A group of homeowners filed a class action lawsuit against the largest homebuilding company in the United States and its mortgage lending subsidiary over money they lost in an alleged deceptive mortgage scheme. D.R. Horton and DHI Mortgage targeted prospective homebuyers with affordable monthly payment plans, but the company low-balled the true costs and excluded […]
Homeowners sue D.R. Horton over hidden mortgage costs Read More »
Some government-sponsored enterprise reform models could add three or four figures to monthly payments, but others could exert some limited downward pressure, a Stanford Institute for Economic Policy Research report finds. Estimated mortgage-rate hikes of 0.2% to 0.8% — an additional $500 to $2,000 for the typical homebuyer — could result in certain scenarios, authors
How potential changes to the GSEs could affect mortgage rates Read More »
Rocket Cos. has closed its acquisition of Mr. Cooper, just six months after the transaction was first announced, with a near $5 billion increase in valuation. The transition has already begun; Mr. Cooper and all servicing functions are being rebranded under the Rocket umbrella. Right now, the company is being branded as Mr. Cooper powered
Mr. Cooper costs Rocket $5B more than first announced Read More »
The Federal Housing Administration’s deadline for new distressed borrower protocols has been pushed out further toward next year with a potential government shutdown looming, but some things are still changing as the month turns. “There is no Covid waterfall and there is no HAMP,” said Julienne Joseph, founder and principal of JYJ consulting, referring respectively
Servicers get partial relief on FHA deadline at tough time Read More »
The Federal Housing Administration’s deadline for new distressed borrower protocols has been pushed out further toward next year with a potential government shutdown looming, but some things are still changing as the month turns. “There is no Covid waterfall and there is no HAMP,” said Julienne Joseph, founder and principal of JYJ consulting, referring respectively
Servicers get partial relief on FHA deadline at tough time Read More »
The potential government shutdown that’s looming this week due to an impasse between political parties in budget negotiations has some new risks for housing. In addition to more typical concerns, an Office of Management and Budget memo issued last week means the usual furloughs could be layoffs that compound the impact of previous public sector
New dangers for housing in looming shutdown: How mortgage lenders can prepare Read More »
Long-time mortgage industry executive Jerry Halbrook has been named president and chief operating officer of insuretech Covered Insurance. Halbrook’s hiring is the latest sign of the convergence between the lending process and insurance, the company said. Jerry Halbrook is president and COO of Covered Insurance Property insurance costs have increased in recent years, and in
Former Black Knight exec Halbrook joins Covered Insurance Read More »
The Federal Housing Administration (FHA) has extended the timeline for mortgage servicers to comply with the new loss-mitigation waterfall, according to a mortgagee letter issued Wednesday. While the provisions may be implemented by Oct. 1, they must be fully in place no later than Dec. 30, 2025, according to the letter signed by Frank Cassidy,
FHA extends loss-mitigation deadline for mortgage servicers Read More »
Foreclosure sales inched another notch up as credit issues in the broader consumer credit market rose to a new level, according to the respective findings in two new August reports. Sales of foreclosure properties in ICE Mortgage Technology’s latest First Look report ran 22.52% ahead of last year’s rates and crept up by 0.55% on
Foreclosure sales inch up, consumer credit issues spread Read More »
Flood insurance company Neptune Insurance Holdings Inc.’s shareholders are seeking to raise $368.4 million in a US initial public offering, adding to the flow of insurance firms debuting this year. The St. Petersburg, Florida-based company plans to market 18.4 million shares for $18 to $20 each, according to its filing Monday with the U.S. Securities and Exchange
Flood insurer Neptune’s backers seek $368 million in IPO Read More »