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Latest News

Wells Fargo to Face Largest Fine Yet

Once again Wells Fargo is about to pay dearly for its inability to walk the straight and narrow.  The Washington Post, under the byline of Renae Merle, is reporting that the bank is about to be hit with the largest penalty of the Trump administration, perhaps as early as today. A settlement, reported to be in the neighborhood of $1 billion, has been reached between wells and its regulators, the Consumer Financial Protection Bureau (CFPB), and the Office of the Comptroller of the Currency (OCC) over improprieties in both their mortgage and auto lending business.  The Bank acknowledged last week that it faced a hefty fine.  Neither regulator has commented on the matter to date.

 

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Weather Cools Remodeling Perceptions

The Remodeling Market Index (RMI) is to home remodelers as the Housing Market Index (HMI) is to new home builders. Each is constructed by the National Association of Home Builders (NAHB) to reflect builder confidence in their particular share of the market. The quarterly RMI is based on responses to a survey in which professional remodelers are asked to gauge current market conditions in terms of major and minor additions and alterations, maintenance and repairs on both owner- and renter occupied dwellings. NAHB assigns a numerical value to those answers. They are also asked about calls for bids, work commitments over the next three months, work backlogs, and appointments for proposals.

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Rates on Closed Loans at 4 Year High

The share of refinancing loans dropped to 38 percent of loans closed in March, down from 43 percent in February.  Ellie Mae's Origination Insight Report for the month notes that the 5 percent decline in those loans was consistent across all three loans types, FHA, VA, and conventional. Refinancing slipped as the interest rate on 30-year fixed-rate mortgages rose to their highest level since January 2014.  Ellie Mae said that the average rate on closed loans which had been at 4.33 percent in January and 4.48 in February jumped to 4.69 percent in March.  The percentage of loans with adjustable rates (ARMs) increased to 6.3 percent from 5.5 percent the previous month.

 

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