In a deal expected to close by year end, Rocket Companies will pay $1.28 billion in cash to acquire personal finance app Truebill, a six-year-old tech start-up with 2.5 million users.
The nation’s fourth-largest mortgage servicer is being hit on the legal front over a “processing issue” that caused unauthorized withdrawals of monthly mortgage payments.
If mortgage lenders thought g-fees might decline this fall, they may be gravely disappointed. Meanwhile, the adverse market refi fee clearly boosted Freddie Mac’s 2Q21 results.
Fannie imposes a draconian 3% cap on NOO loans for some lenders to ensure it meets the 7% cap required under the PSPA. Freddie, already under the cap, puts its threshold at 6%.
Trade groups point out the irony of raising mortgage rates at a time when the Federal Reserve is spending more than $40 billion a month on agency securities in an attempt to lower the cost of buying or refinancing a loan.
At the very least, mortgage executives are hoping for a delay in the implementation date on the new refi fee promulgated by Fannie Mae and Freddie Mac.
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