Housing Wire

DECEMBER 19, 2024

After informing the prospect that he would be able to do the loan, the client decided to move forward with Rodriguez as his originator. 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. Reverse is all I’ve been doing since then.

Bankruptcy 396

Bankruptcy Mortgages Principal Loans 396

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. If approved, AmeriFirst’s retail and commercial loans worth more than $5 million will be sold to a non-QM lender Oaktree Funding Corp.,

Loans 435

Loans Bankruptcy Sales Commercial 435

Housing Wire

SEPTEMBER 25, 2023

Federal student loan payments resuming on Oct. 1 will negatively affect consumer loan asset quality, including credit card, auto and, to a lesser extent, residential mortgages. 1, repayments are due to restart on Department of Education (DOE) federal student loans (Direct Student Loans), which began accruing interest again on Sept.

Loans 448

Loans Mortgages Bankruptcy Residential 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. Are we really doing those types of loans and promoting homeownership again without understanding the risks?

Loans 544

Loans Banks Equity Bankruptcy 544

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. We’re seeing a downward trend in total [loans] repurchased [on a dollar basis], and that’s true for both Fannie and Freddie,” Ludden said. “I

Loans 448

Loans Due diligence Investor Technology 448

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. Angel Oak, through its affiliates, both originates and securitizes non-QM loans. We just see tremendous opportunity.”.

Loans 497

Loans Lending Bankruptcy Mortgages 497

Housing Wire

NOVEMBER 9, 2022

Garth Graham, senior partner and manager of merger and acquisition activities for the Stratmor Group , said many of the layoffs in the IMB industry so far have involved employees working in support positions, with loan officer jobs being the last to be jettisoned. Charting the loan officer exit.

Loan Officer 435

Loan Officer Loans Mortgages Industrial 435

Housing Wire

NOVEMBER 9, 2021

What happened post-2010 is that exotic loan debt structures that don’t provide long-term fixed debt products left the system. 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.

Bankruptcy 529

Bankruptcy Mortgages Lending Loans 529

Housing Wire

OCTOBER 24, 2024

But only about 17,000 delinquent loans completed the foreclosure process in the second quarter of 2024, almost one-third of the nearly 45,000 that completed the foreclosure process in Q1 2020. Often, the best available option for staying in the home is through a loan modification or some other type of repayment plan with the bank.

Bankruptcy 448

Bankruptcy Equity Hard money loan Finance 448

Housing Wire

JANUARY 24, 2024

Monica Williams, a former loan account manager in Live Well’s Richmond, Va. headquarters, initially filed the suit days after Live Well had halted funding for new loans and subsequently ceased operations entirely. The class action lawsuit was filed in the U.S. In a 92-minute court hearing held on Jan.

Bankruptcy 443

Bankruptcy Loans Closing Mortgages 443

Housing Wire

NOVEMBER 10, 2022

Angel Oak Home Loans will exit its retail distribution channel following a sale of its retail offices to an unknown lender and servicer. The transaction includes an acquisition of Angel Oak Home Loans’ brick-and-mortar retail offices and associated salesforce.”. Of the total volume, conventional loans accounted for 85.7%

Loans 321

Loans Bankruptcy Loan Officer Lending 321

Housing Wire

JANUARY 31, 2022

For more than 50 years, the Black Knight MSP loan servicing system has been helping power servicing operations from loan boarding, payment processing and escrow administration to investor reporting, compliance management, default processing and more. In fact, 42% of MSP clients service fewer than 50,000 loans.”.

Loans 365

Loans Bankruptcy Equity Investor 365

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 367

Bankruptcy Banks Mortgages Loans 367

Housing Wire

APRIL 10, 2023

As a follow-up, HousingWire sat down with Peter Richter, co-founder and president at Flueid, to discuss why mortgage lenders should be asking for a quick, data-driven title check at loan application, rather than an instant title commitment, to understand and verify what’s going on with a property and consumer from the start.

Title 396

Title Loans Equity Title search 396

Housing Wire

MAY 13, 2021

As you probably know by now, the Federal Housing and Finance Agency has limited GSEs to a 7% cap on loan purchases for second home and investment properties. This means that lenders who sell these types of loans to Fannie Mae and Freddie Mac will be subject to restrictions if their volume exceeds 7%. How does this impact originators?

Loans 312

Loans Bankruptcy Investor Short sale 312

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 15, 2022

There will always be a population of borrowers who cannot qualify for a home loan under traditional guidelines. Originators who actively work within the non-QM space are closing additional loans every month. The solution: Bank Statement loans. . Angel Oak’s Bank Statement loan is ideal for the self-employed.

Bankruptcy 397

Bankruptcy Short sale Investor Title 397

Housing Wire

JANUARY 5, 2021

In a statement confirming the deal Tuesday afternoon, Guaranteed Rate said the acquisition of Stearns would enable a boost in retail loan originations and further scale its JV platform, while also developing “new multichannel capabilities.” This is a breaking news story. Check back for more updates.

Lending 538

Lending Bankruptcy Loans Mortgages 538

Housing Wire

JUNE 7, 2024

It follows the the lender’s recent acquisition of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS). In February 2024, the company restructured Newrez’s distributed retail mortgage business, resulting in cuts to regional and divisional managers along with reductions in loan officer compensation.

Bankruptcy 457

Bankruptcy Loan Officer Principal Loans 457

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 466

Bankruptcy Banks Development Loans 466

Housing Wire

NOVEMBER 2, 2023

Meanwhile, Michael Strauss , its only loan officer, now has an inactive status on his license, according to the Illinois Department of Financial and Professional Regulation (IDFPR). While the decision was under appeal, Strauss was brokering loans. 3, indicating a voluntary surrender. Recently, ex-employees moved to protect a $3.5

Loan Officer 468

Loan Officer Bankruptcy Loans Residential 468

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. Ginnie Mae ultimately seized the RMF servicing portfolio on or about Dec.

Bankruptcy 448

Bankruptcy Banks Loans Lending 448

Housing Wire

JANUARY 11, 2024

Ginnie Mae: loans are our ‘absolute property’ In a filing to the court submitted on Wednesday, Ginnie Mae — using its official acronym “GNMA” in court filings — said that TCB cannot challenge the authority the company maintains over the reverse mortgage securities program. TCB’s interest, Ginnie Mae said, “derived entirely from RMF.”

Lending 459

Lending Bankruptcy Mortgages Principal 459

Housing Wire

DECEMBER 7, 2020

Cooper , the nation’s largest nonbank servicer of mortgage loans, will refund customers nearly $90 million and pay a civil penalty of more than $6.5 Those modifications allowed the borrower to make trial payments, which would then require the servicer to permanently modify the loans. 2012 and Jan. 1, 2021.

Bankruptcy 537

Bankruptcy Loans Mortgages Finance 537

Housing Wire

SEPTEMBER 22, 2023

Read on to learn more about Duncan’s views on the housing market, loan performance and affordability challenges homebuyers face. The servicing side of the business is doing very well because those loans are simply not going to prepay for a long time. So, the servicing valuation on those loans is strong, because pre-payments are low.

FHA loan 476

FHA loan Bankruptcy Marketing Loans 476

Housing Wire

MARCH 26, 2021

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. The deal will provide $62.8 million to the class members, with the remainder going to plaintiffs attorneys.

Bankruptcy 488

Bankruptcy Banks Loan Officer Loans 488

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 450

Bankruptcy Loans Mortgages As-is 450

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.

Bankruptcy 443

Bankruptcy Loan Officer Mortgages Investor 443

Housing Wire

JULY 30, 2024

The next largest share within that segment was related to borrowers expressing frustration in communicating with a company to fix an issue in either the management or servicing of a loan. There were 300 complaints in this segment that were specifically related to a foreclosure.

Mortgages 457

Mortgages Bankruptcy Short sale Equity 457

Housing Wire

MAY 30, 2024

It will enable the acquisition of loans from an HMBS pool above the existing 98% maximum claim amount (MCA) requirement, according to an initial announcement by Ginnie Mae. Ginnie Mae first signaled in January that it was planning to develop a new HMBS product, which has been colloquially referred to by industry participants as “HMBS 2.0.”

Bankruptcy 469

Bankruptcy Loans Equity Development 469

Housing Wire

DECEMBER 27, 2023

The company hopes to reach its goal by growing organically with more loan officers under a dozen business development managers. There were also a few cases of bankruptcy. HousingWire tracked 62 mergers, acquisitions, exits and bankruptcies covered by the newsroom in 2023. bankruptcies. exits and 3.2%

Mortgages 448

Mortgages Bankruptcy Lending Loan Officer 448

Housing Wire

FEBRUARY 8, 2024

Bankruptcies and foreclosures After 2010, the qualified mortgage laws came into play and all the exotic loan debt structures in the system, especially in the run-up in demand from 2002 to 2005, disappeared. Homeowners, on the other hand, are sitting pretty and are the envy of the world.

Bankruptcy 498

Bankruptcy Equity Loans Mortgages 498

Housing Wire

MARCH 7, 2023

appointed Michelle DeHart as the vice president of loan operations, escrow, the company announced on Tuesday. Cenlar FSB, the second-largest mortgage servicer and largest sub-servicer in the U.S.,

Loans 370

Loans Banks Mortgages Technology 370

Housing Wire

AUGUST 9, 2022

A closer look at WMC’s books, however, shows that as of June 30 its residential whole loan portfolio, nearly all of which is comprised of non-QM loans, was underwater by some $44 million. That’s based on a comparison of the principal balance of the loans on the books and their fair market value as reported by the REIT as of that date.

Marketing 418

Marketing Bankruptcy Loans Principal 418

Housing Wire

NOVEMBER 26, 2024

From streamlining title verification to enabling collaborative loan processing and automating key title production tasks, these leaders are helping shape a faster, smarter, and more efficient housing market. Historically, these processes involved multiple manual steps and handoffs, resulting in delays and higher costs.

Title 369

Title Mortgages Title search Bankruptcy 369

Housing Wire

NOVEMBER 6, 2020

In some cases, the account holders asked to be removed and continued making their normal loan payments. . A major complaint from the plaintiffs highlighted the negative impact the forbearance had on their individual credit scores. Senator Elizabeth Warren, D-Mass.,

Bankruptcy 353

Bankruptcy Banks Equity Loans 353

Housing Wire

AUGUST 22, 2022

where she was COO before the company declared Chapter 7 bankruptcy and folded. Arc offers a range of mortgage products, but specializes in non-QM loans. Mortgage operations veteran Suzy Lindblom was named chief operating officer at lender and servicer Arc Home this week.

Bankruptcy 370

Bankruptcy Lending Loans Banks 370