Patrick Barnard

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New Home Sales Jumped 7% in June

New home sales in June were at a seasonally adjusted annual rate of about 646,000, an increase of 7.0% compared with a revised rate of 604,000 in May and an increase of 4.5% compared with 618,000 in June 2018, according to figures released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. Regionally, and on …

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Mortgage Applications Fell For a Fourth Straight Week

Despite lower rates, mortgage application volume fell 1.9% on an adjusted basis during the week ended July 19, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. It was the fourth consecutive week that total volume dropped. Applications for refinances decreased 2% compared with the previous week while applications for purchases fell 2%. On an unadjusted basis, total volume …

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Pavaso Helps Facilitate First Remote Online Notarization in Tennessee

Pavaso, which offers digital mortgage closing solutions, recently facilitated the first remote online notarization e-closing in Tennessee, which recently passed a law allowing for remote notarization. The Online Notary Public Act, passed July 1, makes Tennessee the sixth state to permit remote online closings. Remote online closings typically include e-notarization, which is essentially a method for recording transactions using two-way …

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Existing-Home Sales Fell in June Despite Low Mortgage Rates

Despite low mortgage rates and a strong job market, existing-home sales fell to a seasonally adjusted annual rate of 5.27 million in June, down 1.7% compared with May and down 2.2% compared with June 2018, according to the National Association of Realtors (NAR). Regionally, existing-home sales increased 1.5% in the Northeast and 1.6% in the Midwest but fell 3.4% in …

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Equifax to Pay $700 Million in Connection with 2017 Data Breach

Consumer credit reporting agency Equifax will pay $700 million in monetary relief and penalties to settle allegations that it engaged in unfair and deceptive practices in connection with the 2017 data breach of its systems that impacted approximately 147 million consumers. In a complaint filed in federal district court in the Northern District of Georgia, the Consumer Financial Protection Bureau …

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Fannie Mae Announces Winning Bidders in 12th Reperforming Loan Sale

DLJ Mortgage Capital Inc., Goldman Sachs Mortgage Co. and 510 Model I are the purchasers of approximately 16,500 loans totaling $2.6 billion in unpaid principal balance (UPB) via Fannie Mae’s 12th reperforming loan sale transaction. The loans were divided into four pools. DLJ Mortgage Capital was the winning bidder for Pools 1 and 2. Pool 1 included 2,161 loans with …

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ReverseVision Hires Sunny Mahdii as Vice President of Operations

Sunny Mahdii has joined ReverseVision, a provider of technology and training for the Home Equity Conversion Mortgage (HECM) industry, as vice president of operations. Previously, Mahdii was director of operations and business development at American Reverse Group, where she directed lending team operations, budgeting and marketing functions. Prior to that, Mahdii was branch manager at Security 1 Lending, where she …

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