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Could Supreme Court Decision Have Vast Implications on Mortgage Industry?

The Supreme Court ruled Monday in a unanimous decision that the Fair Debt Collection Practices Act did not extend its reach to entities that purchase defaulted loans on the secondary market. The petitioners brought their case in front of the Supreme Court in an appeal of the 4th Circuit Court ruling in favor of the respondent. Justice Neil Gorsuch delivered his first opinion since his conferral to the Court.

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Independent Mortgage Banks Show Production and Profits Down

The 2017 Quarterly Mortgage Bankers Performance Report for Q1 was released on Tuesday and reported that independent mortgage banks were having a rough start in the first quarter of 2017. Per loan, gains and production costs are down, resulting in lower net profits. Q1 was also a record breaking quarter for two statistics since its inception in 2008.

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House Republicans Release Tax Plan

Maryland Governor Larry Hogan signed a fast-track foreclosure law that will expedite the foreclosure process with the intent to reduce community blight, following the footsteps of a similar bill in Ohio. This bill could be the push other states need to move forward with their own fast track foreclosure bills. We hear from industry experts on the impact this bill may have.

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City Sues Wells Fargo Over FHA Violations

On Monday, the City of Philadelphia sued Wells Fargo & Co for predatory lending and violations of the Fair Housing Act. This suit comes just two weeks after the U.S. Supreme Court ruled that cities may sue lenders for alleged discrimination, according to Reuters. Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.

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Summer’s Not Just for Sellers

New data shows that August is the best time for homebuyers. According to recent analysis, housing inventory is up significantly by the end of summer, causing many sellers to reduce their listing price. In fact, buyers who wait until late summer may actually pay less than if they’d bought during other times of the year.

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