Monday Morning Cup of Coffee: New FannieGate lawsuits challenge sweep

With news of a shrinking first quarter coming last week, all eyes will be on this week’s employment report as the Federal Reserve meanders its way to a decision on interest rates. Plus builder confidence, FannieGate lawsuits, and much more. Read on.

Low-hanging fruit

Every day, a new crop of technology companies works to develop solutions to solve something inefficient in the housing industry. And every day, they have to look over their shoulders.

Readying For Your Upcoming Move | The Best Lakewood Ranch Movers

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Judge tosses Ocwen home inspection lawsuit

At least of one Ocwen’s lawsuits is getting put to rest. A federal judge dismissed a class action lawsuit accusing Ocwen Financial of fraudulently billing hundreds of thousands of homeowners for needless property.

Is Your EDI Solution Out of Date?

The standard tools of B2B integration--EDI, VANs, translation software--have been around for more than two decades. In IT years, that's many generations of technology you've potentially missed out on if your organization is still using the same B2B integration solution it started with.

LoanLogics adds Meg Guard as vice president

As vice president of account management and support, Guard will work with clients as well as internal teams such as operations, information technology and sales. Guard’s team will help with enterprise technical implementations and provide technical support.

Morningstar: Single-family rental securitization delinquencies mainly below 1%

It may be a relatively new market, but single single-family rental securitizations are doing pretty well despite the asset class' infancy. The delinquency rate across nearly every single single-family rental securitization is below 1%, according to a Morningstar Credit Ratings report on performance in the sector.

Aspen Grove Solutions promotes Ron Briggs to senior vice president

In this role, Briggs will lead the business development team and is tasked with supporting clients and ensuring that Aspen Grove delivers timely and cost-effective solutions to customers, the company said in a release.

Report: Amazon to roll out free same-day delivery for its Amazon Prime members

According to the report, this option will be made available in 14 metropolitan locales in the United States and will not come with an extra fee for Amazon Prime members.

DHL makes further investments into its Americas hub at CVG

DHL said this investment is being made to meet customer needs for ongoing growth in international e-commerce and global trade and will also provide more gates to accommodate additional aircraft, warehouse space, and new equipment to provide more capacity for sorting shipments and for unloading and reloading planes.

WATCH: Former Wells Fargo CEO rails against regulatory burdens

While America should be growing faster, the wrong mix of fiscal and monetary policies is smothering any room for potential growth, especially when it comes to Dodd-Frank bank reforms.

U.S.-NAFTA freight is up 5.3 percent annually in March

The Department of Transportation’s Bureau of Transportation Statistics (BTS) reported this week that U.S. trade with its North America Free Trade Agreement partners Canada and Mexico in March dropped 5.3 percent annually to $96.1 billion.

GDP contracts 0.7% reinforcing weak start to 1Q

Friday's second estimate revealed further truth behind how tough the start of the year was, with the economy contracting 0.7% in the first quarter of 2015. Could this be the start of a recession?

NRF calls for the need for new thinking and approaches between PMA and ILWU

NRF's Jonathan Gold explains that the past year was replete with disruptions, slowdowns and partial shutdown, which can no longer be the norm, saying ports and dockworkers must adapt to ensure they provide shippers with the predictability and stability they need.

JPMorgan Chase reportedly laying off 5,000 employees

JPMorgan Chase is set to lay off approximately 5,000 of its employees as part of cost-cutting measures. The job cuts reportedly already began earlier this year and would represent at least 2% of the bank’s staff.

CFPB, DOJ take action against Provident Funding for discriminatory lending

In the latest investigation by the Consumer Financial Protection Bureau and the Department of Justice, they filed a complaint against Provident Funding Associates for charging higher broker fees on mortgage loans to African-American and Hispanic borrowers. The lender could potentially pay $9 million in damages if the court accepts the order.

Real estate investor gets 7 years in $15M mortgage fraud scheme

A real estate investor was sentenced to 84 months in prison for conspiring to defraud financial institutions and launder stolen funds as part of a $15 million mortgage fraud scam that used phony documents and straw buyers to make illegal profits on overbuilt condos.

First American launches “most comprehensive” property research website

First American Financial, a provider of title insurance, settlement services and risk solutions for real estate transactions, announced the launch of a new property research website, which the company said is “built to be the fastest, most comprehensive and easiest to use property research solution on the market.”

New York Fed: Americans still positive on housing

Good news — Americans are still positive on housing. A new survey from the Federal Reserve Bank of New York shows that Americans still view homeownership as a good financial investment.

Predictable Surprises: 3 Things you must do to Avoid Higher Rates

Last month, I gave a presentation to a group of senior transportation and supply chain executives. It was entitled “Predictable Surprises,” because it addressed how transportation and supply chain professionals can eliminate unpleasant surprises by looking at and evaluating issues in the transportation industry, and projecting how those issues will affect their companies.

Simplifile adds two new settlement agent services

Simplifile added two new services, Collaboration and Post Closing, to its online platform to ease the communication process between lenders and settlement agents.

Ports of Los Angeles and Long Beach establish supply chain working groups

The Port of Los Angeles (POLA) and the Port of Long Beach (POLB) said this week that they have formally established working groups, which they said will aim to seek new supply chain efficiencies, and focus on various aspects of port operations, including peak operations and terminal optimization in an effort to augment the San Pedro Bay port complex.

Pending home sales rise to highest in nine years in April

Pending home sales rose in April for the fourth straight month and reached their highest level in nine years. Is it springtime for home sales?

Freddie Mac: Mortgage rates hit new high for 2015

Average fixed mortgage rates moving higher amid positive housing data and pushing fixed mortgage rates to their highest level of the year, according to Freddie Mac. Here's what happened.

Realtor.com: Waiting to buy a home could cost tens of thousands

With interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today’s market have become very steep, according to the inaugural Opportunity Cost Report released today by realtor.com.

RealtyTrac: Top 10 buyer and seller markets

The housing market is all over the place this year and successful navigation depends heavily on the local environment. As a result, RealtyTrac decided to identify the nation's 10 hottest seller’s markets and the best buyer’s markets.

Newbold Advisors adds Detta Cutright as managing director

In this role, Cutright will oversee business development within the financial services area, with particular focus on national and regional mortgage lenders, the company said in a release.

Ocwen closing residential servicing operations in Houston

Ocwen Financial announced Wednesday that after conducting a “strategic review” of its operations, the company is shutting down its residential mortgage servicing operations at its facility in Houston. The decision to shutter the call center will affect 140 residential servicing employees, whose positions will be eliminated.

Nation’s ocean cargo gateways applaud Senate passage of trade promotion

The American Association of Port Authorities (AAPA) had nothing but praise for the Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015).

Ottawa real estate agent guilty of attempted murder

A real estate agent in Ottawa who lured his wife into his garage promising a present and hit her twice in the head with a baseball bat was found guilty of attempted murder this week.

RBS mortgage settlement with FHFA could reach $4.5B

The Royal Bank of Scotland Group could pay as much as $4.5 billion to resolve claims of misconduct in its handling of U.S. mortgage securities, marking the first out of 18 lawsuits from the Federal Housing Finance Agency to reach trial.

Carrington Loan now available through wholesale lending division

Carrington Mortgage Services is once again widening the door for underserved borrowers. This time the lender is making its Carrington Loan available through its national wholesale lending division.

Diesel heads up for sixth straight week

The trend of rising weekly diesel prices remains intact, with the Department of Energy’s Energy Information Administration (EIA) reporting this week that the average price per gallon of diesel gasoline increased 1 cent to $2.914 per gallon.

Mortgage application activity ticks down in MBA survey

Mortgage applications dropped 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 22, 2015.

ditech expands its consumer direct channel in Florida

Since Ditech Mortgage Corp launched back into the industry in March 2014, it has made several key changes to once again be a major player in the mortgage space. This time around the lender announced it is expanding its consumer direct channel into the Jacksonville, Florida, area.

Associated Bank settles with HUD over discriminatory lending

Wisconsin-based Associated Bank will provide approximately $200 million in mortgage loans for borrowers in minority neighborhoods as part of a settlement with the U.S. Department of Housing and Urban Development over charges of discriminatory lending.

First-time buyer share and mortgage risk grow

The Combined FBMSI, which measures the share of first-time buyers for both government-guaranteed and private-sector mortgages, stood at an estimated 52.2%, up from 51.2% and 51.8% respectively in April 2014 and 2013.

Capital Economics: Chart shows home prices ready to grow more

Recent housing reports point to the right conditions for house price growth to pick up even more. What's more, the continued steady growth in home sales this year will only add to the upward pressure.

Senate joins House in signing off on two-month surface transportation funding extension

When the United States House of Representatives last week voted extend current law and authorizes surface transportation programs through the end of July by a steep margin, it was widely expected that the United States Senate and follow their lead. That is exactly what happened on Friday, May 22, with the measures headed to President Obama to be signed into law.

Motivity releases TRID tool for lenders

With the TRID implementation date only a few months away, Motivity Solutions released a new tool to help mortgage lenders comply with the deadline. What makes Movation unique is that it's tied directly to clients’ business processes to reveal data from a firm’s inner workings.

Cass and Avondale index shows fluctuation between truckload and intermodal rates

For the month of April, Cass and Avondale found that truckload rates in April, which measures truckload linehaul rates paid during the month, were up 3.8 percent annually, while intermodal dropped 1.9 percent annually during the same period.

FHFA: Home prices rose disappointing 0.3% in March

The FHFA house price index rose a lower-than-expected 0.3% in March, not confirming a much stronger 1.0% gain for the S&P Case-Shiller index also released Tuesday.

Black Knight: Home prices see largest monthly gain in two years

The month of March saw the largest monthly gain in home prices in nearly two years, according to a new report from Black Knight Financial Services. Click through to see which states are performing the best and the worst. But note that the worst ones aren't even that bad right now.

Monday Morning Cup of Coffee: Time to cut the MLS cord?

TILA-RESPA and TRID are closing in – are you ready? Plus how weak is the recovery, will housing pull it through, and you say you want to ditch the MLS? Read on for all this and more.

Former Dallas Cowboy out of prison after serving 3 years for mortgage fraud

A former Dallas Cowboys player is out of federal prison after serving three years for taking part in a $20 million mortgage fraud scheme, which involved at least 10 other people who were also convicted. The scheme saw the group recruit straw buyers who falsified their income documents to obtain loans for inflated prices.

Title agent gets 5 years in multimillion-dollar mortgage fraud scheme

A former real estate title agent was sentenced to 66 months in prison for carrying out a mortgage fraud scheme in which she obtained seven loans, totaling more than $3.7 million.

Yellen: If nothing changes, expect higher interest rates this year

As predicted by many economists, the Federal Reserve is indeed considering raising the Federal Funds Rate later this year, Fed Chair Janet Yellen said Friday. And if the economy improves as expected, she believes it will be “appropriate” for the Fed to raise the Federal Funds Rate this year, which in turn, would affect mortgage interest rates.

MBA analysts: April housing starts gain not an outlier

Was April’s housing starts report a one-time high watermark, or part of a longer-term trend for spring? MBA thinks it knows.

Final thoughts on Gartner’s supply chain conference

One theme tied together all of the presentations, regardless of the topic: The importance of data.

Credit unions applaud bipartisan reform bill on FHLB membership

The National Association of Federal Credit Unions is lauding a bipartisan bill that would grant credit unions parity with banks under Federal Home Loan Bank membership criteria. Here’s what’s cooking.

Black Knight: Total loans in foreclosure fall to lowest level since 2008

Housing in America is getting healthier, according to a new report from Black Knight Financial Services. Black Knight released its “first look” at the housing data from April, and the report shows that many indicators are trending in a positive direction for housing.

USPS now one step closer to providing financial services

The post office is now one big step closer to becoming a financial institution. A new white paper from the United State Postal Service's Office of the Inspector General lays out a series paths for the post office to enter the banking and financial services sector.

An Executive’s Toolkit for Global Trade Management

Many companies are turning to Global Trade Management (GTM) as a viable solution to address the complexities associated with international trade. But how do you successfully build a business case for GTM software?

Ellie Mae report shows continued transition into purchase-driven market

As interest rates slowly tick up, purchase originations are now again outpacing refinance originations, according to a new report from Ellie Mae. Here's a look at Ellie Mae's data.

Senate banking committee passes massive regulatory relief bill

The Senate Committee on Banking, Housing and Urban Affairs passed “The Financial Regulatory Improvement Act of 2015” on Thursday, which will, if it makes it through the bill-making grinder and gets passed into law, bring big changes to the red tape the mortgage finance industry is tied up in.

MBA Forecast: Here’s why mortgage lending will grow despite weak 1Q

Housing and the general economy got off to a slow start in 2015, but MBA is confident that the drag won't last. They predict that 2015 and 2016 will be dominated by purchase applications rather than refinancings. Here's what they're thinking.

Zillow: Rents gallop past home values in April

Rents for residential housing in the United States grew at their fastest pace in two years in April, surpassing home values. There’s good news and bad news in this, and a growing gap to come. Want to know more?

Report: UPS to pay settlement of $25 million for false delivery claims

Various media outlets reported this week that UPS will pay $25 million to settle allegations that it filed false claims to the federal government over guarantees it made related to delivery of Next Day air overnight packages.

Fannie Mae predicts strong spring homebuying season

The economy may not grow at previously expected rate, but that shouldn’t stop housing from improving in 2015, according to Fannie Mae’s May 2015 Economic Outlook. “Housing is one sector that appears to be building momentum, with leading indicators suggesting the market will experience a strong spring season,” Fannie said.

Pacific Maritime Association membership signs off on new contract with ILWU

While the dust continues to settle at West Coast ports after a nine-month labor dispute that saw the two main parties involved–the Pacific Maritime Association (PMA) and the International Longshore & Warehouse Union–reach a tentative labor agreement on February 22, the PMA said yesterday that its members voted to ratify a new contract with the ILWU.

Existing home sales crater in April, falling 3.3%

After a surge in March, existing home sales have petered out like a wet firecracker. Existing home sales dropped 3.3% in April. What went wrong?

RealtyTrac: Foreclosure activity jumps to highest level in 18 months

Foreclosure filings were up 3% in April and up 9% from a year ago, pushing to an 18-month high. Here’s where it went off track.

Another Nationstar executive stepping down

For the second week in a row, a high-level executive Nationstar Mortgage Holdings is resigning. Nationstar announced Wednesday that David Hisey, who served as executive vice president, chief strategy and external affairs officer, informed the company that he is resigning, effective at the close of business on June 19, 2015.

PRMG promotes Lara Rausch to VP of products and training

In her new role, Rausch will oversee the entire product development and training departments at PRMG. Rausch is tasked with imparting her product knowledge to the company’s training staff, PRMG said.

Realtor.com launches New York-focused prong of marketing blitz

Realtor.com has launched the next step in its all-out marketing strategy the website kicked off last week, this time a multi-media ad campaign designed to underscore the importance of “real estate in real time” amid the hustle and bustle that is New York City.

It's official: NYDFS Superintendent Ben Lawsky stepping down

Rumors that Lawsky would be stepping down have been circulating since November, but today’s announcement made it official. The man lauded as an exceptional financial regulator in some quarters, and a thorn in the side of the mortgage industry in others, is now moving on.

Auction.com partners with Juwai.com to bring U.S. listings to Chinese buyers

The top real estate portal in China and the leading U.S. online real estate marketplace are joining forces to bring Chinese buyers to American commercial and residential real estate listings. Here’s the deal.

PropertyRadar: California home sales up 9%

California singe-family home and condominium sales were up 9% in April mostly due to the 9.2% gain in non-distressed property sales. But before you get too excited, it is still too early in the year to say the California real estate market is off to the races.

Fifth annual UPS Change in the (Supply) Chain survey takes deep dive into high-tech supply chains

As the supply chains of high-tech shippers continue to mature and innovate, coupled with rapid growth, it is not a huge surprise to see them further leverage current strategies and lay the groundwork for newer ones, when it comes to further expanding their manufacturing supply chain capabilities. That was a key theme in the fifth Annual UPS Change in the (Supply) Chain (CITC) survey that was rolled out today.

Black Knight Financial Services kicks off successful Initial Public Offering

Black Knight Financial Services is officially on its way to being a publicly traded company. The data and technology firm priced its IPO gamble at $24.50 per share, and just a few hours in, it has already moved far and above that.

JLL research takes strategic look at ways retailers can improve last-mile operations

In the fast-paced world of e-commerce, timing is everything, more specifically timely delivery is. And there are few places that come to light more than in the context of last-mile delivery, which continues to be driven by mobile and online shopping, with consumers expecting tight delivery times whether it be same-day or 1-2 hours in some cases. And while the delivery-related aspects of last-mile delivery has received a ton of attention, an offshoot of that posited by JLL is if retailers’ real estate, regardless of size, is a pro or a con in last mile processes.

Mortgage applications drop for another week

The recent run up in mortgage rates may be what’s dragging down purchase apps, but government refinancings gained over the week.

FHFA Inspector General details future profitability of Fannie and Freddie

In the last six months the FHFA-OIG has focused on policies driving the nation’s housing finance system, plus the present and future of the GSEs. Here’s a look at the report.

Truck tonnage volumes dip in April, says American Trucking Associations

current state of truck tonnage appears to be on a rocky road, based on data issued by the American Trucking Associations (ATA) today.

MBA announces special partnerships with Fannie Mae, other groups

During his remarks at Monday’s first general session at the Mortgage Bankers Association’s National Secondary Market Conference, David Stevens, the president and chief executive officer of the MBA, announced three new partnerships that he said are designed to provide new benefits for the members of the MBA.

Poltergeist House now listed on Trulia

It’s the perfect advertisement for true Poltergeist fans. The Poltergeist house is now listed on Trulia as a witty ad tie-in for the new remake of the movie coming out. Be sure to check out the house’s crime report.

Freddie Mac: Rising rents aren’t pushing residents to homeownership

Are rising rents driving residents to homeownership? You might think that or at least hear it a lot, but there’s some new evidence that it may not be the case. At all. Want to know more? Read on.

Efficient Track/Trace Enhances Customer Loyalty

Consumer satisfaction with the quality of your products is clearly important, but the service you provide before and after the sale is equally important to any business, but often overlooked as benefiting the bottom line. However, providing efficient tracking and tracing of shipped products enhances customer loyalty and your company image.

April cargo volumes are mixed at Port of Los Angeles and Port of Long Beach

Total POLA volumes in April were down 6.1 percent compared to April 2014 at 662,973 TEU, and April volumes at POLB moved up 7.9 percent annually at 614,860, which marked its highest cargo activity for the month of April going back to 2006.

TransUnion: Mortgage delinquency rate drops to pre-Recession level

The mortgage delinquency rate dropped below 3% in the first quarter of 2015, the first time the variable has beached that watermark since just before the recession started in late 2007. Want to know what it means? Read on.

Fitch: RMBS investors seek better mortgage servicing

Despite tons of regulation, investors are far from satisfied with the residential mortgage-backed securities industry despite an onslaught of regulations and changes already thrown at the industry. Here are 5 steps Fitch Ratings claims bond investors want mortgage servicers to take.

Ocwen now in full compliance with NYSE

Ocwen Financial Corporation is no longer on the NYSE naughty list. The nonbank financial servicer is now in full compliance with the New York Stock Exchange, finally putting the company in good graces after months of negative news.

Two months is too little when it comes to transportation infrastructure funding

With precious little time remaining until the end of May, when the most recent continuing extension (of which there have been more than 30) expires, the old question of what is the story with a new transportation authorization again gains attention in Washington for a few days until it fades away into the background-again.

Homebuilder confidence slips in May on consumer caution

Builder confidence in the market for newly built, single-family homes in May dropped in May after several months of gains. What’s rattling builders? Here’s the answer.

Forget the supply chain. It’s all about the network

Supply chain management is evolving from a series of sequential links in the chain to a supply network. That may impact how the warehouse of the future operates.

The Mortgage Collaborative announces partnership with Fannie Mae

The Mortgage Collaborative, an independent lending cooperative serving small and mid-sized mortgage lenders and community-based lending institutions, announced a partnership with Fannie Mae that will bring enhanced benefits to the group’s members.

Hubzu offers financing contingency options for buyers

Hubzu has created more financing options for consumers bidding for homes online. Could this change the world of online real estate?

Monday Morning Cup of Coffee: Setting the stage for higher interest rates

Lots of changes in markets foreign and domestic are aligning that could press the Fed into admitting weak US data, with a resulting impact on interest rates. Plus, Ginnie Mae has a glitch, and much more. Read on.

Nationwide Biweekly claims CFPB suit contains multiple errors

Nationwide Biweekly Administration, which stands accused by the Consumer Financial Protection Bureau of misrepresenting the savings that customers will achieve by using the company’s biweekly mortgage payment program, has responded to the CFPB’s charges, saying that the CFPB’s lawsuit is full of errors.

Realtors hoping to be able to fly drones soon

There will be a time when Realtors can legally fly an unmanned aerial system, or drone, around property listings to capture images for marketing purposes, but that time has not yet arrived, at least not completely. Read on and prepare for takeoff.

What to expect at MBA’s Secondary Market Conference

Thousands of mortgage and secondary market professionals are set to descend on New York City this weekend as the industry gathers for the Mortgage Bankers Association’s National Secondary Market Conference 2015. Here's the full rundown.

Existing home sales to finish 2015 at record pace

Existing home sales are expected to finish the year at their highest pace since 2006, according to the National Association of Realtors’ economic forecast. However, there are still several variables hanging in the balance that could change this.

CBP’s 10+2 is now in full enforcement mode

This week United States Customs and Border Protection (CBP) agency’s Import Security Filing rule, which is commonly known as 10+2, took a major step towards finally becoming official.

Lebron James wins in the real estate showdown with Michael Jordan

A new poll of NBA fans shows that more than three-quarters think Michael Jordan is the best player in NBA history, and despite his being 52, more than one in three think Jordan could beat Cleveland’s Lebron James one on one today. But off the court, James has the numbers.

Greater use of longer combination vehicles top trucking’s legislative wish list

The trucking industry would like to see greater use of longer combination vehicles, specifically 33-foot twin trailers instead of the currently legal 28-foot “pups” that dot the major interstates right now.

Fannie, Freddie single mortgage-backed security takes shape in new FHFA update

The Federal Housing Finance Agency on Friday reported updated works continues apace on the the proposed single mortgage-backed security for the GSEs. Here's where it stands and what's next.

Gartner says worldwide supply chain management and procurement software market grew 10.8 percent

The SCM and procurement software market experienced solid growth through sustained application demand, as supply chain remains a key source of competitive advantage in driving business growth objectives, such as improved customer satisfaction, greater business agility and operational improvements.

Carload and intermodal volumes are mixed for week ending May 9, reports AAR

U.S. carloads were down 7.9 percent compared to the same week last year at 273,433, and intermodal volume was up 3.8 percent annually at 277,601 containers and trailers.

Flagstar joins Lenders One as preferred investor

Flagstar Bancorp is joining the Lenders One Mortgage Cooperative. Under the terms of the agreement, Flagstar will now offer its full range of mortgages, including jumbo, renovation and rural mortgage products, to the more than 280 members of Lenders One.

This chart shows changes in where consumers want to borrow

Consumers are changing who they borrow from to finance the big purchases in their life, like buying a home or car. And one area is showing significant growth.

Here’s why Illinois appraisals came to a dead stop this week

While the rest of us were going about our business this week, appraisals in the state of Illinois came to a dead stop after the Illinois Department of Financial and Professional Regulation revoked the licenses of 70 of the state’s appraisal management companies due to non-compliance with the state’s bonding requirements.

Walmart gears up for unlimited shipping service for online shoppers, says report

Retail bellwether Walmart is getting ready to roll out an unlimited shipping service for online shoppers this summer, which will be priced lower than Amazon’s “Prime” service, which sells for $99 per year.

Here’s a sample cover letter to help secure your client's dream home

Cover letters are one example of how to put buyer offers above the competition, and looking at how tight inventory is in today’s market, buyers could use any extra help they can get. Need help writing one? This example should solve that.

New FHFA white paper measures how bad home prices could fall in next downturn

A new white paper from the Federal Housing Finance Agency published today proposes a new way to measure how far home prices could fall in a worst-case scenario like the 2008 housing crash, and early tests show it’s pretty accurate. Here’s the scoop.

Truckload capacity still remains tight despite some slight signs of improvement

A year ago at this time, truckload capacity was viewed by most people as the tightest it has ever been, or something close to that anyhow. There was an incredibly difficult winter to contend with, which was the case again again this year, and the driver shortage was rearing its ugly head, too, much like it still is now.

Mortgage rates move higher for third week in a row

With solid employment gains in February, average fixed mortgage rates followed 10-year Treasury yields higher and rose for the third consecutive week, according to Freddie Mac.

Dimensional weight rating could be a win-win-win for the materials handling industry

UPS and FedEx have changed they way they charge our customers to ship their orders. That's creating an opportunity for our industry to play a role in reducing packaging and shipping costs.

Placester launches web design for single property listings

Placester launched Single Property Sites that features website designs built specifically for promoting individual listings. This allows real estate agents to message and market directly to the consumers online, promoting individual listing.

RealtyTrac: Mortgage lending rose 17% in first quarter

Thanks in large part to the continually low interest rate, mortgage originations rose 17% year-over-year in the first quarter, according to a new report from RealtyTrac. Unsurprisingly, refinances led the way. Here's how it all broke down.

California Realtors: Golden State finally becoming more affordable?

While California still has its fair share of hurdles to overcome, the state is making progress. In fact, a new report from the California Association of Realtors shows that this is the second consecutive quarter of improvements for the state.

Port of Oakland attracting more mega-vessel calls

While maritime industry analysts are questioning the sustainability of global mega-vessel operations, it is now clear that Pacific Rim ports will be asked to accommodate them in the near future.

TransUnion: Student loans do not impact housing

Despite the level of student loan debt rising to well above $1 trillion, young buyers are not being inhibited from obtaining a mortgage due to their debt, according to a new report from TransUnion. In fact, not only are younger consumers with student debt able to get a mortgage, they are also quite adept at making their payments as well.

CoreLogic: Cash sales to return to normal level by mid-2018

Cash sales made up 37.9% of total home sales nationally in February 2015, down from 40.6% in February 2014, continuing its more-than-two-year trend.

Fannie Mae accused of widespread racial discrimination

The National Fair Housing Alliance and 19 local fair housing organizations are accusing Fannie Mae of widespread racial discrimination, claiming that the GSE maintains and markets its foreclosures in White neighborhoods “consistently better” than in middle- and working-class African American and Latino neighborhoods. Fannie Mae says the charges are without merit.

UPS rolls out Amsterdam-based healthcare-dedicated air freight forwarding facility

Earlier this week, UPS opened up a healthcare-dedicated air freight forwarding facility at Amsterdam Schipol, Netherlands, which it said serves as an expansion of its European-based temperature-controlled supply chain capabilities.

Sterne Agee: The bull and bear case for housing stocks

While inventory is tight and homebuilders are rushing to keep pace with demand, there are still a handful of factors that need to come together in order to be successful. Which way with homebuilder stocks go?

April retail sales are flat compared to March, with annual gains minimal

Very modest gains in retail sales remained the norm, according to data for the month of April issued today by the United States Department of Commerce and the National Retail Federation.

Black Knight to raise $430M in IPO

After first announcing the plans of a IPO in December, Black Knight Financial Services will look to raise up to $430 million in an initial public offering expected to price next week. Its parent company, Fidelity National, will remain a majority stakeholder.

Freight expenditures and shipments up sequentially and down annually, says Cass

Annual declines and sequential gains for freight shipments and expenditures for the month of April were the main themes of the most recent edition of the Cass Freight Index Report from Cass Information Systems released this week.

MBA: Refinance share at lowest level in a year

Mortgage applications continued to move lower and dropped 3.5% from one week earlier. Meanwhile, the refinance share of mortgage activity hit a record low.

Zillow posts revenue of $127.3 million in first quarter

Zillow Group reported revenue of $127.3 million in the first quarter of 2015, with the costs of the executed acquisition of Trulia dragging down its net financial results.

Realtor.com launches all-out offensive in war with Zillow

Lawsuits and pulling listings were just border skirmishes. Move and the Realtor website — with the backing of News Corp — are pledging a whole new level of listings and ad warfare in the battle with Zillow Group. It’s a bold and expensive move. Will it pay off or is it a bridge too far?

DocMagic surpasses 100-million mortgage eSignature transactions

DocMagic officially processed more than 100 million mortgage-related eSignature transactions. This is positive news for the mortgage industry, since in previous years eSign adoption was much lower among lenders working with borrowers.

Supply chain managers may be considering new seaport options, says CBRE report

East Coast ports are growing at a faster rate than their West Coast counterparts, according to the inaugural edition of CBRE Groups’s Inc. “North America Ports Logistics Annual Report.”

Sen. Warren believes Obama’s trade deal could lead to Dodd-Frank repeals

In an uncharacteristic bit of Democratic Party in-fighting, Sen. Elizabeth Warren is loudly fighting back against a massive trade deal being pushed by President Obama because she is worried that one of the trade deal’s provisions could lead to future attacks against the Dodd-Frank Act.

Urban Institute’s Goodman blames “broken” servicer rules for tight credit

Speaking recently at an Urban Institute seminar on mortgage servicing, Housing Finance Policy Center Director Laurie Goodman said that the current “broken” state of mortgage servicing regulations is partly to blame for the current tight lending environment.

MBA: It keeps getting easier to get a mortgage

Thanks in large part to loosening government standards, it keeps getting easier to get a mortgage, the Mortgage Bankers Association said in a new report. Here's how it all broke down.

Diesel prices head up for fourth straight week, reports EIA

Data issued this week by the Department of Energy’s Energy Information Administration (EIA) showed that the average price per gallon of diesel headed up 2.4 cents to $2.878 per gallon, rising for the fourth straight week.

Ocwen files 2014 yearly report without “going concern” qualification

After months spent on shaky ground, Ocwen Financial appears to be righting the ship. The company announced late Monday that it filed its much-delayed 2014 10-K yearly report with the Securities and Exchange Commission without a qualification about its ability to operate as a going concern.

Just graduated? Here are the top 10 cities for post-grads

It’s the middle of college graduation season, which brings a new crop of eager millennials looking for a job. This list should help narrow down exactly where you should job hunt.

NAR: 5 most and least expensive metros in 2015

This year started off with higher sales activity as steady hiring and low interest rates encouraged more buyers to enter the market. Here’s a list of the top five most expensive metros, along with the nation's least expensive metros.

Here's why quantitative easing means only the rich get richer

Yes, there really is inequality in America. It goes well beyond what you are being told by the media, however, and QE and its associated zero interest rate policy are a major reason economic inequality is growing instead of shrinking.

CFPB sues Nationwide Biweekly for deceptive mortgage practices

The CFPB alleges that Nationwide Biweekly, Loan Payment Administration, Daniel Lipsky falsely promise consumers they can achieve savings without increasing their payments, falsely promise immediate savings that actually take years to achieve, mislead consumers about the costs associated with the program, and falsely claim to be affiliated with mortgage lenders and servicers.

ATA reports trucking industry revenue tops $700 billion in 2014

According to the ATA, total 2014 trucking industry revenue was $700.4 billion, which alone is a staggering number, but making it all the more impressive is that it represents the first time annual industry revenue has topped $700 billion.

DocMagic rolls out TRID enhancements

The Aug. 1 deadline set by the Consumer Financial Protection Bureau has been challenging for many in the industry. A recent survey by the Capsilon Corp. found that 41% of mortgage lenders are not ready to comply with the new rules by the deadline, and only 12% of those surveyed said their companies were "very prepared" for the new regulation.

USPS reports a $1.5 billion net loss for fiscal second quarter

Late last week, the United States Postal Service (USPS) announced it had a $1.5 billion net loss for the fiscal second quarter compared to a $1.9 billion net loss for the same period last year. This follows a fiscal first quarter net loss of $754 million and a $5.5 billion fiscal 2014 net loss.

NAR: Tight inventory, demand push home prices higher in first quarter

Home prices continued their steady increase and pushed higher in many metros areas in the first quarter of 2015 due to stronger demand and tight inventory levels.

NAR: Tight inventory, demand push home prices higher in first quarter

Home prices continued their steady increase and pushed higher in many metros areas in the first quarter of 2015 due to stronger demand and tight inventory levels.

Monday Morning Cup of Coffee: Is housing normal yet? Virginia to use eminent domain

After surveying key economic and housing data versus long term historical averages, a new report from Bank of America Merrill Lynch sees subpar performance on almost every front. How will this impact housing? Meanwhile, the arrests of two of the three most powerful men in New York's state government may finally open the door for housing reform.

Nationstar significantly downgraded by analysts

In the wake of posting a loss in the first quarter, several analysts are downgrading Nationstar Mortgage Holdings and questioning what the future holds for the nonbank. Here's what FBR Capital, Oppenheimer and Barclays think about Nationstar.

FDIC Director Jeremiah Norton resigns

The director of the Federal Deposit Insurance Corporation, Jeremiah Norton, resigned his position on the FDIC’s board of governors on Friday. In a letter to President Obama, Norton said he believes that it is “an appropriate time to conclude my service as I am now approaching nearly two years since the expiration of my term.”

Rents rise as millennials keep forking over the cash

Rental rates are rising all across the country, and the trend is not forecasted to change anytime soon. But this survey says that might not be a problem for millennials, at least not according to their heart.

FHFA: HARP now extended through 2016

After industry rumors of an extension over the past year, the Federal Housing Finance Agency finally announced it is extending the Home Affordable Refinance Program until the end of 2016. Will this be the last extension for HARP and HAMP?

Port Tracker report signals a slow return to more normalized import freight flows

Leveraging a theme of improvement, following a tentative West Coast port labor dispute agreement between the Pacific Maritime Association and the International Longshore & Warehouse Union (ILWU) reached in late February, the most recent edition of the Port Tracker report from the National Retail Federation (NRF) and maritime consultancy Hackett Associates painted a positive picture, with import cargo levels at U.S.-based retail container ports slowly getting back to normal levels.

American Homes 4 Rent revenue explodes in first quarter

Riding a hefty increase in net operating income generate by leased properties, American Homes 4 Rent reported a revenue increase of 70.5% in the first quarter. With an increasing portfolio, things are only looking up for the company.

Fannie Mae dropping mortgage modification interest rate

Fannie Mae is set to lower the benchmark interest rate for its Standard Modification program. Here's what mortgage servicers need to know about the change.

April carload and intermodal volumes are mixed, reports AAR

United States carloads dipped 5.3 percent, or 78,712, annually, to 1,403,044, and intermodal containers and trailers saw a 5.1 percent annual jump in April, up 67,513 units to 1,383,314.

Air cargo growth hinges on fewer barriers to trade

The air cargo industry is on a “solid but unspectacular growth trend,” notes The International Air Transport Association (IATA). More worrying however, is that there is little evidence today that would point towards an acceleration as the year goes on.

MGIC reports fewer delinquencies on file in April

MGIC Investment Corporation continues to improve its primary delinquent inventory and ended the month with almost 3,000 less on file.

Rail industry feedback to Final Rulemaking on crude-by-rail train standards is frosty

In the wake of the Final Rulemaking issued by the Department of Transportation’s Federal Railroad Administration and Pipeline and Hazardous Materials Safety Administration (FRA) last week, the feedback by the freight railroad sector has been less than positive.

April jobs report comes in below expectations

Employers added 223,000 jobs in April, below consensus expectations of 228,000, even as March’s weak payroll number was downwardly revised to an abysmal 85,000. Here’s what happened.

Commercial, multifamily mortgage lending skyrockets 49% in 1Q

Lending for commercial and multifamily projects really took off in the first quarter – with half again as many loans originated this past quarter compared to the same period last year. Here’s what happened.

Zillow: Detroit’s housing status is “deeply troubling”

Detroit continues to stand out as a blip on the radar when it comes to America’s housing recovery, which should come as no surprise. And while the city does display some improvement, according to experts at Zillow, Detroit’s housing situation is not only stuck, it is deeply troubling.

Goldman Sachs faces $120M mortgage securities lawsuit

The New York Court of Appeals revived a bond insurer’s $120 million lawsuit claiming Goldman Sachs Group lied about a pool of securities backed by subprime mortgages during the period leading up to the financial crisis.

More Americans size up real estate overseas

Americans are taking a greater fancy to homes overseas thanks to the rise of the U.S. dollar and relatively cheaper home prices. Check out the article to see exactly where they are buying.

Ocwen Financial shows 'measurable improvement' after investigation

After the stock-crushing news that Ocwen Financial’s internal review group failed to properly do its job, the office of the National Mortgage Settlement said the nonbank mortgage service is making a turnaround, but not before finding that the servicer did in fact inaccurately portray its internal review.

ISM specialty questions address West Coast port labor impact and fuel prices

In certain periods of time, there tends to be trends, themes, or takeaways that are top of mind when addressing or viewing certain things. In recent months, two of the major talking points in the supply chain and logistics space have been the West Coast port labor disruption and the drop in oil prices. Those two items were featured as the “special questions related to the early months of 2015” in the Institute for Supply Management’s Spring 2015 Semiannual Economic Forecast issued earlier this week. Each question was presented to the ISM’s manufacturing and non-manufacturing member respondents.

Fannie: More consumers positive on housing, but still on sidelines

Consumers are feeling a little better about housing and the economy, but likely not good enough to trigger any breakout improvements in housing market activity this year.

Shippers to brace for big price hike in Transpacific

In what as being described as an effort to “restore service levels,” container shipping lines comprising the Transpacific Stabilization Agreement (TSA) are attempting to pull off a significant rate hike this summer.

Fannie Mae reports net income of $1.9B in 1Q

Net income in the first quarter of 2015 increased compared with the fourth quarter of 2014 due primarily to lower fair value losses in the first quarter of 2015. Further, the GSE expects declining profit going forward. Here's how it broke out.

RealtyTrac: Flippers were 4% of all home sales in the first quarter

Flippers were busy in the first quarter, gaining bigger profits and taking a bigger share of single-family home sales. Here’s what’s driving it and where the action is.

PennyMac Financial Services 1Q net income hits $47.1M

PennyMac Financial Services posted net income of $47.1 million for the first quarter of 2015, on revenue of $140.3 million. Looking ahead, the lender's CEO sees substantial opportunity in mortgage production, driven by continued low mortgage rates, the FHA's reduction of its mortgage insurance premium and limited origination capacity in the market.

Past U.S. West Coast port disruption contributes to trade gap

Disruptions at West Coast ports, which were resolved at the end of February, may have distorted the numbers

Lincoln Mortgage rebrands to Gateway Mortgage

Lincoln Mortgage Company, formerly only a division of Gateway Mortgage Group, is now officially operating under the Gateway Mortgage Group name, changing the name of its four branches.

Manufacturing and non-manufacturing sectors poised for 2015 growth, says ISM semiannual report

Growth firmly remains in the cards for both the manufacturing and non-manufacturing sectors in 2015. That was the main takeaway from the December 2014 Semiannual Economic Forecast from the Institute for Supply Management (ISM), which, in many ways, picked up where its companion Spring 2014 report published last April left off.

Claren Financial: The mortgage market faces 3 more years of recovery

It will be about three years until the mortgage lending environment returns to a healthy level and reaches a strong equilibrium. Until then, here’s what's impacting current lending conditions.

Accurate Group launches new appraisal technology

Accurate Group launched its latest technology solution iValueNet, hoping to give mortgage lenders a choice on interior property inspections to help save time and money.

CEVA Logistics posts 4.1 percent first quarter gain in constant currency

First quarter revenue of $1.776 billion was down 4.8 percent annually but up 4.6 percent in constant currency. And adjusted EBITDA at $51 million saw an 18.6 percent annual gain, with a 23.3 percent increase in constant currency.

Walker & Dunlop earnings skyrocket on record origination volume

Walker & Dunlop posted a 198% increase in net income from first quarter 2014, and the lender sees even more opportunity in the future as it prepares for a commercial mortgage refinancing boom.

At ISM 2015, innovation and sustainability are front and center

Forget cost cutting. Innovation and sustainability are the most important factors in business today. The companies that get it right can still win in a flat economy, says ISM CEO Tom Derry.

Mortgage applications drop 4.6%

A precipitous drop in refinancing activity led the drag on mortgage applications last week, and despite purchase activity rising, it wasn't nearly enough. Here's what happened.

FHFA opens door for potential Fannie, Freddie CEO raises

The CEOs of Fannie Mae and Freddie Mac are in line for a potential pay raise, but the new opportunity does not come without severe industry opposition, including the governments.

APICS and AST&L announce merger plans

APICS and ASTL said they have signed off on an agreement in which AST&L will merge with APICS upon ratification by an AST&L member vote.

Moody’s: Stopping eminent domain seizures of underwater mortgages a credit positive

The House of Representatives’ Appropriations Subcommittee approved a bill last week for the fiscal year that would keep municipalities from using eminent domain to seize underwater mortgages. Here's why Moody's Investors Service says it's a good thing for investors.

CFPB: 26 million consumer are ‘credit invisible’

The Consumer Financial Protection Bureau has found that 26 million Americans are “credit invisible” meaning they do not have any credit history with a nationwide consumer reporting agency. Here's why they say it's a problem.

Nationstar’s surprise 1Q loss pulls down nonbank servicers

All the major nonbank mortgage servicers were bleeding in trading through early afternoon, after Nationstar Mortgage Holdings reported its first-quarter surprise loss. Here's where the red ink is spilling.

Diesel prices are up for the third straight week

The average price per gallon of diesel rose 4.3 cents to $2.854 per gallon, following gains of 3.1 cents and 2.6 cents, respectively, the previous two weeks for a cumulative ten cent gain over the last three weeks.

In the world of real estate, Pacquiao beats Mayweather

Both Floyd Mayweather Jr. and Manny Pacquiao might be legends in the boxing ring, but their fight in the housing market doesn’t tell the same story.

ISM reports growth in non-manufacturing activity in April

The index ISM uses to measure non-manufacturing growth—known as the NMI—was 57.8 in April which was 1.3 percent above March and also 0.5 percent above the 12-month average of 57.3. Economic activity in the non-manufacturing sector has grown for the last 63 months, according to ISM.

XPO reports mixed Q1 earnings, adds Bridge Terminal Transport to portfolio

Non asset-based 3PL XPO Logistics reported solid first quarter earnings last night, with total gross revenue seeing a 148.9 percent annual gain at $703.0 million and net revenue up 349.0 percent to $262.2 million. Despite the significant gains in total gross revenue and net revenue, the company had a $14.7 million quarterly net loss, which marked an improvement compared to a $28.3 million net loss a year ago.

Interthinx: Mortgage fraud risk rose in 4Q14

Like politics, mortgage fraud is local, and the risk varies from location to location because ultimately, mortgage fraud is a crime of opportunity. Here's where the real risk is.

Freddie Mac reports profit of $524M in first quarter

Freddie Mac reported net income of $524 million for the first quarter of 2015, compared to $227 million for the fourth quarter of 2014. The solid quarter is the 14th in the black for the government sponsored enterprise. Here's how it broke down.

PRMG adds Phil Gouskos as regional manager

In this new role, Gouskos will be responsible for originations in the company’s three business channels, residential lending, retail lending and wholesale lending.

Fidelity National revenue rises for fourth straight quarter

For the fourth straight quarter, Fidelity National Financial saw its revenue rise over the previous year’s total. The title insurance giant reported total revenue of approximately $1.6 billion in the first quarter of 2015, up from $1.4 billion in the first quarter of 2014.

Inlanta Mortgage expands in Greater Chicago area

Inlanta Mortgage continues to expand and announced its latest branch opening in the greater Chicago area.

Parkside Lending begins offering FHA loans

Parkside Lending is now offering Federal Housing Administration loans, helping the lender reach a larger percentage of its clients and broaden homeownership opportunities for qualified borrowers.

Las Vegas lawyer disbarred for mortgage fraud

The Nevada Supreme Court stripped a prominent Las Vegas attorney of his right to practice law in the state as part of the punishment for his place in a mortgage fraud scheme that defrauded financial institutions of more than $30 million.

Consumer spending rose in April

Daily self-reporting of spending averaged $91 in April, up from $86 in March but down from several monthly averages in 2014. Here's what happened.

Commercial, multifamily mortgage originations jump 49% in 1Q

Commercial and multifamily mortgage originations saw a huge annual gain in the first quarter, despite the expected quarter-to-quarter dip. Here's what was behind the push.

Solidifi acquires Southwest Financial Services

Solidifi, a provider of residential real estate appraisals, acquired Southwest Financial Services, strengthening Solidifi’s solutions for the home equity market.

Deloitte and MAPI study highlights pressing need to evolve manufacturing risk management

A new study, “Understanding Risk Assessment Practices at Manufacturing Companies,” uncovers complex business risks and disruptors facing manufacturers, and a pressing need for the industry to evolve its risk assessment capabilities.

Black Knight: 8% of borrowers underwater

While the nation’s negative equity situation remains one of overall improvement, negative equity distribution varies considerably depending upon geographical location.

Monday Morning Cup of Coffee: Home price and wage divergence raise alarms

The Countrywide and Citigroup settlements are on the verge of being paid, but looking ahead the housing market has problems now like what led up to the housing crisis in the first place. Is mortgage finance in a doomed time loop, or just not learning from its mistakes?

ditech promotes Doug Wilken to divisional manager

In this new role, Wilken will oversee sales in Texas, Oklahoma, Kansas, Missouri, Illinois, Indiana, Ohio, Michigan, Wisconsin and Minnesota.

'Drug-induced orgy' destroys family's Airbnb rental home

One couple faces one of the worst scenarios after renting their home to strangers on Airbnb. What was meant to be four people soon multiplied as the house descended into a massively destructive orgy. The damage is extensive.

MGIC names Stephen Mackey chief risk officer

Mackey bring more than 30 years of experience to MGIC. He joins MGIC from JPMorgan Chase, where he most recently served as managing director, firm-wide market risk.

ISM manufacturing data sees a slight gain in April, reports ISM

A mixed bag may be the most appropriate way to characterize the current state of manufacturing based on the most recent edition of the April edition of the Manufacturing Report on Business issued by the Institute for Supply Management today.

DOT issues Final Rule on crude-by-rail train standards

The Department of Transportation’s Federal Railroad Administration and Pipeline and Hazardous Materials Safety Administration (FRA) issued its long-awaited Final Rulemaking for “Enhanced Tank Car Standards and Operational Controls for High-Hazard Flammable Trains.”

Student debt is not roadblock to homebuying… yet

Excessive levels of student debt repayments are not acting as a roadblock to housing for first-time homeowners, at least not yet. So what is right now?

The 15 hottest markets for homebuyers and sellers this Spring

Springs ushers in the start of the spring homebuying season, and as supply and demand gain strong momentum, these 15 markets exhibit the most strength. Is this where you call home?

Court debates lifting time limitations on mortgage bond lawsuits

While investors who say they were duped into buying flawed mortgages have six years to sue, the court is currently trying to figure out when exactly the clock starts on the six years.

AAR reports another week of mixed volumes for week ending April 25

U.S. carloads were down 1.6 percent at 278,294 carloads, and intermodal volume was up 5.6 percent at 279,0123 containers and trailers.

A short-term reauthorization extension does not solve long-term problems

Even though the immediate prospects of a long-term federal surface transportation authorization remain dim, various media reports suggest that at least short-term help could be on the way.