In what is likely to be the last legal wranglings in Fairholme v. FHFA before its long-awaited jury trial begins, Judge Lamberth dealt Fannie/Freddie shareholders a modest defeat.
Rushmore Loan Management is exiting the servicing arena but details are light regarding who might control its multi-billion-dollar MSR portfolio. For now, management isn’t saying a word.
The CFPB’s 2020 rule, exempting some institutions from Home Mortgage Disclosure Act reporting, was found to be arbitrary and capricious by the D.C. District Court.
In yet another cost-cutting move, loanDepot is halting 401(k) matches while some of its top brass will get raises. Meanwhile, is there relief on the way for low-balance mortgages? HUD is trying to lend a helping hand.
Among the corrections currently sweeping the industry is the salary demands of loan underwriters. Executives say some can be had for half of what they earned during the boom.
The Mortgage Bankers Association barely turned a “profit” last year even though originators had a banner year. If you’re guessing the reason for the performance is COVID, move to the head of the class.
Hearings in Congress with the CEOs of seven megabanks stretched for more than nine hours across two days. The executives touted mortgage programs for minorities and listed their regulatory concerns.
The private pow-wow revealed broad agreement between government, industry and advocacy groups on how to deal with the nation’s affordable housing shortage.
Jonathan Kolodziej, an attorney at Bradley, believes the RFI is a significant opportunity for the mortgage industry to have a say in any future regulatory framework related to refinances and loss mitigation.
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