Another day, another Wells Fargo consumer lawsuit. This time the bank is confronting a class action suit accusing it of improperly charging mortgage customers for interest rate locks . According to Reuters, the lawsuit, filed in a San Francisco federal court, maintains that the bank has improperly charged "thousands of customers nationwide" lock fees when their mortgage applications were delayed . The suit, filed by a homeowner, says that bank managers pressured employees to blame mortgage applicants for the delays so they could be charged extra fees. According to the suit, among the tactics used was to falsely claim the homeowners had failed to produce necessary paperwork. The suit maintains that the rate lock charges violate numerous state and federal consumer protection laws, including the

August 29, 2017 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Aug 29, 2017 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.06 -0.22   97.47 101.61 UMBS 30YR 6.0 102.36 -0.18   99.66 102.50 10 YR Treasury 4.082 +0.043   3.621 4.780 MBS Live Day Ahead: Geopolitical Risk Sets Up Technical Victory (and Some Defeat) Tue, Aug 29, 2017 9:48AM Amid the recent slow summertime trading, there are only a few things that stand a chance of catching the market's collective eye.  Somewhere near the top of that short list is "geopolitical risk" --a term that literally has to do with internati... (read more) MBS Price Change UMBS 5.0 99.45 -0.32 UMBS 5.5 101.06 -0.22 UMBS 6.0 102.37 -0.17 GNMA 5.0 99.73 -0.34 GNMA 5.5 101.05 -0.14 GNMA 6.0 102.01 -0.17 Pricing as of: 9/9 5:47PM EST US Treasury Yield Change 2 YR Treasury 3.555 +0.068 5 YR Treasury 3.614 +0.052 7 YR Treasury 3.813 +0.045 10 YR Treasury 4.085 +0.045 30 YR Treasury 4.728 +0.038 Pricing as of: 9/9 5:47PM EST Other News Wells Fargo Sued Over Lock Fees Tue, Aug 29, 2017 1:29PM Another day, another Wells Fargo consumer lawsuit. This time the bank is confronting a class action suit accusing it of improperly charging mortgage customers for interest rate locks . According to Reuters, the lawsuit, filed in a San Francisco federal court, maintains that the bank has improperly charged "thousands of customers nationwide" lock fees when th... (read more) Mortgage Bank Profits Highest in Three Quarters Tue, Aug 29, 2017 3:16PM The bottom line for many mortgage banks recovered significantly in the second quarter of 2017, after two quarters of severely declining profits. The Mortgage Bankers Association (MBA) said on Tuesday that its survey of independent mortgage banks and mortgage subsidiaries of chartered banks revealed, on average, a five-fold increase from the slim profits in Q... (read more) Don't Bet on a Home Price Reversal Just Yet Tue, Aug 29, 2017 10:32AM Although home prices were generally expected to begin cooling off by the middle of 2017, the most recent Case-Shiller Home Price Index suggests the strong performance doesn't show signs of stopping . A 5.8 percent year-over-year increase in June just sent the National Home Price Index to another all-time high. The index, which covers all nine U.S. census div... (read more) Freddie Mac: Portfolio is Growing Tue, Aug 29, 2017 12:11PM Freddie Mac reported today that its total mortgage portfolio increased at an annualized rate of 1.8 percent in July. The portfolio balance at the end of the period was $2.044 trillion compared to $2.041 trillion at the end of June and $1.966 trillion at the end of July 2016. Purchases and Issuances totaled $32.561 billion, Sales ($1.516 billion) and Liquidat... (read more) Credit Reporting and Broker Products; Credit Guideline Changes Tue, Aug 29, 2017 9:27AM Different words have different meanings for different people. For example, instead of using the word “marriage,” Kim Kardashian prefers the phrases “limited series,” “branding opportunity,” and “this afternoon.” Call Harvey a hurricane or a tropical storm, the impact is the same: a swimming pool’s worth o... (read more) Latest Video Hurricane Harvey devastates housing market August marks second best read on consumer confidence in 2017 How might Japan and the US respond to North Korea's missile launch? Around the Web CNBC After Harvey and North Korea, big economic and market gains are coming, Jim Paulsen says CNBC Buyers 'fight over scraps' in ever-pricier housing CNBC Market thinks Fed could hold off on rate hikes for another year at least CNBC Most Harvey flood victims uninsured, face big bills alone Reuters U.S. consumer confidence hits five-month high; house prices rise PR Newswire First-Time Homebuyer Demand Continues to Outpace Housing and Mortgage Market, Driving Home Pricing Appreciation Reuters Homeowner's lawsuit says Wells Fargo charged improper mortgage fees Calculated Risk Blog Real House Prices and Price-to-Rent Ratio in June Brookings Institution Labor market pump is primedwe must take advantage CNBC Consumer confidence strengthens in August, beating expectations for a drop CNBC Massive Texas vaults ready to truck cash to Harvey-devastated areas, says ex-Dallas Fed president CNBC Detroit's tiny houses are giving low-income earners a shot at homeownership CNBC Trump says all options are on the table for North Korea': White House

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