Do you trust your mortgage lender? This turns out to be a crucial question when it comes to persuading borrowers to refinance their homes, according to a paper by researchers at the Columbia Business School. The answer they got: Not so much.
The parent company of HomeStreet Bank last week said it is looking to sell its standalone home loan centers and a majority of its mortgage servicing rights. Officials at the Seattle-based lender cited a number of factors for the divestiture, including reduced demand for refinances and regulatory issues specific to banks.
We continue to hear reports that Freddie Mac may have settled on a choice for a new CEO. Back in September, the GSE named David Brickman — just promoted to the role of president from executive vice president/head of multifamily — as a possible internal candidate to succeed retiring CEO Don Layton.
Fort Washington, PA-based Ditech Financial, the nation’s 15th largest servicer of home mortgages, is headed into bankruptcy for the second time in a little over a year. A sale is a possibility, too.
Ocwen Loan Servicing on Wednesday filed an amended complaint in its lawsuit againstFidelity National Information Services. The complaint, filed in California’s Superior Court in Sacramento, dramatically escalates accusations of misconduct Ocwen first leveled against FIS in a 2017 lawsuit.
A federal district court has certified a class-action lawsuit against Wells Fargo brought on behalf of loan officers for alleged clawback of commissions and overtime wages.
Riverside, CA-based Provident Savings Bank this week pulled the plug on its residential mortgage banking operation, citing a “highly competitive” operating environment and “market conditions.” The unit, Provident Bank Mortgage, is a $1.0 billion a year producer.
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