As reported by IMFnews late last week, Stewart Title is buying Allonhill, a due diligence firm based in Denver. Meanwhile, look for billions of dollars in NPL sales soon.
In a letter dispatched to CFPB Director Richard Cordray, MBA stresses that mortgage firms are not being allowed enough time to properly comply with the January 2014 implementation of the bureau’s many new rules.
A title insurance firm is taking a close look at due diligence provider Allonhill. Meanwhile, mergers and acquisitions in the residential finance industry could explode.
Many mortgage firms are hoping that a huge surge in purchase-money deals will compensate greatly for the declining refi market and that layoffs at their shops will be avoided.
Joel Tillett and five other former employees were indicted in May on federal charges they conspired to defraud mortgage lenders by submitting loan applications that contained false information.
Mortgage income reported in bank call reports includes earnings from production, loan sales and net servicing results, so industry profits are not tied exclusively to new lending.
No one in the mortgage industry expects that subprime lending will revive much unless it’s the subprime of yesteryear where equity was a key factor in determining whether a borrower should get a loan. The handful of subprime (“hard money,” call it what you will) lenders active today require hefty down payments in the range of 30 percent. The most successful subprime lender in terms of money raised is Citadel Loan Servicing of Irvine, CA, the brainchild of Dan Perl, which raised ... [Includes three briefs]
Altisource Portfolio Solutions this month announced that a subsidiary will acquire Equator, the software service provider that helps facilitate home sales for four of the six largest servicers as well as the government-sponsored enterprises. The acquisition is valued at a base price of $70 million with an additional $80 million over three years, subject to Equator achieving performance targets. The sale is set to close by mid-September. Altisource said the acquisition diversifies its customer base and ...
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