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Monday Morning Cup of Coffee: The biggest drag on homebuying is...

QE, ZIRP, opening the credit box, big tax credits - and yet the housing recovery has still been like a tuna sandwich from a gas station -- disappointing at best. But now we may know the real reason homebuyers have held back.
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CBC offers new LexisNexis FCRA report for lien and judgment data

Starting July 1, the three national credit reporting agencies will stop collecting and reporting information on lien and judgement data obtained from public records, leaving lenders with a significant hole in their assessment of a borrower's creditworthiness. To fill that information gap, two subsidiaries of CBC Companies - CBCInnovis and Factual Data - are offering the LexisNexis RiskView Liens & Judgments Report.
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California district court upholds constitutionality of CFPB

As the Consumer Financial Protection Bureau and PHH begin their oral arguments in their landmark case over the constitutionality of the bureau, there is one state on its side. A U.S. district court judge in the Central District of California defended the constitutionality of the Consumer Financial Protection Bureau after rejecting multiple challenges to the bureau's authority.
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CBO: Here's how much money Financial CHOICE will save the country

The results are in. The House Committee on Financial Services ordered the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, on May 4 to figure out the financial impact of the Republican-led Financial CHOICE Act, which is the leading option to replace Dodd-Frank. Turns out, the act could save the government billions of dollars.
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New York unveils $20 billion plan to fight homelessness, boost affordable housing

New York is taking homelessness and the state's lack of affordable housing head-on with an ambitious new program announced Thursday by the state's governor, Andrew Cuomo. According to Cuomo's office, the state is launching a $20 billion, five-year plan to combat homelessness and advance the construction of affordable housing throughout the state.
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New cryptocurrency cyber attack appears to be underway

Only days after the world stabilized from the WannaCry ransomware attack, experts say there is already another large cyber attack underway and it could make last week's attack look like child's play.
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Goldman Sachs: No bubble for U.S. home prices. But what about other developed nations?

Home prices continue to rise in the highly-competitive market in the U.S., but how do we stack up internationally? As it turns out, while the U.S. was facing a housing crisis, other developed nations used a head start as their home prices only kept increasing.
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Democratic committee ranking members urge review of Financial CHOICE Act

Democratic House committee ranking members are working to make sure their respective committees don't glaze over the Financial CHOICE Act. Now that the act is on its way to the full House of Representatives for a vote, it's up to the ranking members of other committees to help block the bill.
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Why don't potential homebuyers shop around for their mortgage?

Consumers are used to comparing flights and hotel prices, and yet when it comes to the biggest financial purchase they will ever make, buying a home, they choose to go with the first lender they find. Chris Meyer, co-founder at Magilla Loans, an online loan comparison site, explained why this is and what home shoppers should really be doing.
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Home builders switch gears, look to starter homes

Home builders are moving away from building luxury homes and looking towards catering to the growing market of Millennial homebuyers. While previously the housing recovery has been divided, focusing on higher end real estate, that is now starting to change.
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MBA: Mortgage applications post slight uptick

Mortgage applications marginally increased from one week earlier thanks to a boost in purchase demand. Both the seasonally adjusted Purchase Index and the seasonally adjusted Conventional Purchase Index reached new highs in the latest report.
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Fannie Mae announces latest non-performing loans sale

Fannie Mae began marketing new pools of non-performing and reperforming loans, with bids due by various dates in June. In the non-performing loans category, the company designated its seventh and eighth Community Impact Pool designed to help small investors. Here is more on the company's new offerings.
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Chase Mortgage offers new credit card award program for Millennial mortgage customers

There are about to be a wave of Millennial homebuyers, and Chase Mortgage is stepping up to serve them. The bank is trying something new to create added incentive for young homebuyers to secure a mortgage through the bank. Already have a Sapphire credit card with Chase? This announcement is for you.
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Black Knight updates LOS to align with upcoming HMDA requirements

Black Knight Financial Services announced updates to its flagship loan origination system, LoanSphere Empower, which includes updates to support the Consumer Financial Protection Bureau's expanded data collection requirements under the Home Mortgage Disclosure Act. As it stands, most of the provisions of the HMDA final rule will take effect on Jan. 1, 2018.
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Grassroots military organizations ask Congress to save CFPB

As the Financial CHOICE Act moves its way through the House of Representatives, two grassroots organizations that represent current and former members of the military are asking the members of Congress to leave the Consumer Financial Protection Bureau alone and allow the bureau to continue functioning as it does now.
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Court of Appeals set to hear landmark challenge to CFPB constitutionality

The Consumer Financial Protection Bureau's moment of truth (in the courtroom, at least) is coming this week as the full Court of Appeals for the District of Columbia Circuit is set to rehear the landmark challenge to the agency's constitutionality brought by PHH Corp. Here's a breakdown of the case and a view of what's coming next.
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Bank of America settles lending discrimination claims brought by National Fair Housing Alliance

Bank of America will contribute more than $400,000 towards fair housing efforts in South Carolina and nationwide as the result of a settlement between the bank and the National Fair Housing Alliance over charges of lending discrimination, the fair housing group announced Friday.
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Genworth: First-time homebuyers just don't understand down payments

A new survey of mortgage industry executives from Genworth Mortgage Insurance breaks down what the industry believes is blocking new buyers from the housing market. To no surprise, the seemingly unattainable 20% down payment for first-time homebuyers continues to be one of the biggest barriers into homeownership. Here's what else the survey found.
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TransUnion: Americans will stop paying mortgage before car payment, other loans

When it comes to paying their debts in a time of financial distress, Americans have higher priorities than paying their mortgage. A new study from TransUnion shows personal unsecured loans take the top priority, and that isn't the only loan type that takes priority over mortgages.
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What does the renewed CFPB RESPA investigation into Zillow mean for our industry?

With a steady stream of enforcement actions and regulations coming out of the Consumer Financial Protection Bureau over the years, the industry doesn't take the possible threat of getting a violation lightly. So with the possibility that Zillow could be violating RESPA, the industry is left to wonder what its next steps forward should be.
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Monday Morning Cup of Coffee: CFPB deepens probe into Zillow for RESPA compliance

Things are heating up in the government and the housing market. The Consumer Financial Protection Bureau is deepening its investigation into Zillow's compliance with the Real Estate Settlement Procedures Act, just as the of the government is simultaneously looking into the constitutionality of the bureau itself. As far as housing, what's causing homes to fly off the market in Dallas?
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Urban Institute explains real reason for housing crisis

A new study from the Urban Institute shows government policies aimed at increasing first-time buyers were not the cause for the housing crisis. In fact, new data shows it may not have been purchase originations at all, but refis that caused the crisis.
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Foreclosure activity drops to lowest level since 2005

Foreclosure activity plummeted in April by a full 23% from last year to its lowest level since 2005. And foreclosure starts dropped in April as well, remaining at levels far below even the pre-crisis years.
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Texas orders Ocwen to stop acquiring new mortgage servicing rights

The Texas Department of Savings and Mortgage Lending recently ordered Ocwen Financial Corporation to cease and desist. The state is adding its name to a growing list of states and regulators coming after the mortgage servicer over alleged violations of state and federal law. Click the headline to read more.
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Bond traders grow more confident in September rate hike

With a June rate hike all but decided upon by bond traders and other industry experts, the attention is now on September. Since last week, the chances of a September rate hike doubled, according to bond traders, meaning 2017 could indeed see three rate hikes.
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Here are the best places for college grads to live

Just in time for graduation season, a new study conducted by Trulia shows the most promising housing areas for those new graduates. The study compares affordability with the number of jobs available to recent grads, and the salaries they are paid, to find the six areas that rank as the best metros for college grads to live.
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