In November, the former employees filed a class action accusing AmeriSave of fraud, deception and breach of contract. The lawsuit is on hold pending arbitration.
Bids for MSRs are declining, prompting worries among some sellers. Those holding servicing also face the possibility of an increase in delinquencies and advancing responsibilities.
The halcyon days of sizeable MSR markups are in the rearview mirror, causing servicing owners to ponder their options. Some nonbanks continue to actively sell servicing rights while others are being told by their advisors to hold their cards.
The debt prices of select nonbank lenders have improved in recent weeks, but remain in the speculative bucket. As spring approaches, originators and their investors are hoping for the best. What else can they do?
On a quarterly basis, originations will bottom out in the first quarter, according to projections by the Mortgage Bankers Association. Still, it will take a little longer for profitability to improve.
Upfront fees will decline for most low-income borrowers, but will increase for some middle-income homebuyers. The result is more cross-subsidy for the GSEs’ mission-based activities.
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.
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