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PennyMac pays $158M to Black Knight in servicing platform dispute

Housing Wire

million to Black Knight Servicing Technologies , concluding a five-year legal battle over allegations of trade secret theft involving two of the biggest companies in the housing industry. million in damages related to a breach of contract claim, plus interest and attorneys fees. million in 2022.

Legal 331
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Opinion: Two legal issues relevant to FHFA’s review of FHLB system

Housing Wire

31, 2022, the Federal Housing Finance Agency (FHFA) announced that it would conduct a comprehensive review of the Federal Home Loan Bank (FHLB) system. This provision may be challenged by the affected FHLBank under legal process. It was not until 1989 that Congress expanded membership to all federally insured depository institutions.

Legal 290
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Ginnie Mae fires back over RMF lending suit, seeks case dismissal

Housing Wire

TCB’s contract with RMF and the bankruptcy court order also expressly stated that TCB’s right to a lien was subject to GNMA’s extinguishment rights.” 31, 2022, special requirements for HECM reverse mortgage loan pools, TCB’s tail agreement and documents from RMF’s bankruptcy case unfolding in the U.S. 17, 2024.”

Lending 368
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Change Lending keeps CDFI certification after agreement with US Treasury 

Housing Wire

Department of Treasury that would keep the firm certified as a Community Development Financial Institution (CDFI). The agreement puts an end to a short-lived legal dispute with the Treasury Department. Change is proud to be certified as a CDFI and to continue our mission,” Carlos Salas, CEO of Change Lending, said in a statement.

Lending 353
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Trade groups express concern to FHFA over historic credit data

Housing Wire

In late 2022, FHFA announced that it would replace the Classic FICO credit model — which Fannie Mae and Freddie Mac have relied on for roughly 20 years — with new models (FICO 10T and VantageScore 4.0) These recommendations for additional data are critical to the successful implementation of the VantageScore 4.0

Legal 343
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Pennymac delivers $145M profit in 2023 

Housing Wire

. “2023 was one of the more challenging origination markets in recent history, with industry volumes down approximately 40% from 2022 and unit originations at their lowest level since 1990,” David Spector, chairman and CEO, told analysts during a call on Thursday afternoon. million in the same quarter of 2022.

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AmeriSave accused of defamation, failure to pay wages in lawsuit

Housing Wire

The group also alleges that the company conducted a defamatory campaign against them after their layoffs in July 2022. According to the class-action-seeking lawsuit, filed in California, AmeriSave hired 200 loan officers to focus on the West Coast region in early 2022. The company originated $12 billion in 2022, down 62.2%