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Wells Fargo pays $96M to settle LO comp lawsuit

Housing Wire

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. James Kang, the lead plaintiff, said Wells Fargo illegally clawed back compensation.

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The risk of zero-down loans while the Fed talks recession

Housing Wire

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. The entire system has to be designed to inflate the price over time. Remember, the system is designed to keep home prices inflated.

Loans 544
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Former FHFA exec Jason Cave says FSOC report is a ‘tall order’ for states

Housing Wire

FDIC), including as a representative on the deputies committee of the FSOC, where he helped to build its nonbank designation program. Cave spent nearly three decades in executive roles at the Federal Deposit Insurance Corp. He left the FHFA in February.

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This global investment firm wants to become a non-QM rainmaker

Housing Wire

As a result, they must rely on alternative documentation, including bank statements, assets or, in the case of rental properties, debt-service coverage ratios. Non-QM mortgages also go to a slice of borrowers facing credit challenges — such as a recent bankruptcy or slightly out-of-bounds credit scores.

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 MAXEX seeks to capitalize on expanding non-QM market

Housing Wire

MAXEX , a major mortgage trading and aggregating platform, has unveiled a series of new programs designed to serve originators and loan buyers in the growing non-QM lending market. These new programs will expand our reach with bank-statement and other alternative-documentation loans, interest-only, etc.,

Marketing 397
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New MBA securities proposal mentions HMBS 2.0 as ‘logistical template’

Housing Wire

is designed to enable the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement. This would aim to address liquidity challenges that plagued the reverse mortgage business stemming from the late 2022 bankruptcy of a major lender , the run-up in interest rates and a precipitous drop in loan volume.

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Move over Fannie, the non-QM loan is in the fast lane

Housing Wire

As a result, they must rely on alternative documentation, including bank statements, assets or, in the case of rental properties, debt-service coverage ratios. “If Non-QM mortgages also go to a slice of borrowers facing credit challenges — such as a recent bankruptcy or slightly out-of-bounds credit scores.

Loans 497