Housing Wire

MAY 4, 2022

The Federal Housing Finance Agency will now require lenders to provide data on borrowers’ language preferences in order to sell loans to Fannie Mae and Freddie Mac , a move which could invite fair lending lawsuits. These steps will contribute to an equitable housing finance system that welcomes all qualified borrowers,” said Thompson.

Legal 384

Legal Lending Government Loan Officers 384

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.

Tools 431

Tools Mortgage Finance Lending 431

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. Is now a good time to invest in real estate automation technologies?

Brokerage 397

Brokerage Real Estate Lending Mortgage 397

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.

Lending 420

Lending Finance Contracts Development 420

Housing Wire

MAY 6, 2024

mortgage lender Fairway Independent Mortgage Corp. The company announced last week that, in April, it welcomed production teams that collectively originated more than $500 million in mortgage volume in 2023. These groups are bringing a total of 92 mortgage professionals to Fairway. The lender originated $5.15

Retail 421

Retail Loan Officers Legal Lending 421

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.

Mortgage 366

Mortgage Lending Legal Modernization 366

Housing Wire

MAY 13, 2024

A recently published report by the Financial Stability Oversight Council (FSOC) identified vulnerabilities at nonbank mortgage servicers that pose risks to financial stability. The attention on nonbank mortgage companies have increased since their expansion following the financial crisis of the late 2000s.

Finance 450

Finance Government Mortgage Legal 450

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.

Lending 441

Lending Law Design Government 441

Housing Wire

JUNE 15, 2021

Non-QM lender Sprout Mortgage is setting up a distributed retail operation, and it’s picked a veteran of Wells Fargo to lead the new division. Johnson, based in Miami, has also worked at PNC Bank during his career in mortgage banking. Sprout does most of its business through mortgage brokers.

Retail 384

Retail Mortgage Legal Lending 384

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. The panel noted the findings of the latest Fannie Mae mortgage lender sentiment survey.

Technology 466

Technology Lending Government Legal 466

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.

Legal 410

Legal Supply Chain Law Lending 410

Housing Wire

AUGUST 25, 2023

filed for Chapter 11 bankruptcy protection in Delaware, just two months after it got back into the forward mortgage origination business. AmeriFirst told Housingwire that the bankruptcy action has no impact on closed mortgages and the loans in the pipeline will be closed and funded. Retail lender AmeriFirst Financial Inc.

Mortgage 370

Mortgage Retail Business Lending 370

Housing Wire

MAY 13, 2024

A coalition of trade organizations — including the American Bankers Association (ABA), the Housing Policy Council (HPC), the Independent Community Bankers of America (ICBA), the Mortgage Bankers Association (MBA) and U.S. historical dataset. that use trended credit bureau data.

Legal 421

Legal Mortgage Contracts Insurance 421

Housing Wire

JULY 19, 2022

Fannie Mae and Freddie Mac ’s regulator imagines a future where, perhaps through artificial intelligence and machine learning, errors in mortgages are identified in real time before a loan is closed. billion five years ago, per the Federal Housing Finance Agency — closing a mortgage loan has since gotten more expensive, not less.

Mortgage 384

Mortgage Finance Technology Legal 384

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.

Loan Officers 419

Loan Officers Legal Retail Finance 419

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.

Loan Officers 410

Loan Officers Legal Real Estate Lending 410

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.

Legal 370

Legal Technology Insurance Lending 370

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. Its owned mortgage servicing rights (MSR) portfolio had a UPB of $386.6 Pennymac’s servicing portfolio continues to grow.

Lending 421

Lending Legal Contracts Mortgage 421

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.

Legal 458

Legal Investors Lending Finance 458

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

Human Resources 397

Human Resources Construction Legal Investors 397

Housing Wire

NOVEMBER 7, 2022

Executives at the mortgage lender announced their decision in a letter sent on Wednesday to business partners and employees, which was reviewed by HousingWire. According to the document, Athas is winding down, effective immediately, but will honor loans in its pipeline that it’s legally obligated to fund. and Sprout Mortgage.

Lending 432

Lending Investors Business Mortgage 432

Housing Wire

APRIL 22, 2022

Nima Ghamsari, CEO and founder of mortgage fintech Blend Labs. Publicly traded mortgage tech company Blend Labs isn’t changing its strategy to survive a shrinking mortgage market, even though a drop in originations is sapping its revenue stream and forcing it to trim its workforce. ” In 2021, Blend processed more than 1.8

Mortgage 397

Mortgage Marketing Human Resources Clients 397

Housing Wire

JANUARY 25, 2024

California-headquartered LoanSnap was hit with a temporary order to cease and desist from Connecticut’s Department of Banking for “systemic” unlicensed mortgage loan origination activity. Connecticut Banking Commissioner Jorge Perez alleged that LoanSnap violated the Truth in Lending Act (TILA) and Fair Credit Reporting Act (FCRA).

Loan Officers 409

Loan Officers Mortgage Finance Lending 409

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 397

Brokerage Realty Real Estate Loan Officers 397

Housing Wire

MARCH 30, 2023

New Jersey-based Homebridge Financial Services will lay off 139 employees in June, three months after the acquisition of its retail division by CMG Mortgage, Inc. Severance will also be provided according to legal requirements. Per Inside Mortgage Finance data, the company was the 39th-largest U.S.

Retail 410

Retail Loan Officers Legal Technology 410

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.”

Law 421

Law Legal Valuation Government 421

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.

Loan Officers 458

Loan Officers Clients Law Legal 458

Housing Wire

JUNE 30, 2021

The Consumer Financial Protection Bureau (CFPB) is tightening the screws on mortgage servicers and originators that violate consumer protection laws. Financial institutions flubbed the credit scoring, rate spread and debt-to-income data fields on their home mortgage disclosure act.

Loan Officers 421

Loan Officers Lending Open Houses Legal 421

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 The lender and LO can make or break the transaction.”

Buyers 397

Buyers Agents Loan Officers Real Estate 397

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. Private equity-backed mortgage originator Interfirst Mortgage Company hired Bryan Filkey as its new chief strategy officer. Have a hiring announcement you want to share?

Lending 397

Lending Legal Clients Development 397

Housing Wire

JUNE 14, 2023

Chopra responded by describing a scenario in which mortgage borrowers lose a critical advocate while lenders are left in an uncertain operating environment. Well certainly, in as much as the Fifth Circuit’s ruling is sustained, it would create major uncertainty in our mortgage markets,” Chopra said. “It

Legal 370

Legal Law Government Realtors 370

Housing Wire

JUNE 30, 2022

First Guaranty Mortgage Corp. 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. The lender then filed for Chapter 11 bankruptcy on Thursday, June 30.

Finance 370

Finance Lending Mortgage Investing 370

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.

Modernization 318

Modernization Law Legal Landlords 318

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.

Valuation 370

Valuation Appraisal Government Real Estate 370

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. Kris Kully: I have been following the trending innovations in the mortgage origination process.

Finance 384

Finance Legal Development Training 384

Housing Wire

APRIL 27, 2021

Better, faster, cheaper has long been the promise of technology in the mortgage industry. Electronic data gathering and automated verification services have made mortgage processing significantly faster. COVID did more for mortgage technology than 10 years of constant sales efforts taken by the top 100 industry technology companies.

Mortgage 410

Mortgage Technology Tools Modernization 410

Housing Wire

JUNE 8, 2022

The Federal Housing Finance Agency (FHFA), under the leadership of Director Sandra Thompson, on Wednesday unveiled landmark equitable housing finance plans for Fannie Mae and Freddie Mac. A September 2021 request for input ahead of the equitable housing finance plans indicated the FHFA would implement the plans by January 1, 2022.

Development 370

Development Finance Government Lending 370