When consumers were directed to Amerisave’s website, the lender gave quotes based on an 800 FICO score, even where consumers had previously entered a FICO score below 800, the agency said.
“The government presumably feels emboldened from the decisions that it’s been getting, and we anticipate that those will continue in the near future,” one mortgage buyback expert said.
As IMFnews went to press, no other details were available on the transaction, including the identity of the seller or whether the product is “newly originated” or “legacy” in nature.
According to figures compiled by Inside Mortgage Finance, Freedom grew second quarter originations by almost 49 percent, the best sequential gain for any top 10 ranked lender.
Wells Fargo, the nation’s largest servicer, has assigned an 80 basis point value to its residential MSR portfolio, but the nation’s number-two servicer, JPMorgan Chase, has its MSRs booked at 106 bps…
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