Concerns are growing that a credit crunch of sorts might be on the way for nonbanks as federally insured warehouse lenders begin to pull back. At least one veteran player, Comerica, has exited the space.
What’s a mortgage CEO worth these days? If it’s a public company, that’s a decision for shareholders and the board. Most senior managers had their pay reduced last year, but not all. (Includes data chart.)
Despite their support for a standardized approach for evaluating the validity of an ROV, trade groups disagree that lenders should face fair-lending liability for the valuations made by independent appraisers.
The CFPB and five other federal agencies issued a joint proposed rule aiming to set quality control standards for the use of automated valuation models. Separately, regulators issued proposed guidance for reconsiderations of value.
The Supreme Court held that a Minnesota county violated the Constitution’s takings clause when it kept excess proceeds from a tax foreclosure sale after paying off the homeowner’s tax debt. The ruling has implications for mortgage servicers.
The CFPB stressed that any use of a chatbot in customer service roles should meet financial institutions’ legal obligations. The bureau also outlined a series of problems reported in consumer complaints.
The now-shuttered Sprout Mortgage, its former CEO and other defendants have agreed to shell out $3.5 million to settle four consolidated class actions brought by former employees of the non-QM lender.