Foreclosures | Mortgages | Financing
By jgaffney@housingwire.com The Wall Street Journal once referred to Daniel Tarullo as The Most Powerful Man in Banking. Come April 5, that statement will no longer apply. Tarullo submitted his resignation as a member of the Board of Governors of the Federal Reserve System, in a letter to President Donald Trump. …read more
From:: Real Estate Wire
Daniel Tarullo, the Federal Reserve governor who is most known for his role in setting the central bank’s regulatory policy, said he will resign on or around April 5. Tarullo has been a member of the Fed’s board since 2009. The 64-year-old’s term was due to expire in 2022. Tarullo, though mostly known for his role in bank regulation, was seen as an ally of Fed chief Janet Yellen on issues of monetary policy. “Dan led the Fed’s work to craft a new framework for ensuring the safety and soundness of our financial system following the financial crisis and made invaluable contributions across the entire range of the Fed’s responsibilities,” Yellen said in a statement.
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From:: Stock Market News
Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 8 to 591 rigs this week. That marked the fourth weekly increase in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 12 to 741, according to Baker Hughes. March West Texas Intermediate crude held onto earlier gains after the figures, trading up 90 cents, or 1.7%, at $53.90 a barrel 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.
From:: Stock Market News
A new integration of software with multiple listing services could make NTREIS old news in the real estate market. This new software shows homes on a map, instead of in a list, and includes functions that quickly allow Realtors to see who is most likely to sell their home. …read more
From:: Real Estate Wire
With Richard Cordray’s tenure as the director of the Consumer Financial Protection Bureau is looking shorter and shorter with each passing day, the White House reportedly has its eyes on a Fannie Mae executive to take over at the CFPB if/when Cordray is fired. …read more
From:: Real Estate Wire
Quicken Loans is switching up its leadership team, announcing three executive-level promotions on Friday, which includes longtime CEO Bill Emerson, effective immediately. In his 24 years with the company, Emerson has not only overseen the growth of the Quicken Loans, but he has also been a major spokesperson for the mortgage industry. And according to Quicken Loans, Emerson is only going to be a more prominent voice in the industry from here. …read more
From:: Real Estate Wire
Lennar is officially growing its business as the company announced Friday that it completed the acquisition of WCI Communities, a “lifestyle community developer and luxury homebuilder” headquartered in Florida. The companies first announced the deal back in September 2016, and after some financial due diligence, the deal is now complete. …read more
From:: Real Estate Wire
An insider has been named to head up Quicken Loans Inc.’s management team. A domino effect impacted three high-profile executives.
Bill Emerson started his career at the Detroit-based residential lender in 1993. His first job at the online lender was mortgage banker.
Emerson, who is a Quicken investor, ran several business units before ascending to the role of chief executive officer in February 2002.
From:: Financing
Automated bank branches have become a reality at Bank of America Corp., enabling customers to video chat with employees at other locations.
In Minneapolis, a completely automated office is operated by the Charlotte, North Carolina-based organization. Another operates in Denver.
In all, BofA is currently testing three automated branches, which are a quarter of the size of a typical branch. It’s a new market for the financial institution.
From:: Financing
Housing inventory continues to slip in the Northwest, pushing home prices even higher. But experts say this high velocity market is unlikely to end anytime soon, citing the combination of new jobs, a shortage of new homes, and a reluctance of sellers to list their home for fear of not being able to find their next one. …read more
From:: Real Estate Wire