State regulators and consumer advocates are pushing back against two proposals from the Office of the Comptroller of the Currency (OCC) that would expand banks’ authority over escrow accounts and assert that federal law preempts state rules that govern these accounts. In a joint letter, the Conference of State Bank Supervisors (CSBS) and the American […]
OCC escrow plan opposed by regulators, consumer advocates Read More »
Mortgage lenders are seeing loan defects stabilize after several volatile years, but shifts in interest rates and loan volumes continue to expose weaknesses in quality control (QC), according to ACES Quality Management CEO Trevor Gauthier and chief operating officer Phil McCall. In an interview with HousingWire, Gauthier and McCall highlighted staffing cuts, refinance surges and
Mortgage defects stabilize as lenders face quality control issues Read More »
While there was certainly plenty of volatility elsewhere in the financial market this week, there was almost none to be found in mortgage rates. Wed, Thu, and Fri all recorded the exact same level in MND’s 30yr fixed rate index–something that only happens a few times every year. Rates are based on bonds and bonds
Mortgage Rates Sidestep Into The Weekend Read More »
While Michael Strauss has absconded from massive liabilities and court cases over the demise of Sprout Mortgage, his wife and a former associate are running a new mortgage shop. Processing Content It’s unclear if the embattled industry executive is involved with the Irvine, California-based Investor Funding Corp., which his spouse, Elizabeth Strauss, founded in 2024
As Sprout saga smolders, ex-CEO’s wife forms new lender Read More »
Groups of mortgage regulators, state supervisors and attorneys general called for the Office of the Comptroller of the Currency to end proposals that could allow more national preemption of interest-on-escrow rules, citing consumer harm, legal concerns and an uneven playing field. Processing Content The proposals would benefit national institutions but at homeowners’ expense, and interfere
States, mortgage regulators call for end to OCC escrow moves Read More »
Industry headwinds pushed Primelending, Hilltop Holding’s mortgage subsidiary through Plainscapital Bank, into the red again in the fourth quarter, the company said. Processing Content Primelending produced a pretax loss of $5.2 million in the fourth quarter, lower than the loss of $7.2 million in the third quarter and the loss of $15.9 million in the
PrimeLending stays in the red, losses ease in Q4 Read More »
The U.S. Supreme Court rejected the appeal of Emigrant Mortgage and Emigrant Bank in a reverse redlining case over predatory lending cases on loans originated between 1999 and 2008. Processing Content The online docket for the case has a Jan. 12 entry stating “Petition DENIED” with no other links or explanations. The loans involved were
Supreme Court rejects Emigrant’s reverse redlining appeal Read More »
Waterstone Mortgage accomplished a third consecutive quarter of pretax and net profitability, with year-over-year improvements in production and gain on sale. Processing Content Fourth quarter pretax income of $900,000 and net income of $656,000 for the mortgage banking segment of Waterstone Financial compared with $1.3 million and $948,000 in the third quarter, plus approximately $2
Waterstone Mortgage has third consecutive quarterly profit Read More »
Key Insight: Former Fed Gov. Kevin Warsh’s selection as the next Federal Reserve chair would put a familiar face atop the central bank, but the hawkish monetary policy stances he has advocated for in the past — contrasted with the accommodative policy the president prefers and that he now supports — muddy the outlook for
What bankers need to know about Fed chair-designate Warsh Read More »
A new class action lawsuit claims Carrington Mortgage Services, Celink and Finance of America Reverse have squeezed thousands of dollars of illegal fees out of tens of thousands of older homeowners. Processing Content Representatives for reverse mortgage borrowers say the homeowners were overcharged for a variety of fees and suffered inflated interest and mortgage insurance
AARP sues Celink, Carrington, Finance of America over HECMs Read More »