The California Reinvestment Coalition last week called upon the Department of Housing and Urban Development to impose a moratorium to prevent CIT Group and its servicing subsidiary, Financial Freedom, from initiating any more reverse mortgage foreclosures. The CRC’s request is based in part on data it obtained from HUD indicating an unusually high foreclosure rate for Financial Freedom/CIT Group.According to the data, Financial Freedom’s 39 percent share of reverse mortgage foreclosures since April 2009 is more than two times greater than the company’s estimated market share. The CRC began looking into Financial Freedom’s foreclosure history after receiving complaints from a number of widowed homeowners and other heirs about Freedom’s foreclosure practices, said Kevin Stein, CRC associate director. Stein said the CRC filed a data request under the ...

Ron D’Vari, CEO of New Oak Capital, said borrower demand for non-QMs is strong, but there are a number of hurdles to issuing MBS with the loans.

PHH said in a new SEC filing: “We will not be pursuing our previously communicated acquisition strategy at this time..."

Is the end near for servicing writedowns? Hedging marks?

FHA lending via the retail channel by many of the nation’s largest depositories has plummeted in recent years...

A past study commissioned by FEMA estimated that the areas designated as special flood areas will increase by 45 percent by the end of this century. In coastal areas, such designations would increase by 55 percent.

Attorney Richard Horn, who helped write the TRID rule, blamed the CFPB, in part...

According to a notice on LinkedIn, BurkeyLoan is looking to hire a chief financial officer and three-dozen other positions...

Kingstown's big bet on Ocwen Financial is looking shaky these days...

A lack of formal guidance from the Consumer Financial Protection Bureau regarding TRID mortgage disclosures won’t prevent rating services from placing ratings on new non-agency MBS. The rating services are even willing to rate new deals before the Structured Finance Industry Group releases standards for the handling of TRID issues by third-party due diligence firms. However, issuers and investors appear to be less comfortable with liability from the rule the CFPB implemented in October combining the disclosure requirements of the Truth in Lending Act and the Real Estate Settlement Procedures Act. Save for a $331.95 million jumbo MBS issued by Two Harbors Investment at the end of March, no firm has issued a deal that includes loans subject to TRID. On March 18, SFIG proposed...