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Nonbank Hometown Lenders files for bankruptcy

Housing Wire

Hometown Lenders has filed for Chapter 11 bankruptcy protection in Alabama, blaming the Federal Reserve’s policy to curb inflation for its debacle. According to mortgage tech platform Modex , it originated $3.3 “As a result of the sharp rise in mortgage rates, the Debtor’s top-line revenues declined by over 70%.”

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A closer look at investor attitudes and trends in reverse mortgage stocks

Housing Wire

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
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Warehouse lenders stung by FGMC’s bankruptcy

Housing Wire

Recent pleadings filed in the bankruptcy case of First Guaranty Mortgage Corp. FGMC and its affiliate, Maverick II Holdings LLC , on June 30 filed to reorganize under Chapter 11 bankruptcy protection. Customers Bank, in a motion filed with the bankruptcy court, explains that it is party to “two financing arrangements” with FGMC.

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Origins: When a reverse mortgage saved a client from bankruptcy

Housing Wire

After initially entering the mortgage business in 2003 following a career change from accounting, Rick Rodriguez was reading a book about mortgages that included a chapter on the reverse mortgage product. This led him to an experience that convinced him that the product had a place in the wider mortgage ecosystem.

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Newrez to lay off 317 employees in Colorado

Housing Wire

It follows the the lender’s recent acquisition of Computershare Mortgage Services and its affiliate Specialized Loan Servicing (SLS). mortgage lender, originated $10.8 billion in mortgages in first-quarter 2024, up 55.2% year over year, according to Inside Mortgage Finance (IMF) estimates. Newrez, a top-five U.S.

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Reverse mortgage volume and securities issuance trend lower in December

Housing Wire

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.” This represents $15.6

Mortgages 476
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Ginnie Mae fires back over RMF lending suit, seeks case dismissal

Housing Wire

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