Housing Wire

SEPTEMBER 1, 2023

The Federal Housing Finance Agency (FHFA) is considering giving more financial firms, including nonbank mortgage lenders, access to the $1.4 However, their importance in housing finance declined as nonbank mortgage firms grew in size.

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Housing Wire

APRIL 28, 2023

Digital lending solutions provider DocMagic announced this week that it has added ADA-compliant mortgage loan documents to its document library. The new digital documents are accessible to visually impaired users and others with disabilities, unlocking opportunities for these consumers into the broader mortgage market.

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Design Lending Technology Modernization 292

Housing Wire

JANUARY 3, 2024

Reverse mortgage servicing company Celink is seeking the dismissal of a lawsuit alleging that it had added unlawful servicing fees to reverse mortgage loans alongside now-bankrupt lender Reverse Mortgage Funding (RMF). In response to the recent recommendation by a magistrate judge against the dismissal of Dancy-Wilkins v.

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Housing Wire

FEBRUARY 27, 2023

RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government.

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Housing Wire

APRIL 24, 2023

United Wholesale Mortgage (UWM) has moved to dismiss an amended counterclaim filed by broker shop America’s MoneyLine (AML) that accuses the lender of antitrust practices regarding the “ultimatum” it imposed two years ago. A spokesperson for UWM said the company had no comment. Any broker who did so would face fines.

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Housing Wire

NOVEMBER 8, 2023

Data from the Legal Research Center concluded that all 50 states and Washington, D.C., The disclosure requirement is designed to address a persistent hurdle for renters and buyers when they complete a real estate transaction, according to a May 2022 letter from the U.S. 17 unless Congress acts.

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Housing Wire

MARCH 26, 2021

million to more than 5,300 home mortgage consultants to resolve a pair of class-action legal claims that allege wage-and-hour violations in California, according to the settlement agreement in federal court. Wells Fargo, the largest depository mortgage lender in America, has been plagued by scandals in recent years.

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Housing Wire

JUNE 29, 2023

Fannie Mae has issued a mortgage fraud alert for lenders in northern California, warning of heightened instances of misrepresented child support income in “numerous loans” that have been originated in the region over the past few months. The GSE highlighted four hallmarks of such a scheme.

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Real Estate Agent Mortgage Design Real Estate 359

Housing Wire

OCTOBER 23, 2020

Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.

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Housing Wire

FEBRUARY 14, 2024

A well-designed visual identity — either through the distinct font and colors you choose for your brand, through a logo, or through a combination of both — offers you an even more important opportunity. Without a federal trademark registration, you’ll have little to no legal recourse.

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Housing Wire

MAY 27, 2022

The requirement also applies to mortgage lenders, legal experts say. According to Kris Kully, an attorney at Mayer Brown , the notice will affect mortgage lenders because many of the underwriting systems lenders use to measure default risk contain proprietary algorithms, or “black-box models.”

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Housing Wire

NOVEMBER 30, 2022

A recent lawsuit filed by Banc of California is claiming that mortgage lenders and servicers Sprout Mortgage (now defunct) and Planet Home Lending owe $1.5 Mortgage industry veteran Michael Strauss, Sprout’s founder, is also listed as a defendant. million related to the proceeds of two notes it owned and funded.

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Housing Wire

NOVEMBER 3, 2023

Non-bank originator Change Lending will continue to originate non-qualified mortgages ( non-QMs ) for underserved borrowers after it reached a tentative deal with the U.S. The agreement puts an end to a short-lived legal dispute with the Treasury Department.

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Lending Finance Legal Contracts 359

Housing Wire

SEPTEMBER 27, 2023

As an organization dedicated to protecting property rights, the American Land Title Association (ALTA) wants to help ensure laws do not discriminate against or prevent people from legally purchasing real estate. gross domestic product, and any laws impacting the legality of different transactions should be handled delicately.

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Housing Wire

SEPTEMBER 9, 2021

Notarize , a provider of remote online notarization (RON) services in 38 states, and Snapdocs , a California-based digital mortgage closing platform, are partnering, the companies announced Thursday. 5000 list, connects all parties and technologies involved in a mortgage transaction to complete the closing process online.

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Housing Wire

MARCH 7, 2024

The mortgage relief credit would provide “middle-class first-time homebuyers with an annual tax credit of $5,000 a year for two years,” according to the announcement. This would act as an equivalent to reducing the mortgage rate by more than 1.5% on a median-priced home for two years, and it is estimated to “help more than 3.5

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Appraisal Buzz

APRIL 15, 2024

UAD originated in 2010 and since then we appraisers are accustomed to using codes like “C4,” “N;Res,” and “1200sf0sfin” in our mortgage appraisal reports to communicate the results of our analysis. It all starts with the standard appraisal forms used in the mortgage process. Most appraisers have diversity in their business channels.

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Appraisal Design Lending Technology 397

Housing Wire

FEBRUARY 5, 2021

Romeo also will continue to oversee the education department, NTP Designation program, legal publications and the ALTA Registry. Last year, ALTA added a key feature to its ALTA Registry : a designation that clearly identifies title and settlement company locations that can perform remote online notarization closings.

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Housing Wire

MARCH 13, 2023

While the FDIC — an independent government agency that insures bank deposits and overseas financial institutions — declined to comment on Mayopoulos’ role, his career has been focused on financial and legal expertise. Treasury and introducing new technologies to the housing finance system.

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Housing Wire

FEBRUARY 16, 2021

It also extended the deadline for the first legal action and the reasonable diligence time frame to 180 days. The measures announced by HUD today include: Extending the timeframe for homeowners to request the start of a COVID-19 forbearance from their mortgage servicer through June 30, 2021.

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Housing Wire

APRIL 27, 2021

Better, faster, cheaper has long been the promise of technology in the mortgage industry. Some may argue whether today’s technology is that much better than the tools we used in the past, particularly in the servicing business where many still use platforms designed and first built decades ago. And fall is exactly what we did.

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Mortgage Technology Tools Modernization 389

Inman

SEPTEMBER 11, 2023

The third round of layoffs in the last 12 months affects employees in 21 states, including Divvy's chief legal officer, vice president of compliance and head of design.

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Housing Wire

JUNE 30, 2023

Indian Land, South Carolina-based lender Movement Mortgage has agreed to pay $23.75 million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) programs. million and Guild Mortgage in October 2020 for $24.9

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Housing Wire

DECEMBER 20, 2023

Mortgage rates had climbed close to the 7% range and he was determined to remain competitive on pricing with rival loan officers in North Carolina. One top-producing California -based loan officer said she was excited when a top 35 mortgage lender tried to recruit her with the promise of multiple pricing buckets.

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Housing Wire

MARCH 24, 2023

Artificial intelligence refers to computer systems designed to perform tasks that usually require human intelligence, such as recognizing speech, identifying patterns or making decisions. ChatGPT for lenders Several use cases exist for mortgage companies and loan officers to use ChatGPT and AI. But first things first.

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Housing Wire

NOVEMBER 28, 2023

Residential zoning laws are designed to promote orderly development, control traffic flow, and ensure that noise and activity levels are appropriate to each specific neighborhood. Decades ago, zoning laws were used to legally segregate local communities based on race. It’s basic math, but how we got to this point is more complex.

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Housing Wire

SEPTEMBER 9, 2020

Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021.

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Housing Wire

AUGUST 22, 2023

The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs). the trade groups state. ” Another trade group weighed in on the newly proposed rule.

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Appraisal Buzz

MAY 6, 2024

Add to this rising replacement costs and legal fees, increased government regulation, inflation, and fraud, and companies are bleeding about a billion dollars every three weeks. According to Mehlomakulu, ICON’s homes are 350% stronger and are designed to outlive the traditional spec home by nearly triple their life expectancy.

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Housing Wire

MARCH 3, 2021

To discuss just what that means for those in the housing economy, Kris Kully, a partner at Mayer Brown , and David Stevens, the former CEO of the Mortgage Bankers Association , will speak on a panel titled A New Regulatory Regime, at HousingWire’s virtual Spring Summit on March 4.

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Housing Wire

DECEMBER 7, 2021

In a legal memo, HUD stated that SPCPs are allowed under the Fair Housing Act. Lenders see the documentation requirement — where lenders would provide a rationale for the program’s targeting — as a record of past failings, according to attorneys who represent mortgage lenders. A special purpose credit program can take many forms.

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Housing Wire

MARCH 15, 2022

A recent judge’s ruling in pending litigation involving student-loan securitization trusts could have far-reaching legal and financial implications for the private-label securities market. Mortgage securitizations in the PLS market mirror that approach as well. In the federal court case, “Consumer Financial Protection Bureau v.

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Housing Wire

NOVEMBER 9, 2020

One area in the mortgage and real estate industry that has been evolving for nearly two decades is digital closings. E-mortgage volume spikes. During the first six months of 2020, the Federal Housing Finance Agency reported that the volume of e-mortgages purchased by Fannie Mae and Freddie Mac spiked significantly.

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Housing Wire

MAY 24, 2021

We are adding resources to engineering, security and trust, product, industry relations, legal, compliance and more. In addition to the funding round, Stavvy also announced its alliance with Flagstar Bank , the sixth-largest bank mortgage originator in the country, to provide remote loan modification services.

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Housing Wire

SEPTEMBER 30, 2021

The company’s powerful, end-to-end eMortgage technology is available via an intuitive interface that can be deployed quickly, and the company prides itself on its highly consultative approach designed to make the transition as easy as possible. The company quickly grew to offering custom form design and software.

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Technology Clients Supply Chain Design 281

Housing Wire

OCTOBER 18, 2022

Racial Equity Accelerator for Homeownership, a collaboration between Urban Institute and Federal Home Loan Bank (FHLB) of San Francisco , on Monday released a report that examines how the adoption of alternative data can benefit Black households within the mortgage lending landscape. FICO’s failures.

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Lending Mortgage Legal Design 389

Housing Wire

APRIL 16, 2024

As the engines of the housing and mortgage markets continue to sputter due to higher interest rates and fewer buyers, industry innovators are looking for ways to get their company’s wheels off the ground. I have had agents tell me, ’You’re not getting any of my mortgage business anymore,’ he said. according to the company.

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