Housing Wire

AUGUST 10, 2022

Nonbank lender Panorama Mortgage Group has added Texas-based Lone Peak Lending to its growing stable of brands. Donovan Stamps, a 27-year mortgage veteran with stints at Stearns Lending , SoFi Mortgage , First Guaranty Mortgage Corp. The post Lone Peak Lending joins Panorama Mortgage Group appeared first on HousingWire.

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Lending Human Resources Mortgage Loan Officers 406

Housing Wire

NOVEMBER 16, 2023

Nonbank originator Change Lending and the U.S. The CDFI certification is given by the Treasury Department CDFI Fund to lenders providing financial services to low-income communities and people who lack financing. But at least 60% of a lender’s financing must target these borrowers.

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Lending Finance Contracts Development 351

Housing Wire

DECEMBER 7, 2021

In a legal memo, HUD stated that SPCPs are allowed under the Fair Housing Act. Marcia Fudge, in a missive to her colleagues at the Office of the Comptroller of the Currency , the Consumer Financial Protection Bureau and the Federal Housing Finance Agency. A special purpose credit program can take many forms.

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Lending Law Design Government 431

Housing Wire

DECEMBER 19, 2023

High-profile government actions against some of the nation’s largest financial firms for alleged violations of fair lending laws and loan servicing principles have sent a sobering message to industry CEOs and their boards: the buck stops at the top. Just ask the ones who in the recent past have lost their jobs or faced reputational damage.

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Legal Law Supply Chain Lending 381

Housing Wire

AUGUST 4, 2022

Tech-focused real estate brokerage Radius , flush with $14 million in venture capital raised this past April, has launched a mortgage lending arm in California that it plans to roll out to additional markets sometime next year. The post Real estate brokerage Radius unveils mortgage-lending arm appeared first on HousingWire.

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Housing Wire

JANUARY 12, 2024

A proprietary reverse mortgage from Finance of America Companies (FOA) now secures the home of Rhode Island ’s honorary historian laureate after the property was returned to the owner after attempts to bequeath it to a nonprofit historical society he founded. This is according to reporting from The Providence Journal.

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Tools Mortgage Finance Lending 379

Housing Wire

APRIL 10, 2024

This development arises amidst heightened scrutiny and legal challenges facing NAR , including a landmark antitrust settlement that, if approved, would mandate a payment of $418 million and the implementation of rule changes. million members. Doctors are not mandated to join the American Medical Association.

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Real Estate Agent Real Estate Agents Legal 443

Housing Wire

OCTOBER 16, 2023

Generative artificial intelligence (AI) has tremendous potential to cut costs and improve customer experience, but regulation has not caught up to develop a governance program, industry pros said of AI’s implementation in mortgage lending. Have we developed a model that is in fact fair? How do I start using it with other data sources we have?

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Technology Lending Government Legal 407

Housing Wire

FEBRUARY 4, 2021

It will be financed through a combination of committed equity financing provided by funds managed by Stone Point Capital and Insight Partners, as well as committed debt financing provided by JPMorgan Securities. Strategies lenders should adopt from direct to consumer lending. Sign up here.

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Legal Investors Lending Finance 436

Housing Wire

JUNE 15, 2021

The addition of Johnson represents yet another change to the C-suite at Sprout, which halted non-QM lending last year when the coronavirus pandemic began and liquidity dried up. In the last six months, Sprout has unveiled a series of new products for it non-QM program , resumed correspondent lending.

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Retail Mortgage Legal Lending 358

Housing Wire

APRIL 14, 2021

Non-QM lender Sprout Mortgage has brought on Infosys ‘s chief information officer and global director of real estate finance solutions, Henry Santos , as its own CIO and executive vice president, the company announced Tuesday. In her new role, LaRaia will oversee all legal and regulatory compliance functions.

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Mortgage Lending Legal Modernization 275

Housing Wire

JULY 21, 2023

Citywide Home Loans , a Utah-based mortgage lending company, agreed to settle a $1.2 The news was first reported by legal website Top Class Action. Cyber security issues are among the biggest challenges for real estate and housing finance companies. million class action lawsuit to resolve claims surrounding a 2020 data breach.

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Housing Wire

SEPTEMBER 15, 2023

Guaranteed Rate Affinity has initiated legal action against former loan originators, accusing them of breaching contracts by failing to pay back advanced signing bonuses and commissions after they left the company. The company originates and markets its mortgage lending services to Anywhere’s real estate brokerage and relocation subsidiaries.

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Loan Officers Legal Real Estate Lending 388

Housing Wire

NOVEMBER 17, 2023

The transition of three veteran sales executives from South Carolina-based lender Movement Mortgage to its California competitor Summit Funding led to a legal battle over poaching. Increasing the tone of the legal battle, Pennington filed a counterclaim against Movement requesting about $9.8 million in unpaid compensation.

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Loan Officers Legal Retail Finance 337

Housing Wire

JULY 14, 2022

Cuts also hit operations, risk and compliance, legal, finance, business operations and marketing teams, according to a presentation held on Wednesday afternoon. . Kiavi, which rebranded from Lending Home in November, ranked as the top short-term lender in the fix-and-flip space in 2021, with $2.7

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Human Resources Construction Legal Investors 386

Housing Wire

APRIL 24, 2024

During an earnings call on Wednesday, chief financial officer Daniel Perotti said that “Pennymac maintained its dominant position in correspondent lending in the first quarter” as it acquired $18 billion in volume. Legal troubles with Black Knight contributed to the loss in Q4 2023. billion in 2023.

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Lending Legal Contracts Mortgage 395

Housing Wire

MARCH 21, 2022

Chambliss is currently the deputy general counsel for mission and anti-predatory lending at the enterprise. In that role he gives legal and regulatory advice on activities connected with fulfilling Freddie Mac’s mission. He also oversees Freddie Mac’s anti-predatory lending efforts. At Fannie Mae, 4.0%

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Human Resources Government Lending Finance 345

Housing Wire

APRIL 4, 2024

Meanwhile, community-focused trade groups and associations, although feeling that the new rules miss some relevant aspects of fair lending, criticized the judge’s decision. Kevin Stein, chief of legal and strategy at Rise Economy, said during the same session that the new CRA rules ignore some relevant topics.

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Modernization Law Legal Landlords 241

Housing Wire

MAY 27, 2022

The requirement also applies to mortgage lenders, legal experts say. In his own statement Thursday, Chopra said companies have “legal responsibilities when they let a black-box model make lending decisions.”. The CFPB has raised concerns in the past that algorithmic models perpetuate discriminatory mortgage lending practices.

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Law Legal Valuation Government 420

Housing Wire

JUNE 30, 2021

The watchdog agency found that lenders engaged in deceptive business practices, including violations of the Truth in Lending Act and the Equal Credit Opportunity Act, and provided inaccurate data on mortgage loans. Lenders gave less compensation for bond loans subject to the requirements of a state Housing Finance Agency.

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Loan Officers Lending Open Houses Legal 421

Housing Wire

JUNE 21, 2023

Other measures in the “proposed rule” stage include rulemaking on personal financial data rights; Property Assessed Clean Energy (PACE) financing and its interactions with the Truth in Lending Act (TILA); and the supervision of certain, larger nonbank covered participants for compliance with federal consumer financial laws.

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Valuation Finance Legal Development 315

Housing Wire

NOVEMBER 7, 2022

According to the document, Athas is winding down, effective immediately, but will honor loans in its pipeline that it’s legally obligated to fund. Athas Capital has been credited for “pioneering the re-birth of ‘sane’ subprime lending,” according to the company website. Presented by: Teraverde.

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Lending Investors Business Mortgage 430

Housing Wire

SEPTEMBER 7, 2023

For most real estate agents, working with a reliable lending partner is essential to a smooth and successful transaction. Finding reliable lending partners takes time and some trial and error, but once established is often the lifeblood of LOs. “The Bank Home Mortgage and Planet Home Lending declined to comment.

Agents 389

Agents Buyers Loan Officers Real Estate 389

Housing Wire

JANUARY 19, 2022

To address money laundering concerns, it may be necessary to ensure that a recordkeeping and reporting requirement attaches to some entity involved in every non-financed transaction,” FinCEN’s proposed rulemaking notice states. of all new-home sales involve non-financed deals. and foreign trusts,” the agency’s proposed rule states. .

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Real Estate Agent Real Estate Agents Insurance 438

Housing Wire

DECEMBER 20, 2023

It’s the ultimate in legalized fraud. In and of itself, it’s legal, provided the lead really did come from the source and it’s diligently tracked by the lender. In and of itself, it’s legal, provided the lead really did come from the source and it’s diligently tracked by the lender.

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Loan Officers Clients Law Legal 454

Housing Wire

JULY 19, 2022

billion five years ago, per the Federal Housing Finance Agency — closing a mortgage loan has since gotten more expensive, not less. The FHFA asked the public to help it identify “barriers” to implementing fintech in the housing finance ecosystem. But that scenario is a long way off. billion in 2021, up from $0.4

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Mortgage Finance Technology Legal 362

Housing Wire

JUNE 30, 2022

Pennsylvania-based Customers Bank , which has warehouse lending operations located in Hamilton, New Jersey, is listed as the largest unsecured creditor in the FGMC Chapter 11 case — with a claim of $25 million, court pleadings show.

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Finance Lending Mortgage Investing 362

Housing Wire

MARCH 30, 2023

Severance will also be provided according to legal requirements. Per Inside Mortgage Finance data, the company was the 39th-largest U.S. The layoffs will happen on June 26, but an additional date of August 31 was also included in the WARN Notice. mortgage lender by volume last year. CMG was the 27th-largest.)

Retail 391

Retail Loan Officers Legal Technology 391

Housing Wire

JUNE 1, 2021

HUD has also taken steps to craft a rule on the legal duty to Affirmatively Further Fair Housing. How hybrid title and valuations help increase lending efficiency. Each state’s housing finance agency would administer the tax credits, which would be allocated by population. Streamline by combining services.

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Renovations Development Investors Legal 508

Housing Wire

DECEMBER 11, 2020

Johnson joins the executive team from global finance company MSCI , where he served as managing director and president of InvestorForce. In their new roles as co-managing partners, Graham will oversee all legal functions of the firm, while Shawn Black will manage the firm’s operations. The leadership change comes as Thomas Black, Jr.

Lending 337

Lending Legal Clients Development 337

Housing Wire

AUGUST 22, 2023

In addition, regulators should be aware of any unbalanced market effects of AVMs regulations, conflicting interpretations of the legal framework, and the lack of established methodologies in examining systemic bias in the U.S., the trade groups state.

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Valuation Appraisal Government Real Estate 365

Housing Wire

SEPTEMBER 16, 2021

Kully previously worked at the Department of Housing and Urban Development as a senior attorney, in the legal division at Fannie Mae and as a partner at K&L Gates. housing finance industry and deserves a strong leader. For the first HW+ spotlight, we’re featuring Kris Kully, a partner at Mayer Brown. McCargo’s nomination.

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Finance Legal Development Training 332

Housing Wire

OCTOBER 10, 2023

The Consumer Financial Protection Bureau (CFPB) on Tuesday filed a lawsuit against Freedom Mortgage Corporation for allegedly violating the Home Mortgage Disclosure Act (HMDA) and a 2019 consent order by submitting legally required mortgage loan data that “was riddled with errors.”

Brokerage 394

Brokerage Realty Real Estate Loan Officers 394

Housing Wire

JUNE 14, 2023

We learned the hard lesson in the financial crisis when it came to predatory mortgage lending, and the reforms we’ve put into place have built a lot of resilience in the system.” In his opening statement, Brown also described recent actions challenging the CFPB’s constitutionality as legal maneuvers seeking to invalidate the CFPB.

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Legal Law Government Realtors 317

Housing Wire

JANUARY 6, 2022

The government-sponsored enterprises must do this by setting a plan every three years, dubbed Duty to Serve, that provides lending liquidity and preservation goals for manufactured, rural, and affordable housing. Regulations should encourage, not discourage, new program pilots to reach underserved markets, the groups argued.

Legal 521

Legal Law Government Lending 521

Housing Wire

AUGUST 25, 2023

Through its origination business, AmeriFirst kept its business purpose lending (BPL), providing four products, including debt-service coverage ratio (DSCR) loans, bridge financing, investor construction loans and residential transition loans (RTLs).

Mortgage 370

Mortgage Retail Business Lending 370

Housing Wire

JANUARY 25, 2024

Connecticut Banking Commissioner Jorge Perez alleged that LoanSnap violated the Truth in Lending Act (TILA) and Fair Credit Reporting Act (FCRA). In 2021, LoanSnap secured $30 million in series B financing led by True Ventures. But the crux of the commissioner’s findings focuses on unlicensed origination activities.

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Loan Officers Mortgage Finance Lending 355