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Mortgage Apps Rebound Following Holiday Week

According to figures released by the Mortgage Bankers Association (MBA), loan application volumes rose 10.3 percent on a seasonally adjusted weekly basis for the week ending June 6. The increase followed a 3.1 drop in May's last week, which included an adjustment for the Memorial Day holiday. Removing adjustments, MBA reported a 22 percent surge in applications last week from the prior period.

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Cordray Faces Grilling in Senate Committee Hearing

CFPB Director Richard Cordray appeared Tuesday in front of the Senate Banking Committee, and as always, the proceedings were contentious. At the hearing, a myriad of topics were discussed, including mortgages, student loans, and proposed data collection efforts for the National Mortgage Database.

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Wells Fargo Loses Bid to Dismiss FHA Lawsuit

A federal appeals court has rejected an attempt by Wells Fargo to block a government suit alleging the bank falsely certified the underwriting credit of loans it originated as a direct endorsement lender for the Federal Housing Administration (FHA). In its attempt to have the suit dismissed, Wells Fargo argued the agreement outlined in 2012's National Mortgage Settlement barred the types of claims the government is now making.

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NAR: New Construction Needs to Catch Up to Job Creation

Measuring new homebuilding against employment numbers—which only recently recovered from their recessionary decline—the National Association of Realtors finds that historically, there is one new home built for every 1.5 jobs added to the economy. As of the first quarter, 32 states and the District of Columbia are above that ratio, meaning job growth has far outpaced new construction over the past three years.

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Mortgage Choice Act Clears House Vote

A bill designed to amend mortgage fee calculations under new industry rules cleared a major hurdle Monday, passing the House despite reservations from critics who say it may reopen the door to irresponsible lending. Introduced last year by a bipartisan group of representatives, H.R. 3211 would amend TILA to exempt fees from affiliated title companies from counting toward the 3 percent point and fee threshold established in the QM rule.

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Rising Costs Turn Per-Loan Profits into Losses

After a rough 2013—which saw average per-loan profits decline by nearly half year-over-year—mortgage banks are now losing money on each loan originated, the Mortgage Bankers Association (MBA) reported Tuesday. According to the trade group, independent mortgage banks and mortgage subsidiaries of chartered banks reported a net loss of $194 on each loan originated in the first quarter of the year.

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Urban Institute Breaks Down GSE Denial Rates

A new blog post from the Urban Institute asserts recent numbers on loan denial rates for minorities weren't too high; rather, they may have been too low. Using HMDA data, the group examined the credit profiles of applicants, noting that the denial rate really only matters for weaker credit profile applicants—they are more likely to get denied.

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