A dip in United Wholesale Mortgage stock last week, driven by a report from a hedge fund that shorted the nonbank, has raised awareness on the number of mortgage companies that are being shorted.
Hunterbrook Capital is going after United Wholesale Mortgage, lobbing allegations and shorting stock in the nonbank; Michael Barr, vice chair for supervision at the Fed doesn’t find the rhetoric regarding bank capital requirements particularly useful; Ocwen plans to rebrand as Onity.
The CFPB and the FTC have filed an amicus brief supporting borrowers in a case against Ocwen Loan Servicing, while lender trade groups urged the Supreme Court to intervene in a federal preemption case.
Questions posed by Supreme Court justices during oral arguments suggest the court could rule in favor of banks seeking preemption from state laws requiring interest payments on mortgage escrow accounts.
The commission structure for real estate agents looks likely to change as the National Association of Realtors and brokerages face charges of price fixing. The move is unlikely to have a major impact on mortgage lenders.
The arguments before the Seventh Circuit Court of Appeals centered on whether the CFPB has the authority to extend the Equal Credit Opportunity Act’s protections to cover prospective applicants.
Black Knight didn’t receive all of the damages it sought from PennyMac while the nonbank servicer is now free and clear to use proprietary technology that’s less expensive than Black Knight’s offerings.