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CFPB issues consent order against Washington Federal for HMDA reporting violations

Housing Wire

The bank will pay a $200,000 fine for reporting inaccurate HMDA data in 2016 and 2017 — with error rates up to 40% in some cases, according to the CFPB. The settlement also orders Washington Federal to “develop and implement an effective compliance-management system to prevent future violations,” per the CFPB.

Training 370
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Interfirst to lay off 140 employees

Housing Wire

The company reduced its origination to $2 billion in 2016 before shutting down altogether in 2017. Interfirst boasted of its ability to train people with no background in mortgage through a rigorous training course. In 2012, the historically low interest rates led to a boom in refinances, and the lender grew to $14.5

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Lenders, tech firms hire executives to navigate down market

Housing Wire

Erickson will be in charge of product management, the procurement and advancement of technology solutions and will oversee the training department and support teams for Motto Mortgage and wemlo. Goldman will be responsible for Floify’s sales development strategies. Dan Goldman, vice president of sales at Floify.

Marketing 435
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Most good things change, and most change is good!

Appraisal Buzz

Heck, appraisal modernization was being discussed by FNMA and Freddie Mac in 2016! Moves to modernize The most recent efforts to “modernize” the appraisal process was highlighted significantly due to the years of the pandemic when appraisal turn times and fees reached all-time highs. Some of these have been around for many years.

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Jesse Allen sets his sights on pushing Rate’s reverse division to the next level

Housing Wire

Allen credits his prior years in reverse — having rejoined the industry in 2016 at former industry leader American Advisors Group (AAG) — as experience that helps him to identify these scenarios. But he also credits his two decades in consumer banking as a factor that can help push things forward.

Retail 370
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2020 HW Tech Trendsetter: Paul Akinmade

Housing Wire

Paul Akinmade joined CMG Financial in 2016 to lead the expansion of the company’s marketing department ahead of a major staffing initiative. Paul Akinmade, Chief Strategy Officer, CMG Financial. During Akinmade’s tenure, CMG launched HomeFundIt, a digital down payment gifting platform, and enhanced the service with iterations like UpIt.

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Interfirst, the phoenix of mortgage, lays off hundreds

Housing Wire

The lender originated $10 billion in mortgages in 2013, $5 billion in 2014, $3 billion in 2015 and just $2 billion in 2016 before shutting down altogether in 2017. They were trying to capitalize on the refinance boom,” said Cullen Gandy, a classically trained opera singer who had been hired as an LO at Interfirst and left in July. “I

Mortgage 370