Experian Fined by CFPB; Jumbo Program News; Technology Updates

In legal news, Experian, one of the nation’s three major credit reporting bureaus, misled consumers by telling them that the credit scores they purchased from the company were the same ones that More »

1 in 4 have less than $1K saved for retirement

You’re not alone if you have next to nothing saved for retirement. But that doesn’t mean you’re in good company. Almost one-quarter of workers said they and their spouse combined have less More »

Mexicans who help build Trump wall ‘traitors,’ top Archdiocese says

MEXICO CITY, March 26 (Reuters) – Mexicans who help build U.S. President Donald Trump’s planned border wall would be acting immorally and should be deemed traitors, the Catholic Archdiocese of Mexico said More »

Experian Fined for Misrepresenting Credit Scores

It wasn’t exactly bait and switch, maybe unlawful substitution is closer to the mark.  Whatever, Experian, the credit reporting company, has been handing consumers a line about their credit scoring system and More »

1 Dead, 15 Injured in Cincinnati Nightclub Gunfight

You don’t have permission to access “http://www.usnews.com/news/best-states/ohio/articles/2017-03-26/15-people-shot-1-killed-at-cincinnati-nightclub” on this server. Reference #18.1735d417.1490560106.1fba98c0 Article source: https://www.usnews.com/news/best-states/ohio/articles/2017-03-26/15-people-shot-1-killed-at-cincinnati-nightclub More »

Monday Morning Cup of Coffee: The dark side of mortgage automation

Monday Morning Cup of Coffee takes a look at news coming across HousingWire’s weekend desk, with more coverage to come on larger issues.

Lots of people, including your friends here at HousingWire, have noted that the mortgage industry is ripe for tech disruption. But buried in all the good news about efficiency, lower costs and borrower satisfaction is the potential for serious job loss.

How serious?

An analysis by PwC, reported on by the Los Angeles Times, says 38% of U.S. jobs could be taken by robots in the next 15 years, which is significantly higher than countries like Britain, Germany and Japan. And the PwC analysis identified jobs in the financial and insurance sector as especially vulnerable in the U.S. compared to other countries. The reason cited by the article? A lack of education by U.S. bankers.

“While London finance employees work in international markets, their U.S. counterparts focus more on the domestic retail market, and workers ‘do not need to have the same educational levels,’ the report said. Jobs that require less education are at higher potential risk of automation, according to the report.”

But it’s hard to see how more education would stop the juggernaut of automation. Would a master’s degree really benefit loan officers, identified by Salary.com as No. 2 on the list of jobs mostly likely to be taken over by robots? Seems pretty unlikely.

Treasury Secretary Steven Mnuchin, for one, doesn’t seem too worried about the coming robot apocalypse. In reaction to the report, Mnuchin said, “I think we’re so far away from that that it’s not even on my radar screen. I think it’s 50 or 100 more years.”

That did not sit well with the good folks at Wired.com, including Emily Dreyfuss, who published an article entitled “Hate to break it to Steve Mnuchin but AI is already taking jobs.”

Despite being slightly jealous of the familiarity Dreyfuss apparently has with Steve Mnuchin (we are still on a Steven basis), I thought she had some pretty valid points. “Artificial intelligence is not only coming for jobs, the jobs it’s coming for are the precious few left over after old-school automation already came for so many others,” Dreyfuss writes. 

Dreyfuss attended a recent conference on the topic at MIT and observed lots of worry among experts on AI and employment, in stark contrast to those in Washington. The article quoted Gene Sperling, former chief economic advisor in both the Obama and Clinton administrations.

“When you are outside of Washington, this is often the most significant issue, but it’s not back in D.C.,” Sperling said.

Which is ironic, because if we’re looking to supplant humans with artificial intelligence, D.C. would strike many people as a good place to start.

There were new developments this week in the hunt for perpetrators of the $81 million cyberheist last year at the Federal Reserve Bank of New York. The Wall Street Journal reported that federal prosecutors are now looking at North Korea as the culprit behind the massive theft from Bangladesh’s bank account.

On Friday, the president of the New York Fed, William Dudley, said the bank is working to improve its cyberdefense. From The Wall Street Journal article:

“Mr. Dudley said the New York Fed phishes its own employees to test them on cyberawareness, and is working with international stakeholders to help ensure the cross-border payments system is more secure. The focus of that work is to make sure everyone understands their responsibilities in the global payments chain, he said.”

(That heist has inspired many in the mortgage space to tighten cybersecurity. Check out our feature in the latest issue of HousingWire Magazine by Caroline Basile, which outlines what companies like Black Knight are doing to be more secure.)  

What’s almost as valuable as the money sitting in bank vaults? The treasure trove of consumer information that banks have access to. That’s according to this article in the New York Times, which details the battle between tech companies and banks for this valuable data.

Banks are pushing for new data agreements with third parties, contending that they are only looking out for consumers as they seek to limit access. Tech companies say the banks just don’t want the competition that would come from revealing what consumers are paying in interest rates, etc. From the article:

In recent weeks, several large banks have been pushing to restrict the sharing of this kind of data with technology companies, according to the tech firms. In some cases, they are refusing to pass along information, like the fees and interest rates they charge. Both sides see big money to be made from the reams of highly personal information created by financial transactions.

We reported last week that Americans are returning to their traditional migration patterns, as suburbs grew more than cities in 2015, reversing a decade-long trend. Cities with high housing prices are feeling the impact the most, but in at least one red-hot market, that’s just leaving more room for buyers from other countries.

The Miami Herald reports that the Miami-Ft. Lauderdale-West Palm Beach area is seeing a huge shift. From the article:

Today, far more people are moving out of South Florida than moving in from other parts of the country, and by margins that are growing every year, the analysis shows. Net domestic migration has plummeted by a startling 2,670% since 2010 — and that number is not a typo, Ilcheva stressed.

Meanwhile, net international migration to the region has increased 397% over the same period, she found, more than making up for the domestic losses. 

“We have people coming here from other countries to invest and to migrate for other reasons,” Ilcheva said. “On the other hand, the locals are looking for exit strategies.”

With housing inventory at an eight-year low and home prices at a 10-year high, the trend is only going to gain momentum.

On that happy note, just be glad you haven’t spent the last 12 months as a contestant on a reality show stranded in the Scottish wilderness, only to find that the show was canceled after four episodes.

Have a great week!

Article source: http://www.housingwire.com/blogs/1-rewired/post/39676-monday-morning-cup-of-coffee-the-dark-side-of-mortgage-automation

1 in 4 have less than $1K saved for retirement

The steady path to a dream retirement

You’re not alone if you have next to nothing saved for retirement. But that doesn’t mean you’re in good company.

Almost one-quarter of workers said they and their spouse combined have less than $1,000 saved for retirement, according to a report from the Employee Benefit Research Institute. Nearly half of everyone surveyed said they had less than $25,000.

Article source: http://rss.cnn.com/~r/rss/money_topstories/~3/2PiutIbpP_g/index.html

Mexicans who help build Trump wall ‘traitors,’ top Archdiocese says

MEXICO CITY, March 26 (Reuters) – Mexicans who help build U.S. President Donald Trump’s planned border wall would be acting immorally and should be deemed traitors, the Catholic Archdiocese of Mexico said on Sunday, turning up the heat on a simmering dispute over the project.

In a provocative editorial, the country’s biggest Archdiocese sought to increase pressure on the government to take a tougher line on companies aiming to profit from the wall, which has strained relations between Trump and the Mexican government.

“Any company intending to invest in the wall of the fanatic Trump would be immoral, but above all, its shareholders and owners should be considered traitors to the homeland,” said the editorial in Desde la fe, the Archdiocese’s weekly publication.

On Tuesday, Economy Minister Ildefonso Guajardo warned firms it would not be in their “interests” to participate in the wall. But the editorial accused the government of responding “tepidly” to those eyeing the project for business.

The Warroad Port of Entry designed by Julie Snow Architects

Located in Minnesota on the Canadian border, the Warroad Port of Entry services approximately 157,000 cars, buses, and trucks annually. A rich, dark cedar covers the facade of the building, which was constructed in 2012.

(Photo by Julie Snow Architects/Paul Crosby/GSA)

The Warroad Port of Entry designed by Julie Snow Architects

The wood continues in the interior. Large windows in the lobby and office area give a sense of openness and transparency.

(Photo by Julie Snow Architects/Paul Crosby/GSA)

The Warroad Port of Entry designed by Julie Snow Architects

“You need to be cognizant of officers’ hyper-awareness, but you also have to provide them with a haven,” the station’s leading architect, Julie Snow, told the General Services Administration.

(Photo by Julie Snow Architects/Paul Crosby/GSA)

Source: GSA

The Canadian Plaza at the Peace Bridge designed by NORR Limited

The neo-futuristic Canadian Plaza at the Peace Bridge, located in Fort Erie, has a bridge that links Buffalo, New York and Ontario, Canada.

(Photo via NORR Limited/Open Buildings)

The Canadian Plaza at the Peace Bridge designed by NORR Limited

According to the architects, the design was inspired by the area’s native long house shelters and canoes, one of the earliest types of transportation used to cross the Niagara River.

(Photo via NORR Limited/Open Buildings)

Source: Architizer

The Canadian Plaza at the Peace Bridge designed by NORR Limited

Completed in 2007, the two-story station on the Canadian side features a central skylight that brings in natural light.

(Photo via NORR Limited/Open Buildings)

The Mariposa Land Port of Entry designed by Jones Studio.

In Arizona, the Mariposa Land Port of Entry is “a study in balancing security with a dignified welcome … and strives to be a cultural connection — rather than a division,” the architects wrote in a statement.

(Photo via Jones Studio/Facebook)

Source: Jones Studio

The Mariposa Land Port of Entry designed by Jones Studio.

The designers made a conscious effort to have the open-layout station appear humane and welcoming.

(Photo via Jones Studio/Facebook)

Source: Jones Studio

The Mariposa Land Port of Entry designed by Jones Studio.

Constructed in 2014, the 216,000-square-foot port features a processing station for vehicles and pedestrians, a lush garden, and a system that allows it to collect and recycle rainwater.

(Photo via Jones Studio/Facebook)

Source: Jones Studio

The Murrieta Border Patrol Station designed by Garrison Architects

In California, the Murrieta Border Patrol Station was designed to blend in with the arid desert landscape. Constructed in 2004, the building’s brick facade is a pale, sand-like brown.

The fence around the entrance for border agents is made of the same steel as the US-Mexico border fence. To access the building, they must walk through the fence “and experience it as a threshold, a reminder of the permeability of borders,” the architects wrote.

Source: Garrison Architects

(Photo by Garrison Architects/GSA)

The Murrieta Border Patrol Station designed by Garrison Architects

Inside, the building prioritizes ventilation and natural light to create a comfortable environment. The walls are painted bright yellow.

(Photo by Garrison Architects/GSA)

The Cross Border Xpress designed by Legoretta

Built in 2015, the Cross Border Xpress connects San Diego, California with the Tijuana International Airport in Mexico. The architects used bright shades of orange and purple as an homage to the late Mexican architect Ricardo Legoretta, who was known for his vivid pops of color.

(Photo via Legoretta)

The Cross Border Xpress designed by Legoretta

The design focuses on making travel between Mexico and the US faster and easier, the designers told Business Insider. It is “a very much needed bridge in this new era of co-existence between the two nations,” the firm wrote.

(Photo via Legoretta)

The San Ysidro Port of Entry designed by The Miller Hull Partnership

California’s San Ysidro Port of Entry is the busiest land border crossing in the Western Hemisphere. An expansion of it, set to open in 2019, is “designed to be the port of the future,” according to the GSA.

(Photo via The Miller Hull Partnership/GSA)

Source: GSA

The San Ysidro Port of Entry designed by The Miller Hull Partnership

The $735 million project will add 38 additional vehicle inspection booths, and ease traffic at the port.

(Photo via The Miller Hull Partnership/GSA)

Source: GSA

The San Ysidro Port of Entry designed by The Miller Hull Partnership

Like many recently constructed stations, the design shows that border stations don’t need to appear hostile. Instead, they present an opportunity for the US to invest in stations that are both beautiful and secure.

(Photo via The Miller Hull Partnership/GSA)

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A spokesman for the Archdiocese, which centers on Mexico City and is presided over by the country’s foremost Roman Catholic cleric, Cardinal Norberto Rivera, said the editorial represented the views of the diocese.

Trump says he wants to build the wall to stop illegal immigrants from crossing the U.S. southern border. He has pledged Mexico will pay for the wall, which the Mexican government adamantly says it will not do.

The Desde la fe editorial, which was published online, said the barrier would only feed prejudice and discrimination.

“In practice, signing up for a project that is a serious affront to dignity is shooting yourself in the foot,” it wrote.

Mexican cement maker Cemex has said it is open to providing quotes to supply raw materials for the wall but will not take part in the bidding process to build it.

Grupo Cementos de Chihuahua, another company specializing in construction materials, has also signaled readiness to work on the project.

Article source: https://www.aol.com/article/news/2017/03/26/mexicans-who-help-build-trump-wall-traitors-top-archdiocese-s/22012963/

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