Tuesday, 29 September, 2020

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Category: Mortgage Professional America

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On September 16, Bloomberg reported that online retail behemoth Amazon has plans to open as many as 1,500 delivery hubs in American cities and suburbs. The move marks a sharp turn in strategy for Amazon, whose warehouses have typically existed on the outskirts of exurban areas. But now that Walmart and Target are offering same-day delivery from their urban and Read more…


On November 3, Americans will head to the polls to decide on who will lead the country for the next four years. Californian voters will also face decisions on several ballot propositions, one of them being Proposition 15. Prop. 15 is a “split roll” initiative that would have major implications to the way that commercial and industrial properties are taxed. Read more…


Well, it’s been a few weeks, so it must be time for yet another Wells Fargo scandal. Wells Fargo CEO Charlie Scharf is in hot water after revelations that he blamed the lack of diversity at the bank on “a very limited pool of Black talent to recruit from.” Scharf’s comments were made in a June memo that was later Read more…


As resistant as the mortgage industry can sometimes seem when it comes to innovation, its growing acceptance of data analytics as a tool for enhancing performance in almost every facet of the business, from marketing to product development, is happening at a rapid clip. The logical step after a lender or servicer has secured access to both robust data and Read more…


Of all the commercial real estate disruption caused by COVID-19, the negative impact rippling through the restaurant sector may be the most distressing. Nearly three million restaurant employees are still out of work. The industry is on track to lose $240 billion dollars in 2020. And, according to survey results released last week by the National Restaurant Association, almost 100,000 Read more…


Caliber Home Loans has commissioned three independent filmmakers to create short films about the concept of home as part of its Caliber Kindness initiative, an effort to benefit community support services during the COVID-19 pandemic. “The concept of home is changing,” Caliber said in an email to MPA. “Homes have typically been viewed as a sanctuary and escape from the Read more…


Unless you’ve been living under a rock, you’ve probably heard of Software-as-a-Service (SaaS). The model involves a third-party provider, hosting an application over the internet, generally via a subscription model. SaaS has been adopted by thousands of companies across the globe, making traditional software installation a legacy. We’ve also seen Transportation-as-a-Service, from the likes of Uber, Lyft and Zipcar. Bryan Read more…


The Department of Justice has charged a dozen mortgage and real estate professionals in a sprawling mortgage fraud scheme that allegedly spanned more than four years and resulted in the approval of more than 100 mortgages based on fabricated documents and phony information. Many of the fraudulent loans were insured by the Federal Housing Administration, resulting in claims being paid Read more…


The ranking Democrat on the Senate Banking Committee released a lengthy report Monday accusing the Trump administration of systematically undermining 50 years of fair housing progress. The report, released by Sen. Sherrod Brown (D-Ohio), accused the administration of ignoring the government’s fair housing obligations as established in the 1968 Fair Housing Act. “More than 50 years after Congress passed the Read more…


In a new report, the Consumer Federation of America questions the hidden cost of one of the real estate industry’s longest-running practices: referrals. In “Real Estate Referral Fees: Do They Harm Consumers?”, CFA senior fellow Stephen Brobeck addresses the issue of referral fees from multiple angles and finds the refer-for-pay regime a potentially problematic one for American consumers. Referring to Read more…


A government report shows that Fannie Mae and Freddie Mac have made insufficient progress when it comes to diversity and inclusion, top lawmakers say. The Government Accountability Office (GAO) recently released a study on the GSEs’ efforts to promote diversity and inclusion and found that they had only slightly increased representation of women and minorities in leadership positions between 2011 Read more…


A recently released report from comparison site LendEDU says homeowners who purchased as part of the unexpectedly torrid buying frenzy seen during the COVID-19 pandemic are currently suffering from an acute case of buyer’s remorse. Considering the joblessness and uncertainty still being inflicted on the U.S. by the coronavirus, it’s not surprising that some of these buyers, drawn into the Read more…


Is the office sector dead? It’s a difficult question to answer. With America’s extended COVID-19 battle turning many office towers into vertical ghost towns and the acceptance of remote work growing among employees who have been working in their pyjamas since April, office space certainly appears a less valuable asset than it did a few months ago. Some, however, like Read more…


American consumer spending was up slightly in August, at $537.5 billion. This reflects a slight uptick of 0.6% over July, according to the U.S. Census Bureau, which announced their advanced estimates of retail and food services. Total sales for June through August this year was also up 2.4% compared to the same period in 2019. Retail spending habits have managed Read more…


Over its first 25 years of existence, Princeton Mortgage built a reputation throughout the industry as a solid, conservative, regional mortgage banking institution. Before the Great Financial Crisis, Princeton was pushing through $500 million in deals a year. By the mid-2010s, business had shrunk to less than $150 million a year, and once the company lost a critically important joint Read more…