Americans’ debt balances continued to compound in 2022 as inflation put pressure on budgets and the cost of borrowing increased. Aggregate household debt, which includes all outstanding credit market debt held by consumers, increased by $394 billion in the fourth quarter of 2022 alone, according to the Federal Reserve Bank
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Brady Torgerson, former president of First Security Bank-West, was sentenced to two years in prison for two counts of bank fraud he conducted between 2019 and 2021 when working for the North Dakota-based bank and Union Bank as a loan officer. Three others were also sentenced in connection to the
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Mike Simonsen, president of Altos Research, will share his data-focused insights on the housing market at Gathering of Eagles 2023. Join Simonsen and other data-obsessed attendees for a “Power Lunch,” on Tuesday, June 20. There’s no need to eat lunch alone at Gathering of Eagles. During Simonsen’s presentation, not only
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Looking at the latest NAHB/Wells Fargo homebuilder confidence data and builder stock prices, I can say the homebuilders got very lucky this time around in the middle of a housing recession. There is one simple reason for this: it’s not 2008. They have less competition as they are working from
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The overall national mortgage delinquency rate rose in the fourth quarter of 2022, due in part to a weaker economy and ongoing inflationary pressures. The delinquency rate for mortgage loans on one- to four-unit residential properties rose 51 basis points from the previous quarter to a seasonally adjusted rate of
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LauraMac, a provider of mortgage loan review SaaS technology, has appointed Rick Seehausen as its chief strategy officer. In his new role, Seehausen will work with the leadership team at LauraMac, overseeing strategic planning and developing new and existing products. “I have known and worked with Rick for more than
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Black Knight will integrate Wolters Kluwer‘s eNote and eVault capabilities in order to cut lenders’ costs per transaction and secure their clients’ electronically signed assets. The two firms signed an agreement to combine Wolters Kluwer’s eNote and eVault solutions with Expedite Close — Black Knight’s digital closing solution — as
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Economic data indicating that the U.S. economy has remained resilient despite the Federal Reserve‘s tightening monetary policy led to a substantial increase in mortgage rates last week. Does this mean mortgage rates are close to reaching the 7% level again? “Mortgage rates have been rising after the jobs report was
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With economic uncertainty and supply chain issues plaguing the industry, homebuilders pulled back last month. Homes were started at an estimated annual pace of 1.309 million in January, down 4.5% month over month, according to a report released Thursday by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD).
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California-based retail lender American Pacific Mortgage (APM) has made leadership changes while continuing to eye expansion in the Midwest and Southeast. Bill Lowman was named vice chairman of APM, a newly created position while Ned Payment was promoted to chief executive officer from president of APM. Dustin Sheppard also moved
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After Celebrity Home Loans reportedly laid off most of its employees this week without paying their last paychecks, commissions and severance payments, On Q Financial said the deal to acquire some of the company’s assets has fallen apart. “There’s nothing left to acquire,” Patrick Lamb, an executive at On Q
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