Residential Briefs

MBA NewsLink Staff

July 19, 2019

CFPB Urges Lenders to Report Exploitation of Older Adults
The Consumer Financial Protection Bureau issued an updated advisory to financial institutions urging them to report to the appropriate local, state and federal authorities whenever they suspect that an older adult is the target or victim of financial exploitation.

The Bureau also recommended that financial institutions file Suspicious Activity Reports with the federal government when they suspect elder financial exploitation. The updated advisory builds on the Bureau's earlier recommendations and its recent research on elder financial abuse. It contains voluntary best practices to help financial institutions prevent and respond to EFE.

In a 2019 research report, the Bureau underscored the importance of reporting EFE to the relevant authorities, based on a study of 180,000 EFE SARs filed from 2013 to 2017. The Bureau found that EFE is widespread and damaging, with an average loss of $41,800 among adults over the age of 70 who sustained a loss and with 7% of adults losing over $100,000. The Bureau's analysis of SARs found that less than one-third of EFE SARs (28 percent) state that the filing institution also reported the activity directly to Adult Protective Services, law enforcement or other authorities. As of April 2019, 26 states plus the District of Columbia mandate reporting of suspected EFE by financial institutions or specified financial professionals.

The updated advisory is available at:

State Farm, Quick Partner to Bring Rocket Mortgage to its Customers
State Farm, Bloomington, Ind., and Rocket Mortgage by Quicken Loans, Detroit, announced an alliance that will allow State Farm agents to help more clients in more ways by originating Rocket Mortgage products for their customers.

Rocket Mortgage is creating new technology that will allow the State Farm agents to offer a Rocket Mortgage loan as a licensed loan originator. State Farm agents can provide its customers conventional Fannie Mae or Freddie Mac, FHA, VA, USDA and umbo mortgages. The rollout will take place over the next several months, and all new mortgage loans will be originated by State Farm Agents through Rocket Mortgage. Current State Farm Bank mortgage customers will not be impacted.

NRL Mortgage Offers FormFree's AccountChek Automated Asset Verification to Borrowers
FormFree, Atlanta, announced that loan originators and support staff at NRL Mortgage are now offering AccountChek automated asset verification to loan applicants nationwide.

AccountChek gives borrowers a secure way to verify their assets without having to print, scan or fax bank statements. NRL Mortgage employs nearly 200 loan officers and serves borrowers in 46 states coast-to-coast.

NewFi, Nations Direct Implement LoanScorecard Platforms
LoanScorecard, Irvine, Calif., announced that NewFi Wholesale has implemented LoanScorecard's product and pricing engine, Pricer1, and non-agency AUS, Portfolio Underwriter, as its Non-QM Pricing & Scenario Tool.

Powered by LoanScorecard's Pricer1 and Portfolio Underwriter technology, NewFi Wholesale's Non-QM Pricing & Scenario Tool allows approved and potential broker partners to run loan scenarios in Calyx Point or on the lender's website. Brokers can then determine eligibility and pricing across NewFi Wholesale's proprietary non-QM products: Sequoia Portfolio Plus, Sequoia Portfolio Expanded, Sequoia Investor Pro and Sequoia CPA.

LoanScorecard also announced it partnered with Nations Direct Mortgage to power DirectQual, a pricing and scenario tool designed to provide preliminary pricing for various loan scenarios.

Fannie Mae: Housing Remains a Bright Spot, But Supply, Affordability Problems Persist
Fannie Mae, Washington, D.C., predicted full-year 2019 and 2020 real GDP growth to slow to 2.1 percent and 1.6 percent, respectively, despite expectations that the Federal Reserve will significantly ease monetary policy through the end of the year.

Fannie Mae Chief Economist Doug Duncan said an inverted yield curve, weak business investment, waning consumer and business sentiment, and ongoing trade and global growth concerns contributed to the ESR Group's updated prediction that the Fed will cut interest rates by 25 basis points in July, followed by another 25 basis points in December. Consumer spending, buoyed by a strong labor market and a recent rebound in equity valuation, remains the primary driver of domestic growth and is now expected to come in stronger in 2019 than previously forecast, helping to offset growing weakness in business investment and government expenditures.

Housing continues to benefit from the lower mortgage rate environment, Fannie Mae said. Total origination volume is expected to improve 7 percent in 2019 on the back of a surge in refinances and moderate house price growth. Refinance activity is expected to represent 32 percent of originations in 2019, up from 29 percent in 2018 and more than 2 percentage points higher than was forecast last month. While new home sales dipped in May, existing home sales rose, and both are expected to pick up through the rest of the year as inventories improve. Homebuyer sentiment has also improved, with the Home Purchase Sentiment Index re-approaching its survey high.

Hubzu Launches New Mobile Technology Features
Hubzu, Luxembourg, launched new mobile technology features, including a mobile app and SMS notifications.

These features allow Hubzu users to further engage and interact during the search and online auction phases by receiving real-time notifications regarding auction outbids, auction end times, foreclosure auction alerts, auction bid prices and new properties. Bids can now be placed directly through the mobile app and via SMS, an industry-first feature, providing users the flexibility they need to remain connected during an active auction.

Zillow Now Buying, Selling Homes in Portland
Zillow Inc., Seattle, said home sellers in the Portland, Ore. Metro, including Vancouver, Wash., can use Zillow Offers to request a cash offer from Zillow to buy their home.

Portland is the 12th market where Zillow now directly buys homes. Zillow Offers first launched in Phoenix last April and is currently available for home sellers in Las Vegas, Atlanta, Denver, Charlotte, Raleigh, Houston, Riverside, Dallas, Minneapolis and Orlando. Zillow also has plans to launch in Austin, Los Angeles, Miami, Nashville, Sacramento, San Antonio, San Diego and Tampa, by the end of the first quarter of 2020, bringing the total number of planned Zillow Offers markets to at least 20.

Anow Enterprise Creates Peer-to-Peer Network
Anow, Red Deer, Alberta, released Anow Enterprise, a cloud software suite that connects individual appraisal companies to form service networks that can efficiently provide localized service at scale.

Designed to help individual appraisers meet the capacity needs of mortgage lenders, large appraisal firms and appraisal management companies, Anow Enterprise is now widely available following a beta period during which thousands of appraisals passed through the system.

The maiden release of Anow Enterprise is comprised of four "modules" or toolsets: Automated scheduling based on an appraiser's office location, existing appointment route and real-time GPS location; Service Network tools designed to help clients build appraiser panels, intelligently distribute appraisal orders, manage users and payments, monitor compliance and produce financial and coverage reports; Performance & Communication tools for monitoring and managing the performance of network appraisers, including individual performance scorecards, customized workflows for any order type and multiple messaging channels; and Review Management tools for interfacing with the client's review desk, including automated rules and custom review workflows for individuals and teams.

Equifax Launches Lead Accelerator
Equifax, Atlanta, launched Lead Accelerator, a platform designed specifically to help agents become the first contact for prospective home buyers.

Lead Accelerator leverages proprietary data and analytics to provide lead-specific insights via three unique modules: The Personal Wealth module provides real estate agents with anonymized insights of a lead they have not previously met in addition to an overview of the lead's likely financial capacity and estimated household income; The Property Value module uncovers property data to determine whether a lead is likely an existing property owner or a prospective first-time home buyer. For existing property owners, additional data is provided relative to property value, time-in-home, home equity and other property attributes indicating a buyer's estimated financial health; and the Propensity Score module identifies the likelihood that a lead will purchase a home within the next six months. Likewise, real estate agents can prioritize similar looking leads based on those most likely to convert and determine a preferred approach to contact.

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