Prospect Mortgage, a Sherman Oaks, California based lender has been cited by the Consumer Financial Protection Bureau (CFPB) for paying illegal kickbacks for mortgage business referrals . Two real estate brokers and a mortgage servicer were accused of taking those kickbacks. CFPB said Prospect is one of the largest independent retail mortgage lenders in the country with nearly 100 branches nationwide, offering a range of mortgages to consumers, including conventional, FHA, and VA loans. Also named in the several actions taken were two real estate brokers, RGC Services, Inc., (doing business as ReMax Gold Coast), based in Ventura, California, and Willamette Legacy, LLC, (doing business as Keller Williams Mid-Willamette), based in Corvallis, Oregon, and Planet Home Lending, LLC, a mortgage servicer

February 1, 2017 Download our Mobile App: Download our Mobile App: Housing News Illegal Kickback Charges Brought Against Prospect Mortgage Prospect Mortgage, a Sherman Oaks, California based lender has been cited by the Consumer Financial Protection Bureau (CFPB) for paying illegal kickbacks for mortgage business referrals . Two real estate brokers and a mortgage servicer were accused o... (read more) Housing News Freddie Mac Housing Outlook: Uncertainties Abound Freddie Mae's Outlook for January looks at the uncertainties facing the housing market heading into the second month of 2017. While acknowledging that the economy is now in its eighth year of expansion , that housing is coming off its best year in a ... (read more) Housing News Single Family Construction Spending Picked up in December Publicly funded expenditures continued to drag on overall construction spending numbers in December, offsetting a small uptick in private spending. Data released by U.S. Census Bureau on Wednesday shows private residential outlays remaining positive,... (read more) Rob Chrisman CFPB Enforcement Action - Realtors Take Note About Referral Fees; GSE news; Jumbo Program Trends Although I am now in Phoenix for several days, where house flipping is ramping up again, I was fortunate earlier this week to be able to attend the Texas Mortgage Banker's Secondary Market Conference in Austin. The mood was upbeat, and the attendees ... (read more) Housing News MBA's GSE Reform Idea: A Clone Army of Fannies and Freddies Calling it the final piece of unfinished business from the financial crisis, the Mortgage Bankers Association (MBA) has published a paper with its recommendation for comprehensive reform of Fannie Mae and Freddie Mac (the GSEs). The Association says ... (read more) MBS Commentary MBS Live Commentary: Differences Between Current and Previous FOMC Statements  (Additions underlined, deletions struck through) Information received since the Federal Open Market Committee met in December  suggests indicates  that   the  labor market  conditions improved further even as has c... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.73% +0.06% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.73% +0.06 0.00 15 Yr. Fixed 5.97% +0.06 0.00 30 Yr. FHA 6.25% +0.06 0.00 30 Yr. Jumbo 6.84% +0.04 0.00 7/6 SOFR ARM 6.33% +0.04 0.00 30 Yr. VA 6.26% +0.06 0.00 Updates Daily - Last Update: 7/2 15 Yr. Fixed Rate 5.97% +0.06% Rate Change Points Freddie Mac 30 Yr. Fixed 6.77% -0.04 0.00 15 Yr. Fixed 5.89% -0.07 0.00 Updates Weekly - Last Update: 6/26 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.88% +0.04 0.63 15 Yr. Fixed 6.11% -0.03 0.74 30 Yr. Jumbo 6.88% +0.07 0.60 Updates Weekly - Last Update: 6/25 MBS / Treasuries UMBS 30YR 5.5 99.91 +0.07 Price / Yield Change MBS UMBS 5.5 99.91 +0.07 UMBS 6.0 101.62 +0.05 GNMA 5.5 100.06 +0.09 GNMA 6.0 101.47 +0.06 Pricing as of: 7/3 1:21AM EST 10 Year US Treasury 4.2622 -0.0176 Price / Yield Change US Treasury 2 YR Treasury 3.767 -0.021 5 YR Treasury 3.848 -0.019 7 YR Treasury 4.036 -0.020 10 YR Treasury 4.262 -0.018 30 YR Treasury 4.788 -0.021 Pricing as of: 7/3 1:21AM EST Latest Video Fed rate hike coming in March? Fed leaves rates unchanged Rieder: Expecting 3-4 rate hikes in 2017 Around the Web Bloomberg Fed Nods to Improved Sentiment While Leaving Rates Unchanged Federal Reserve Federal Reserve issues FOMC statement CNBC Blackstone takes its single-family rental bet public as sector soars feedproxy.google.com NAR Finds Real and Imaginary Barriers Holding Back Prospective Homebuyers CNBC ISM manufacturing index hits 56 in January vs estimate of 55 CFPB CFPB Orders Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme Bloomberg Yellen Urged to Halt Talks on Global Bank Rules for Trump Review CNBC Invitation Homes raises $1.54 billion in IPO: Source Reuters Dollar hit by crossfire as Trump talks currency wars CNBC Contrarian call: Why one trader is buying bonds Calculated Risk Blog Real Prices and Price-to-Rent Ratio in November freddiemac.mwnewsroom.com Freddie Mac Releases Outlook on Multifamily Demand, Oversupply Risks in 2017 Calculated Risk Blog HVS: Q4 2016 Homeownership and Vacancy Rates

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