Housing Wire

DECEMBER 8, 2020

Bank and PNC Bank. 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. Bank is on the hook for $29 million in credits and refunds, according to the settlement. Meanwhile, U.S. In all, Mr. Cooper, U.S.

Banks 417

Banks Bankruptcy Finance Mortgages 417

Housing Wire

JULY 11, 2024

A magistrate judge overseeing requests in a case against Ginnie Mae brought by Texas Capital Bank (TCB) has granted each side’s respective requests for an extension — one for a partial summary judgment for TCB, and the other for a change in venue by attorneys for the U.S. at the time of its 2022 bankruptcy. government.

Banks 408

Banks Bankruptcy Mortgages Lending 408

Housing Wire

FEBRUARY 23, 2024

government’s motion to stop the gathering of evidence in a case against Ginnie Mae , Texas Capital Bank (TCB) responded to the government’s attempt to dismiss the entirety of the bank’s complaint. The case stems from Ginnie Mae’s extinguishment of Reverse Mortgage Funding (RMF) from its reverse mortgage-backed securities program.

Banks 417

Banks Bankruptcy Lending Finance 417

Housing Wire

AUGUST 15, 2024

Department of Housing and Urban Development (HUD), last week filed a slew of new documents in their court case against Texas Capital Bank (TCB). These were primarily in response to the bank’s prior motion for a partial summary judgment and offer reasons why the motion should be denied. The first filing made on Aug.

Bankruptcy 448

Bankruptcy Banks Development Loans 448

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. Law360 and National Mortgage News first reported on AmeriFirst’s motion seeking approval of loan sales. million to Centier Bank.

Loans 417

Loans Bankruptcy Sales Commercial 417

Housing Wire

JUNE 14, 2024

Attorneys for the federal government have issued an extensive new filing in the ongoing litigation between Texas Capital Bank (TCB) and Ginnie Mae , including a raft of correspondence that took place immediately prior to the seizure of the Reverse Mortgage Funding servicing portfolio by Ginnie Mae.

Bankruptcy 430

Bankruptcy Banks Loans Lending 430

Housing Wire

JULY 28, 2023

million settlement with Sprout Mortgage for unpaid wages goes through. million on mortgage purchase agreements. 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 365

Bankruptcy Banks Mortgages Loans 365

Housing Wire

JULY 23, 2024

Texas Capital Bank , after being granted an extension to respond to the federal government’s request to change the venue of the trial between the bank and Ginnie Mae , has filed an objection to the request saying that a “forum selection clause” cited by government attorneys is not enforceable.

Banks 412

Banks Bankruptcy Loans Mortgages 412

Housing Wire

NOVEMBER 9, 2021

One of the most unloved American economic success stories has been how spectacular American households with mortgage debt look today. 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. Already a member?

Bankruptcy 528

Bankruptcy Mortgages Lending Loans 528

Housing Wire

JANUARY 4, 2024

When assessing December’s Home Equity Conversion Mortgage (HECM) volume data for December 2023, Reverse Market Insight (RMI) used a choice word as the title for its commentary : “thud.” One of the top 10 lenders that posted gains, however, was Open Mortgage. The obvious culprit is still rates. This is a different situation.”

Mortgages 460

Mortgages Bankruptcy Principal Industrial 460

Realty Biz

MARCH 21, 2024

If you’re struggling financially and unable to pay your bills, you may have considered filing for bankruptcy. Filing for bankruptcy gives you a fresh start, but it stays on your credit report for up to 10 years — resulting in consequences for years to come. For example, the bank could foreclose on your home if you don’t pay.

Bankruptcy 100

Bankruptcy Equity Loans Principal 100

Housing Wire

JANUARY 11, 2024

District Court for the Northern District of Texas , Ginnie Mae has filed its response to a lawsuit brought against it by Texas Capital Bank (TCB) saying the warehouse lender lacks standing and discounts the authority the government has to extinguish a lender from its reverse mortgage-backed securities program.

Lending 441

Lending Bankruptcy Mortgages Principal 441

Housing Wire

JANUARY 19, 2023

When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. The lawsuits quickly came pouring in, but Strauss never did seek bankruptcy protection for Sprout or its affiliates. Michael Jeffrey Strauss registered a company called Smart Rate Mortgage, LLC.,

Mortgages 403

Mortgages Bankruptcy Loans Investor 403

Housing Wire

AUGUST 5, 2020

That could be the death knell for rock-bottom mortgage rates. Fed Chairman Jerome Powell said at a news conference last week that the central bank was close to wrapping up a review of its policy-making strategy that began in 2019. That also boosts yields on Treasuries, which are used as a benchmark for MBS investors. The current U.S.

Mortgages 513

Mortgages Bankruptcy Investor Banks 513

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 521

Bankruptcy Lending Equity Mortgages 521

Housing Wire

OCTOBER 13, 2022

In the reflection, a mortgage executive sees faint images of the savings and loan crisis of the 1980s and 1990s. The financial chaos that sparked the savings and loan crisis of the 1980s, leading to a government bailout, now haunts the independent mortgage banking market this Halloween season — and beyond. Storm Brewing.

Mortgages 370

Mortgages Marketing Banks Loans 370

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.

Bankruptcy 460

Bankruptcy Finance Mortgages Banks 460

Housing Wire

SEPTEMBER 22, 2023

The Federal Reserve ‘s effort to temper inflation has cooled the housing market that remains subdued with mortgage rates north of 7%. While the central bank left the benchmark rate unchanged in the target range of 5.25%-5.5% Kim: Spreads in the mortgage space are wide. We don’t know what third-quarter growth was.

FHA loan 460

FHA loan Bankruptcy Marketing Loans 460

Housing Wire

MAY 10, 2022

Eric Hill, an Atlanta real estate agent representing a nationwide homebuilder, had a plan to help more than 100 homebuyers get mortgages. In the end, some $850,000 in claims had to be paid on defaulted government-backed mortgages insured by the Federal Housing Administration (FHA). The problem: They did not qualify for the loans.

Mortgages 403

Mortgages Marketing Loans Finance 403

Housing Wire

SEPTEMBER 8, 2022

Bank of America recently announced a loan for lower-income households that doesn’t require homebuyers to come up with a downpayment or closing costs, and doesn’t base the loan on a minimum FICO score. People’s first reaction was to wonder if this was 2008 all over again. It’s not an investment.”. This is what we do in America.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

MARCH 1, 2024

The funds will ultimately go to companies including Mirae Asset Securities , Industrial and Commercial Bank of China Financial Services (ICBC), Flagstar Bank , Customers Bank and the bankruptcy estate of Live Well itself, according to court filings reviewed by RMD. million; Customers Bank receive $7.64

Banks 423

Banks Bankruptcy Commercial Equity 423

Housing Wire

JULY 29, 2021

In a comprehensive study of mortgage market liquidity, Liquidity Crises in the Mortgage Market , several well-known academics provided compelling evidence for “liquidity vulnerabilities associated with nonbanks.” Many of these firms experienced bankruptcies and closures similar to that of New Century.”.

Mortgages 430

Mortgages Loans Bankruptcy Industrial 430

Housing Wire

MAY 20, 2024

A recently released report from the Financial Stability Oversight Council (FSOC) that identifies vulnerabilities at nonbank mortgage servicers and makes some recommendations to avoid systemic risk is a ”tall order” for state regulators but isn’t only a ”wishful list,” according to Jason Cave, senior consultant at Patomak Global Partners.

Bankruptcy 427

Bankruptcy Finance Mortgages Banks 427

Housing Wire

MARCH 23, 2022

Minneapolis-based CarVal Investors , a global alternative investment manager and long-time player in the mortgage market, has launched a real estate mortgage investment conduit, or REMIC, that plans to work with loan originators around the country to develop and acquire innovative nonagency mortgage products.

Banks 388

Banks Bankruptcy Loans Investor 388

Housing Wire

FEBRUARY 23, 2024

Rocket Companies , the parent of Rocket Mortgage , lost money in 2023 , but executives have expressed confidence about a big turnaround by touting investment in artificial intelligence (AI) to accelerate the company’s profitability. AI driving productivity across the board The bottom line as to why Rocket is pushing hard on AI?

Equity 430

Equity Bankruptcy Loans Mortgages 430

Housing Wire

JULY 22, 2022

Non-QM lender First Guaranty Mortgage Corp. FGMC) filed for Chapter 11 bankruptcy protection at the end of June — leaving four warehouse lenders on the hook for more than $415 million. Sprout Mortgage imploded in early July, leaving its employees out in the cold. It has since been sued by its former employees.

Lending 388

Lending Banks Bankruptcy Loans 388

Housing Wire

AUGUST 9, 2022

The latest non-QM player to feel the pain of the interest rate volatility afflicting the nation’s housing market this year is a Pasadena, California-based real estate investment trust called Western Asset Mortgage Capital Corp. The REIT, which is managed by investment advisor Western Asset Management Co. million loss in the first quarter.

Marketing 403

Marketing Bankruptcy Loans Principal 403

Housing Wire

SEPTEMBER 9, 2022

The pace of mortgage-backed securities (MBS) issuance in the nonagency market slowed considerably in July and August as rising interest rates and Federal Reserve MBS-purchase policy have combined to dampen the momentum exhibited in the private-label space in 2021 and over the first half of this year. billion over the same period in 2021.

Marketing 417

Marketing Fixed-rate mortgage Bankruptcy Mortgages 417

Housing Wire

APRIL 27, 2021

On Tuesday, the Consumer Financial Protection Bureau (CFPB) announced it was looking into a situation with mortgage servicer Mr. Cooper after the company made unauthorized withdrawals from borrower accounts over the weekend due to a vendor error. Bank and PNC Bank. Cooper directly.”

Bankruptcy 388

Bankruptcy Banks Title Mortgages 388

Housing Wire

DECEMBER 27, 2022

The first half of the year, with mortgage rates in the 3s and 4s, was like “Fast and Furious.” The number of home listings dried up , contracts were canceled , the few buyers still out there demanded concessions , mortgage rates spiked to 7% and homebuilder sentiment hit rock bottom. over asking price. High octane stuff.

Marketing 528

Marketing Equity Loans Bankruptcy 528

Housing Wire

FEBRUARY 5, 2021

Kind Lending , national wholesale mortgage lender and second brainchild to mortgage veteran Stearns, announced that the lender originated $1 billion in the first six months of production – a feat that took Stearns first company, Stearns Lending , 15 years to accomplish. Glenn Stearns is back, and not just on television.

Lending 369

Lending Bankruptcy Title Mortgages 369

Housing Wire

APRIL 18, 2024

The loan repurchase trend that began to sting many mortgage originators in 2022 appears to finally be winding down, according to a recent report by Sterling Point Advisors and Augment Analytics. This created balance-sheet havoc for a number of lenders, particularly for small and midsized originators.

Loans 429

Loans Due diligence Investor Technology 429

Housing Wire

MARCH 7, 2023

Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S., DeHart’s professional career spans 25 years in the mortgage banking and financial services industry. DeHart has also served in various roles for other large financial institutions, including Bank of America, JP Morgan Chase and Morgan Stanley.

Loans 370

Loans Banks Mortgages Technology 370

Keeping Current Matters

JUNE 10, 2021

Lehman Brothers) and many more into bankruptcy. We told banks they needed more reserves and that they could no longer underwrite toxic mortgages. Here are the results of that regulation, captured in a graph depicting the number of failed banks since 2007. However, it hasn’t rattled the world economy.

Bankruptcy 244

Bankruptcy Banks Short sale Industrial 244

Housing Wire

NOVEMBER 9, 2022

The steady drumbeat of dour news in the mortgage industry punctuated by headlines announcing layoffs and closures among the ranks of independent mortgage banks continues to play out, with several lenders over the last two weeks adding to the torrent of pink slips. Garth Graham, senior partner at stratmor group.

Loan Officer 417

Loan Officer Loans Mortgages Industrial 417

Housing Wire

AUGUST 30, 2022

I understand why anti-Central Bank people say this because they want to blame everything on the Federal Reserve and say it’s just been booming demand. On Tuesday, the S&P CoreLogic Case Shiller Index reported that national home prices grew 18% year over year. Housing inventory issue with no booming demand. million listings. From Redfin.

Bankruptcy 388

Bankruptcy Days on market Sales Short sale 388

Housing Wire

DECEMBER 21, 2021

As 2021 draws to a close, it’s clear that the private-label residential mortgage-backed securities (RMBS) market has notched a year for the record books. Non-QM mortgages include loans that cannot command a government, or “agency,” stamp through Fannie Mae or Freddie Mac. For the full year, the RMBS 2.0

Marketing 416

Marketing Loans Investor Bankruptcy 416