An appeals court ruled in favor of Ocwen, finding that statements made by company officials were mere puffery that investors should not have relied on.
The CFPB in a recent court filing said buyers of mortgage servicing rights are responsible for violations even if the obligation remains with the original owner for a short period of time.
Earlier this year, Wells Fargo offloaded roughly $20.7 billion in Ginnie servicing rights. The buyers? A bank and a nonbank. Meanwhile, the Equifax data hack will cost upwards of $700 million in settlement costs.
Lenders are seeking significant revisions to FHA loan-level certifications and defect taxonomy in order to increase participation. Banks fled the FHA market following the financial crisis due to the False Claims Act cases brought against them by the Justice Department.
Reverse mortgage lender Live Well Financial is headed into liquidation, causing financial damage along the way to warehouse providers Flagstar Bank and Customers Bank. What killed the company? Answer: IO securities that were decimated by falling interest rates.
Lenders approve fewer loan applications and apply more conservative underwriting standards in states that impose a judicial foreclosure process, according to new research.
Grapevine: A few days ahead of a scheduled bankruptcy auction, New Residential Investment Corp. has swooped in and made a "stalking horse" bid. Meanwhile, a big promotion at Fannie Mae and a record month for Guaranteed Rate.
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