News

Millenials don’t stay places very long, a survey from moving company Mayflower found. According to the survey, two out of five millennials, those aged 18 to 35, move to new cities without the intention to stay. These movers are what Mayflower calls “vacation movers,” or movers that do not intend to settle permanently.

On the backs of an independent investigation of its sales practices, Wells Fargo has reclaimed a total of $180 million from its former CEO and Head of Community Banking. The organization has also changed bylaws, appointed new board members, and replaced other various executives. The investigation was conducted after a lawsuit alleged the bank had opened accounts in its customers’ names without their consent.

Mother Lode Holding Company (MLHC) announced the expansion expansion of its Texas operation. For the first time, MLHC will be opening Texas National Title branches, the Mother Lode Texas branch in several Texas markets beginning in April 2017 under the direction of David Tandy.

At the MBA Tech Conference, Optimal Blue unveiled its new Application Programming Interface (API) initiative. The first deliverables available through Optimal Blue’s new API platform allow secure access to pricing for eligible products for both consumer direct and loan officer implementations.

Freddie Mac wants to help homebuyers become “mortgage-ready." The GSE is teaming up with housing intermediary Next Step Network and three nonprofit housing counseling agencies to implement an online education curriculum, with a focus on manufactured homes. Several lenders are already participating in Next Step’s SmartMH program, including Community Ventures, Credit Human Federal Credit Union, Frontier Housing, Forcht Bank . . .

LenderLive Network LLC, a mortgage services provider, announced that it has completed its transaction with PHH Mortgage Corporation. LenderLive will now assume PHH’s private label fulfillment operations in Jacksonville, Florida.

In a letter to shareholders, JPMorgan Chases CEO Jamie Dimon stated that the issue of "Too Big to Fail" has been solved. In an interview with Adam Shapiro on Fox Business, Minneapolis Federal Reserve President Neel Kashkari disagreed with this Dimon's statement. In addition, Neel Kashkari took issue with Dimon’s statement in his letter that banks are excessively capitalized, and that the capital standards should be lowered.

A new study suggests that after the Fed began quantitative easing in 2008, many lenders began leaning more toward refinancing applicants than those seeking new purchase loans. This was likely due to the stronger payment history and less risk associated with these applicants. Weaker, less-capitalized banks were more likely to follow the trend.

Wallethub analyzed data from all 50 states and the District of Columbia to determine which states could be considered the best for millennials to live in. North Dakota was the top-ranking state on Wallethub’s overall list, but No. 2 in terms of housing affordability. That rank went to Iowa. At the bottom housing cost list for millennials was Hawaii, with its historically high cost of living.

A newly released forecast predicts home prices to appreciate 3.5 percent across the country over the next year. Denver and Seattle are slated to see the most growth, while Alabama will likely be home to the nation’s worst markets. Parts of the NE, Texas, and Florida will also see growth over the next 12 months as well.