Industry News


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Homeownership for Black Americans Comes With Fewer Benefits
Tue, 24 Nov 2020 16:48:02 +0000

Owning a home is a tool for building wealth and stability, but a report from researchers at the Urban Institute indicates that is less applicable to people of color. Not only do Black Americans face more barriers to homeownership, but they also accrue less wealth than their White counterparts when they become homeowners. And the ...

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Janet Yellen Is Biden’s Treasury Secretary Pick
Mon, 23 Nov 2020 22:11:11 +0000

President-Elect Joe Biden has chosen former Federal Reserve Chair Janet Yellen as his Treasury Secretary, several news outlets report, and the Associated Press has confirmed, through an unnamed source. Yellen would be the first woman to head the U.S. Treasury—and that's about seven years after she became the first woman to lead the Fed. The ...

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Fannie Mae Recognized as a Top Company for Inclusion
Mon, 23 Nov 2020 20:38:29 +0000

Fannie Mae was named a top company for inclusion by the National Business Inclusion Consortium, a coalition formed by the National LGBT Chamber of Commerce, according to Fannie Mae. This year’s fifth annual “Best-of-the-Best Corporations for Inclusion” cohort features corporations that across all communities in America are all in on diversity and inclusion. Internal, external, ...

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Loan Performance Report Reveals ‘Good News’
Mon, 23 Nov 2020 20:01:03 +0000

According to a representative from Black Knight, their data analysts' monthly loan-performance report contains "pretty much good news all around, though most of it is the slow-and-steady-wins-the-race variety." In summary, mortgage delinquencies continued to improve in October, falling another 3.3% from September to reach the lowest level since March (6.44%). Month-over-month, there are 105,000 fewer ...

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Revisiting Regulations for Nonbank Mortgage Lenders
Mon, 23 Nov 2020 18:47:06 +0000

Federal Reserve Governor Michelle Bowman last week suggested revisiting the regulatory framework that defines how nonbank mortgage lenders operate. Speaking via webcast to the 2020 Financial Stability Conference hosted by the Federal Reserve Bank of Cleveland and the Office of Financial Research, Bowman noted that the U.S. economy and financial services system came into the ...

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The Week Ahead: A Breakdown of Delinquency Statistics
Fri, 20 Nov 2020 23:16:35 +0000

This week, on Monday, November 23, Black Knight will release its First Look at July mortgage performance data. Monday's delinquency numbers, which will cover October 2020, count all homeowners who have missed payments, whether they are in forbearance plans or not, noted a Black Knight representative. The data-analysis outfit will detail: Total U.S. loan delinquency ...

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Could Fed Policy Inadvertently Disrupt the Housing Market?
Fri, 20 Nov 2020 21:25:52 +0000

The seeming disconnect between the economic tumult created by the COVID-19 pandemic and the record-high levels for the Dow Jones Industrial Average and the S&P 500 Index can be explained when held up against the performance of the mortgage market, according to an op-ed piece authored by Brian Chappatta, a columnist with Bloomberg. Chappatta observed ...

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Forbearance Volumes Change Course
Fri, 20 Nov 2020 20:28:17 +0000

After falling by 273,000 or 9% over the past two weeks, forbearance volumes edged upward this week. Data collected by Black Knight through November 17 showed that about 5.2% of all active mortgage loans nationwide are in forbearance programs—that's about 2.77 million. The number is significantly lower than last spring's peak, which was 4.76 million ...

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Social Welfare Group Pushes for Immediate Pro-Housing Policy
Fri, 20 Nov 2020 17:53:40 +0000

Housing equality—along with vanquishing systemic barriers and the creation of additional homes—is front and center for a campaign called Up for Growth Action, a 501(c)(4) federal pro-housing legislative advocacy campaign pushing for pro-housing policies at the federal level, according to Upforgrowth.org. Up for Growth Action is unique, according to its operators, in that it is ...

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The Industry Pulse: Leadership, Acquisitions, and Partnerships
Thu, 19 Nov 2020 21:52:33 +0000

Minneapolis-based Bell Bank has hired Jesse Schwab as EVP/Chief Risk Officer, with oversight of all non-credit related risk management for Bell Bank and its divisions. “We’re excited to have Jesse join our growing Bell team,” said Michael Solberg, Bell’s president and CEO. “His experience in this arena will help us implement additional risk management processes and policies. Jesse’s role is particularly important as Bell Bank approaches the $10 billion asset threshold, which will make us subject to ...

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