The plaintiffs in the fake leads lawsuit involving Move, News Corp. and the National Association of Realtors (NAR) have announced that they’ll be filing a motion for the court to reconsider its ruling on the defendants’ motion to compel arbitration as early as Aug. 8. Lead plaintiff James Bandy and 12 other named plaintiffs are […]
Plaintiffs in fake leads lawsuit ask court to reconsider ruling Read More »
United Wholesale Mortgage’s All-In initiative, which rocked the broker world four years ago, continues to survive legal challenges. A Michigan federal judge last week granted partial summary judgment to UWM in its case against America’s Moneyline, a brokerage accused of violating the ultimatum. The since-defunct brokerage admitted to selling numerous loans to both UWM and
UWM stays undefeated against brokerages fighting ‘All-In’ Read More »
Before most of the public understood terms like “artificial intelligence” and “data science” Onity Group’s Jack Cavanagh was exploring how the fundamentals behind their development might apply to mortgage origination and servicing. The growth from machine learning to the large language models and generative AI we know today can be seen as a continuum, and
How Onity Group is making use of AI Read More »
For the entire 2nd half of June, it was easy to be spoiled by the absence of volatility in mortgage rates. During that time, rates were either lower or unchanged every single day. The past few business days have been a different story. This began last Wednesday as the bond market began a small correction
Mortgage Rates Continue Higher For Third Straight Day Read More »
The Federal Reserve Bank of New York building.Bloomberg News The Federal Reserve’s policy rate is a long way from its lowest point, but markets remain concerned about a return to zero interest rates, according to findings from the Federal Reserve Banks of New York and San Francisco. In an economic letter released Monday, reserve bank
NY Fed report: Return to zero rates a ‘significant’ risk Read More »
Consumer homebuying sentiment slumped in June, with mounting fears over job cuts and tariff fallout darkening the housing outlook, according to Fannie Mae’s latest data. Fannie Mae’s Home Purchase Sentiment Index fell to a reading of 69.8 in June, falling 5% after it recovered to a score of 73.5 a month earlier. The latest index
Tariffs, jobs, rates: What’s sinking buyer mood most? Read More »
Flash flooding in Texas, which started on Wednesday and has killed at least 80 people, spawned fraud schemes and scams that attempted to exploit the goodwill and charitable instincts of onlookers. In one instance, the Center Point Volunteer Fire Department, located in hard-hit Kerr County, had its Venmo donation account temporarily suspended after creating it
How fraudsters exploit natural disasters Read More »
Andrew Harrer/Bloomberg Nationally chartered banks in parts of Texas were authorized to close Monday as needed, due to flooding in the state, according to a proclamation released by the Office of the Comptroller of the Currency. Major flash floods in central and southern Texas, known as the state’s Hill Country, have killed over 80 people,
OCC authorizes bank closures in Texas floods Read More »
The larger of two influential government-related mortgage buyers has made clear that even non depository mortgage companies not governed by the Bank Secrecy Act still have certain anti-money laundering responsibilities. “If a seller/servicer is not subject to the BSA’s AML provisions, it must establish a suspicious activity identification program,” Fannie Mae said in a bulletin,
Fannie updates AML rules, Freddie adds a buydown option Read More »
Treasury yields rose Monday led by long-maturity tenors as investors preoccupied with the potential fallout of US tariffs looked ahead to auctions later this week. Yields for 10- to 30-year Treasuries climbed at least five basis points to the highest levels in more than a week, extending the selloff sparked by strong June employment data
Treasury yields climb ahead of auctions amid tariff uncertainty Read More »