Balancing technological advances in the mortgage space with safety and soundness can be challenging, but it should be considered a priority, according to industry experts on a recent panel in Washington, DC, sponsored by the Urban Institute and CoreLogic. Quicken Loans launched its Rocket Mortgage early this year at a time when an avalanche of new regulations had the industry back on its heels. “While many in the industry were playing a lot of defense, and rightfully so ...
RE/MAX Holdings is working to place mortgage brokers in real estate brokerage locations using a franchise model that the firm has used to become the top residential home seller. Officials at RE/MAX stress that the Motto Mortgage effort is compliant with stringent regulations regarding the mixing of real estate agents and mortgage offerings. Dave Liniger, CEO of RE/MAX, said many real estate agents and brokerages are eager to work closely with loan originators. “However, compliance remains...
CEO Debra Still of Pulte Mortgage blamed low usage on the fact that Fannie and Freddie use different terminology and eligibility criteria for things like area median income.
PHH officials say the company has improved its servicing operations in recent years and agreed to the consent order “to avoid the distraction and expense of litigation.”
Mortgage lenders and servicers could see a dramatic change in the regulatory environment following the election of Donald Trump as president with a GOP-controlled Congress. During a campaign of many and sometimes conflicting promises, Trump vowed to repeal the Dodd-Frank Act, which would require Congressional action and, if carried out in its entirety, would abolish the Consumer Financial Protection Bureau. Some observers think a more likely outcome is a restructuring of the CFPB itself and curbing of some regulatory and enforcement actions, perhaps with new leadership. Mortgage lending issues were...
PHH Corp. and Ocwen Financial – both large publicly traded nonbank mortgage lenders – released third quarter results suggesting that at least one of them, Ocwen, might have a future. Ocwen, which has been bleeding red ink for roughly two years, posted net third-quarter earnings of $9.4 million, though there were several caveats to its results, including previously announced legal settlements that have yet to be paid. Still, Ocwen continued...
RSS