Housing Wire

JULY 21, 2022

Recent pleadings filed in the bankruptcy case of First Guaranty Mortgage Corp. FGMC and its affiliate, Maverick II Holdings LLC , on June 30 filed to reorganize under Chapter 11 bankruptcy protection. Samples reveals in his declaration that FGMC was hemorrhaging cash just prior to filing for bankruptcy protection — posting a $23.3

Bankruptcy 418

Bankruptcy Banks Pre-approval Principal 418

Housing Wire

SEPTEMBER 25, 2023

Right-to-list agreement firm MV Realty has filed for Chapter 11 bankruptcy in 33 states. The story was first reported by CBS News. MV Realty currently faces lawsuits in multiple states for allegedly misleading consumers and homeowners. MV Realty operated in 33 states and has more than 500 real estate agents.

Bankruptcy 476

Bankruptcy Land Title Agents 476

Housing Wire

JANUARY 17, 2024

The bankruptcy plan administrator for Reverse Mortgage Investment Trust (RMIT), the parent company of former industry lender Reverse Mortgage Funding (RMF), has filed a court petition to convert from Chapter 11 bankruptcy to Chapter 7 bankruptcy. TCB and Ginnie Mae dispute RMIT filed for Chapter 11 bankruptcy in November 2022.

Bankruptcy 459

Bankruptcy Finance Loans Mortgages 459

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. Bankruptcy Court for Delaware. Other creditors in the AmeriFirst bankruptcy with unsecured claims exceeding $500,000 include – RCP Customized Credit Fund ($5.97 million, court pleadings show.

Bankruptcy 370

Bankruptcy Mortgages Loans Lending 370

Housing Wire

JUNE 30, 2022

(FGMC) and its holding company, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection Thursday, June 30, leaving one of the country’s major warehouse lenders as its largest unsecured creditor, according to court filings. The lender then filed for Chapter 11 bankruptcy on Thursday, June 30. million.

Bankruptcy 370

Bankruptcy Banks Finance Lending 370

Housing Wire

DECEMBER 19, 2024

This guy was in a Chapter 13 bankruptcy at the time, was behind on credit cards and on his mortgage, and was on the verge of losing his house. He also had mobility challenges, so Rodriguez assisted with filing court documents in conjunction with the reverse mortgage origination process in order to address the bankruptcy.

Bankruptcy 397

Bankruptcy Mortgages Principal Loans 397

Housing Wire

FEBRUARY 4, 2025

Dara Default offers decisioning, automated workflows, collections, loss mitigation, claims, foreclosure and bankruptcy and an attorney network. Dara Movement and Dara Data are not yet on the market but in a “road map” stage, Sagent confirmed. And Dara Core is nearing beta completion. and planning for version 1.5,

Mortgages 432

Mortgages Bankruptcy Staging As-is 432

Housing Wire

NOVEMBER 12, 2024

According to Home Equity Conversion Mortgage (HECM) endorsement data compiled by Reverse Market Insight (RMI) in early November 2022 — just prior to the halting of originations and its subsequent bankruptcy — RMF was the fifth-largest HECM lender in the country, with 4,804 endorsements over the 12-month period that ended Oct. 31 of that year.

Equity 369

Equity Finance Mortgages Bankruptcy 369

Housing Wire

MARCH 3, 2025

HousingWire tracked 37 mergers, acquisitions, exits and bankruptcies involving originators, servicers, tech platforms, and appraisal and valuation companies in 2024. Bank7 is expanding its mortgage reach in Oklahoma. The community bank has completed its acquisition of First American Mortgage, Inc. , Yukon-based First American Mortgage, Inc.

Mortgages 294

Mortgages Bankruptcy Title Brokerage 294

Housing Wire

NOVEMBER 27, 2023

Additionally, Veev also stopped paying interest payments on some of its properties in California. The company attributed its difficulties to “the challenging economic environment and declining real estate prices.” Veev’s business model is innovative: it provides pre-inspected, fully cladded walls directly to homebuilders , ready for installation.

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Bankruptcy Inspection Investor Staging 482

Housing Wire

NOVEMBER 26, 2024

With DecisionPoint, we’ve been able to automate key aspects of title production, such as searching bankruptcy records, identifying Office of Foreign Assets Control (OFAC) sanctions, and curative work. Historically, these processes involved multiple manual steps and handoffs, resulting in delays and higher costs.

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Title Mortgages Title search Bankruptcy 370

Housing Wire

NOVEMBER 14, 2024

There’s always that push and pull between the long-term potential and the challenges the industry has faced, especially after regulatory changes affecting the amount of draws and more recently, the RMF bankruptcy.” They also mentioned the proprietary product suite at their company as a bright spot.

Investor 370

Investor Mortgages Bankruptcy Equity 370

Housing Wire

NOVEMBER 21, 2024

There’s always that push and pull between the long-term potential and the challenges the industry has faced, especially after regulatory changes affecting the amount of draws and more recently, the RMF bankruptcy.” FOA’s shares, he said, are not likely “to appreciate meaningfully from current levels.”

Bankruptcy 369

Bankruptcy Finance Equity Mortgages 369

Housing Wire

DECEMBER 8, 2020

In all, the Justice Department said the three lenders didn’t comply with federal bankruptcy procedures, which affected a total of 76,000 accounts beginning in 2011. The bank also waived approximately $43 million in fees across its mortgage servicing portfolio, including for borrowers in bankruptcy. Meanwhile, U.S.

Banks 435

Banks Bankruptcy Finance Mortgages 435

Housing Wire

OCTOBER 31, 2022

One of the unsung heroes of the most prolonged economic and job expansion ever recorded in history was the passing of the 2005 Bankruptcy Reform Act and the 2010 qualified mortgage rule under Dodd-Frank. As we can see below, the bankruptcy levels were extremely high before the bankruptcy law was passed in 2005.

Bankruptcy 523

Bankruptcy Lending Equity Mortgages 523

Housing Wire

NOVEMBER 9, 2021

As you can see below, when you lend to the capacity to own the debt, you should never see a rise in foreclosures or bankruptcies unless a job loss recession happens on a massive scale. Let’s take a look at the New York Federal Reserve’s Household Debt and Credit Report for the third quarter, released today.

Bankruptcy 529

Bankruptcy Mortgages Lending Loans 529

Housing Wire

OCTOBER 12, 2023

Bankrupt retail lender AmeriFirst Financial is seeking approval for a private sale of loans from a Delaware bankruptcy judge to pay off two warehouse lenders and fund restructuring costs. AmeriFirst’s request for approval to sell its loans comes less than two months after it filed for Chapter 11 bankruptcy protection in late August.

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Loans Bankruptcy Sales Commercial 435

Housing Wire

SEPTEMBER 5, 2023

The announcement comes in the wake of bankruptcy of allegations of fraudulent activity against reinsurer Vesttoo Ltd , which filed for Chapter 11 bankruptcy protection in August. Porch Group announced that its insurance subsidiary Homeowners of America (HOA) has been placed under temporary supervision by Texas regulators.

Bankruptcy 435

Bankruptcy Development Banks Industrial 435

Housing Wire

JANUARY 16, 2025

The standard of living of the average American has to decline, he said. I don’t think you can escape that. These were the words of Federal Reserve Chairman Paul Volcker as he testified before Congress in October 1979. Inflation was 13%. Volckers predecessors, Arthur Burns and William Miller, had failed to control prices. Thatwasnt a one-off.

Bankruptcy 370

Bankruptcy Land Mortgages Principal 370

Housing Wire

JULY 28, 2023

It follows a request from the shuttered lender to halt the agreement due to an involuntary bankruptcy petition filed by three creditors. New Wave Lending Group , JMJ Financial Group and EF Mortgage filed on July 5 an involuntary petition against Sprout under Chapter 7 of the Bankruptcy Code in a New York court, claiming the lender owes $1.3

Bankruptcy 369

Bankruptcy Banks Mortgages Loans 369

Housing Wire

JANUARY 24, 2024

Bankruptcy Court for the District of Delaware seeking 60 days of wages and benefits, alleging termination without cause and notice as required by law. The class action lawsuit was filed in the U.S. Live Well initially announced its intent to challenge the suit a month after its filing. In a 92-minute court hearing held on Jan.

Bankruptcy 447

Bankruptcy Loans Closing Mortgages 447

Housing Wire

DECEMBER 8, 2022

The hundred or so workers on the other Teams meeting were given marching orders: keep the company’s operations functioning during bankruptcy proceedings. The resulting sea of red ink forced the company to seek protection from the storm through a Chapter 11 bankruptcy reorganization filed in federal court in Delaware.

Bankruptcy 397

Bankruptcy Mortgages As-is Marketing 397

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.

Bankruptcy 457

Bankruptcy Loans Mortgages As-is 457

Housing Wire

JANUARY 5, 2021

Blackstone took full control of Stearns in fall 2019 after it exited bankruptcy due to significant debt problems. Chicago-based lender Guaranteed Rate is acquiring multi-channel lender Stearns Holdings for an undisclosed sum, multiple sources told HousingWire Tuesday. This is a breaking news story. Check back for more updates.

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Lending Bankruptcy Loans Mortgages 538

Housing Wire

JANUARY 18, 2021

“The sky was falling,” Perkins said, describing the environment of fear as companies were acquired, layoffs were rampant and bankruptcies were common. There was a lot more fear involved than excitement,” she said. But today, the market has come full circle as mergers and acquisitions once again begin to pick up. Already a member?

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Title Bankruptcy Sales As-is 474

Housing Wire

FEBRUARY 19, 2021

Seattle-based Redfin has agreed to pay $608 million in cash to acquire RentPath , though the deal still requires sign-off by the Federal Trade Commission and a bankruptcy court. Despite RentPath’s baggage, namely a $650 million bankruptcy restructuring , Redfin sees big traffic and lead-generation potential with the pending acquisition.

Bankruptcy 512

Bankruptcy Brokerage Property Management Agents 512

Housing Wire

AUGUST 15, 2024

8 was a nearly 400-page appendix of agreement terms, program information and correspondence between Ginnie Mae, TCB and leaders at Reverse Mortgage Funding (RMF), the former lender at the center of the dispute that filed for bankruptcy in late 2022. The first filing made on Aug.

Bankruptcy 468

Bankruptcy Banks Development Loans 468

Housing Wire

FEBRUARY 16, 2024

So your only leverage in negotiating the settlement is, ‘We’ll just file bankruptcy.’” The news about NAR’s insurance predicament began circulating late Wednesday , with industry analyst Rob Hahn highlighting the news in the Thursday edition of his email newsletter NotoriousROB. That this is an enormous issue is understating things.”

Bankruptcy 544

Bankruptcy Design As-is Industrial 544

Housing Wire

JANUARY 11, 2024

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.” “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.”

Lending 459

Lending Bankruptcy Mortgages Principal 459

Housing Wire

DECEMBER 29, 2022

As we close out 2022, it’s time to reflect on a historic year for the housing market, which was even crazier than the COVID-19 year of 2020. First, we must define what we mean by recession. Our general economy is not yet in a recession, but housing has been in one since the summer. Sales fall. Housing demand has fallen noticeably this year.

Marketing 546

Marketing Bankruptcy Sales FHA loan 546

Housing Wire

JUNE 7, 2024

According to a Worker Adjustment and Retraining Notification Act (WARN) notice sent to the state authority, jobs cut include professionals in activities related to bankruptcy, customer care, default, foreclosure and valuations, among others. The company already informed affected employees that their expected separation dates will begin Aug.

Bankruptcy 465

Bankruptcy Loan Officer Principal Loans 465

Housing Wire

DECEMBER 27, 2023

There were also a few cases of bankruptcy. HousingWire tracked 62 mergers, acquisitions, exits and bankruptcies covered by the newsroom in 2023. bankruptcies. It’s also looking for companies to acquire — and it’s among the most aggressive lenders out there. M&A deals comprised 79% of the total, followed by 17.7% exits and 3.2%

Mortgages 448

Mortgages Bankruptcy Lending Loan Officer 448

Housing Wire

APRIL 10, 2024

The company also said it “continues to evaluate new products to reach additional segments of the population facing a retirement gap,” and describes recent reverse mortgage industry consolidation following influential industry changes in 2017 and the 2022 bankruptcy of Reverse Mortgage Funding (RMF). “As

Investor 448

Investor Bankruptcy Finance Equity 448

Housing Wire

AUGUST 5, 2020

strategy, which has state and local governments dealing with the virus in a patchwork fashion, will suppress economic growth for a year or more and lead to an increase in bankruptcies, Neal Kashkari, president of the Federal Reserve Bank of Minneapolis , said during a Sunday appearance on CBS’ Face the Nation. “If That means that the U.S,

Mortgages 516

Mortgages Bankruptcy Investor Banks 516

Housing Wire

MARCH 6, 2024

Sagent’s solutions include Loanserv, a servicing system of record powering collections, accounting, escrows, investor management and customer care; Tempo, a default management system of record powering loss mitigation, foreclosure and bankruptcy; and Account Connect, a customer care and retention system. billion in volume, an increase of 19.9%

Bankruptcy 447

Bankruptcy Loan Officer Mortgages Finance 447

Housing Wire

JUNE 14, 2024

New filings The filing, posted to the court docket on Friday morning, shows the immediate bankruptcy concern of leaders at RMF and the lack of willingness from other reverse mortgage industry participants to assume control of the full loan portfolio. It is RMF’s responsibility to find an orderly solution to its upcoming purchase obligations.

Bankruptcy 448

Bankruptcy Banks Loans Lending 448

Housing Wire

APRIL 1, 2024

Firms such as MV Realty (which has filed for Chapter 11 bankruptcy in more than 30 states), SellWhenever and HomeOptions generate home listing business through cash payments to homeowners and right-to-list agreements. “The Kentucky is on the brink of ending exclusive real estate listing contracts. Kentucky Gov.

Title 448

Title Bankruptcy Land Finance 448