With many lenders struggling with profitability, it might seem like a waste of time and money to sue departing production managers who leave with staffers in tow. But the lawsuits keep coming.
The combination of the NAR settlement, better coordination between White House and FHFA, and the resurgence of the CFPB may help establish real price competition in the housing and mortgage markets.
Critics say the data giant’s exclusive contracts with data providers and strategic acquisition of potential competitors make it impossible for new market entrants to gain scale or price competitively.
The Supreme Court’s decision to remand a lawsuit involving preemption back to a lower court leaves the issue unsettled as the high court offered a framework to review preemption rather than bright-line standards.
After losing an appeal before a three-judge panel of the Federal Court of Appeals, plaintiffs are asking — for the second time — that the full court hear their case in light of a new Supreme Court decision.
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.
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