News

Recently, DocMagic, Inc., reported a 42 percent increase in volume for 2016. The company credits its growth to the mortgage industry’s demand for products that enable TRID compliance, eSignatures and eClosings. This is the second consecutive year that DocMagic’s volume has increased by roughly 40 percent.

The PNC Financial Services Group, Inc., announced on Wednesday that Augustine (Gus) Faucher will assume responsibility as Chief Economist effective immediately. Faucher succeeds Stuart G. Hoffman, who had served PNC as Chief Economist for 37 years.

Applications dropped slightly this week, according to one survey. The survey found that for the week ending on March 31, applications dropped 1.6 percent from the previous week. The Market Composite Index showed that on an unadjusted basis, applications dropped 1 percent from the previous week, compared to the 1.6 percent adjusted.

In a letter to shareholders, JPMorgan Chase CEO Jamie Dimon made the statement that the days of “too big to fail” are over and that taxpayers will no longer pay for a bailout should a major financial institution collapse. This is because of a stronger regulatory environment, more liquidity, and higher capital levels, Dimon said. He also covered tech, immigration issues, and other issues in his letter, and participated in a town hall event on Tuesday.

The Fair Housing act was supposed to level the playing field for American minority groups nearly 50 years ago. While segregation and homeownership among blacks and Latinos has improved in some areas, age-old issues still linger. And it’s been especially rough since the recession.

On Wednesday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Financial Services Committee in a hearing titled “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection.” In his prepared remarks, Cordray defended the role of the CFPB, especially given the current debate surrounding the Bureau.

On Wednesday morning, CFPB Director Richard Cordray will go before the House Financial Services Committee. As per Dodd-Frank requirements, the hearing will allow Cordray to present the Bureau’s most recent semiannual activity reports. Cordray’s prepared remarks show he will discuss credit reporting, debt collection, and financial incentives, among other things.

According to a new report, the average household spends an additional $447 per month when moving from a two-bedroom to a three-bedroom home. Move-up costs vary by home size and location but are steepest in San Jose, California, and in coastal areas. The lowest move-up costs are in Cleveland, Ohio.

Fannie Mae looked into the efficacy of early education for borrowers and buyers and found underwhelming results. While buyers, agents, and lenders like the programs in theory, the reality is that all see the programs as cumbersome. The GSE recommended retooling the programs, but not abandoning them.

Leaders from both the government and mortgage servicing industry are to meet in Washington, D.C. to discuss policy and reform in the housing industry at the Five Star Government Forum. The event will include speakers and panel discussions on the economy and the future of the market.