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Author Archives: Seth Welborn

New Home Opportunities Impacted by Declining Construction Jobs

Decreases in construction jobs have just added to the inventory problems. According to analysis form the National Association of Homebuilders and the BLS Job Openings and Labor Turnover Survey, construction jobs saw a dip in March. Additionally, construction costs have been on the rise, possibly adding to this decline in construction sector employment.

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Clayton Introduces Internal Audit Services Program

Clayton Holdings LLC recently announced that it has developed an enhanced internal audit services program. The program is designed to help bank and lender clients develop, manage and enhance their internal risks and controls programs and comply with new government-sponsored enterprise and Consumer Financial Protection Bureau requirements

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CoreLogic Launches New Portfolio Solution

Loan Originations

Total Home Value for Portfolio Monitoring is a self-service, fixed-cost solution that CoreLogic states will help mortgage lenders and servicers evaluate and understand the collateral value of their mortgage portfolios on a periodic basis. CoreLogic states that this solution frees mortgage lenders, insurers, servicers and investors from budgetary constraints that may have resulted in foregoing current valuation information.

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Criticism and Reaction to FSC Communication Control

A recently-published letter from Financial Services Committee Chairman Jeb Hensarling (R-Texas), originally sent in April to Treasury Secretary Steven Mnuchin, informed Mnuchin of the Financial Services Committee’s intention to retain control of all communication between the committee and the Treasury. Under the 1967 Freedom of Information Act, Congress is exempt from requests for records and material, and as Hensarling stated, communications between the Financial Services Committee and various branches of government constitute congressional records. The Financial Services Committee’s top Democratic Representative, Maxine Waters (D-California), criticized Hensarling’s letters.

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The Week Ahead: Evaluating Conservatorship

On Thursday at 10 a.m. EST, the Senate Banking Committee will hold a hearing titled “The Status of the Housing Finance System After Nine Years of Conservatorship,” with Director of the Federal Housing Finance Agency (FHFA) Mel Watt serving as a witness. With Fannie Mae and Freddie Mac preparing for change under the current administration, the nine-year mark of the conservatorship of the GSEs could mean big changes.

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Industry Reacts to Employment Increase

Friday’s employment report for April from the Bureau of Labor Statistics showed strong growth overall, but the same could not be said for the mortgage industry. Industry professionals called the report's mortgage job data "disappointing," but the jump in growth in all jobs could mean further rate hikes from the Fed.

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CFPB to Assess RESPA Mortgage Servicing Rule Effectiveness

The Consumer Financial Protection Bureau (CFPB) is planning to assess the effectiveness of the Real Estate Settlement Procedures Act (RESPA) mortgage servicing rule. The rule, introduced in January 2013 and which took effect in January 2014, was designed to assist consumers who were behind on mortgage payments. Currently, the Bureau is seeking comment from consumers, consumer advocates, housing counselors, mortgage loan servicers, industry representatives, and the general public regarding the rule, and will issue a report of their assessment by January 2019.

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Application Volume Decreases Following Strong Week

Mortgage applications decreased from a week earlier, according to a recent survey. This is a substantial difference compared to last week, when applications rose 2.7 percent. Refinances had increased 7 percent that week, as well, but fell 5 percent this week.

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CFPB: Ocwen Can’t Expedite Constitutionality Ruling

The Consumer Financial Protection Bureau (CFPB) has denied Ocwen Financial Corporations’s attempt to expedite a court ruling on the constitutionality of the Bureau. The CFPB said that the mortgage servicer shouldn’t get special treatment in the case, alleging it failed “every stage of the mortgage servicing process.” The CFPB attempted to block Ocwen’s expediting attempt by telling a Florida federal court to deny Ocwen’s attempt at fast-tracking its constitutional challenge against the agency’s structure.

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