article thumbnail

HUD sued over alleged failure to refund mortgage insurance premiums

Housing Wire

Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. The lawsuit was previously reported by National Mortgage News and Law360.

Insurance 445
article thumbnail

FDIC finds banks violated RESPA on mortgage brokerage payments

Housing Wire

Mortgage brokers ’ compensation is in the spotlight after a recent Federal Deposit Insurance Corporation (FDIC) test concluded that some financial institutions failed to prove that payments were “reasonably related” to the value of services provided. Violations identified vary across different stages of the loan process.

Brokerage 340
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Cherry Creek Mortgage names new chief revenue officer

Housing Wire

Full-service lender Cherry Creek Mortgage announced Rick Hogle has joined the company as its chief revenue officer. Hogle began his mortgage career in 2001 at New Century Mortgage , where he became a branch manager. How to make digital marketing easy and effective for mortgage professionals.

Mortgage 355
article thumbnail

Interfirst Mortgage raises $175 million

Housing Wire

Chicago-based mortgage originator Interfirst Mortgage Co. Interfirst was founded in 2001 as a retail originator but expanded to the wholesale channel in 2008 and the correspondent channel in 2011. The holding company will invest in finance, insurance, and real estate businesses. The originations went from $14.1

Mortgage 284
article thumbnail

Pending home sales fell 7.1% in August

Housing Wire

An index of 100 is equal to the level of contract activity in 2001. Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers,” Lawrence Yun, NAR chief economist said. For others, the higher mortgage rates and general economic uncertainty are simply making them more cautious.”

article thumbnail

MBA promotes Joel Kan and Heather Messam

Housing Wire

The Mortgage Bankers Association announced Thursday it promoted Joel Kan to vice president, deputy chief economist. In his new role, Kan will lead the macroeconomic and mortgage market forecasts and oversee MBA’s industry surveys, including the Weekly Applications Survey, Builder Application Survey and the Mortgage Credit Availability Index.

article thumbnail

Blend reports $133.98 million loss in Q3, layoffs of 100 positions

Housing Wire

million was driven by a decline in mortgage banking and its title insurance business revenue, which occurred despite its consumer banking revenue more than doubling from the same period last year. Within the Blend platform, mortgage banking revenue was $19.9 Blend Lab ‘s third-quarter loss of $133.98 million, down by $7.4

Insurance 261