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LoanCare faces revived class action on prepayments

Law and legal issues, Secondary markets, Servicing /

Loancare can’t shake allegations that it mishandled borrowers’ mortgage prepayments, after a federal appeals court gave new life to a longstanding class action complaint. Processing Content The servicer will have to relitigate claims that it delayed customers’ prepayments toward unpaid principal balances in order to accrue unearned interest. Three justices of the 4th Circuit U.S. […]

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Consumer debt accelerates in December, fueled by mortgages

Credit, Distressed, Economy, Servicing /

Consumer debt accelerated in December, driven by substantial growth in first mortgage and home equity lines of credit balances, a new industry report showed. Processing Content Total consumer debt in the United States reached $18.2 trillion by the end of last year, with $12.8 trillion attributed to first mortgages, according to Equifax’s fourth quarter consumer

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Onity Group adds a former Truist executive to c-suite

Onity Group adds a former Truist executive to c-suite

Career moves, Servicing /

Aulene Wessel, chief accounting officer at OnityOnity Onity Group has named Aulene Wessel, a former executive vice president at Truist, as a new member of its leadership team. Processing Content Wessel is taking on the chief accounting officer role previously filled by Francois Grunenwald, who will be leaving the company after a transition period “to

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ICE’s Matt Dowd: MSP updates are ‘just a foundation’ for AI journey

HWmember, ICE Mortgage Technology, Intercontinental Exchange, Mortgage, Mortgage Servicing, Servicing, Team Leaders, Technology /

Intercontinental Exchange Inc. (ICE) is seeing an “overwhelmingly positive” response from mortgage servicers in response to its newly updated MSP platform user interface, as servicers view the update as the first step in a broader push toward automation and AI-driven efficiencies. The update marks the first phase of a broader modernization of ICE’s MSP, highlighted by

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Credit union servicing gets dedicated CUSO

Credit unions, Industry News, Mortgage technology, Servicing, Technology /

A new business agreement has led to the creation of a credit union servicing organization focused specifically on mortgage servicing. Processing Content The parent company of Great Lakes Credit Union is partnering with servicing platform Vertyx for the CUSO launch. Dubbed Vertyx CUSO, the business aims to serve its member institutions with technology tailored for

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Basel proposal helps banks, but changes little

Basel, Capital markets, Federal Reserve, Servicing /

Enjoy complimentary access to top ideas and insights — selected by our editors.Want unlimited access to top ideas and insights? Subscribe Now Federal Reserve Board Vice Chairman for Supervision Michelle Bowman gave a very significant statement about banks and the Basel III risk weights for residential loans and mortgage servicing rights to the American Banker

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Servicers offer support as nonagency gets more competitive

Secondary markets, Servicing /

The wide-ranging nonagency mortgage market is giving traditional lenders more reasons to consider branching out into it, according to servicers supporting these strategies. Processing Content “Certain types of nonowner-occupied GSE loans that are agency deliverable now trade better in the nonagency space,” said Michael Yanniello, chief operating officer, head of portfolio oversight and operations, Onity

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White House reportedly set home investor size sought in ban

White House reportedly set home investor size sought in ban

Capital markets, Housing markets, Industry News, Politics and policy, Servicing /

Former US President Donald Trump speaks during a news conference following a meeting with Senate Republicans at the National Republican Senatorial Committee (NRSC) office in Washington, DC, US, on Thursday, June 13, 2024. Trump’s brand on Wall Street, once tarnished by the US Capitol attack and his bombastic political rhetoric, has made a near-full recovery,

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Property tax relief fintech attracts M capital raise

Property tax relief fintech attracts $50M capital raise

Mortgage technology, Property taxes, Servicing /

Ownwell, a fintech platform designed to assist homeowners with property tax appeals, completed a Series B round, the latest 2026 funding announcement for companies focused on finding homeownership savings.  Processing Content The $50 million raise for the Austin, Texas-based company included $30 million of equity in the round, which was led by Alpha Edison and

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Is more servicing M&A coming? Here’s what executives say

M&A, Servicing /

Mortgage consolidation continued full steam at the start of 2026 with Pennymac’s purchase of Cenlar’s subservicing business, but executives at an industry conference this week had mixed views on its outlook and pace going forward. Processing Content Last year’s megadeal combination of Rocket and Mr. Cooper slowed M&A activity temporarily at one point, David Sheeler,

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