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Daily Dose

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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Industry Leaders to Discuss Diversity, Inclusion

The second annual Five Star Diversity Symposium will be a day-long event focused on advancing the conversation on diversity within the mortgage industry featuring keynote addresses from diversity leaders, roundtable discussions, and panels covering the most pressing diversity and inclusion issues facing our industry. This gathering of leaders will lay the groundwork for the coming year by engaging in important conversations covering an array of topics surrounding the advancement of inclusion in our industry.

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Freddie Portfolio Grows, Delinquency Rates Down

Freddie Mac’s total mortgage portfolio grew 4.8 percent from March 2016 to March 2017, according to recent data. The GSE has handled $98 billion in purchase and refinance loans this year to date. Serious delinquencies were down on Freddie single-family loans but stayed steady for multi-family ones.

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State Regulators Sue OCC Over Fintech Charter

When the Office of the Comptroller of the Currency (OCC) released an update to its Licensing Manual, which allows for FinTech companies to receive bank charter, the decision was met with some criticism. On Wednesday, The Conference of State Bank Supervisors (CSBS) announced that it has filed a complaint in the United States District Court for the District of Columbia against the OCC, claiming that the attempt to create a national nonbank charter will harm markets, innovation, and consumers.

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Treasury Announces Corporate Tax Cuts

On Wednesday afternoon, Treasury Secretary Steven Mnuchin released a tax reform plan which could have a significant impact on the mortgage industry and the financial industry as a whole. In an interview with The Hill, Treasury Secretary Steven Mnuchin called the tax cuts in President Trump’s reform “The biggest tax cut and largest tax reform in history of this country.” The proposal calls for a reduction of corporate taxes down to 15 percent, cutting the top tax bracket down to 35 percent, and doubling the standard deduction.

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Ocwen Files Motions Against CFPB

Ocwen has filed three motions against the CFPB in hopes of speeding up a Circuit Court of Appeals decision on the Bureau's constitutionality. The motions arrive on the back of a recent suit filed by the CFPB against Ocwen on April 21. The suit alleged Ocwen committed errors throughout the servicing process and improperly foreclosed on at least 1,000 homeowners.

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Price Index Up in February

Home prices continued their steady climb in February. A new report shows prices up over January as well as last year. But this period of sustained growth only happened once before, and things didn’t go well when the train stopped.

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Four States Face Serious Appraisal Problems

Appraisal problems are rampant across the country, with appraiser shortages, delays on reports, and other issues. Four states, in particular, are facing appraisal issues in droves. One industry organization is seeking to alleviate the problem with a recent white paper.

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