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.
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.
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