As the Trump administration pushes crypto further into the mainstream, some lenders are testing whether digital assets can open the door for borrowers who don’t fit the traditional mold and whether the trade-off is worth the risk. Processing Content In June, the Federal Housing Finance Agency director Bill Pulte urged Fannie Mae and Freddie Mac […]
Crypto-backed mortgages test risk and reward for lenders Read More »
Jonathan Gould, who is now comptroller of the currency, during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing. Photographer:Tierney L. Cross/Bloomberg The Office of the Comptroller of the Currency is looking for feedback on two proposals asserting preemption in interest on escrow accounts used in real estate lending. Processing Content One proposal from
OCC proposing interest on escrow preemption moves Read More »
Mortgage delinquency rates rose sharply last month, hitting a four-year high, but those numbers are still in line with historical trends, according to the latest ICE Mortgage Technology First Look report. Processing Content The number of mortgages past due rose by 275,000 to 2.3 million from October to November, bumping up the national delinquency rate
Delinquencies jump to 4-year high Read More »
A federal judge has certified a class of borrowers in a pay-to-pay lawsuit against Dovenmuehle Mortgage, opening the servicer to a larger legal battle with potentially thousands of consumers. Processing Content U.S. Chief District Judge Catherine C. Eagles granted George Custer’s motion for class certification last week, after he filed his complaint in April 2024.
Dovenmuehle pay-to-pay plaintiffs win class certification Read More »
A key Senate leader is requesting records surrounding the cancellation of second mortgages following the Great Financial Crisis and asking whether the loans were sold to collections agencies in violation of a major legal settlement. Processing Content In a request sent to the independent monitor responsible for oversight of the 2012 National Mortgage Settlement, Sen.
Warren probes whether banks sold forgiven ‘zombie’ seconds Read More »
The move by United Wholesale Mortgage’s (UWM) parent company to acquire Two Harbors Investment Corp. for $1.3 billion — the first acquisition in its history — marks a shift towards a more balanced business model between origination and servicing for the nation’s top mortgage lender. UWM will continue to focus on its broker channel, while
UWM shifts strategy with $1.3B Two Harbors deal, boosts servicing Read More »
California Attorney General Rob Bonta’s office countered a lawsuit from lenders this week, arguing a new zombie seconds law doesn’t bar certain foreclosures outright.Eric Lee/Bloomberg Lenders are raising a host of arguments to halt California’s new zombie seconds law, which they say will freeze the secondary mortgage market. Processing Content The California Mortgage Association and
California law hurts secondary mortgage market, lenders say Read More »
Andrea Joy Campbell, attorney general of the Commonwealth of Massachusetts, at a forum in Boston, Massachusetts. Photographer:Mel Musto/Bloomberg Rithm affiliate Newrez has entered into a settlement with Massachusetts Attorney General Joy Campbell that resolves allegations related to its status as a successor by merger to Specialized Loan Servicing. Processing Content “This settlement resolves a several-years-old
Newrez settles SLS allegations with state attorney general Read More »
UWM Holdings will purchase Two Harbors Investment, a real estate investment trust branded as Two, in an all-stock transaction valued at $1.3 billion. Processing Content Under the terms of the agreement, Two shareholders will receive a fixed number of UWM shares at an exchange ratio of 2.33 times. This implies a price of $11.94 per
UWM buying Two in a $1.3 billion stock deal Read More »
Newly initiated foreclosure actions at banks have risen on a consecutive-quarter basis but the overall performance of financial institutions’ home loans has remained resilient from a credit perspective. Processing Content Foreclosure starts jumped to 7,903 from 7,163 the previous quarter and 7,450 a year earlier, according to the Office of the Comptroller of the Currency’s
Foreclosures starts, re-defaults inch up at banks: OCC Read More »