At least 40 new loan brokerage firms have been created this year thanks to $500,000 in grant money donated last fall by United Wholesale Mortgage, Troy, MI. In fact, the effort has been so successful that, UWM – which is the largest table-funder of brokers – recently kicked in another $100,000. As for future growth in the initiative, that’s hard to say. UWM, so far, has been...
It’s back to square one for the Department of Labor after a federal court in Texas struck down an Obama administration proposal that would have made millions of people eligible for overtime pay, including some mortgage workers. Judge Amos Mazzant of the U.S. District Court for the Eastern District of Texas on Aug. 31 invalidated the DOL’s pending overtime regulations, which would have raised the salary threshold exemptions under the Fair Labor Standards Act. The Obama administration finalized the proposed regulation in May last year but was unable to implement it after Mazzant granted a request for injunction filed by the Plano Chamber of Commerce and 55 other business groups last November. The business entities opposed...
The growing reliance on nonbanks could pose a risk to the government housing agencies, according to a recent study by the Urban Institute’s Housing Policy Center. Just four years ago, banks originated 70 percent of new mortgages, the researchers noted. But in 2017 nonbanks are originating 60 percent of all new mortgages and 76 percent of loans destined to be securitized by Ginnie Mae. UI called...
While in the Bush White House, Montgomery assisted in HUD’s recovery and rebuilding efforts along the Gulf Coast and New Orleans following Hurricane Katrina. He is expected to play a similar role in the wake of hurricanes Harvey and Irma.
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