The owner of NEXA Lending has found a compliant way to give the company’s mortgage originators a financial incentive aligned with the long-term value of the mortgage servicing rights they create. Processing Content It will also provide its loan officers with business intelligence about those MSRs. Mike Kortas, head of NEXA Mike Kortas is in […]
How NEXA created a servicing-based incentive for LOs Read More »
Freddie Mac and Fannie Mae have respectively released a mix of new flexibilities and requirements for single-family mortgages they purchase as April has gotten underway. Processing Content Fannie is pulling back on some prefunding measures it had previously emphasized, while Freddie is making changes that affect loans in an underserved market that advocates and housing
GSEs ease prefunding rules, extend manufactured housing terms Read More »
Reverse mortgage lender Finance of America is offering a new product that allows older homeowners to access their home equity without, they say, adding another monthly expense. Processing Content The lender launched HomeSafe Second Line of Credit, a second-lien reverse mortgage line of credit that allows homeowners 55 and older to draw funds as needed
FOA launches new reverse mortgage line of credit product Read More »
An upcoming industry webinar hosted by the National Reverse Mortgage Lenders Association (NRMLA) aims to demystify what happens to a reverse mortgage long after closing, serving as an educational component for loan officers and the seniors they serve. The April 9 webinar, “From Boarding to Maturity: Understanding Reverse Mortgage Servicing Requirements,” will walk loan officers through the
NRMLA webinar to cover reverse servicing and maturity events Read More »
When UWM Holdings Corp. lost its bid last week to acquire Two Harbors Investment Corp. (TWO), upstaged by an offer from rival CrossCountry Intermediate HoldCo, analysts were not entirely surprised. “It was such a wild turn of events,” said Eric Hagen, an analyst at BTIG. “But we were not surprised that it broke up.” The
UWM tried for its first acquisition, then its stock fell and the math stopped working Read More »
U.S. Bank has turned to Built Technologies, which provides technology for real estate and construction finance, to help manage its portion of this process. Processing Content The bank says it will be able to fund projects faster as well as give clients real-time visibility into each step in the construction process and the related financing.
U.S. Bank adds Built to manage construction loan activity Read More »
Senator Elizabeth Warren, a Democrat from Massachusetts, asked the Trump administration for details on its work investigating and regulating collections of “zombie” second mortgages, old loans that homeowners hadn’t heard from lenders about in years before being hit with huge bills. Processing Content In a letter sent Tuesday to acting Consumer Financial Protection Bureau Director
Warren seeks info from Trump administration on ‘zombie’ loans Read More »
UWM Holdings intensified its attack on Two Harbors’ management after the markets closed on Friday, following a full day of trading after the real estate investment trust ditched them for a $10.80 per share all-cash deal from CrossCountry. Processing Content The unsolicited bid from CrossCountry was made after UWM failed to secure the votes from
UWM doubles down on criticism of Two Harbor’s management Read More »
Government mortgage-backed securities guarantor Ginnie Mae is providing some deadline relief to issuers who may be rushing to file annual audited financial statements this week. Processing Content Ginnie has announced that it’s removing the 15-day advance notice requirements for extension requests on the statements, which are due March 31 for most issuers. The financial statements
Ginnie Mae gives issuers a break, adds new prepayment data Read More »
The Conference of State Bank Supervisors celebrated an appellate court’s decision not to grant a request by Flagstar Bank for the full panel in an interest-on-escrow case. Processing Content The organization used the ruling to call on the Office of the Comptroller of the Currency to end its efforts to create a national preemption. This
States score win as Flagstar denied escrow rehearing Read More »