The first-ever open hearing of the Appraisal Subcommittee saw calls for structural reforms to the industry, changes to methodology and increased disclosures to consumers regarding reconsideration of value.

A federal bankruptcy judge in Delaware has allowed a WARN Act lawsuit involving 435 former First Guaranty Mortgage Corp. employees to proceed as a class action.

The Consumer Financial Protection Bureau wants nonbanks to submit information about terms and conditions they use in form contracts that might restrict consumer rights and protections.

Earnings season has arrived for the largest publicly traded depositories. Included in the results: home lending, where a brutal correction continues and depositories are rethinking their roles.

In a reissued bulletin, the mortgage giant said it will allow some duty-to-serve cash-out refinances to receive 0% credit fee caps because of the confusion caused by an earlier notice.

Plaintiffs hope that a pattern of illegal contract interference and the theft of trade secrets will justify RICO charges — and treble damages — against the Ohio lender.

Appraisal reduction amounts, which measure a new appraisal’s shortfall compared to the loan’s unpaid balance, are generally considered an indicator of expected losses.

The correspondent channel accounted for 40% of Wells’ originations in 2022, and the bank ranked third among all lenders in the channel. Still, some see Wells’ move as a positive step for the mortgage industry.

It’s been an ugly couple of months for crypto financier Silvergate Bank, an FDIC-insured institution. One casualty: its non-QM warehouse finance business.

It’s a safe bet that further job cuts are in the cards for most mortgage franchises. But is the worst of the personnel bloodletting over? That’s hard to say. The optimists out there are hoping for a stronger second half.