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Ask The Expert: Why is the Cost of Jumbo Financing So High?

Ask The Expert: Why is the Cost of Jumbo Financing So High?

Wednesday, 23 September 2020
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Several loan officers have inquired: Why is the cost of jumbo financing so high at this time? For the past few years, it has been the same as conforming pricing and sometimes even lower than conforming. Now it is much higher--if you can find it at all. Why has this market changed so much? Read more...
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SEC Drops Charges in Massive Mortgage Fraud Case

SEC Drops Charges in Massive Mortgage Fraud Case

Friday, 18 September 2020
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The SEC has agreed to settle its civil case against upstate New York developer Robert C. Morgan without seeking a fine. So reports Buffalo News. Read more...
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Home-Flipper Opendoor to Go Public Via Blank-Check Company

Home-Flipper Opendoor to Go Public Via Blank-Check Company

Friday, 18 September 2020
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Real estate startup Opendoor has confirmed plans to go public through a merger with the Social Capital Hedosophia II, a special purpose acquisition company associated with investor Chamath Palihapitiya. So reports TechCrunch. Read more...
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Mortgage Honcho in $3B Fraud Scheme Wins Early Release

Mortgage Honcho in $3B Fraud Scheme Wins Early Release

Tuesday, 22 September 2020
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Lee Farkas, who was chairman and majority owner of the Florida mortgage firm Taylor, Bean and Whitaker, has been granted release from prison nine years into a 30-year sentence. So reports the Orlando Sentinel. Read more...
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Ask The Expert: Are Many Lenders Losing Buyers Because of High Rates?

Ask The Expert: Are Many Lenders Losing Buyers Because of High Rates?

Friday, 18 September 2020
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A Loan Officer based in the South wrote: "Right now, it is a very interesting time at my bank for all MLO’s here. The minimum down payment requirements for all conventional and jumbo loans are very high. Minimum credit score requirements are very high and our interest rates are the highest in the industry, I… Read more...
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Why Large Mortgage Firms Need to Issue Annual Diversity & Inclusion Reports

Why Large Mortgage Firms Need to Issue Annual Diversity & Inclusion Reports

Thursday, 17 September 2020
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PricewaterhouseCoopers (PwC) recently announced its first-ever Diversity & Inclusion Transparency Report. And, according to a recent Fortune article, “women and racially diverse talent now account for 65% of [PwC] entry-level hires, 7% of whom identify as Black, 12% as Latinx.” Read more...
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Bodnar of MMG: Watching the Fed This Week

Bodnar of MMG: Watching the Fed This Week

Friday, 11 September 2020
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Bill Bodnar of The Mortgage Market Guide (MMG) said that while inflation is not currently an issue, the Fed's involvement in the bond market has created a topsy turvy world that’s unsustainable in the long-term. Read more...
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Mortgage Scammer Tried to Fake Own Death: FBI

Mortgage Scammer Tried to Fake Own Death: FBI

Wednesday, 16 September 2020
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A convicted mortgage fraudster allegedly attempted to fake his own death to evade a new round of federal charges, authorities say. So reports the Lowell (Mass.) Sun. Read more...
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JPMorgan Digs Into Alleged Staff Misuse of COVID-19 Loans

JPMorgan Digs Into Alleged Staff Misuse of COVID-19 Loans

Friday, 11 September 2020
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JPMorgan Chase is looking into some of its employees’ alleged abuse of federal pandemic relief programs. So reports CNN. Read more...
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Orchard Raises $69M in Bid to Become Real Estate’s Amazon

Orchard Raises $69M in Bid to Become Real Estate’s Amazon

Tuesday, 15 September 2020
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Real estate platform Orchard, founded in 2017 and known as Perch until earlier this year, has announced an additional $69 million in funding and an ambitious goal to transform its industry like Amazon. So reports TechCrunch. Read more...
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