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CFPB Gives Warning on MSR Transfers

In a bulletin issued Tuesday, the Consumer Financial Protection Bureau warned mortgage servicers to pay close attention to the new "common-sense" mortgaging rules implemented by the bureau in January 2014, aimed at protecting consumers from being harmed during loan transfers.

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California Home Sales Weakest Since 2008

Real estate data site PropertyRadar reported a slight month-over-month gain in home sales across California in July, but not enough to bring activity up from last year. Sales for single-family homes and condos for the first seven months of 2014 year-to-date are at their lowest levels since 2008, the company said in its latest Real Property Report for the state.

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Peak Housing Season Closes with ‘Healthy’ July Numbers

Housing market trends kept their spring momentum in July—and are expected to remain solid in the months ahead, Realtor.com said Wednesday in its National Housing Trend Report for the month. For the first time since the start of the housing recovery in 2012, Realtor.com says the end of the annual peak buying season passed this year without any outside economic influences creeping in.

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Mortgage Apps Rise in Latest Survey

The Mortgage Bankers Association (MBA) reported a 1.4 percent seasonally adjusted bump in application volumes for the week ending August 15, a partial reversal from the 2.7 percent decline reported the week prior. While last week's results were lifted by improvement in applications for conventional mortgages, they were also weighed down by a 5.9 percent decrease in applications for government mortgages.

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Mortgage Closing Rate Drops from Record High

Despite a slight easing in credit standards, the percentage of loan applications closed in July slipped to a three-month low, Ellie Mae reported Wednesday in its monthly Origination Insight Report. Tracking loan applications initiated 90 days prior, the company calculated an overall closing rate of 57.7 percent last month, down from 60.7 percent in June and 57.8 percent in May.

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Lawmakers Urge Fed to Rein in Bailout Powers

In a rare show of bipartisanship, Sens. Elizabeth Warren (D-Massachusetts) and David Vitter (R-Louisiana) joined four other senators and nine House members in a letter that warned against a weak proposed rule that signers said would fail to place "meaningful restrictions" on its ability to bail out financial institutions.

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Investors File Second Suit Over GSE Profits

Following the filing of a separate suit with the U.S. Court of Federal Claims, New York-based hedge fund Pershing Square Capital Management has filed a second suit against the U.S. government over the handling of GSE profits. In its compliant, Pershing Square suggests that the GSE dividends being diverted into Treasury, which amount to billions of dollars, should be divided among the common shareholders for the GSEs.

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Firms Boost Originations, Shrink Servicing in Q2

Based on data collected from April through June, Mortgage Daily reported a 24 percent quarterly increase in mortgage originations to an estimated $296 billion among all lenders as of June 30. Production still fell short 51 percent on an annual basis as consumer demand for mortgages remained anemic and credit standards stayed tight.

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CFPB Adjusts QM Thresholds on Points and Fees

Seven months after the implementation of its ability-to-repay and qualified mortgage (QM) rules, the Consumer Financial Protection Bureau (CFPB) announced it is tweaking the loan thresholds used to determine the maximum points and fees for QM loans.

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Housing Starts Jump in July; Permits Lag

According to figures released Tuesday by HUD and the Commerce Department, privately owned housing starts last month were at a seasonally adjusted annual rate of 1.09 million, a 15.7 percent spike from June's upwardly revised rate of 945,000 and a 21.7 percent gain over the same month last year. While most of last month's improvement came from a surge in multifamily building, single-family starts posted a solid gain, rising 8.3 percent to 656,000.

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