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Ellie Mae: Closing Rate for Purchase Loans Up for 3rd Straight Month

Ellie Mae released its most recent Origination Insight Report Wednesday, revealing that July├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós closing rate for all loan applications fell from June├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós total. The report draws data from a sampling of loan applications that go through Ellie Mae├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós network and mortgage management software. To get a meaningful view of lender ├â┬ó├óÔÇÜ┬¼├àÔÇ£pull-through,├â┬ó├óÔÇÜ┬¼├é┬Ø the company reviewed a sample of applications initiated in April to come up with a closing rate for July. Ellie Mae found that 45.8 percent of all applications closed in July.

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MVB Financial Credits Lending Division for Q2 Success

MVB Financial Corp. and its bank holding company MVB Bank, Inc., have announced a second-quarter earnings boost of 28.4 percent year-over-year, and the company says its mortgage unit should receive much of the credit for the positive quarterly results. The West Virginia-based company noted in an official statement that robust commercial loan demand and strong mortgage lending were the catalysts behind MVB Financial's successful performance.

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Marketcore’s Transaction Credit Tool Receives Recognition

Connecticut-based Marketcore, Inc., is receiving recognition in a recently released white paper from the National Association of Insurance Commissioner's Center for Insurance Policy and Research (CIPR). The financial services provider was cited in the group's report for its inventive Transaction Credits tool, which provides incentives to originators, aggregators, and investors who use the system to report events related to the value of underlying mortgages.

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Hollywood Heavyweight Lists Utah Chalet for $20.5M

Hollywood heavyweight Jeffrey Katzenberg has put his swanky estate in Deer Park, Utah, on the market. Katzenberg, currently the CEO of DreamWorks Animation, listed the luxurious log cabin ski chalet for $20.5 million, according to Realestalker.

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Builder Confidence Soars To Five-plus Year High in August

Builder confidence improved two points in August to 37, its highest level since February 2007, the National Association of Home Builders (NAHB) reported Wednesday. Economists had expected the index to remain flat at 35. The improvement in the index in August marked the fourth straight month-month gain.

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Freddie Mac: 95% of Q2 Refis Went for Fixed-Rate Loans

For borrowers who refinanced in the second quarter, fixed-rate mortgages dominated consumer preferences. Among those who refinanced in Q2, more than 95 percent opted for a fixed-rate mortgage, according to the Freddie Mac Quarterly Product Transition report. For those who had a hybrid ARM, 81 percent transitioned into a fixed-rate loan during the second quarter; the percentage represents the highest share in two years. In contrast, for those with a 15-year fixed rate loan, 2 percent transitioned into a hybrid ARM.

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Fitch: New CFPB Rules Will Increase Compliance Costs

Clearer monthly mortgage statements, warnings before interest rates adjust, quick correction of errors ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô these are among the proposed rules for mortgage servicers from the Consumer Protection Financial Bureau. The ratings agency stated one key change with the proposed CFPB rules is that it applies to banks and nonbanks of all sizes and types, and for smaller institutions, the impact of compliance costs is believed be even greater compared to the largest banks.

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Churchill Mortgage to Partner with Real Estate Radio Network

Churchill Mortgage is taking to the airwaves to support the company's educational initiatives for loan officers. Recently launching a new partnership with Ron Quintero, CEO of the Real Estate Radio Network, Churchill will gain support for company clients choosing to utilize its tools for recruiting, training, motivating, and retaining quality lending professionals.

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Alex Rodriguez Lists Miami Beach Mansion for $38M

modernhome

Living legend Alex Rodriguez has put his Miami estate on the market for $38 million. Curbed reports that the Yankee's player is rumored to have spent more than $24 million to build the 20,000-square-foot Florida mansion, which includes nine-bedrooms, 13-bathrooms, 275-feet of waterfront, two docks, a gymnasium, full steam room, and of course, a batting cage.

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SEC Charges Stick for Former Fannie Mae CEO

A former Fannie Mae executive now finds himself facing charges from the SEC of misleading investors about the GSE's loans. According to a complaint filed in the United States District Court for the Southern District of New York, ex-CEO Dan Mudd, along with two other defendants, allegedly misled investors into thinking the company had far less exposure risky loans than it actually had. SEC accuses Mudd, Enrico Dallavecchia, and Thomas Lund of creating ├â┬ó├óÔÇÜ┬¼├àÔÇ£materially false and misleading statements regarding Fannie Mae's exposure to subprime and Alt-A loans├â┬ó├óÔÇÜ┬¼├é┬Ø between 2006 and 2008.

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