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Home | News (page 10)

National Bankruptcies Nearly Doubled in March

Bankruptcy filings nationwide took a sharp uptick in March. The latest report on bankruptcy filings by Epiq Systems shows bankruptcies nearly doubled compared to February. Filings were also up in March for the first time since 2011. Yet, year-to-date, all numbers are flat.

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Judge Rules with Plaintiff in Credit Suisse Suit

A federal court ruled recently that Credit Suisse misled homeowners over fees for reinstating mortgages. The Florida judge ruled that homeowners in the suit had provided adequate information that Credit Suisse’s mortgage unit violated the Fair Debt Collection Practices Act. Credit Suisse had sought a dismissal, saying the class had not made a thorough case that the bank had failed to properly disclose debts and fees.

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DocMagic Reports 42 Percent Growth

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.

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Gus Faucher Named PNC Chief Economist

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.

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A Drop in Foreclosure Activity

Across the country, reports have come in showing decreases in foreclosure activity. In the New York City area, Property Shark reports foreclosures have dropped 15 percent year-over-year in Q1 2017. Most areas of the city note drops in foreclosure activity, except for Brooklyn. Brooklyn was the only borough of New York City to report an increase in foreclosures, increasing 24 percent over 2016.

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Director Cordray Testifies Before the Financial Services Committee

Cordray defended the role of the CFPB in his prepared remarks, given the current debate surrounding the Bureau. In his opening statement, Financial Services Committee Charmin Jeb Hensarling (R-Texas) expressed surprise at Cordray’s appearance at the hearing, citing the president’s ability to remove the Director at will and reports that Cordray was to pursue an Ohio gubernatorial bid.

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Cordray Stands Up for CFPB in House Hearing

CFPB Director Richard Cordray will go before the Housing Financial Services Committee to address the Bureau’s two most recent semiannual reports. In his prepared remarks, Cordray is prepared to discuss credit reporting, financial incentives, and debt collection, among other things. He will also defend the CFPB’s purpose amidst the political debate currently encircling it.

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VA Home Loan Guarantee Program Faces Appraisal Problems

NAR’s 2016 Veterans and Active Military Home Buyers and Sellers Profile found that 18 percent of all recent homebuyers were veterans, and over half of those veterans used a VA loan to finance their home purchase. However, a number of roadblocks get in the way of appraisers giving veterans fair prices, such as compensation.

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