Whether they take photos, change locks or serve legal documents, mortgage inspectors and other field personnel need to plan for unexpected and dangerous situations on the job. The nature of the work means personal security can’t be compromised. “I’ve been in this game for a while now, and I totally agree that safety is No. […]
Mortgage field safety spotlighted after October murder Read More »
For the second time, a federal court judge in Pennsylvania has dismissed a legal action filed against Nationstar and others, now stating the plaintiff lacked standing to sue. The other defendants are Wilmington Savings Fund Society as the trustee for a mortgage-backed securities trust, and A&D Mortgage, who originated the loan in September 2023 and
Nationstar debt collection case tossed for lack of standing Read More »
Privatizing the National Flood Insurance Program would raise premiums by hundreds of dollars, according to a study that estimates the impact as policymakers weigh potential changes and mortgage-related coverage costs climb. The average 64% increase would equate to an additional $600 in annual costs for the average homeowner with flood insurance, who currently pays $933
What privatizing the NFIP would cost homeowners: Insurify Read More »
Fairway Home Mortgage is partnering with Made Card to offer a credit card which will provide points for making their normal monthly loan payments and for purchases of home products and services. Borrowers do not need to use the Made for Home, formally the Made Essential Visa Signature Preferred Card, making their on-time mortgage payment
Fairway partners on card that boosts homeownership savings Read More »
Onity’s PHH Mortgage Corp. subsidiary is repositioning its reverse mortgage business, selling its loan pipeline and multibillion-dollar servicing rights portfolio in that part of the market to Finance of America while staying involved as a subservicer and niche securitizer. PHH said it is working to accommodate a smooth transition for its reverse mortgage originators when
FOA buys Onity’s reverse MSRs in strategic shift Read More »
The Structured Finance Association is joining Rep. Scott Fitzgerald, R-Wis., and others as support builds for the SEC to take another look at a rule that could reshape the mortgage securities market. The SEC has requested comment on the Reg AB II rule that’s generally shut private-label residential mortgage-backed securities issuers out of the public
SFA hopes to bring back public RMBS from private issuers Read More »
The mortgage servicing rights market changed dramatically when the government-sponsored enterprises went into conservatorship and Basel bank capital rules tightened, so stakeholders are watching the review of both carefully. Those two historic changes created the “perfect storm” for MSRs that led to a concentration of large nondepository players, an advocate for mid-sized banks said at
How Basel, GSE changes may upend MSR dynamics Read More »
Mortgage delinquencies increased by 6 basis points from the second quarter, as the performance of Federal Housing Administration-insurance loans declined, the Mortgage Bankers Association National Delinquency Survey found. Recently, ICE Mortgage Technology executive Andy Walden said FHA loan performance trends were a yellow flag for the mortgage industry. Delinquent mortgages made up 3.99% of all
Mortgage delinquency levels rise on softer FHA performance Read More »
Bayview Asset Management and three affiliates have agreed to a settlement with plaintiffs over a data breach lawsuit for a hack that affected 5.8 million people in 2021. The sides agreed to basic terms of a class action settlement, subject to court approval and the final dismissing of the case, according to a court document
Servicers OK data breach settlement after long legal battle Read More »
Left to righ: Bryce Bradley, Rosegate Mortgage; Craig Freel, Rice Park Capital Management Private investment firm Rice Park Capital Management will acquire a retail and consumer-direct lender one year after the two businesses signed an initial partnership agreement. As in several recent mergers, the servicing pipeline potential figured prominently behind the Minneapolis-based financial firm’s decision
Rice Park acquires Rosegate Mortgage in recapture push Read More »