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

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. First Guaranty Mortgage Corp.

Bankruptcy 370

Bankruptcy Banks Finance Lending 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 million, court pleadings show.

Bankruptcy 370

Bankruptcy Mortgages Loans Lending 370

Housing Wire

JANUARY 24, 2025

Most of the other half stemmed from trying to communicate with the company to fix an issue related to modification, forbearance, short sale, deed-in-lieu, bankruptcy, or foreclosure, according to the database. It was followed by Finance of America (27), Longbridge Financial (11) and Mutual of Omaha Mortgage (8).

Mortgages 417

Mortgages Bankruptcy Short sale Loans 417

Housing Wire

NOVEMBER 21, 2024

UBS analyst Douglas Harter recently made waves after he took a closer look at the stock of reverse mortgage industry leader Finance of America (FOA). Harter downgraded the company’s stock rating on from “buy” to “neutral” even after it reported strong earnings results in the third quarter of 2024.

Bankruptcy 369

Bankruptcy Finance Equity Mortgages 369

Housing Wire

NOVEMBER 14, 2024

stock market, companies like Finance of America (FOA) and Ellington Financial — the parent of reverse lender Longbridge Financial — have recently released their third-quarter 2024 earnings results. With several top 10 reverse mortgage lenders now active in some form within the U.S.

Investor 370

Investor Mortgages Bankruptcy Equity 370

Housing Wire

NOVEMBER 27, 2023

Veev , a promising modular homebuilding company that’s raised $600 million, could close after a plan for a capital raise failed, according to reporting out of Israel. There are talks about a “leading company” potentially acquiring California -based Veev, but the negotiations remain in the very early stages, according to Calcalist.

Bankruptcy 482

Bankruptcy Inspection Investor Staging 482

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.

Banks 435

Banks Bankruptcy Finance Mortgages 435

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

JANUARY 5, 2021

Blackstone took full control of Stearns in fall 2019 after it exited bankruptcy due to significant debt problems. Guaranteed Rate ended the year as the 11th-largest lender in the country, according to Inside Mortgage Finance. The Chicago-based lender had two loan originators eclipse $1 billion in originations in 2020.

Lending 538

Lending Bankruptcy Loans Mortgages 538

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. year over year, according to Inside Mortgage Finance (IMF) estimates. Newrez, a top-five U.S.

Bankruptcy 465

Bankruptcy Loan Officer Principal Loans 465

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

FEBRUARY 3, 2021

Mortgage servicers received less complaints at the Consumer Financial Protection Bureau (CFPB) in the fourth quarter of 2020, according to data from Inside Mortgage Finance. The data showed that mortgage protests overall decreased by 6.7% and criticisms about applications fell 8.6%. Presented by: Computershare Loan Services.

Mortgages 479

Mortgages Bankruptcy Finance Loans 479

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

DECEMBER 27, 2023

nationally, per Inside Mortgage Finance (IMF) estimates. There were also a few cases of bankruptcy. HousingWire tracked 62 mergers, acquisitions, exits and bankruptcies covered by the newsroom in 2023. bankruptcies. By the same measure, Guild had just 1.1% M&A deals comprised 79% of the total, followed by 17.7%

Mortgages 448

Mortgages Bankruptcy Lending Loan Officer 448

Housing Wire

SEPTEMBER 12, 2024

The CFPB’s investigation found that for several years, TD Bank repeatedly gave inaccurate account information to consumer reporting companies, which at times contained systemic errors about personal bankruptcies and credit card delinquencies, the bureau said Wednesday. year over year, according to Inside Mortgage Finance estimates.

Banks 417

Banks Bankruptcy Finance Mortgages 417

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. The funds were forwarded to subservicer Celink , who then fulfilled borrower payments.

Bankruptcy 448

Bankruptcy Banks Loans Lending 448

Housing Wire

MAY 13, 2024

Broeksmit added that the report “fails to consider the adverse impacts the Basel III Endgame proposal would have on the mortgage market, which, if implemented as proposed, would push banks further out of the business and make it more difficult for them to provide the vital financing that sustains IMBs.” Treasury Secretary Janet L.

Bankruptcy 476

Bankruptcy Finance Mortgages Banks 476

Housing Wire

MAY 20, 2024

After that, he spent about three years at the Federal Housing Finance Agency (FHFA), where he became deputy director and the chief fintech officer. (FDIC), including as a representative on the deputies committee of the FSOC, where he helped to build its nonbank designation program. He left the FHFA in February.

Bankruptcy 448

Bankruptcy Finance Mortgages Banks 448

Housing Wire

FEBRUARY 23, 2024

TCB claims that it dealt with Ginnie Mae in good faith, having lent “millions of dollars in much-needed financing to help the collapsing [RMF] continue making payments to senior citizens as part of a mortgage program critical to the federal government.” The Government’s motion should accordingly be denied.”

Banks 446

Banks Bankruptcy Lending Finance 446

Housing Wire

NOVEMBER 2, 2023

“I broker business-purpose loans completely in a manner which is fully compliant with all laws and regulations and anything said to the contrary is incorrect,” Strauss told Inside Mortgage Finance (IMF) in early September. Smart Rate is registered in Florida to Michael’s wife, Beth Strauss, according to the Florida Limited Liability Company.

Loan Officer 468

Loan Officer Bankruptcy Loans Residential 468

Housing Wire

JANUARY 3, 2024

The lender’s counsel of record withdrew representation of RMF in early 2023 after its business arrangement ended with the lender following the company’s bankruptcy. In an order filed on Tuesday, Magistrate Judge Lee Dunst said that any attempts at discovery from RMF must comply with an order issued on Dec.

Bankruptcy 457

Bankruptcy Loans Mortgages As-is 457

Housing Wire

APRIL 1, 2024

Recorded in property records since 2018, right-to-list agreements can be misleading in many instances, and they can create “impediments and increase the cost and complexity of transferring or financing real estate in the future,” according to a news release from the American Land Title Association (ALTA), which supports the legislation.

Title 448

Title Bankruptcy Land Finance 448

Housing Wire

DECEMBER 7, 2020

But Mr. Cooper often didn’t take those mods into account, and then foreclosed on thousands of those borrowers, damaging their finances and credit, the CFPB and state attorneys generals for 53 states and territories said on Monday. “[Mr. million in redress to other borrowers affected by the conduct alleged in the complaint.

Bankruptcy 537

Bankruptcy Loans Mortgages Finance 537

Housing Wire

JANUARY 26, 2024

Finance of America Companies (FOA) received 26 complaints, while American Advisors Group (AAG) — which was acquired by FOA last year — received 17 complaints. Reverse Mortgage Investment Trust (RMIT), the parent company of Reverse Mortgage Funding (RMF), recorded five complaints in 2023 despite filing for bankruptcy at the end of 2022.

Mortgages 468

Mortgages Bankruptcy Industrial Closing 468

Housing Wire

MAY 30, 2024

The news was first reported by Inside Mortgage Finance. The HMBS program has proven to be a challenge for the government-owned company ever since Ginnie Mae assumed control of the HMBS portfolio from Reverse Mortgage Funding (RMF), which halted new originations in late 2022 before ultimately declaring bankruptcy and winding down operations.

Bankruptcy 474

Bankruptcy Loans Equity Development 474

Housing Wire

MARCH 3, 2022

There are many reasons why securitization works so well and why the ability to originate and finance a loan is as reliable as turning on your tap and knowing it will produce water. One of the critical mechanisms of securitization is the separation of the underlying assets from the bankruptcy risk of the mortgage bond issuer.

Bankruptcy 396

Bankruptcy Investor Fixed-rate mortgage Loans 396

Housing Wire

JULY 8, 2022

A deal for financing fell through and Strauss made the decision to pull the plug on Wednesday, sources said. FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection in late June after suddenly cutting hundreds of jobs. Sprout is the second major non-QM lender to shut down operations recently.

Mortgages 459

Mortgages Bankruptcy Loans Finance 459

Housing Wire

AUGUST 3, 2022

According to data from Inside Mortgage Finance , New American Funding originated $9.1 In June of last year, New American Funding announced plans to expand its footprint across much of the country by hiring LOs and other sales staff. billion in the first six months of 2022, down 42.7% from the first six months of 2021. “In

Bankruptcy 448

Bankruptcy Loan Officer Mortgages Loans 448

Housing Wire

JANUARY 22, 2024

2023 , MV Realty filed for Chapter 11 bankruptcy in the 33 states it operates in. The firm announced it was pausing its right to list agreement program in late February 2023, after it had been sued by attorneys general in several states beginning with Florida , Massachusetts and Pennsylvania in late 2022.

Bankruptcy 482

Bankruptcy Brokerage Lending Agents 482

Housing Wire

DECEMBER 10, 2021

In the world of mortgage-financing, there exists a product line defined by what it is not — non-qualified mortgage (non-QM), non-prime, non-agency or an alternative-documentation loan. 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

Loans Lending Bankruptcy Mortgages 497

Housing Wire

JANUARY 4, 2024

For instance, the AAG brand still remains despite the FAR acquisition, but the exit of Open Mortgage and the ongoing ripples caused by Reverse Mortgage Funding (RMF)’s bankruptcy will likely impact the business more notably, he explained. “It This is a different situation.”

Mortgages 476

Mortgages Bankruptcy Principal Industrial 476

Housing Wire

JUNE 21, 2024

According to ALTA, right-to-list agreements get recorded on property records as liens, covenants, encumbrances or security interests in exchange for money, increasing the cost and complexity of transferring or financing properties in the future. In September 2023 , MV Realty filed for Chapter 11 bankruptcy in 33 states.

Title 396

Title Bankruptcy Land Equity 396

Realty Biz

APRIL 5, 2022

One of the frequently asked questions during today’s booming housing market is can I qualify for a mortgage during Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years. Mortgage Options During Chapter 13 Bankruptcy.

Bankruptcy 120

Bankruptcy Debt-to-income ratio VA loan FHA loan 120

Inman

APRIL 30, 2024

The firm plans to rid itself of $4 billion in debt through $450 million in financing and ignores founder Adam Neumann's bid to buy back the company.

Bankruptcy 166

Bankruptcy Finance 166

Housing Wire

JULY 11, 2024

at the time of its 2022 bankruptcy. Data compiled by New View Advisors shows that while Finance of America ’s HMBS portfolio recently surpassed the size of the former RMF portfolio, it still represents a sizable share of the total HMBS market despite not acting as an issuer in the program.

Banks 433

Banks Bankruptcy Mortgages Lending 433

Housing Wire

NOVEMBER 2, 2020

As a premier provider of innovative, high-performance software, data and analytics for mortgage and home equity lending and servicing, Black Knight is transforming the housing finance industry. Capabilities include loss mitigation, bankruptcy, foreclosure, invoicing and claims. Secondary Marketing.

Lending 435

Lending Bankruptcy Equity Loans 435