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Title earnings marred by slow market, cybersecurity incidents

Despite slower housing market conditions, Big Four title firms Stewart, First American and Fidelity National Financial all managed to earn profits in 2023. Stewart, which reported its earnings earlier in February, posted a revenue of $2.26 billion in 2023 and a net income of $30.4 million. Both figures were down significantly from 2022 when it recorded $3.07 billion in revenue and net income o...

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Nick Bailey out, Amy Lessinger in at RE/MAX

Nick Bailey is leaving RE/MAX. The firm announced the departure of its CEO and president on Thursday, along with its Q4 2023 and full year earnings. No reason was given for the departure. To fill Bailey’s vacant position, RE/MAX has promoted Amy Lessinger to president. Abby Lee and Susie Winders also received promotions, with Lee being named executive vice president of marketing, communi...

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Fannie Mae appoints Peter Akwaboah as COO

Government-sponsored enterprise (GSE) Fannie Mae announced on Thursday the appointment of Peter Akwaboah as executive vice president and chief operating officer, effective May 20, 2024. Akwaboah, who is currently serving as COO for technology and global head of innovation at Morgan Stanley, has nearly 30 years of experience in the financial services industry. He will lead Fannie Mae’s ch...

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‘It’s scary out there’: Mortgage industry reacts to cyberattacks

Recent cyberattacks at mortgage companies have put the industry in alert mode, executives at top lenders, servicers, tech vendors and investors told HousingWire.  Mr. Cooper Group, loanDepot, First American and Fidelity National Financial Inc., parent of servicer LoanCare, have temporarily shut down their systems to contain cyberattacks that exposed their customers’ data. Execut...

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Rocket Mortgage bleeds red ink in 2023 despite cutting costs

Rocket Companies, the parent of Rocket Mortgage, was in the red again in 2023 as it reported a GAAP net loss of $390 million. The company reduced its cost structure by nearly 20% in 2023 following a nearly 25% reduction in 2022, but lower origination volume failed to keep the company profitable as the industry is still going through a challenging period for mortgage lending. The Detroit-he...

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HUD IG comments on inquiry into Ginnie Mae’s handling of RMF

Late last year, the U.S. Department of Housing and Urban Development (HUD) Office of the Inspector General (OIG) announced the launch of an inquiry into Ginnie Mae’s monitoring of now-bankrupt lender Reverse Mortgage Funding (RMF), and its extinguishment from the Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program. While the office has not yet issued any formal update...

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The Quick Guide to Virtual House Flipping

Virtual house flipping can be an exciting, lucrative way to get involved in real estate investing. But as with as any type of investment, it’s important to understand the finer details to determine where you fit in.

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Mortgage delinquency decline reflects ‘continued resiliency’ of borrowers

Delinquencies improved in January, highlighting the resiliency of U.S. mortgage holders. The national delinquency rate fell to 3.38% in January, down from 3.57% in December, according to the Intercontinental Exchange (ICE) First Look Mortgage Performance report. The rate remained flat on a year-over-year basis and was the lowest recorded since October.  The rebound was anticipated aft...

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