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Author Archives: Seth Welborn

Seth Welborn is a contributing writer for DS News. He is a Harding University graduate with a degree in English and a minor in writing, and has studied abroad in Athens, Greece. An East Texas native, he also works part-time as a photographer.

Deadline Approaches for Shareholders to Pursue Claims Against Ocwen

According to Tripp Levy, Ocwen has made public statements to its shareholders that were false and misleading. The firm stated that the deadline for investors to make their claim is approaching, as it mounts a class-action law suit on behalf of shareholders who purchased shares of Ocwen during the period between May 11, 2015 and April 19, 2017. In reaction to recent allegations, Ocwen has responded: "Under these circumstances, Ocwen has a responsibility to its customers, shareholders, and employees to vigorously defend the Company."

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The Week Ahead: Taking a Look at the Financial CHOICE Act

On Tuesday at 10 a.m. EST, the Financial Services Committee will meet for the markup of the Financial CHOICE Act. Financial Services Committee Chairman Jeb Hensarling (R-Texas) had introduced the Financial CHOICE Act on Wednesday of last week as an alternative to the Dodd-Frank act. “The Financial CHOICE Act guarantees that the era of big bank bailouts and ‘too big to fail’ is over. For banks that fail, there will be bankruptcy, not bailouts,” said Chairman Hensarling.

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CIVIC Hires William J. Tessar as CEO

CIVIC Financial Services announced the hiring of William J. Tessar as its new president and CEO. Tessar most recently worked with Skyline Financial Company. Tessar brings over 30 years of experience to CIVIC, and has founded and served as President of three lending companies.

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Trump Nominates Deputy HUD Secretary, Industry Reacts

President Donald Trump nominated Pamela Hughes Patenaude to be Deputy Secretary of Housing and Urban Development on Friday. Widely considered the real position of power at HUD, Patenaude’s confirmation as Deputy Secretary would see her serve alongside Dr. Ben Carson, who was confirmed as HUD Secretary in March.

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Fintech Innovation Demands Great Responsibility

Thomas Curry, the federal comptroller of the currency, spoke at a fintech conference Friday, where he extolled the virtues of tech innovation in banking. But he also warned of the need for secure and responsible advancements. To democratize financial services through technology is the goal, but to guard against criminals and terrorists is a necessity.

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GDP Growth Doesn’t Meet Expectations

According to estimates by the Bureau of Economic Analysis, GDP growth was stagnant in Q1 2017, not meeting the expectations of Wall Street, experts say that this may be an inflection point for the economy. Healthier business investment during the quarter indicated that the overall economy was performing better than the headline numbers would suggest.

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Mortgage Cadence Utilizes FirstClose’s Software Platform

Mortgage Cadence recently reached an agreement to license FirstClose’s proprietary integration hub software platform, which provides loan services throughout the mortgage-origination process. The agreement will enable third-party service providers to integrate their services into Mortgage Cadence’s existing end-to-end loan origination product suite more quickly, providing lenders with additional one-stop loan origination capabilities.

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Homeownership Rising Faster Than Rentals

According to the Census Bureau, the homeownersip rate of 63.6 percent was not statistically different from the Q1 2016 rate of 63.5 percent or the Q4 2016 rate of 63.7 percent. However, despite this unchanged data, Trulia Chief Economist Ralph McLaughlin noted that there is still surprising news out of this quarter’s report, as the number of owner occupied households grew faster than the rate of rental households for the first time in 11 years.

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CFPB Looks At Diversity

The Consumer Financial Protection Bureau (CFPB) released a report outlining the Bureau’s strategies and efforts to promote diversity and inclusion within the mortgage industry. The report is a readout of an industry roundtable meeting held by the CFPB’s office of Minority and Women Inclusion (OWMI) with the Mortgage Bankers Association. Participants in the meeting included representatives from the mortgage industry, including from larger and smaller banks, as well as some nonbank financial companies.

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Treasury Secretary Approves of Financial Choice

On Thursday, Treasury Secretary Steven Mnuchin expressed his approval of the Financial CHOICE Act. The act was introduced on Wednesday by Financial Services Committee Chairman Jeb Hensarling as an alternative to the Dodd-Frank act. According to Mnuchin, this Financial CHOICE act and the tax reform plan are the steps in the right direction to strengthen the financial system.

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