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Author Archives: Seth Welborn

Millennials Head (Mid) West

According to Ellie Mae’s most recent Millennial Tracker for March, millennial homebuyers are moving to the Midwest. Homes in Midwestern states have proven to be more affordable, and Mount Vernon, Illinois was the most popular metropolitan area for homes purchased by millennial buyers. Other popular cities for millennials included Midland, Texas and Odessa, Texas.

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Trump Administration Moves to Appoint New Comptroller of the Currency

On Tuesday, the Office of the Comptroller of the Currency announced the stepping down of Comptroller Thomas Curry on May 5. That day, U.S. Treasury Secretary Steven Mnuchin announced his intention to appoint Keith Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). Noreika will become Acting Comptroller of the Currency on May 5 and is currently a partner at Simpson Thacher & Bartlett LLP and was a partner at Covington & Burling, specializing in banking regulation.

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Where Student Loan Repayment is Easiest for Young Homebuyers

Student loans are a heavy burden on young adults, and some may find it hard to buy a home with that weight hanging over them. A report from Lendedu attempted to ease this burden with a ranking of U.S. cities where student loan repayment is easiest. The New York Fed noted that student loan debt has begun to level off, though still remain at a high level. These new homeowners may find it easiest to buy a home in Mount Sterling, Illinois, which sits at the top of Lendedu’s list

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How the FHA May Impact the Supreme Court Foreclosure Ruling

The Supreme Court found that the Miami's claims against Bank of America and Wells Fargo fell within the “zone of interests” established by the Fair Housing Act (FHA), which means that Bank of America and Wells Fargo’s practices had led to decreases in tax revenue and increased costs for maintaining foreclosed properties. What are the implications of this finding? We hear from industry lawyers to find out.

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Deadline for Shareholders to Pursue Claims Against Ocwen Looms

Tripp Levy PLLC announced on Monday that the deadline for investors to pursue their claim against Ocwen in the class action lawsuit is approaching. These investors seek to recover compensation damages caused by Ocwen’s violations of the Securities Exchange Act, and those that purchased shares of Ocwen during the period between May 11, 2015 and April 19, 2017 are encouraged to contact the firm soon.

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The Week Ahead: Freddie Mac to Release Q1 Financial Results

On Tuesday at 9 a.m. EST, Freddie Mac will hold a conference call to discuss its Q1 2017 financial results. The call will be webcast on the Freddie Mac website as well, and will be replayable for approximately 30 days following the event. Freddie Mac’s previous results, for Q4 2016, showed a net interest income of 14.4 billion for the full year, down 4 percent year-over-year.

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William J. Tessar Hired as CIVIC CEO

CIVIC Financial Services announced the hiring of William J. Tessar as its new President and CEO. Tessar most recently worked with Skyline Financial Company. Tessar brings over 30 years of experience to CIVIC, and has founded and served as President of three lending companies.

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Industry Reacts to HUD Deputy Secretary Nomination

President Trump nominated Pam Patenaude to be Deputy Secretary of Housing and Urban Development on Friday. Patenaude, currently President of the J. Ronald Terwilliger Foundation for America’s Families, has a long history in the industry. Executives from all ends of the spectrum have praised her nomination.

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Mortgage Industry Saved Headaches as Government Avoids Shutdown

With just hours to spare, Congress overwhelmingly approved a short-term spending bill which would prevent the weekend shutdown, avoiding potential clogs in the mortgage industry. A government shutdown would have slowed the mortgage process and even prevented some buyers from closing, as access to tax information and social security would have been halted during the shutdown. The housing market is stronger now than it was in 2013, and application volume is greater, meaning that that more buyers could have been affected.

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GDP Growth Below Wall Street Estimates

The Bureau of Economic Analysis Q1 GDP growth estimate was below the Wall Street estimate for the quarter, but in the opinion of Brett F Ewing and S. Lance Mitchell, Chief Market Strategist and Research Director (respectively) for First Franklin Financial Services, it is an “inflection point” for the economy in the midst of a tight labor market. Experts said that the slower growth was an "inevitable reversal" following the high growth of Q4 2016.

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