The FHA’s Home Equity Reverse Mortgage Information Technology (HERMIT) system will shift to a new vendor-operated host data center beginning March 21, 2016. Reverse Market Insight (RMI), a provider of data, analysis and portfolio valuation services for the reverse mortgage industry, has been tapped to manage, maintain and operate HERMIT. Launched in October 2012, HERMIT is an online, web-based automated system that monitors and tracks the FHA’s Home Equity Conversion Mortgage portfolio and automates insurance claim payments. HERMIT will shut down temporarily from 7 p.m., March 16, to 8 a.m., March 21, in order to complete the transition. The FHA said there would be no changes to the system’s functionality during transition to the host data center. User IDs and passwords for accessing HERMIT will remain unchanged. Following HERMIT’s transition to the ...

K&L Gates’ Financial Services Practice Decimated, Partners Bolt for Mayer Brown. K&L Gates’ profitable consumer financial services practice took a major hit after a group of partners and associates joined rival Mayer Brown late last month.Laurence Platt, Phillip Schulman, Steven Kaplan, Melanie Brody and Jonathan Jaffe led the group. Ten other partners from their former firm joined them later. They are Costas Avrakotos, David Beam, Holly Spence Bunting, Krista Cooley, Eric Edwardson, Kristie Kully, Ori Lev, Lauren Bergen Pryor, Stephanie Robinson and David Tallman. The group will be based primarily in Mayer Brown’s Washington, DC, office. Kaplan will join Tom Delaney as a co-leader of Mayer Brown’s Financial Services Regulatory & Enforcement practice. “The decision to move from our previous firm has been ...

Refinance activity was heavy in the first half of 2015, and jumbo borrowers typically have more to gain by pulling the refi trigger.

In some quarters, experts wonder how much more nonbanks can grow given capital concerns and interest rate volatility.

February’s new issuance was also the lowest monthly total for the GSEs since May 2014...

According to survey figures from Inside Mortgage Finance, wholesale/broker production accounted for 9.6 percent of fundings in the fourth quarter of 2015...

The decline was largely based on a seasonal slump in purchase-mortgage activity. Looking forward, primary-market indicators point to a solid increase in consumer demand.

In some purchase transactions, lenders require special certifications and inspections stemming from VA policy guidance.

If refinancings accelerate, Wells Fargo will need to step up production to protect its massive servicing portfolio...

Bid deadlines on the portfolios being offered by MountainView range from March 3 to March 8.