The suit was filed by Rodney Harrell, a Virginia homeowner, who obtained a residential mortgage from NYCB Mortgage. The right to service Harrell’s loan was transferred to Freedom, which in June 2017 bought some of NYCB’s MSR portfolio.

Meanwhile, KBW said it’s maintaining forward earnings estimates and $1 a share price target for both mortgage giants. Its overall rating is “underperform.”

Jumbo lending soared by 67.2% sequentially while expanded-credit lending increased by a modest 18.8%, Inside Mortgage Finance found…

Comptroller of the Currency Joseph Otting: “CRA mortgage lending should be to LMI people.”

As most mortgage bankers know, recessions are generally good for the industry because rates plunge and originations spike. The tricky part is dealing with borrowers who face employment loss…

In addition, the new rules would establish an allowable range for commercial space between 25% and 60%, which would make it less cumbersome for mixed-use communities to obtain FHA approval. 

In its final rule, the FHFA appears to have relented, finally paving the way for VantageScore to compete directly with FICO.

Credit Suisse is entering the non-QM MBS market, sourcing loans from a lender that previously contributed to deals from Western Asset Management Company.

Quicken Loans, the nation’s largest direct lender, told IMT the firm currently has 1,300 job openings “with positions available in many areas, including mortgage banking and technology.”