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Rithm takes minority stake in servicing platform Valon

Rithm takes minority stake in servicing platform Valon

Artificial Intelligence, Industry News, Mortgage technology, Servicing, Technology /

Rithm Capital is boosting its investment in servicing technology provider Valon, taking a minority equity ownership stake and expanding on their existing business partnership. Processing Content With the move, Rithm expects to reduce costs for its home finance subsidiary, Newrez, and further scale development of Valon’s artificial intelligence-backed operating system “to modernize the $13 trillion […]

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OCC escrow plan opposed by regulators, consumer advocates

Conference of State Bank Supervisors, HWmember, Mortgage, National Consumer Law Center, Office of the Comptroller of the Currency, Regulatory, Regulatory Compliance, Servicing /

State regulators and consumer advocates are pushing back against two proposals from the Office of the Comptroller of the Currency (OCC) that would expand banks’ authority over escrow accounts and assert that federal law preempts state rules that govern these accounts.  In a joint letter, the Conference of State Bank Supervisors (CSBS) and the American

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States, mortgage regulators call for end to OCC escrow moves

States, mortgage regulators call for end to OCC escrow moves

Law and regulation, Politics and policy, Servicing /

Groups of mortgage regulators, state supervisors and attorneys general called for the Office of the Comptroller of the Currency to end proposals that could allow more national preemption of  interest-on-escrow rules, citing consumer harm, legal concerns and an uneven playing field. Processing Content The proposals would benefit national institutions but at homeowners’ expense, and interfere

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Supreme Court rejects Emigrant’s reverse redlining appeal

Law and legal issues, Redlining, Regulation and compliance, Servicing /

The U.S. Supreme Court rejected the appeal of Emigrant Mortgage and Emigrant Bank in a reverse redlining case over predatory lending cases on loans originated between 1999 and 2008. Processing Content The online docket for the case has a Jan. 12 entry stating “Petition DENIED” with no other links or explanations. The loans involved were

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AARP sues Celink, Carrington, Finance of America over HECMs

Home equity loans, Law and legal issues, Reverse mortgages, Servicing /

A new class action lawsuit claims Carrington Mortgage Services, Celink and Finance of America Reverse have squeezed thousands of dollars of illegal fees out of tens of thousands of older homeowners.  Processing Content Representatives for reverse mortgage borrowers say the homeowners were overcharged for a variety of fees and suffered inflated interest and mortgage insurance

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PennyMac Q4 earnings miss as margins, servicing slip

Earnings, Mortgage Rates, Servicing /

PennyMac Financial Services fourth quarter earnings were affected by the lower interest rate environment in the quarter, coming in higher year-over-year but reduced versus the linked quarter. Processing Content PFSI reported $106.8 million in net income for the quarter and $501.1 million for the year. A year earlier, the company had earned $104.49 million for

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Foreclosure auction inventory rises to near 6-year high

Distressed, Foreclosures, Servicing /

Foreclosure- and bank-owned auction volume jumped to their highest levels in years, but buying activity didn’t keep pace with the rise in inventory, according to the latest report from Auction.com.  Processing Content Foreclosure inventory, which makes up the majority of distressed auction properties, leaped 48% year over year in the recent fourth quarter to its

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Newrez beats zombie seconds suit over decades-old HELOC debt

Law and legal issues, Servicing /

Newrez has defeated a class action lawsuit regarding “zombie” second mortgages, after a judge rejected a borrower’s arguments around a lack of monthly statements from the servicer.  Processing Content U.S. District Judge Allison Burroughs granted the company’s motion to dismiss the suit Monday, giving Massachusetts plaintiff Eva Hodges 21 days to refile her complaint. The

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Bayview to pay $26 million to settle data breach claims

Cyber security, Law and legal issues, Servicing /

Bayview Asset Management has agreed to a $26 million settlement to resolve data breach claims for a prospective class of around 5.8 million consumers.  Processing Content The sides published the agreement Wednesday in a Florida federal court, and it’s subject to a judge’s approval. The deal would close sprawling class action litigation filed in 2022,

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Vertyx adds AI-powered borrower retention tools to servicing platform

Artificial Intelligence, HWmember, Mortgage Servicing, Servicing, Technology /

Mortgage servicing technology provider Vertyx on Tuesday announced the release of a new Borrower Relationship Management capability that aims to help servicers and investors identify borrower retention and recapture opportunities earlier in the loan life cycle. The new feature is part of Vertyx’s end-to-end mortgage servicing platform, which is designed to help institutions monitor portfolio

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