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New QM Rules Produce Higher Costs and Elevated Risk Factors

2015 HUD

Although the new QM rules are expected to bring stability to loan manufacturing, the many nuances of compliance have resulted in doubling the cost of loan origination. This assessment was offered by Tom Showalter, Chief Analytic Officer at Digital Risk, a top provider of risk, compliance, and transaction management solutions.

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Bank of America Cuts More Jobs

Bank of America laid-off more workers, releasing 280 workers in the mortgage operations area in St. Charles, Missouri. The Charlotte, North Carolina-based business is closing a department that oversaw mortgage operations, leaving 90 workers in the St. Charles Office. The lay-offs continued from earlier in the week, when Bank of America reportedly planned to let go of 450 workers in their West Coast offices.

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Williams & Williams Welcomes New Executives

Williams & Williams, a real estate auction and collateral risk management company, announced executive changes within the Default Sales Division. The move is “intended to give greater autonomy and more control to sales executives to provide superior customer-focused solutions and services to the company’s institutional clients,” the release said.

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Wells Fargo May Loosen Credit Requirements

Wells Fargo is looking to reenter the subprime mortgage market by lowering its standards of acceptable credit scores for borrowers. Wells Fargo is the largest U.S. mortgage lender, and a move back into the subprime market may signal a sizable shift in the mortgage lending environment.

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Housing Inventory Continues Fall in January

Short Sales

January marks another decline in home inventory, according to a report issued by Redfin. With the caveat that "it is too soon to tell," the brokerage did offer some optimism regarding inventory in coming months, revealing "Redfin agents report that most of their home selling clients are planning to list between March and May."

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Housing Affordability Drops in California

The California Association of Realtors (CAR) released its Traditional Housing Affordability Index (HAI) on Wednesday, revealing levels of affordability in the Golden State. The CAR reported 32 percent of home buyers could afford to purchase a median-priced, existing single-family home in California.

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New Report Critical of Fannie Mae and Freddie Mac Fee Collection

A report released Wednesday by the Federal Housing Finance Agency (FHFA) was critical of Fannie Mae and Freddie Mac’s collection of late fees. The report criticized the two for poor management of late fee collection, noting large sums of money either not being consistently collected or collected at all.

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Caliber Home Loans Welcomes New Regional VP

Caliber Home Loans, a residential mortgage origination and servicing company, announced Wednesday Jim Foley had joined the company as Regional Vice President for the Washington D.C., Maryland, and Virginia territories.

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Bank of America to Cut More Mortgage Jobs

Bank of America, the second-largest U.S. lender, is cutting 450 mortgage jobs from its West Coast Offices. The lending giant is reducing staff after new loans fell short of internal forecasts. In a report by Bloomberg, affected employees were told yesterday that workers involved in processing home loans would be let go.

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Fannie Mae Increases Incentives to Purchase REO Properties

Fannie Mae announced Thursday that homebuyers can now receive up to 3.5 percent in closing cost assistance. The help is available within the FirstLook period of Fannie Mae’s HomePath properties in 27 states. The incentive will offer qualified buyers up to 3.5 percent of the final sales price to pay closing costs.

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