Housing Wire

NOVEMBER 14, 2024

With several top 10 reverse mortgage lenders now active in some form within the U.S. Executive leaders there pointed to the performance of the company’s proprietary loan products and trends in the Home Equity Conversion Mortgage ( HECM ) space as favorable.

Investor 370

Investor Mortgages Bankruptcy Equity 370

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

Bankruptcy 370

Bankruptcy Mortgages Loans Lending 370

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.

Bankruptcy 459

Bankruptcy Finance Loans Mortgages 459

Housing Wire

SEPTEMBER 12, 2024

The Consumer Financial Protection Bureau (CFPB) has ordered TD Bank to pay $28 million for illegal actions that could tarnish consumer credit reports and for not taking timely action to correct its errors. The bank will pay $7.76 Regulators will need to focus major attention on TD Bank to change its course.”

Banks 417

Banks Bankruptcy Finance Mortgages 417

Housing Wire

MARCH 19, 2025

She had an association with Kind Lending before being hired as COO, as the company was a client of LendArch, the mortgage consulting firm she founded in 2021. Richards has a long history in leadership and executive roles in the mortgage industry. At the time of her hiring, she remained the CEO of LendArch. The case is still ongoing.

Lending 221

Lending Industrial Bankruptcy Mortgages 221

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 433

Banks Bankruptcy Mortgages Lending 433

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 446

Banks Bankruptcy Lending Finance 446

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 529

Bankruptcy Mortgages Lending Loans 529

Housing Wire

NOVEMBER 13, 2023

. $700 billion in taxpayer funds were authorized to help stabilize the economy in free fall in the wake of the Lehman bankruptcy and a mortgage market meltdown. The original plan — to buy up troubled mortgage assets — was quickly abandoned in favor of actions like capital infusions for banks and the bailout of our auto companies.

Banks 446

Banks Loans Bankruptcy Mortgages 446

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 435

Loans Bankruptcy Sales Commercial 435

Housing Wire

SEPTEMBER 1, 2021

A 50-year-old former unlicensed mortgage broker from Long Island, New York, pleaded guilty Wednesday to defrauding clients and wholesale lenders out of $4.7 million in mortgage refinancing proceeds that were supposed to pay off existing client mortgages. Presented by: Flagstar Bank. Attorney’s Office said Wednesday.

Mortgages 397

Mortgages Bankruptcy Banks Brokerage 397

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 468

Bankruptcy Banks Development Loans 468

Housing Wire

JANUARY 5, 2023

Silvergate Capital Corporation , parent company of Silvergate Bank , which provided services to Sam Bankman-Fried’s now-collapsed crypto empire, walked away from its mortgage warehouse business and cut workforce by 20% as clients pulled $8.1 billion in crypto-related deposits. million in severance payments and $1.3

Lending 418

Lending Mortgages Bankruptcy Banks 418

Housing Wire

MARCH 26, 2021

million to more than 5,300 home mortgage consultants to resolve a pair of class-action legal claims that allege wage-and-hour violations in California, according to the settlement agreement in federal court. Wells Fargo, the largest depository mortgage lender in America, has been plagued by scandals in recent years.

Bankruptcy 488

Bankruptcy Banks Loan Officer Loans 488

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 369

Bankruptcy Banks Mortgages Loans 369

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 448

Bankruptcy Banks Loans Lending 448

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

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 418

Mortgages Bankruptcy Loans Investor 418

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. This is a different situation.”

Mortgages 476

Mortgages Bankruptcy Principal Industrial 476

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 444

Banks Bankruptcy Loans Mortgages 444

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 459

Lending Bankruptcy Mortgages Banks 459

Housing Wire

NOVEMBER 15, 2022

While originations are down due to a volatile mortgage market, the population of underserved borrowers who require non-QM products is on the rise. The solution: Bank Statement loans. . Angel Oak’s Bank Statement loan is ideal for the self-employed. Loans up to $1.5

Bankruptcy 397

Bankruptcy Short sale Investor Title 397

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.”. Similar results (2.57

Mortgages 448

Mortgages Loans Bankruptcy Industrial 448

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. As you can see below, we haven’t had the mortgage credit boom like we saw during the housing bubble years.

Loans 544

Loans Banks Equity Bankruptcy 544

Housing Wire

AUGUST 11, 2022

Likewise, Atlanta-based A ngel Oak Mortgage Inc. , a real estate investment trust focused on nonqualified mortgages, or non-QM, recently announced that it was struggling with red ink — recording a net loss of $52.1 a long-term player in the non-QM mortgage market. Redwood Trust Inc. , The Angel Oak Cos.

Mortgages 397

Mortgages Residential Loans Lending 397

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 418

Mortgages Marketing Loans Finance 418

Housing Wire

NOVEMBER 6, 2020

The lawsuit claimed the bank placed customers into these plans without notice, a direct violation of the Coronavirus Aid, Relief and Economic Security Act. . a member of the Senate Banking Committee, pressed the bank for more details after the original allegations. Law360 reports that on Nov. Senator Elizabeth Warren, D-Mass.,

Bankruptcy 358

Bankruptcy Banks Equity Loans 358

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 476

Bankruptcy Finance Mortgages Banks 476

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. level, mortgage rates will probably run to 4.5%

FHA loan 476

FHA loan Bankruptcy Marketing Loans 476

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.

Mortgages 370

Mortgages Marketing Banks Loans 370

Housing Wire

MARCH 26, 2024

The Home Equity Conversion Mortgage (HECM) program faces stability and viability challenges stemming from the 2022 collapse of a major industry lender and its extinguishment from the HECM-backed Securities (HMBS) program, which could warrant congressional scrutiny if these challenges are not properly addressed by the U.S. Mike Braun (R-Ind.)

Bankruptcy 460

Bankruptcy Loans Banks Mortgages 460

Housing Wire

AUGUST 22, 2022

Mortgage operations veteran Suzy Lindblom was named chief operating officer at lender and servicer Arc Home this week. Lindblom joins the non-QM-focused lender following a stint at First Guaranty Mortgage Corp. where she was COO before the company declared Chapter 7 bankruptcy and folded.

Bankruptcy 370

Bankruptcy Lending Loans Banks 370

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.

Bankruptcy 397

Bankruptcy Banks Loans Residential 397

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.

Bankruptcy 397

Bankruptcy Banks Title Mortgages 397

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 448

Bankruptcy Finance Mortgages Banks 448

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 397

Lending Banks Bankruptcy Loans 397

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 529

Marketing Equity Loans Bankruptcy 529