in the industry. After announcing a new credit program for risky borrowers at the beginning of the month, it is working to make those same type of borrowers are also financially educated.

Safeguard Properties promotes Michael Greenbaum to chief operating officer

Safeguard Properties, the mortgage field services provider, announced the promotion of Michael Greenbaum to the position of chief operating officer. Greenbaum, who joined Safeguard in 2010, previously served as vice president of operations.

Ocean cargo shippers to carriers: It’s about time

Ocean cargo carrier service reliability across the three core East-West trades hit a five-month peak in March with an aggregate on-time performance of 64 percent, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors.

MGIC beats 1Q estimates with $133.1M profit

MGIC Investment Corporation today reported net income for the quarter that beat analysts expectations, with a big gain in net insurance written in the first quarter. Here's where they took off.

Air forwarders urge Cogress to move on trade initiatives

The Airforwarders Association, which represents more than 360 companies that move air cargo through the supply chain, today applauded an agreement reached by Congressional leaders to advance legislation giving the President authority to conclude key global trade agreements.

The Mortgage Collaborative names new board members, CEO

The Mortgage Collaborative announced several changes to its board of directors and executive management team. After the changes, David Kittle will serve as vice chairman of the board, Debra Still will serve as secretary of board and Jim Park will serve as the Mortgage Collaborative’s chief executive officer.

Will a reputation for endemic corruption hold back Latin America’s logistics market?

Despite great opportunity for growth, the logistics market in Latin America is lagging behind other emerging markets thanks in part to its notoriety for corruption, violence, poor infrastructure and government bureaucracy.

Morgan Stanley could pay $500 million in mortgage pact

Morgan Stanley is in talks to possibly pay about $500 million to settle a probe by New York’s Attorney General Eric Schneiderman into whether the firm misled investors in mortgage bonds that cratered during the financial crisis.

Six indicted in international multimillion-dollar mortgage fraud scheme

Six individuals in Florida and Brazil, including a mortgage banker, were indicted in an international, multimillion-dollar mortgage fraud scheme.

Fannie Mae integrates Collateral Underwriter with Desktop Underwriter

Collateral Underwriter continues to take shape. In the latest update, Fannie Mae announced it integrated Collateral Underwriter with Desktop Underwriter and EarlyCheck in order to help lenders more effectively manage risk and underwrite stronger loans.

SunTrust earnings rise in first quarter

Suntrust experienced a good start to the year, with its first-quarter profit rising thanks to growth in noninterest income. SunTrust posted a fourth-quarter net income of $378 million, or $0.72 per average common diluted share, which included a $145 million mortgage-related legal provision.

Auction.com: Flipping momentum grows in first quarter

The flipping trend seen throughout the fourth quarter of 2014 is still going strong – and building momentum in nearly every market surveyed. That’s what Auction.com is finding.

Fannie Mae: First quarter a bust but annual growth forecast holds

Economic activity was suppressed in the first-quarter due largely to the West Coast port disruptions and difficult weather patterns across the Northeast, but the economy is expected to gain momentum for the rest of the year. Here's why Fannie Mae thinks so, anyway.

Monday Morning Cup of Coffee: FHFA g-fee, PMI shift too much or too little?

Things are looking rough for housing with a sluggish start to the spring buying season, and that trickles all the way up to the outlook for agency MBS. Plus, Move takes off the gloves in its ads, and the industry reacts to recent FHFA moves. Read on.

Quicken Loans sues DOJ, HUD for “shake down”

Quicken Loans says it has had all it can stand, and it can’t stand anymore. So they’re taking the government to court over what it says is a blatantly unfair federal investigation and threats of a lawsuit.

Ocwen announces amendment to its senior secured term loan

Ocwen Financial announced late Friday that it entered into an amendment on its senior secured term loan that will go into effect on Monday, April 20. According to Ocwen, the amendment “removes, with respect to the 2014 fiscal year, the requirement that Ocwen’s financial statements and the related audit report must be unqualified as to going concern.”

SWBC Lending Solutions adds two vice presidents

SWBC Lending Solutions announced the additions of two new vice presidents, Allen Lavelle as vice president of commercial/residential appraisal management and Brandon O’Briant as vice president of business development.

Mass. Appeals Court rules for MERS in mortgage assignment

The Appeals Court of Massachusetts found in favor of Mortgage Electronic Registration System, Inc. and upheld the validity of its assignment of a mortgage.

Hey Yahoo, 2005 called, and it wants its mortgages back

“A man who spent years sleeping in a cardboard box by a bus stop found a bank account he had forgotten - with enough money for the deposit on a house.” If correct, that means he needs to get a mortgage. Truth is, no one is going to give this guy a mortgage.

California ports had good March volumes

Both the mega-port of Los Angeles, and the Port of Oakland (California's third largest ocean cargo gateway, issued positive reports this month.

Equity National Title hires Travis Cline and Jonathan Hill

James O’Donnell, Equity’s president, said that the company’s recent rollout of several new services has resulted in a significant increase in new business and new business inquiries, necessitating the additions of Cline and Hill.

Housing advocacy groups call on FHFA, CFPB to investigate “pro-foreclosure” tactics

A consortium of housing advocacy groups is calling on the U.S. Department of the Treasury, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau to investigate “pro-foreclosure campaigns,” which the groups say are being perpetrated by “Wall Street giants including the largest hedge funds, mortgage bond traders, and insurance companies.”

Weakness in the economy may push back rate hike pressure

Growth is tepid for the index of leading economic indicators. With softness in consumer price inflation, will the Fed really want to raise interest rates the third quarter, or hold steady?

AAPA joins U.S. exporters in praising trade legislation effort

The American Association of Port Authorities (AAPA) applauded introduction of The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015), which is bipartisan legislation to modernize and renew U.S. Trade Promotion Authority (TPA).

Court filing reveals name of anonymous whistleblower in Zillow/Move lawsuit

A new filing in the ongoing lawsuit between Zillow and Move names the anonymous whistleblower: the former Zillow Vice President of Strategic Partnerships. Want more? Read on.

How to win a bidding war in today’s outrageous housing market

The spring homebuying season is in full effect. But there is just one problem: The majority of America is reporting a tight supply of homes. So how are buyers supposed to lock in their dream home? This is how.

Homeless man discovers forgotten bank account

After spending years sleeping in a cardboard box, this homeless man can afford to make a downpayment on a house, thanks to a forgotten bank account.

George Lucas to create massive affordable housing project

George Lucas won’t let his neighbors stop him from his dreams. After shutting down his original attempt to develop his land in California with a studio, Lucas came up with a better plan. This time around his focus is on helping others find housing.

Here’s how housing market corrections drag on GDP

Housing market corrections coincide with a country's GDP being 6% lower on average than if it had continued on its growth path before prices peaked. Surprised? Or worried?

Attention lenders: Zillow Mortgages are now available on Trulia

Zillow Group’s transition from two sites with two different operating structures into one unified operation took a big step forward Thursday, when the Zillow Group announced that Zillow Mortgages is now available on Trulia.

Mortgage rates unchanged and remain near 2015 lows

Mortgage rates remain near lows for the year, but they haven’t spurred a rush to buying yet. Here’s what’s happening.

OpenClose named Ken Ellis director of business development

OpenClose, a provider of end-to-end loan origination systems, announced the hiring of Ken Ellis as the company’s new director of business development. In this role, Ellis will be responsible for selling the company’s multi-channel LenderAssist loan origination system platform to lenders, banks and credit unions.

Goldman Sachs just had its best quarter in 4 years

Business appears to be booming at Goldman Sachs. The investment banking, securities and investment management giant reported net revenue of $10.62 billion in the first quarter, its best quarterly performance in four years.

RealtyTrac: Foreclosures see first year-over-year increase since 2010

Foreclosure activity — which includes default notices, scheduled auctions and bank repossessions — rose in March, marking the first year-over-year increase in foreclosure activity since September 2010. But the news wasn't all bad.

Carrington aims to revolutionize borrower education

Carrington Mortgage Services is launching a new borrower-education tool that’s designed to remove any and all ambiguity from the lending process and is making the tool mandatory for all its borrowers.

These are the top 5 single-family home markets in America

Based on rising home prices, favorable affordability, strong housing demand, and excellent economic and demographic conditions pointing to future demand, Auction.com has named the five top single-family housing markets. Did your market make the cut?

Beige Book: Housing ready for Spring homebuying

Majority of the twelve Federal Reserve Districts recorded growth in the latest Beige Book, and although there was some slowing in housing starts due to abnormal seasonal patterns, things are looking goof for the Spring.

SEC puts an end to Carrington Capital investigation

After an 18-month investigation, the Securities and Exchange Commission will not issue any penalties or pursue any enforcement action against Carrington Capital Management over its acquisition of New Century Financial.

Overwhelming majority in House vote to expose CFPB activity

The bureau that turns its spotlight on the American economy may be getting the spotlight turned on it, as Democrats and Republicans came together Tuesday to open the CFPB to much greater scrutiny. Have a look behind the curtain.

Canaccord lowers Zillow target to $115

Canaccord Genuity has lowered its target for Zillow Group to $115 from $125, citing concerns raised in an investor call Tuesday over the weakness from the recently acquired Trulia. But that's not the whole story.

Boston Consulting Group sees trouble ahead for ocean container lines

Container lines must accelerate their internal-transformation efforts and extract more value from their alliances in order to restore profitability, according to a new report by The Boston Consulting Group (BCG).

Bank of America 1Q net income rises amid stronger mortgage levels

Bank of America reported first quarter net income of $3.4 billion after a net loss of $276 million last year. The surge in growth can be attributed to stronger mortgage origination levels.

Mortgage applications down 2.3% led by drop in purchases

It’s been a week time for mortgage applications despite news last week from MBA that new home purchases were up 17% in March. Here’s what happened.

Making omni-channel fulfillment processes profitable is imperative for CEOs, says JDA report

While keeping customers content is clearly responsibility number one, the objective for every business is turning a profit, and that is where myriad challenges and issues pertaining to being in the black lie. That is a major takeaway in a report entitled “The Omni-Channel Fulfillment Imperative,” which was prepared for JDA Software Group Inc. by PwC.

It’s over: SEC settles with Freddie Mac executives

The Securities and Exchange Commission’s high-profile case against several former Freddie Mac executives over allegedly misleading investors about the quality of subprime mortgages is now over, and it ended rather quietly.

Mid America Mortgage adds Adam Rieke as director of national TPO lending

Mid America Mortgage announced that Adam Rieke joined the company as director of national third-party origination lending. One of Rieke’s main goals in his new role is “restore the human element” to the review process, Mid America Mortgage said.

Ocwen is no longer the nation's largest mortgage servicer

The impact of Ocwen Financial’s exit from agency mortgage servicing is beginning to materialize. According to a recent report from Fitch Ratings, Ocwen is no longer the country’s largest prime mortgage servicer. How far have the mighty fallen?

HSBC, Assurant offer $1.8M to end force placed kickback lawsuit

Homeowners sued HSBC and Assurant for steering them into unneeded and expensive policies in return for kickbacks. Now HSBC and Assurant are offering $1.8 million to make it go away.

Real estate investor jailed for $5M Ponzi scheme

A real estate investor was sentenced to 11 years and three months in prison for running a scheme that promised victims big returns on reselling foreclosed properties. But as the snake ate its tail, authorities closed in on the high-living investor.

Port of Oakland to provide shippers with daily status reports

Another indication of how U.S. ports are paying closer attention to shipper’s needs was signaled today by the Port of Oakland, as it announced its new update service.

NewDay Financial fined for widespread cheating on licensing exams

NewDay Financial, which was already in hot water with the Consumer Financial Protection Bureau over its business practices, is now in the crosshairs of another financial regulator, this time for rampant cheating on mortgage loan originator license testing.

Collateral Analytics now automatically assigns appraisal property ratings

Collateral Analytics developed a new tool to assist appraisers in assessing the value of a home. The tool is based on historical and current property condition ratings for approximately 10 million single-family homes around the U.S.

Lawsuit: Ocwen sent false reports to consumer credit agencies

A homeowner in California is asking the Ninth Circuit to revive his putative class action lawsuit against Ocwen Loan Servicing for submitting false information to credit agencies. Judge's seemed skeptical, suggesting Ocwen technically stayed in the confines of the law. You decide.

Trade analysts cautious about trade with Cuba

The United States' effort to remove Cuba from the list of states that sponsor terrorism is a limited but significant step likely lead to the reopening of embassies, say trade analysts.

Cuba’s main port in the limelight

The Port of Mariel – The infamous point of exodus for thousands of Cuban refugees seeking freedom in the U.S. – may soon become a magnet for Caribbean Basin trade.

RSPS Government Affairs Update Webinar

This video is a playback of the Government Affairs Update webinar given by Russell Riggs on April 9, 2015. In the webinar, Russell talks about the benefit to members of NAR's advocacy on their behalf, and about legislative and regulatory issues affecting the resort and second home real estate market.

Drivers skeptical as FMCSA releases HOS study details

In the first comprehensive scientific study on the subject involving real-world truck drivers, the Federal Motor Carrier Safety Administration (FMCSA) has posted details of its $4 million plan for the congressionally mandated naturalistic study of the operational, safety, health, and fatigue impacts of the hours-of-service restart provisions.

Monday Morning Cup of Coffee: Let the good times roll (because they won’t last)

You now the joke about the guy with the positive attitude who falls off the tall building and on the way down at every window he can be heard saying “So far so good, so far so good…”? Yeah, that may be the economic outlook. Read on.

DAT reports spot market volumes rise 34 percent in March

March was a good month for the spot market, with spot market freight volume climbing 34 percent compared to February, according to recent data issued by Portland, Oregon-based freight marketplace platform and information provider DAT, a subsidiary of Roper Industries, in its DAT North American Freight Index.

Move: Anonymous whistleblower appears to confirm fears of data theft by Zillow

Move and the National Association of Realtors appear to have just dropped a bomb on Zillow, saying in a court filing that it received a letter from an anonymous whistleblower who "appears to confirm" their belief that Errol Samuelson, now the chief industry development officer for Zillow, stole “multiple documents and entire databases” when he worked at Move, and that Zillow is using the stolen information, and is hiding evidence on non-Zillow electronic services.

Move: Anonymous whistleblower appears to confirm fears of data theft by Zillow, Samuelson

Move and the National Association of Realtors appear to have just dropped a bomb on Zillow, saying in a court filing that it received a letter from an anonymous whistleblower who "appears to confirm" their belief that Errol Samuelson, now the chief industry development officer for Zillow, stole “multiple documents and entire databases” when he worked at Move, and that Zillow is using the stolen information, and is hiding evidence on non-Zillow electronic services.

Move: Anonymous whistleblower confirms massive data theft by Zillow, Samuelson

Move and the National Association of Realtors appear to have just dropped a bomb on Zillow, saying in a court filing that Move received a letter from an anonymous whistleblower who confirmed their belief that Errol Samuelson, now the chief industry development officer for Zillow, stole “multiple documents and entire databases” when he worked at Move, and that Zillow is using the stolen information and hiding evidence on non-Zillow electronic services.

MCT Trading adds Joel Dulmage as regional sales director

In this role, Dulmage will be responsible for new business development and client service management in the Midwest territory.

First Horizon continues to exit mortgage lending

First Tennessee Bank reached an agreement in principle with housing regulators to try and finally settle an issue that dates back to the mortgage business the company sold in 2008.

Panjiva reports a strong Q1 for U.S.-bound waterborne shipments

March shipments came in at 988,065, which easily eclipsed February by 24 percent, as well as March 2014 by 19 percent. Panjiva said total first quarter shipments at 2,580,899 were 4 percent ahead of the first quarter of 2014.

Nomura and RBS: Don’t blame us, blame the housing crash

With $1 billion at stake, two banks facing a government lawsuits over toxic mortgage bonds are pointing – perhaps giving – the finger all over the place.

The real impact of Fannie Mae’s Collateral Underwriter

After all the anticipation and skeptics discussing how much Collateral Underwriter will make our lives miserable, it's just not the case. That's not to say there aren't small bumps, such as the following, in the road.

Nomura and RBS await judge ruling on FHFA mortgage lawsuit

All sides have given their closing arguments in the FHFA’s trail against Nomura Holdings and the Royal Bank of Scotland. Now it's up to the judge to decided if mortgages sold to Fannie Mae and Freddie Mac were misrepresented when packaged into securities.

GE sells $23 billion in real estate assets

General Electric Capital Real Estate is exiting a significant portion of its commercial real estate platform, as Blackstone and Wells Fargo announced they are purchasing a total of $23 billion in assets.

RSPS Government Affairs Update

These presentations slides are from the webinar given by Russell Riggs on April 9, 2015. In the webinar, Russell talked about the benefit to members of NAR's advocacy on their behalf, and about legislative and regulatory issues affecting the resort and second home real estate market.

Time for a clarification on Fannie, Freddie reform

Right now, Fannie Mae and Freddie Mac are providing liquidity in the secondary market for residential mortgage in the absence of private capital. The unbalanced dependence here puts the entire system on untenable ground and presents enormous risks to taxpayers.

Rail carload and intermodal volumes are mixed for week ending April 4, reports AAR

U.S. carloads were down 1.5 percent compared to the same week last year at 277,894, and intermodal volume was up 3.8 percent annually at 271,127 containers and trailers

BankMobile announces app for Apple Watch

BankMobile is one of the initial companies to join the Apple Watch bandwagon and announced it will have its app available on the device when it becomes available on April 24.

Nearly 1 of 3 banks don’t require vendors to report data breaches

There’s a significant potential cyber security vulnerability that one in three banks harbors – and it had to do with banks' third-party vendors. Banks may have shields up, but a third of them have an Achilles Heel. Worried?

Is Boston headed toward a housing bubble?

Boston is showing the common symptoms of a housing market on the verge of a housing bubble. Is this where the market is headed?

The reverse mortgage gets a facelift

In the upcoming weeks, reverse mortgages will be going through changes that will provide a much-needed facelift in the public eye, bringing some value back into the system. And one of the biggest impacts will be for homeowners threatened by bankruptcy or foreclosure.

Ready to warm up at NASSTRAC

Despite the never-ending state of cold weather in the Northeast, which really is no exaggeration as I see falling snow out of my office window at the moment the calendar says that next week marks the kickoff of the annual NASSTRAC Shippers Conference and Transportation Expo.

Cash home sales share drops to 38.9% in January 2015

Cash sales made up 38.9% of total home sales in January 2015, down from 41.4% in January 2014, down from the peak of 46.5%. Here’s what’s happening.

Mortgage rates decline on weaker jobs report

Weakness in the job market and in wage growth held mortgage rates down for the week ending April 9, Freddie Mac says. Here’s how it breaks out.

Port Tracker report cites improving throughout at West Coast ports

With the months-long West Coast port labor dispute settled to a degree, it appears that the table is set for healthy annual gains at U.S-based retail container ports in April, according to the most recent edition of the Port Tracker report from the National Retail Federation (NRF) and Hackett Associates.

Buying cheaper than renting in 3 of 4 housing markets

In three of every four markets surveyed, it's cheaper to buy than rent, but there are a number of other issues holding back potential buyers, according to RealtyTrac. Here's what they found.

FBR predicts: New Residential set to boom

In the aftermath of the $1.2 billion acquisition of Home Loan Servicing Solutions, New Residential Investment is only headed one direction – up. Here's why FBR Capital Markets is calling New Residential a "Top Pick."

Ignore the rising interest rate alarms

The latest report from the Federal Reserve sent the industry into panic mode since it eliminated the word “patient” from its outlook on interest rates. But before the industry starts to worry, Mark Fleming, chief economist at First American, explained how this idea is utterly wrong.

Zillow: Homebuying pays off quickly

Many U.S. homebuyers can break even in less than two years if they buy a home instead of renting it, but financial barriers and preference are big factors in the decision to continue renting, according to Zillow.

Fannie Mae announces first-ever sale of non-performing loans

After announcing last week that it intended to join Freddie Mac in selling off pools of non-performing loans, Fannie Mae released the details of its first sale on NPLs, which features a pool of approximately 3,200 loans totaling $786 million in unpaid principal balance.

Mortgage lenders disagree with latest Fannie Mae consumer housing survey

Despite Fannie Mae’s housing survey released on Tuesday that showed consumers might not be ready to commit to homeownership, not all mortgage lenders agree.

The hottest 20 housing markets to watch this spring

Based on metrics like days on market, inventory age, price growth and a coming parity between supply and demand, one economist sees all the ingredients for a robust spring selling season. Here's where it should be the most robust.

Mortgage applications tick up in latest survey

It was a squeaker at the finish line, but mortgage apps scored another one in the black for the week ending April 3. Here’s how it broke out.

Truckers urging Congress, FMCSA to hasten fix on CSA data

Trucking interests are asking Congress and the Federal Motor Carrier Safety Administration (FMCSA) to make changes in the way the five-year-old Compliance, Safety, Accountability (CSA) program uses data collection involving truck accidents to rate fleets on their overall safety.

Mortgage credit availability creeps up in March

Mortgage credit availability rose in March, but what was the driver? The Mortgage Bankers Association explains where the increase came from, and what it means.

Diesel prices drop for the fourth straight week, reports EIA

The current price per gallon of diesel is $2.784 per gallon, and the cumulative decline in prices over the last four weeks is at 16 cents. On an annual basis, the average price per gallon is now down $1.175.

CoreLogic: February home price growth slowed to 1.1% from January

Home prices continue to grow, albeit at a subdued pace, making for a solid spring season in those terms. But with prices vastly outracing wage growth, is a storm brewing?

Lakewood Ranch FL Movers Review

Local moving companies serve their communities with pride since they live there themselves. Many moving services are family owned and employ neighbors and friends. It is simple to find a local moving firm, but it's not easy to decide on the right company to hire. Sometimes a friend or co-worker will give you a referral. A quick internet search will usually turn up several choices. The BBB is designed to help consumers make wise selections. A company with a good rating is usually trustworthy and is reputable. Planning for a move can be a difficult task, but the right moving company will help with all the details. The majority of moving companies will have moving blankets, pads and boxes available for sale. Be sure to prepare a moving checklist. Allow plenty of time prior to your move to avoid unnecessary stress. Reach out to friends and family to help with the packing. Sometimes a garage sale in advance of your move will reduce the amount of belongings to move to your new residence. An online search will show reviews about local movers in your area. Here’s a five star review about a Lakewood Ranch FL mover. You may want to contact them for a free moving quote and to discuss any questions you have regarding your upcoming move.

Non-manufacturing activity in April down slightly but remains solid, reports ISM

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 56.5 in March, which was 0.4 percent below March and also 0.6 percent below of the 12-month average of 57.1. Economic activity in the non-manufacturing sector has grown for the last 62 months, according to ISM.

Location of Primary, Vacation, and Investment Homes Purchased in 2014 by Region

This infographic was created using data from the 2015 Investment and Vacation Home Buyers Survey.

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Millennials most confident generation about their credit scores

While Millennials are the most confident generation — with nearly three in five Millennials saying they would be comfortable disclosing their credit score to their parents — they may not be the most aware. This infographic shows exactly where each generation stands.

Urban Institute: 4 million missing mortgages

The Urban Institute thinks credit standards are too restrictive, and that as a consequence some 4 million mortgages that could have been written, were not. Here's what they found.

Freddie Mac to sell actual loss position in new STACR deal

Freddie Mac is preparing to break new ground in its credit risk-sharing deals by offering investors something that they’ve been unable to get their hands on until now — exposure to actual losses on mortgages.

DBRS: The future is bright for jumbo mortgage bonds

Despite a drop in the number of prime jumbo residential mortgage-backed securitizations from 2013 to 2014, several trends are beginning to emerge that show the future of jumbo mortgage bonds is strong, DBRS said in a new report.