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Ocwen improves overall reverse mortgage performance despite volume contraction

Housing Wire

and Liberty Reverse Mortgage , reported an overall improvement in its business performance for the first quarter of 2024 — including better reverse mortgage performance attributed to servicing and higher gains on loans held for sale. Ocwen Financial Corp., parent company of PHH Mortgage Corp.

Contracts 405
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Kentucky passes bill to end ‘harmful’ listing contracts 

Housing Wire

Kentucky is on the brink of ending exclusive real estate listing contracts. The state’s General Assembly passed a bill to protect homebuyers from predatory contracts known as non-title recorded agreements for personal services (NTRAPS) or right-to-list agreements. Sponsored by State Rep.

Contracts 421
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Motto sues UMortgage for ‘tortious interference’ in franchise contract

Housing Wire

Denver-based brokerage franchise Motto Mortgage , owned by RE/MAX , has accused broker shop UMortgage of “tortious interference” in its contract with a former franchisee called TRB Solutions, whose controlling member was Breon Price, the top-producing loan officer. According to a lawsuit filed in March in a U.S

Contracts 384
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Opendoor looks to rescale business in 2024

Housing Wire

We’ve done the hard work in 2023 to be leaner, to be more agile, to be able to rescale the business in a sustainable fashion.” Indicative of Opendoor’s scaled-back approach to business was the fact that it bought just 11,246 homes in 2023, compared to 34,962 homes in 2022. After posting a $1.4 billion for full year 2023.

Business 420
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FirstFunding sues Sprout for breaching of contract

Housing Wire

Consequently, the warehouse lender filed the lawsuit against Sprout on Wednesday for breaching the contract and injunction in the U.S. Among business partners, California-based wholesale/correspondent lender New Wave Lending Group accused the company of defaulting on a pool of $32 million in loans it agreed to purchase.

Contracts 384
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Protecting homeowners from predatory business practices

Housing Wire

During this National Homeownership Month in particular, homeowners should be wary of a new business practice preying upon vulnerable homeowners — non-title recorded agreements for personal service ( NTRAPS ), long-term listing agreements that entrap consumers. Together, we can end this predatory business practice once and for all.

Business 384
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Fraud risk continues to rise even as the market contracts

Housing Wire

Two House Appropriations bills recently advanced by House negotiators have included language surrounding Business Email Compromise (BEC) in an effort to promote collaboration between federal and law enforcement agencies and private sector partners in monitoring and reporting for cyber-based crime events. How FundingShield can help.

Contracts 369