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Archive for the Category ◊ Home Mortgage ◊

Wells Fargo Home Mortgage, recently named Chris Graupmann, of Northfield, to its 2017 Leaders Club for the first year. This distinguished recognition is based on exceeding sales in 2016 and for providing outstanding customer service.

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CFPB fines Nationstar $1.75M for HMDA violations
Saturday, April 01st, 2017 | Author:

Nationstar Mortgage agreed on Wednesday to pay $1.75 million to the Consumer Financial Protection Bureau for failing to accurately report home mortgage data that is used to identify discrimination.

Though no consumers were affected, the CFPB said that the magnitude of the errors, history of violations and market size of Nationstar, based in Coppell, Texas, led the agency to assess its largest civil penalty ever for violations of the Home Mortgage Disclosure Act of 1975.

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Brett Esterberg joins Minnesota-based Marketplace Home Mortgage as Chief Financial Officer. With more than a decade of experience leading the Finance Department at US Bank Mortgage, the 5th largest mortgage lender in the country, he brings a prominent pedigree to the growing company.

Brett has a unique talent for directing and operating a finance department of scale, said Marketplace Chief Operations Officer Elly Cummings. His ability to forecast, model and manage finances lets us further expand Marketplaces unmatched offerings nationwide.

Esterberg is the latest in a long string of high-profile hires for Marketplace, which has opened new offices around the country as homebuyers increasingly select its unique products and services.

With undergraduate and masters degrees in the financial sector, CFO Esterberg melds his strong educational background with practical business experience.

Bretts enthusiasm for the Marketplace model is a testament to our business plan, said Marketplace CEO Keith White. A CFO of his caliber will help build the financial backbone for all of our future success.

About Marketplace Home Mortgage:

Marketplace Home Mortgage provides start-to-finish mortgage services to real estate professionals, builders and individual homebuyers. The company has built its reputation on competitive terms and swift and accurate processing with no surprises. Each step is carried out by experienced and highly trained staff, who embrace the highest ethical standards under absolute transparency. Marketplace is based in the Twin Cities of Minnesota, with offices in Florida; Duluth, Minn.; Omaha, Neb.; Milwaukee, Madison, and Green Bay, Wis.; and newly opened offices in Sioux Falls, SD, New Hampshire, Michigan, as well as Denver and Westminster, Colo. Learn more on Facebook or Twitter. Reporters and Editors: to schedule an interview with a mortgage expert in your market, contact Robb Leer 612.701.0608 or

To view the original version on PR Newswire, visit:

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While many assume mobile technology is all about efficiency, it’s also about building a relationship. Millennials (and all buyers) hope to deepen connections with their mortgage advisors and improve their knowledge about their purchase through the use of mobile apps and technology-based communication.

Here are five reasons why mobile technology should be key to every lender’s strategy:

1. Buyers want personalization.

As an industry-leading study by PricewaterhouseCoopers (PwC) points out, personalization is the most important influencer of customers having a positive interaction with loan officers (42%), with strong communication (26%) andknowledgeable (18%) being important aspects of their experience. Personalization during the buying process means engaging with customers in preferred ways (ie digitally) and by reaching out and making the customer feel special (closing gifts, cards).

In an interview with Kelly Zitlow, a branch manager at Cherry Creek Mortgage, she states “[females] in particular like to have accessible information that is responsive and can be communicated in different ways…” Understanding how to personalize to your audience is important to establishing trust. Often, that personalization can occur efficiently and effectively through the use of technology or simply communicating digitally in the formats your customers prefer. Loan officers should be aware of how they can best communicate their message in a way that connects personally with their customers.

2. Buyers want relationship.

PwC summarized the engagement needs during various touchpoints in the buying process well, noting that all customers “want the convenience of digital at different stages, but when complexities arise, they want someone by their side.” Loan officers should remind themselves that their customers will remember the people they work with during the buying process, and the personal connections they build, much more so than any rate or mortgage product.

Ultimately, people do business with people. Despite the false narrative that Millennials only want technology, lenders will remain competitive over the next few years if they focus on strategies to build and sustain long-term relationships with today’s young and diverse buyers. Consumers want technology to enhance the relationship and improve the communication experience, not to get rid of either.

For example, in an interview with Sean Herrero from Commerce Home Mortgage, he states that he uses video to improve his relationships and build trust with borrowers. He was hesitant like most to begin using video, as it can be difficult to watch yourself on-screen, but he explains that it’s well worth the effort. Borrowers want to feel good about who they are working with –whether that is an individual or a brand. Getting personal and authentic is key to winning business with young buyers. Using video not only engages your audience, but Herrero shares “people can connect with who I am.” (Full interview here)

3. Buyers want education.

Millennial consumers are heavy researchers, and they expect their loan officers to be their guides through the purchasing process. PwC identified that customers “expect mortgage education (through webcasts, in-person events, and the lender website) to be a part of their experience.” Lenders can better utilize technology, social media, and various vendor solutions to leverage their expertise to build a strong reputation and bring in leads.

Top producerChong Yi, of Apex Home Loans, focuses his borrower experience and brand on financial literacy. He says that many people, especially Millennials and diverse segments, view debt as a bad thing, but Yi views his role as their advisor to help his customers understand and evaluate the investment. Loan officers would benefit greatly from focusing their marketing and branding efforts around building a reputation as a trusted advisor.

4. Buyers want transparency and options.

Today’s borrowers want to make informed and empowered decisions. According to an HBR article, the key to gaining a sale in today’s marketplace is making decisions simple and helping buyers “confidently navigate the purchase journey.” Buyers want to easily navigate and understand information about the company or product, they want to know whether or not they can trust the information, and lastly, they want to easily weigh their options.

Top producerDan Kellerfollows this exact formula for success with his clients. In an interview with Dave Savage.Kellerexplains how he walks his prospects through a simple and consistent path to understanding the mortgage process and their options every time. First, he has an educational blog where he hosts a simple packet of information that serves as a guide through the process and their work with him, including where he sources his information/expertise. Secondly, he builds trust through education and third-party reviews. Kellerstates that 27% of his business last year came from his blog and Yelp. Finally, when he meets with his customers, they trust his data when he explains their options through a total cost analysis.

5. Buyers want convenience.

Simply put, buyers are shopping on their mobile devices and want their lenders to be theretoo. According to PwC, 49% of customers are curious about how mobile apps can assist them in streamlining the mortgage process, and threeout of fivewould like their lender to offer a mobile app. Lenders have an opportunity to leverage technology to improve efficiency, convenience and customer service for consumers. As an added benefit to lenders, mobile technology and communication improves productivity significantly, often saving time and resources.

We recently released the industry’s first comprehensive report of all the top mobile apps for homebuyers at every stage of the purchasing process, so that lenders can know how to communicate with buyers using leading apps and make strong recommendations for improving the consumer experience through mobile technology (from finding the right home to making smart financial decisions). Download the free report here.

In an interview with Rick Sharga, chief marketing officer of Ten-X, formerly,he shares his perspective on companies who are successful in today’s environment, stating “[Millennials] would like to do a transaction any time they’d like, anywhere they happen to be, on any computing device they happen to prefer… Companies who successfully service this audience in the future will have to enable Millennials to get to your products and services online, on-demand.” (Watch interview clip here).

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What Is the Actual Collateral for a Home Mortgage Loan?
Wednesday, March 29th, 2017 | Author:

“Economics and finance are like going to the dog races,” my friend Desmond Lachman of the American Enterprise Institute is fond of saying. “Stand in the same place and the dogs will come around again.” So they will.

US financial markets produced sequential bubbles first in tech stocks in the 1990s, and then in houses in the 2000s.

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According to the Mortgage Bankers Associations latest Builder Application Survey for February 2017, US mortgage applications for new home purchases increased 2.2 percent compared to February 2016. Compared to January 2017, applications increased by 16 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.

The Builder Application Index posted a modest annual gain in February 2017. The bar was high as last February was a particularly strong month for applications, as was March 2016. The surprisingly strong employment numbers for the beginning of 2017 suggest that demand for new homes should continue to grow this year, said Lynn Fisher, MBAs Vice President of Research and Economics. Additionally, based on the current reading, we expect seasonally adjusted new home sales to be up by about 8 percent in February compared to a year ago.

By product type, conventional loans composed 66.5 percent of loan applications, FHA loans composed 18.6 percent, RHS/USDA loans composed 1.3 percent and VA loans composed 13.6 percent. The average loan size of new homes increased from $329,806 in January to $330,208 in February.

The MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 586,000 units in February 2017, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.

The seasonally adjusted estimate for February is an increase of 4.3 percent from the January pace of 562,000 units. On an unadjusted basis, the MBA estimates that there were 51,000 new home sales in February 2017, an increase of 15.9 percent from 44,000 new home sales in January.

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Although the home mortgage interest deduction is big and beloved by those who benefit from it, advocates point out that 10 states do not allow such a deduction.

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The stock of Xencor Inc (NASDAQ:XNCR) is a huge mover today! About 168,751 shares traded. Xencor Inc (NASDAQ:XNCR) has risen 10.44% since August 11, 2016 and is uptrending. It has outperformed by 1.64% the Samp;P500.The move comes after 8 months positive chart setup for the $1.13 billion company. It was reported on Mar, 20 by We have $24.93 PT which if reached, will make NASDAQ:XNCR worth $33.90 million more.

Armada Hoffler Properties, Inc. is a real estate firm engaged in developing, building, owning and managing institutional-grade office, retail and multifamily properties in markets across the Mid-Atlantic United States, including Virginia, Maryland, North Carolina and South Carolina. The company has market cap of $770.66 million. The Firm operates through four divisions: office real estate, retail real estate, multifamily residential real estate, and general contracting and real estate services. It has a 23.49 P/E ratio. The Firm also provides general contracting services to third parties.

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A home mortgage scam is costing some Austinites a lot of money. Now, four bills filed in the state legislature aim to stop so-called wrap mortgages by tightening the legal loopholes around them. (Image credit: MGN Online)

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