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Here’s how to really increase innovation in mortgage banking

By swheeler@housingwire.com You have to be systematic about not hiring “takers.” I hear people say, but this person is so talented, etc. It’s a dangerous mindset. If you look at the cultural damage that really selfish people do — research shows that the average selfish client costs companies $4 million a year. Not only will they do what’s best for them the moment their interest diverges from yours, they will cause the most opportunity for other people to want to leave. …read more

From:: Real Estate Wire

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Rocket Mortgage Production Soars

Quicken Loans Inc. generated an average of more than $500 million per month in originations last year from its Rocket Mortgage program.

When the Detroit-based lender introduced Rocket Mortgage in November 2015, it promised a hard approval and more in just eight minutes.

Quicken said the the product would enable prospective borrowers to complete a simplified application either online or on a wireless device.

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From:: Financing

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Biggest industry pain points with TRID still tied to title and settlement services

By swheeler@housingwire.com

In a conference room packed with lenders at the Ellie Mae Experience conference, it was clear that the proposed changes to the TILA-RESPA Integrated Disclosure rule are welcome, but don’t go nearly far enough. The biggest complaint? The Consumer Financial Protection Bureau’s proposed changes to the rule don’t address two of the biggest challenges, both of which concern lenders coordinating with title and settlement services.

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From:: Real Estate Wire

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U.S. runs a deficit of $192 billion in February, CBO says

The U.S. government ran a deficit of $192 billion in February, the Congressional Budget Office said Tuesday. That’s down $1 billion, or 0.6%, from last year. Individual income tax refunds declined by $8 billion, or 11%, due to law that delayed processing returns using the Earned Income Tax Credit and Additional Child Tax Credit as a safeguard against identity theft and tax fraud. For the fiscal year ending February, the U.S. has a $348 billion deficit, slightly narrower than last year’s $353 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Extreme Networks jumps after bidding for Avaya networking business

Extreme Networks Inc. rose nearly 8% in late trading Tuesday after the company set an initial bid of $100 million for the networking business of bankrupt Avaya Inc. “We expect the Avaya business to generate over $200 million in annual revenue, increase our market share and offer new opportunities for our customers,” Extreme Networks Chief Executive Ed Meyercord said in Tuesday’s announcement. Extreme’s $100 million agreement with Avaya is known as a “stalking horse” bid, which sets the price other companies will have to beat if they want to acquire the business. Extreme noted that it will receive a break-up fee and expense reimbursement if it does not succeed in purchasing the business. Avaya filed for Chapter 11 bankruptcy in January, which scuttled its plans for an initial public offering. Extreme Networks stock, which closed at $6.10, increased to $6.58 in the after-hours session, within striking distance of the company’s 52-week intraday high of $6.63.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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e-Mortgages to Benefit RMBS Loans

A new report indicates loans included in residential mortgage-backed securities will benefit from digital mortgages as long as legal issues are addressed.

Increasingly, loan originators are adopting e-mortgages — where critical loan documentation is created, executed, transferred and stored electronically.

By utilizing the digital loan process, RMBS transactions will likely benefit from improving data quality as well as improving loan documentation.

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From:: Financing

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API data show a jump of nearly 12 million barrels in U.S. crude supplies: sources

The American Petroleum Institute late Tuesday reported a whopping climb of 11.6 million barrels in U.S. crude supplies for the week ended March 3, according to sources. Analysts polled by S&P Global Platts forecast a rise of 1.6 million barrels for the week. The API data also showed a drop of 5 million barrels in gasoline supplies and a decline of 2.9 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. April crude was at $52.79 a barrel in electronic trading, down from the contract’s settlement of $53.14 on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News