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.
It may be the industry's best-kept secret: The Consumer Financial Protection Bureau is actively pursuing fair lending cases, according to compliance experts speaking at an ABA conference this week. Whether any charges will be filed is a different matter.
The Consumer Financial Protection Bureau this week fined mortgage servicer BSI Financial Services, Irving, TX, just over $230,000 for illegal mortgage servicing practices. A new consent order from the agency lays out the details.
New FHFA Director Mark Calabria singled out GSE "charter creep" as something he would like to eliminate. But he was short on specifics. Still, an FHFA probe of the matter has been launched.
Possibly dozens of VA lenders have been handed subpoenas from the federal government tied to VA delinquencies and possibly loan churning. Is this a fishing expedition or something more? Needless to say, lenders are worried.
An auction of Ditech Financial is scheduled for the end of May. At stake is not only the company’s future — and the jobs of roughly 2,700 full-time employees — but $187.2 billion in mortgage servicing rights. If bidders fail to show up, Ch. 7 will likely be the next step.
Faced with a lawsuit from a tribal housing-finance agency, HUD has delayed implementation of a new policy regarding downpayment assistance programs for at least 90 days.
Zillow failed to win an early dismissal of a suit alleging its co-marketing program violated RESPA. Separately, a group of lenders including Bank of America will face revived kickback claims under RESPA.
Detroit-based FHA lender Quicken Loans said it has no intention of settling its False Claims Act case with the Department of Justice but is willing to participate in a mediation ordered by a federal district court judge.
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