The California Reinvestment Coalition last week called upon the Department of Housing and Urban Development to impose a moratorium to prevent CIT Group and its servicing subsidiary, Financial Freedom, from initiating any more reverse mortgage foreclosures. The CRC’s request is based in part on data it obtained from HUD indicating an unusually high foreclosure rate for Financial Freedom/CIT Group.According to the data, Financial Freedom’s 39 percent share of reverse mortgage foreclosures since April 2009 is more than two times greater than the company’s estimated market share. The CRC began looking into Financial Freedom’s foreclosure history after receiving complaints from a number of widowed homeowners and other heirs about Freedom’s foreclosure practices, said Kevin Stein, CRC associate director. Stein said the CRC filed a data request under the ...

Departing FHA Executive. Single Family Deputy Assistant Secretary Kathleen Zadaresky is leaving the FHA for the private sector. Zadaresky is credited for the FHA’s new Single Family Policy Handbook, reform of the Home Equity Conversion Mortgage program, and the single-family loan-quality assessment methodology (Defect Taxonomy). Zadaresky’s deputy, Bob Mulderig, was named as her replacement when she leaves at the end of this month. Mulderig came from the Department of Treasury’s Community Development Financial Institutions Fund, where he recently served as acting manager of the Capital Magnet Program. 95 Year-Old Borrower Files Class-Action Suit Against Reverse Mortgage Lender. The National Consumer Law Center has filed a class-action lawsuit on behalf of a 95-year old plaintiff and other seniors against Dallas-based Nationstar Mortgage, doing business as ...

Although Fannie’s year-to-date issuance was off 8.4 percent from a year ago, it was still ahead of Ginnie through the first third of 2016.

Ron D’Vari, CEO of New Oak Capital, said borrower demand for non-QMs is strong, but there are a number of hurdles to issuing MBS with the loans.

Fannie’s guaranty fee income for single-family and multifamily segments nudged up 0.9 percent from the fourth quarter, while Freddie’s was up 0.4 percent.

PHH said in a new SEC filing: “We will not be pursuing our previously communicated acquisition strategy at this time..."

U.S. Bank was the only top-five servicer that has been growing its portfolio…

G-fees – which have been rising in recent years – are ultimately paid by borrowers.

The Association of Mortgage Professionals, which represents mortgage brokers, said it believes the measure will dilute states’ rights to protect consumers.

Two Harbors was the first – and thus far only – firm to issue a jumbo MBS with loans subject to the TRID mortgage disclosure rule.