A Michigan appeals court judge affirmed that UWM’s move to compel arbitration in a dispute with a former employee was seven months too late.

The mortgage process met or exceeded the expectations of many homebuyers; interest rates look to be too high for potential homebuyers; the defect rate on mortgages declined again; tech vendor raises $19 million; Altisource Asset Management exits mortgage market.

The agency single-family MBS market is the main driver of structured finance issuance, but it recorded a decline in first-quarter production while ABS, commercial MBS and non-agency RMBS posted gains. (Includes three data tables.)

The circuit court held that the ABS trusts are covered persons subject to the CFPB’s authority under the Dodd-Frank Act. The lawsuit could have a major impact on the broader securitization market, the Structured Finance Association warned.

The Ellington Financial affiliate is ditching agency MBS to become a registered closed-end fund with a focus on CLO investments.

Beginning May 13, Ginnie Mae will transition to a central application system for issuer submissions of required fidelity bond, errors and omissions insurance, and financial statements.

Ohio-based Go Mortgage and its former capital markets head Katie Chikonde reached a settlement through court-ordered mediation.

Home equity shared investment products are gaining acceptance, so much so that contracts are finding their way into new securitizations. BSI hopes to be a top player as an asset manager and servicer.

The Federal Housing Finance Agency has long supervised the GSEs’ management of third-party risk from nonbank mortgage companies. But now for the first time it is examining nonbanks directly.

In granting the injunction decree, the court noted that there’s a “substantial likelihood” the trade associations will ultimately succeed in their challenge against the CRA overhaul.